Cordoba Minerals (TSXV: CDB; OTCQB: CDBMF) on Friday secured a US$10 million loan from China’s JCHX Mining Management. The money will help advance its Alacran copper-gold-silver project in Colombia.
The Alacran project, seen as Colombia’s next major mine, has started detailed engineering design. Construction is scheduled to start in the second quarter of 2025, subject to financing. The Colombian National Mining Agency has already approved the open pit mine’s technical work plan.
JCHX is a joint venture partner on the project. It bought a 50% stake in December 2022 for US$100 million in milestone-based payments. Cordoba has received US$80 million. The remaining US$20 million depends on approval of the project’s environmental impact assessment.
Alacran is part of the larger San Matias property located in Puerto Libertador, department of Córdoba. It is the property’s most advanced deposit. A study details a 14-year mine that would produce 797.2 million lb. of copper, 550,000 oz. gold and 5.35 million oz. silver during that span.
The FS, published in late 2023, says Alacran has an after-tax net present value (at 8% discount) of US$360 million. Its internal rate is 23.8%, with a three-year payback. Initial capital expenditures to build the open pit mine are estimated at US$420.4 million.
“With the support from our joint venture partner, JCHX, the Alacran project continues to move forward with our targeted timeline,” Sarah Armstrong-Montoya, CEO of Cordoba, said in Friday’s press release. “With a shared vision with our partner, the Alacran project is steadily advancing to be the next copper mine in Colombia in the near future.”
Copper developer Ivanhoe Electric (TSX: IE), as a majority shareholder of Cordoba, is also backing the Alacran project.
Besides Alacran, Cordoba’s 200-sq.-km land in Colombia hosts some known areas of porphyry copper-gold and carbonate replacement mineralization. The FS excluded the Montiel East, Montiel West and Costa Azul satellite deposits.
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