“The approval means we are one step closer to build the next copper-gold mine in Colombia,” CEO Sarah Armstrong Montoya said in a statement.
Designated a ‘project of national interest,’ the Alacran open-pit, set to be Colombia’s largest copper mine, anchors Cordoba’s San Matias package. JCHX’s $100 million stake, secured in 2022, includes a final $20 million payment tied to the approval of the feasibility study and environmental impact assessment.
The permit approval marks a big milestone for Cordoba as it progresses towards developing what Montoya believes could become Colombia’s next major copper-gold mine.
A December feasibility study for Alacran outlines a $420.4 million cost for the 14.2-year project. The mine plan yields an after-tax net present value of $360 million (at an 8% discount) and an internal rate of return of 23.8%.
The study projects total metal production of 797.2 million lb. of copper, 550,000…
