Core samples at the Alacran project. Credit: Cordoba Minerals
Cordoba Minerals (TSXV: CDB) has agreed to sell its remaining 50% interest in the Alacrán copper project to a consortium of investors including China’s JCHX for cash consideration of up to $128 million.
The Alacrán project is positioned to be Colombia’s largest copper mine, and has already been designated as a “Project of National Interest” by the government. The project is permitted and in the advanced development stage.
In late 2022, JCHX partnered with Cordoba on the project by acquiring a 50% stake for $100 million. At the time, the Chinese firm was already a strategic shareholder of Cordoba, and currently owns 19.81% of its stock.
On Thursday, Cordoba announced it will now sell the other 50% of Alacrán to JCHX and a group of investors for an initial cash payment of $88 million, plus a deferred payment of $12 million once the…
