Cordoba Minerals sells Alacrán copper stake for $128 million

Cordoba Minerals has agreed to sell its remaining 50% stake in the Alacrán copper-gold project in Colombia to a consortium including JCHX Mining Management for up to $128 million. The transaction involves an initial cash payment of $88 million, a deferred payment of $12 million upon commercial production or within three years, and contingent payments up to $28 million based on copper prices. The sale will be completed through Cordoba's Colombian subsidiaries to Veritas Resources AG, currently owned by JCHX, which will be managed by a consortium with JCHX holding a 55% interest. Cordoba intends to distribute approximately $65-70 million of the proceeds to shareholders and will retain its Perseverance property in Arizona while focusing on new business opportunities. The project, designated as a “Project of National Interest” by the Colombian government, is in advanced development and expected to produce nearly 800 million pounds of copper over 14 years, with significant gold and silver byproducts. Both Cordoba and Ivanhoe Electric, its majority shareholder, view the deal as a milestone to advance the project and monetize their investments.