Consortium led by JCHX acquires El Alacrán copper project in Colombia for US$128 million
Canadian mining company Cordoba Minerals Corp. announced the closing of the sale of its remaining 50% in the El Alacrán copper project, located in the department of Córdoba, along with other exploration assets in Colombia and certain receivables.
TL;DR
- Cordoba Minerals Corp. sold its remaining 50% stake in the El Alacrán copper project in Colombia.
- The buyer is Veritas Resources AG, a consortium led by JCHX Mining Management Co., Ltd.
- Cordoba Minerals received US$128 million in cash from the transaction.
- Veritas Resources AG now has 100% ownership and operational responsibility for El Alacrán.
- Cordoba Minerals plans to distribute most of the sale proceeds to shareholders, retaining US$10 million for corporate needs.
- Sarah Armstrong-Montoya resigned as CEO of Cordoba Minerals but remains linked to the project.
- Quentin Markin will serve as interim CEO of Cordoba Minerals.