Robert Friedland-chaired Ivanhoe Electric says it will receive a US$58.4 million cash distribution from subsidiary Cordoba Minerals after Cordoba recently sold its remaining 50% of the Alacran copper project in Colombia to a consortium led by Chinese mining contractor JCHX Mining for $128 million.
JCHX bought half the project for $100 million in 2022.
A 2023 feasibility study outlined a circa-$420 million project that could produce about 800 million pounds of copper at an average cash cost of $1.35/lb (including gold and silver byproduct credits) over 14 years from openpit mining and conventional milling and flotation processing.
JCHX and Ivanhoe executives joined Cordoba CEO Sarah Armstrong-Montoya in Beijing for a signing ceremony earlier this month. JCHX Group chairman Wang Xiancheng said investments in Colombia continued execution of the group’s “internationalisation strategy” and plans to expand mine ownership as well as its services arm.
Ivanhoe Electric says it will use the funds from Cordoba to advance its exploration interests in the USA and Saudi Arabia.
