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Cordoba secures funding from Ivanhoe Electric, JCHX to advance Alacran copper project

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The San Matias copper-gold-silver project is located 390 km northwest of Bogotá and 160 km north of Medellín. Credit: Cordoba Minerals

Half of the funding will be provided by majority shareholder Ivanhoe Electric via a short-term convertible debenture that bears an annual interest rate of 12%. Proceeds of the financings will be used by Cordoba to advance the Alacran project towards its feasibility stage and complete the technical work required for its environmental impact assessment.

Financial analysis shows that 60% of the initial capital expenditure can be financed by debt. This would improve the after-tax IRR to 27.2%, but marginally reduce the NPV to $394.5 million.

 

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