AEMA, coalition launch legal challenge to BLM Conservation and Landscape Health Rule
The American Exploration & Mining Association was joined by a coalition in filing a challenge last Friday in the Wyoming district court.
Shares in Cordoba Minerals (TSXV: CDB) gained on Thursday after it received a second tranche of $40 million from China-based partner JCHX Mining Management to advance its Alacran copper project in Colombia.
The latest installment from JCHX bolsters Cordoba’s financial standing as it seeks to reorganize its debt and advance the project near Bogotá and Medellín past a feasibility study and environmental impact assessment (EIA) submitted in December. The funding kickstarts detailed mine engineering targeted for completion by the end of June.
Cordoba closed at C$0.36 on Thursday in Toronto, up 4.3%, for a market capitalization of C$32 million. The shares had traded 23% higher early in the session, although they’re still down 27% over the past 12 months.
The open-pit project, expected to become Colombia’s largest copper mine, is a key component of the San Matias land package and the government has declared it a “project of national interest.” JCHX Mining Management acquired a half interest in the project in late 2022 for $100 million to be paid in three instalments. The final payment of $20 million is due after approval of the feasibility study and EIA.
Cordoba used a portion of the funds to clear a $4 million bridge loan previously extended by its majority shareholder, Ivanhoe Electric (TSX: IE), as a convertible debenture.
Further, Cordoba is slated to repay an equal-value short-term loan from JCHX as outlined in a Nov. 8 agreement.
The Alacran feasibility study details a $420.4 million copper project with a 14.2-year mine life.
The study projects an after-tax net present value of $360 million, an internal rate of return of 23.8%, and a three-year payback period. These figures largely align with a 2022 prefeasibility study.
The project boasts probable reserves of 97.9 million tonnes at 0.42% copper, 0.24 grams gold per tonne and 2.69 grams silver per tonne, yielding 797.2 million lb. of copper, 550,000 oz. of gold, and 5.35 million oz. of silver.
