After more than a decade of exploration and development in Colombia, Canadian mining company Cordoba Minerals Corp. has announced its complete exit from the country, finalizing a deal to sell its remaining stake in one of Colombia’s most promising copper projects. The company has signed a definitive agreement to divest its 50% ownership of the Alacrán Project, a copper-gold-silver development in the department of Córdoba, along with all its other exploration assets and local subsidiaries.
The buyer is Veritas Resources AG, an indirect wholly owned subsidiary of China’s JCHX Mining Management Co., Ltd., which already owned the other 50% of the Alacrán Project. Following the transaction, Veritas will be owned by a consortium of experienced mining investors, with JCHX retaining a 55% controlling interest. The sale will be carried out through the transfer of Cordoba’s wholly owned Colombian subsidiaries, Minerales Córdoba S.A.S. and Exploradora Córdoba S.A.S.
The total value of the deal is up to US$128 million, structured as an immediate US$88 million cash payment, a US$12 million deferred payment due at the start of commercial production or within 36 months, and up to US$28 million in contingent payments tied to future copper prices.
Located approximately 200 kilometers north of Medellín, the Alacrán Project has been described as one of Colombia’s most advanced copper development initiatives. A feasibility study released in December 2023 outlined plans to produce 450 tonnes of copper, more than 700 ounces of gold, and nearly six million ounces of silver annually. With an estimated investment exceeding US$400 million, Alacrán was seen as a cornerstone in Colombia’s aspirations to become a key player in global copper production.
Cordoba also submitted its Environmental Impact Assessment (EIA) in December 2023 and secured approval of its Mining Technical Work Plan (PTO) in August 2024—meeting the two core regulatory milestones required to begin mine construction in Colombia. Commercial operations were initially projected to begin by 2026.
“This transaction represents an opportunity to expedite the advancement of the Alacrán Project and will be an excellent outcome for Cordoba shareholders,” said Sarah Armstrong-Montoya, President and CEO of Cordoba Minerals. “JCHX is a global leader in mine development and operations and brings proven underground mining expertise to the Alacrán Project – one of Colombia’s most advanced copper-gold assets.”
JCHX Mining Management is known for its track record in executing large-scale international mining projects on time and within budget. Its increased control over Alacrán is expected to accelerate development timelines and ensure the technical execution of the project.
While Cordoba’s exit signals the end of Canadian operational involvement, the company has emphasized that local operations will continue unchanged under the new ownership structure. “The management team remains in place, ensuring institutional, technical, and operational stability,” the company stated. “We also reaffirm our commitment to fulfilling obligations to communities and authorities, in line with the principles of sustainability and shared value that have guided this project.”
The departure of the TSX-listed company highlights the shifting dynamics of foreign investment in Colombia’s mining sector, particularly as Chinese firms and investment groups deepen their footprint in Latin America’s resource-rich territories. It also comes amid heightened global demand for copper, seen as a critical metal for the energy transition due to its use in electric vehicles, renewable energy infrastructure, and power grids.
The Colombian government has encouraged greater private-sector investment in copper as part of its strategy to diversify the extractive industry away from traditional oil and coal exports. However, permit delays and security risks in remote rural areas have continued to pose challenges for international miners.
For now, the future of the Alacrán Project rests firmly in the hands of its new Chinese-led consortium. With key permits in place and development funding secured, Alacrán remains one of the most closely watched mining ventures in the country.
