Colombia's largest copper mine receives construction permit

Cordoba Minerals has been granted a construction permit for its Alacran copper-gold-silver project in Colombia, with construction set to begin in

 the second quarter of next year, and the company has the funds to build the $420 million project.

The Colombian Mining Authority (ANM) approved the company's November 2021 submission of a technical work programme for the mine. 

Cordoba plans to complete the detailed mine design this year.

‘The approval means we are one step closer to our next copper-gold mine in Colombia,’ company CEO Sarah Armstrong Montoya said in a statement.

The Alacran open-pit mine is classified as a ‘project of national interest’ in Colombia and will be the country's largest copper mine.

The feasibility study indicated that Arakland could be produced for 14.2 years, requiring an investment of $420 million; the after-tax net present 

value would be $360 million (with a discount rate of 8 per cent) and the internal rate of return would be 23.8 per cent.

Cordoba is investing US$14.2 million for an 80 per cent stake in the Perseverance porphyry copper mine in Arizona, US.