On March 6, 2026, Cordoba Minerals Corp. (TSXV: CDB) closed the sale of its remaining 50 percent interest in the Alacrán copper-gold project in Colombia, together with all other Colombian exploration assets and certain accounts receivable, to Veritas Resources AG, an entity owned by a consortium of mining investors led by JCHX Mining Management Co., Ltd. Upon closing, Cordoba received cash proceeds of US$128 million.
The transaction was completed through the divestment of Cordoba’s wholly owned Colombian subsidiaries, Minerales Cordoba S.A.S. and Exploradora Cordoba S.A.S. Veritas, which already held the other 50 percent of the project, now holds a 100 percent interest in Alacrán and has assumed full operational responsibility.
The deal originated in a definitive framework agreement announced on May 8, 2025, under which Cordoba was to receive US$88 million in cash at closing plus deferred and copper-price-contingent payments. In February 2026, the parties amended the agreement to increase the closing payment to US$128 million in cash, paid as a lump sum on closing, with no further payments from the buyer consortium. Cordoba intends to retain US$10 million for corporate purposes and the Perseverance property, and to distribute the remaining net proceeds to shareholders by way of a statutory plan of arrangement, subject to a final order of the Supreme Court of British Columbia and TSX Venture Exchange approval.
Osler, Hoskin & Harcourt LLP advised the Special Committee of Cordoba Minerals, with Joanna Cameron leading the engagement. Cassels Brock & Blackwell LLP acted as counsel to Cordoba with a team that included David Redford, Alexander Pizale, Maria Tapia, and Christopher Harasym (Business Law); Zahra Nurmohamed (Tax); and Davit Akman (Competition).