Business
Ivanhoe Electric Subsidiary Cordoba Minerals Corp. Signs Definitive Agreement to Sell Remaining 50% Stake in Alacran Copper Project in Colombia
Initial Cash Proceeds of US $88 Million to be Paid on Closing with an Additional US $12 Million Paid upon Commercial ProductionUS $100 Million Purchase Price Represents a Value per Cordoba Minerals Corp. Common Share of US $1.10 or CDN $1.52Ivanhoe Electric Anticipates Receiving a Cash Distribution of Over US $40 Million from the Initial Proceeds Phoenix, Arizona--(Newsfile Corp. - May 8, 2025) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") ...
About this update from Ivanhoe Electric Inc.
[{"type":"text","content":"Initial Cash Proceeds of US $88 Million to be Paid on Closing with an Additional US $12 Million Paid upon Commercial Production","length":127,"tagName":"p","attribs":{}},{"type":"text","content":"US $100 Million Purchase Price Represents a Value per Cordoba Minerals Corp. Common Share of US $1.10 or CDN $1.52","length":114,"tagName":"p","attribs":{}},{"type":"text","content":"Ivanhoe Electric Anticipates Receiving a Cash Distribution of Over US $40 Million from the Initial Proceeds ","length":107,"tagName":"p","attribs":{}},{"type":"text","content":"Phoenix, Arizona--(Newsfile Corp. - May 8, 2025) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are pleased to announce that Ivanhoe Electric's 63%-owned subsidiary, Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba") has signed a definitive Framework Agreement (the "Agreement") for the sale of the remaining 50% of the Alacrán Copper Project to a consortium of investors including JCHX Mining Management Co., Ltd. ("JCHX"), a 19.8% shareholder of Cordoba, for US $88 million in cash on closing, US $12 million in a deferred payment, and up to US $28 million in a contingent payment (the "Transaction"). JCHX acquired its initial 50% of the Alacrán Copper Project in May 2023 for total cash consideration of US $100 million (refer to Ivanhoe Electric's May 8, 2023 news release).","length":968,"tagName":"p"},{"type":"text","content":"Mr. Melvin commented: "Today's announcement is an excellent outcome for Cordoba and all of its shareholders. Upon closing, JCHX and its consortium partners will be in a strong position to fund and advance the development of the Alacrán Copper Project. This transaction will be an important milestone for Ivanhoe Electric towards the monetization of our long-term investment in the Alacrán Copper Project. Proceeds received from the transaction will be used to support our U.S.-based projects and other exploration initiatives."","length":541,"tagName":"p"},{"type":"text","content":"The Agreement was signed on May 8, 2025. Ivanhoe Electric has completed an 8-K filing of the Agreement with the U.S. Securities and Exchange Commission.","length":152,"tagName":"p"},{"type":"te...