Minerals exploration company Cordoba Minerals Corp plans to start detailed mine engineering and design work at its flagship joint venture (JV) Alacran copper/gold project, in Colombia, in early 2024, after a feasibility study confirmed the project's economic attractiveness.

The feasibility study estimates an initial capital expenditure of about $420.4-million for the construction of a conventional truck-shovel openpit mine at Alacran, which is a JV with  JCHX Mining Management.

The project is estimated to have an after-tax net present value of $360-million, an internal rate of return of 23.8% and a payback period of three years.

Alacran has a projected mine life of 14.2 years and is expected to produce about 39.5-million tonnes a year of mined material.

The information from the feasibility study forms the basis for a comprehensive environmental-impact assessment (EIA) study, which is required under Colombian law.

"The filing of the EIA in conjunction with the completion of the feasibility study for Alacran officially commences the next chapter for Cordoba as we transition from a pure exploration company to a development enterprise, which is a landmark milestone achieved through the unequivocal dedication by the Cordoba team and unwavering support from our shareholders and stakeholders," comments Cordoba president and CEO Sarah Armstrong-Montoya.

In preparation for detained mine engineering and design work to start, Cordoba and JCHX has scheduled an in-person workshop for January to initiate the detailed engineering phase.

Meanwhile, Cordoba reports that it has initiated a comprehensive process to assess funding options for the project.