en.Wedoany.com Reported - Chinese mining development company Jinchengxin Mining Management Co., Ltd. announced on May 17 that the Environmental Impact Assessment for its Alacran copper-gold-silver mine in Colombia has been officially approved by Colombia's National Environmental Licensing Authority. The assessment, which took approximately two and a half years, covered technical, environmental, and social impact evaluation processes, thereby granting the project approval to enter the substantive construction phase.
The total ore volume within the designed pit boundary of the Alacran copper-gold-silver mine is 97.9 million tonnes. According to the feasibility study data, the project's probable reserves include approximately 402,000 tonnes of copper metal, approximately 22.5 tonnes of gold, and approximately 257 tonnes of silver. The project investment estimate is USD 420.4 million, with expected cumulative recovery of 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver.
Jinchengxin completed the first phase of the transaction in May 2023, investing USD 100 million to acquire a 50% stake in the project company CMH; through subsequent acquisitions by March 2026, its shareholding ratio was increased to 97.5%, with a cumulative investment of approximately USD 128 million. Jinchengxin will subsequently fulfill the review procedures of the Board of Directors and Shareholders' Meeting regarding the equity ratio adjustment and disclose the progress.
Jinchengxin stated that it will coordinate the construction and operational planning of the Alacran project, leveraging its technical expertise in mine engineering construction and mining operation management to ensure the project is put into operation with high quality. Following the EIA approval, construction of the Alacran copper-gold-silver mine in Colombia is set to commence soon.
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