JCHX, Cordoba Minerals (a subsidiary of Ivanhoe Capital Group) and its wholly-owned subsidiaries successfully completed the transaction of jointly developing the Alacran Project in Colombia on May 8.
The transaction ceremony was held with the attendance of Mr. Wang Xiancheng, Chairman of JCHX Group, Mr. Wang Qinghai, Chairman of JCHX Mining, Mr. Wang Xinyu, President of JCHX Mining, Mr. Robert Friedland, Chairman of Ivanhoe Capital Group, Mr. Peter Zhou, Executive VP of Ivanhoe Mining and Ms. Sarah Armstrong-Montoya, CEO of Cordoba Minerals.
Mr. Wang Xiancheng indicated that this transaction would strengthen JCHX’s cooperation with Ivanhoe on jointly exploring and developing the Alacran Project in Colombia to achieve mutual benefits and sustainable development.
Mr. Friedland expressed that this major move was of great significance to both the cooperation between JCHX and Ivanhoe and the successful development of the Alacran Project, and expected that both sides could make more breakthroughs and attain continuous achievements.
Ms. Sarah Armstrong-Montoya mentioned that this transaction would serve as a new platform for JCHX and Ivanhoe to make joint efforts to develop the Alacran Project, realize win-win cooperation and contribute to the development of the society.
CMH Colombia S.A.S. (“CMH”, wholly-owned by Cordoba Minerals) currently possesses Alacran Copper & Gold & Silver Deposit of San Matias Project. At closing of the transaction JCHX and Cordoba Minerals respectively own 50% of CMH equities and henceforth both sides will jointly develop San Matias Project. Besides, JCHX (or its affiliate) enjoys the right of first offer to bid on the Engineering, Procurement and Construction (EPC) and Detailed Design Agreement (FEED) contracts.
This transaction marks the cooperation between JCHX and Ivanhoe in the field of mineral resources reaches a new high, which will not only promote the development of both sides in the international market, but also contribute to the development of local economy and society. Together, JCHX and Ivanhoe will bring more opportunities and value to Colombia's mining industry and local communities.
