Ivanhoe Electric to Gain $58.4M from Cordoba’s $128M Alacrán Sale
Cordoba Minerals sold its 50% Alacrán Project stake for $128 million and will distribute net proceeds of $1.01 per share to shareholders. Ivanhoe Electric’s 57.9 million Cordoba shares entitle it to a $58.4 million cash payout on March 25, bolstering its liquidity.
1. Sale of Alacrán Project
On March 6, Cordoba Minerals closed the sale of its remaining 50% interest in Colombia’s Alacrán Project for $128 million. After settling liabilities and retaining $10 million for corporate needs, net cash proceeds will be distributed to shareholders.
2. Distribution Terms and Timing
Shareholders of record by close on March 20 will receive $1.01 per Cordoba share. The cash payment is expected to be made on or about March 25, 2026.
3. Impact on Liquidity Position
Ivanhoe Electric holds 57,855,427 Cordoba shares, entitling it to roughly $58.4 million. This payment adds to its $173.3 million cash balance, recent $82.6 million warrant proceeds and an undrawn $200 million bridge facility.