Investment Overview - The initial investment for the Alacran copper-gold-silver mine project is estimated at **$420.4 million**, with an expected internal rate of return (IRR) of **23.8%** and a payback period of **3 years** [4] - The project is based on metal prices of **$3.99 per pound for copper**, **$1,715 per ounce for gold**, and **$22.19 per ounce for silver**, with current prices having increased by approximately **8%**, **90%**, and **45%** respectively [4] Project Background and Progress - The project is held by Cordoba Mining, with a **20%** equity investment from Jin Chengxin in **2019**, and a subsequent **50%** stake acquired in **2022** [4] - The project has completed feasibility design and submitted the Environmental Impact Assessment (EIA) for approval, with expectations to enter the construction phase in **2027** and commence production in **2028** [5] Resource Potential and Financial Mechanisms - The project covers a mining area of **146 square kilometers**, with an additional **800 square kilometers** under application [6] - A compensation mechanism is in place: if the average daily trading price of copper on the London Metal Exchange (LME) reaches between **$12,000 and $13,000**, a payment of **$8 million** will be made; if it exceeds **$13,000**, the payment will be **$28 million** [6] Strategic Goals and Future Plans - The company aims to leverage its EPC capabilities and operational management expertise to generate revenue during the construction and operational phases of the mine [7] - The project is seen as a stepping stone into the mineral resource sector, with plans to explore additional projects after the successful establishment of the first one [11] Financial Considerations - The company has a cash reserve of **¥530 million**, which is deemed sufficient for the project, with additional financing planned through project financing methods [10] - The first payment of **$39.6 million** is due upon contract signing, with a remaining payment of **$5.4 million** to be made three years after commercial production begins [10]