BHP Secures 75% Stake in Cobre’s Botswana Mining Projects

BHP has acquired the right to take a 75% stake in Cobre’s Botswana projects, following a $500,000 funding under the Xplor programme. The deal includes a commitment of at least $5M in funding within two years and a $7M budget for upcoming exploration efforts. Cobre’s CEO looks forward to leveraging this partnership for targeted exploration of significant copper deposits.

BHP, a prominent mining conglomerate, has secured the right to acquire a 75% interest in Cobre’s projects located in Botswana. This development is a result of Cobre’s participation in BHP’s Xplor programme, where the smaller company was awarded $500,000 in January of the previous year to expedite exploration activities in its Kalahari copper ventures.

The agreement entails a commitment of at least $5 million to be allocated to Cobre within two years from the initiation date. Additionally, a budget of $7 million is set to fund exploration efforts, scheduled to begin next month.

Adam Woolridge, chief executive of Cobre, expressed optimism about the partnership, stating, “The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects.”

The acquisition of a 75% stake in Cobre’s projects by BHP marks a significant investment in the potential copper resources of Botswana. With substantial committed funding and a focused exploration strategy, this partnership aims to enhance Cobre’s capability to discover valuable deposits in its targeted regions. The collaboration signals strong confidence in the exploration initiatives ahead.

Original Source: www.zawya.com