BHP has the right to acquire a 75% stake in Cobre’s Botswana projects, following Cobre’s selection in BHP’s Xplor program. The partnership includes $5 million in committed funding and a $7 million exploration budget. Cobre’s CEO expressed confidence in the support provided by BHP to explore potential copper deposits.
BHP, a major mining conglomerate, has acquired the right to take a 75% stake in Cobre’s Botswana projects. This follows Cobre’s selection for BHP’s Xplor program, where it received $500,000 to enhance its Kalahari copper exploration efforts. The agreement ensures a minimum commitment of $5 million in funding to Cobre over two years, along with a planned exploration budget of $7 million starting next month.
Cobre’s CEO, Adam Woolridge, expressed optimism about the partnership, noting, “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 collaboration aims to accelerate the exploration and development of these prospective sites in Botswana.
BHP’s acquisition of a 75% stake in Cobre’s Botswana projects marks a significant partnership aimed at enhancing copper exploration. With a committed funding of $5 million and ongoing financial support, this collaboration positions Cobre to effectively pursue its exploration goals, leveraging technology to uncover substantial copper deposits.
Original Source: www.zawya.com
