12 Mar INN – Cobre Secures $25M BHP Investment for Botswana Copper Exploration
Australian mining company Cobre (ASX:CBE) has secured a major investment from BHP, which has agreed to spend $25 million on exploration at Cobre’s Kitlanya projects in Botswana, in exchange for the right to acquire a 75 percent stake, according to a news report from Reuters.
This agreement follows Cobre’s participation in BHP’s Xplor program in January of the previous year, where Cobre received $500,000 to advance its Kalahari copper projects in Botswana.
Under the terms of the agreement, BHP will provide at least $5 million in funding to Cobre within two years from the commencement date, with an initial exploration budget of $7 million set to begin next month. Cobre’s CEO, Adam Woolridge, expressed optimism about the partnership, stating that the collaboration with BHP will enable a technology-driven exploration program aimed at discovering significant deposits in the Kitlanya East and West projects, the Reuters report said.
Article link: https://investingnews.com/cobre-secures-25m-bhp-investment-for-botswana-copper-exploration//