11 Mar Mining.com.au – Cobre inks earn-in agreement with mining giant
Cobre (ASX:CBE) has executed an earn-in agreement with a wholly owned subsidiary of mining giant BHP (ASX:BHP) to provide up to US$25 million ($39.56 million) in expenditure at the Kitlanya East and Kitlanya West Copper projects in Botswana.
BHP’s subsidiary will be granted the right to earn a 75% interest in the projects upon completion.
The transaction comprises key funding terms including a minimum of US$5 million of committed funding to be paid to Cobre within two years, starting next month, with a planned budget of US$7 million for exploration expenditure of US$7 million for exploration expenditure.
The planned work program for the initial US$7 million includes several deep diamond drillholes, combined with active 2D seismic surveying designed to assess key components of the mineral system.
Article link: https://mining.com.au/cobre-inks-earn-in-agreement-with-mining-giant/