BHP Partners with Cobre to Acquire Majority Stake in Botswana’s Copper Projects
The Copper explorer announced on Monday that BHP, the global mining giant, has guaranteed the right to acquire a 75% stake in Cobre Limited’s Kitlanya copper projects, precisely in Botswana. This is in exchange for $25 million funding for exploration activities. This deal is based on a previous collaboration between the two companies back in January 2023. In which Cobre was selected for BHP’s Xplor program. Which provided $ 500,000 to fast-track exploration at its Kahlari Copper projects in Botswana.
With a planned $7 million budget allocated for exploration activities starting in April, BHP will fund at least $5 million within the first two years of the partnership. This is under the new agreement. The deal puts BHP to gain control over Cobre’s Kitlanya East and West projects. These two are potential for high-grade Copper deposits.
“The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work program. Designed to discover the Tier 1 deposits. We believe it may be hosted in our Kitlanya East and West projects.” Cobre’s CEO, Adam Woolridge, emphasised the significance of the partnership.
