BHP has acquired the right to a 75% stake in Cobre’s Botswana projects following its inclusion in BHP’s Xplor program. The agreement includes $5 million in funding and a planned exploration budget of $7 million. Cobre’s CEO emphasized the benefits of this partnership for enhancing exploration efforts.
BHP, the prominent mining conglomerate, has secured the right to acquire a 75% stake in Cobre’s mining projects located in Botswana. This agreement follows Cobre’s inclusion in BHP’s Xplor program in January of the previous year, where Cobre received $500,000 to expedite its exploration efforts within the Kalahari copper initiatives in the region.
The partnership entails a commitment of at least $5 million in funding directed to Cobre within two years from the agreement’s initiation. Furthermore, a budget of $7 million has been allocated for exploration activities commencing next month.
Cobre’s Chief Executive, Adam Woolridge, expressed optimism about the collaboration, stating that it would furnish the necessary funding and support to implement a technology-based exploration program aimed at uncovering potential Tier 1 mineral deposits in their Kitlanya East and West projects.
In summary, BHP’s investment in Cobre marks a significant step towards enhancing exploration capabilities in Botswana’s Kalahari copper projects. With a substantial commitment of funding and a technology-driven approach, the partnership aims to discover valuable mineral deposits, thereby fostering growth in the region’s mining sector.
Original Source: www.zawya.com
