BHP Secures 75% Stake in Cobre’s Botswana Projects, Bolstering Exploration Efforts

BHP has obtained the right to take a 75% stake in Cobre’s Botswana projects, following a partnership formed through BHP’s Xplor programme. A minimum of $5 million will be dedicated to Cobre within two years, with a $7 million budget for exploration commencing next month. This collaboration aims to utilize technology-driven methods to discover significant copper deposits.

BHP, the prominent mining conglomerate, has secured the right to acquire a substantial 75% stake in Cobre’s Botswana projects. This development stems from Cobre’s selection in BHP’s Xplor programme in January of the previous year, which granted the smaller firm $500,000 to expedite its exploration efforts in the Kalahari copper region.

The agreement entails a commitment of at least $5 million to be allocated to Cobre within a two-year timeframe from the start date. Furthermore, a comprehensive exploration budget totaling $7 million is set to be initiated next month.

According to Adam Woolridge, the Chief Executive of Cobre, “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.”

In summary, BHP’s acquisition of a 75% stake in Cobre’s Botswana projects marks a significant partnership aimed at enhancing exploration capabilities in the Kalahari copper region. The commitment of $5 million in funding and a budget of $7 million for upcoming exploration underscores the intent to identify valuable deposits in the area. This collaboration emphasizes BHP’s support for innovative exploration technologies as articulated by Cobre’s CEO, Adam Woolridge.

Original Source: www.zawya.com