BHP has secured the right to acquire a 75% stake in Cobre’s Botswana projects following Cobre’s selection in BHP’s Xplor program. A commitment of at least $5 million is set for Cobre within two years, alongside a $7 million exploration budget starting next month. Cobre’s CEO highlighted the partnership’s potential to facilitate significant discoveries in their projects.
BHP, a prominent mining conglomerate, has acquired the right to take a 75% stake in Cobre’s Botswana projects. This acquisition follows Cobre’s selection in BHP’s Xplor program, where the latter provided $500,000 to enhance Cobre’s exploration initiatives in the Kalahari copper projects last January.
Under this agreement, at least $5 million is committed to be funded to Cobre within two years from the start date, which includes a budget allocation of $7 million for exploration activities beginning next month.
Cobre’s Chief Executive Officer, Adam Woolridge, stated that the partnership with BHP would furnish the necessary funding and support to execute a technology-driven work program aimed at discovering potential Tier 1 deposits in the Kitlanya East and West projects.
In summary, BHP’s acquisition of a 75% stake in Cobre’s Botswana projects marks a significant advancement in their exploration endeavors. The partnership is bolstered by substantial financial commitments aimed at uncovering promising mineral deposits in the region. As Cobre embarks on this promising initiative, the support from BHP will likely facilitate enhanced exploration efficiency and technological application.
Original Source: www.zawya.com
