BHP has secured the right to acquire a 75% stake in Cobre’s Botswana projects, following the latter’s selection in BHP’s Xplor program. The agreement entails a minimum of $5 million in funding and a total exploration budget of $7 million, commencing next month. Cobre’s CEO highlights the partnership’s potential for technological advancement in exploration.
Mining giant BHP has acquired the right to obtain a 75% stake in Cobre’s Botswana projects. This development is a continuation of Cobre’s involvement in BHP’s Xplor program, which began in January of last year, when Cobre received $500,000 to expedite its exploration activities in the Kalahari copper projects in Botswana.
The agreement stipulates that BHP will provide a minimum of $5 million in funding to Cobre within two years from the initiation of the partnership. Additionally, there is a projected budget of $7 million allocated for exploration expenditures, which are set to commence next month.
Adam Woolridge, Chief Executive of Cobre, expressed optimism about the partnership, stating that it would allow for a technology-driven work program aimed at identifying potential Tier 1 deposits within their Kitlanya East and West projects. The collaboration is expected to bring significant resources and expertise for advancing their exploration efforts.
In summary, BHP’s acquisition of a 75% stake in Cobre’s Botswana projects marks a significant partnership aimed at enhancing exploration in the Kalahari copper region. The financial commitments and the technology-driven approach promised by both parties are expected to yield fruitful results in discovering valuable mineral deposits, particularly within Cobre’s Kitlanya East and West projects.
Original Source: www.zawya.com
