BHP earns right to take 75% stake in Cobre’s Botswana projects

BHP has taken a right to acquire a 75% stake in Australia’s Cobre’s Kitlanya projects in Botswana in exchange for $25 million in funding for exploration activities, the copper explorer said on Monday.

Mar 10, 2025
BHP earns right to take 75% stake in Cobre’s Botswana projects
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The deal follows Cobre’s selection in BHP’s Xplor program in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation.

The agreement sees at least $5 million of committed funding to be paid to Cobre within two years of its commencement date, with a planned budget of $7 million for exploration expenditure starting next month.

“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 may be hosted in our Kitlanya East and West projects,” Cobre chief executive Adam Woolridge said.