Cobre eyes JV with BHP on copper exploration in Botswana
Cobre has signed a letter of intent with a subsidiary of BHP Group to form a joint venture (JV) to explore copper-silver deposits in Botswana. The agreement pertains to Cobre’s Kitlanya West and East Copper projects, located in the Kalahari Copper Belt (KCB), a highly prospective region for copper exploration.
This JV would allow BHP to leverage its vast exploration experience and resources to enhance the likelihood of major discoveries in the region. Cobre had previously participated in the BHP Xplor program, which funded a seismic survey at Kitlanya West.
Exploration works
The deal is currently in a negotiation phase and hinges on the finalisation of binding agreements and BHP completing its due diligence. If successful, the JV would provide Cobre with full funding for its exploration programs, focusing on finding significant Tier 1 copper deposits. Notably, Cobre will retain full ownership of its Ngami and Okavango Copper projects, which are not included in this deal.
Cobre CEO Adam Wooldridge highlighted the importance of this potential partnership, seeing it as a transformative moment for the company, given BHP’s global stature in the mining industry.
“Successful negotiation and completion of this significant transaction with BHP, one of the world’s leading mining companies, will be a major moment in time for Cobre as a company. Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt,” said CEO Adam.
