Australia’s copper explorer Cobre Ltd has secured significant backing and endorsement from global mining giant BHP for its copper and silver potential in Botswana’s Kalahari Copper Belt (KCB). The two companies have executed a letter of intent (LoI) to form a joint venture (JV) focused on exploring copper and silver resources, specifically at Cobre’s Kitlanya West and East projects.
The JV follows Cobre’s successful participation in the BHP Xplor programme, which also provided funding for a recently completed comprehensive seismic survey on the Kitlanya West project, and further supported Cobre’s exploration efforts, Woolridge added.
The Kalahari Copper Belt (KCB) extends for over 1000 km between Botswana and Namibia
Cobre, which has a market capitalisation of approximately $23.56 million, views this partnership as a strong validation of KCB’s potential to host Tier 1 assets. According to Cobre’s CEO, Adam Wooldridge, “successfully negotiating this deal with BHP represents a pivotal moment for the company, enhancing their capabilities to finance future exploration initiatives and focus on uncovering valuable deposits in the region”.
The proposed joint venture will leverage BHP’s extensive exploration expertise and resources, significantly increasing the likelihood of major discoveries within the basin margin exploration area. However, the agreement is still conditional, pending BHP’s due diligence and securing the required approvals ahead of the conclusion of binding agreements.
