BHP Invests in Cobre’s Copper Exploration in Botswana

Mining giant BHP has acquired a stake in Australian company Cobre’s Kitlanya copper projects in Botswana, committing up to $25 million in funding for exploration of copper-silver deposits in the region.

BHP’s investment will focus on Cobre’s East and West Kitlanya projects on the Kalahari Copper Belt margins. The company has pledged a minimum of $5 million within two years, with an initial exploration budget of $7 million set to begin in April.

The exploration program follows Cobre’s participation in BHP’s 2024 Xplor initiative and will include deep diamond drilling and 2D seismic surveys to assess Kitlanya’s potential for Tier 1 copper deposits. Drilling mobilization is scheduled for April, targeting areas identified in last year’s seismic surveys.

BHP also holds the option to acquire a 75% interest in the Kitlanya projects by investing the full $25 million, which includes the initial $5 million commitment. During this earn-in phase, Cobre Botswana will act as the operator and receive an annual management fee of no less than $250,000.