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    BHP to Invest Up to AU$40 Million in Cobre’s Kitlanya East and West Copper Projects

    Gabrielle De La Cruz
    Mar. 11, 2025 09:30AM PST

    Among other deal terms, BHP will have the right to earn a 75 percent interest in both assets.

    Copper wire.
    salita2010 / Adobe Stock

    Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is providing up to AU$40 million for exploration work at Cobre’s (ASX:CBE) Kitlanya East and West copper projects in Botswana, Cobre said on Monday (March 10).

    The funding is under an earn-in agreement between Cobre, other Cobre-owned subsidiaries and a wholly owned subsidiary of BHP. It gives BHP the right to acquire a 75 percent interest in the Kitlanya assets.

    The agreement comes after Cobre’s participation in BHP’s Xplor program in 2024. Through Xplor, Cobre received US$500,000 to accelerate its exploration plans for its Kalahari copper projects in Africa.


    It also follows the signing of a letter of intent with a BHP subsidiary in September 2024. The companies agreed at the time to negotiate a material earn-in joint venture agreement for Kitlanya East and West.

    “This significant transaction with BHP ... is a major moment in time for Cobre as a company as well as a testament to the success of BHP's Xplor program,” said Cobre CEO Adam Woolridge in a press release.

    “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 acquired Kitlanya East and West through its November 2022 purchase of Kalahari Metals. BHP conducted fixed-wing AEM surveys over much of Kitlanya West’s project area in the late 1990s, but there was little on-site work.

    The copper market is reportedly growing in Africa, with the Democratic Republic of Congo and Zambia as its largest producers. Botswana is also recognized as one of the continent's primary producers.

    Mobilisation for drilling at Kitlanya West is set to start next month, and will test targets identified in a 2024 seismic program. The plan is to assess the mineral system for components required for tier-one copper deposit formation.

    Cobre and BHP's Xplor program

    "We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement,” said BHP Group Exploration Officer Tim O’Connor in Cobre's release.

    “This collaboration reflects our excitement for the exploration potential in Botswana and underscores the high standard of partnerships we see coming out of the BHP Xplor program.”

    The Xplor program was introduced by BHP in 2022 as a means of assisting companies in accelerating exploration opportunities and developing new critical minerals sources.

    Selected companies receive benefits such as an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.

    The 2025 BHP Xplor cohort holds the highest number of successful applicants in the program's history at eight companies. Cobre formed part of the 2024 cohort, joining five other companies.

    This week's transaction between Cobre and BHP does not involve Cobre's flagship Ngami and Okavango copper projects, which are also located in Botswana. Cobre will continue advancing both assets independently.

    Don’t forget to follow us @INN_Australia for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz
    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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