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October 15, 2024
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The securities of Rimfire Pacific Mining Limited (‘RIM’) will be placed in trading halt at the request of RIM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 18 October 2024 or when the announcement is released to the market.
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This article includes content from Rimfire Pacific Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Cobre Secures $25M BHP Investment for Botswana Copper Exploration
Australian mining company Cobre (ASX:CBE) has secured a major investment from BHP, which has agreed to spend $25 million on exploration at Cobre’s Kitlanya projects in Botswana, in exchange for the right to acquire a 75 percent stake, according to a news report from Reuters.
This agreement follows Cobre's participation in BHP's Xplor program in January of the previous year, where Cobre received $500,000 to advance its Kalahari copper projects in Botswana.
Under the terms of the agreement, BHP will provide at least $5 million in funding to Cobre within two years from the commencement date, with an initial exploration budget of $7 million set to begin next month. Cobre's CEO, Adam Woolridge, expressed optimism about the partnership, stating that the collaboration with BHP will enable a technology-driven exploration program aimed at discovering significant deposits in the Kitlanya East and West projects, the Reuters report said.
This strategic move underscores BHP's commitment to expanding its presence in the African copper sector and leveraging advanced exploration techniques to identify potential high-grade copper deposits in Botswana's Kalahari region.
Click here to connect with Cobre for an Investor Presentation
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11 March
BHP to Invest Up to AU$40 Million in Cobre’s Kitlanya East and West Copper Projects
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is providing up to AU$40 million for exploration work atCobre’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.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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