BHP Commits $25 Million to Cobre’s Copper Projects in Botswana

BHP

Earn-in agreement targets 75% stake in Kitlanya East and West, strengthening exploration in the Kalahari Copper Belt.

Cobre, an exploration company, has signed an earn-in agreement with BHP, one of the world’s largest mining firms, to advance copper exploration in Botswana. Under the deal, BHP will invest up to $25 million in exploration work at Kitlanya East and Kitlanya West, both located within the Kalahari Copper Belt.

The belt stretches over 1,000 km across Botswana and Namibia and is increasingly recognized for its high-grade sediment-hosted copper potential.

BHP Targets Majority Stake Through Staged Investment

The agreement allows BHP to earn a 75% stake in the two Kitlanya projects by funding exploration activities. The company will begin with an initial $5 million over two years, followed by a planned $7 million program starting in April. The investment marks a strategic move by BHP to secure critical copper resources as global demand surges.

Meanwhile, Cobre will retain full control of its other copper assets in Botswana, specifically the Ngami and Okavango projects, which it plans to develop independently.

This partnership further underscores the Kalahari Copper Belt’s importance as a key exploration frontier for copper supply diversification.