Cobre joins copper hunt in elephant country
Thewest - Cobre Limited has pulled off something of a coup, securing 8,100 square kilometres of ground over the emerging Kalahari Copper Belt in Botswana. Cobre joins a star-studded cast of explorers and developers now hunting in this rich copper jurisdiction, with neighbours including Sandfire Resources and Cupric Canyon Capital, both of whom are currently developing nearby mining operations.
Cobre’s move into southern Africa’s ‘elephant country’ comes via an agreement for it to acquire a controlling interest in privately held Botswanan explorer, Kalahari Metals. Under the terms of the agreement Cobre will ultimately acquire 51 per cent of Kalahari with the balance being held by Metal Tiger Plc, a mining investment group that is already a shareholder in both companies - Metal Tiger will end up with around 21 per cent of Cobre as it dilutes its position in Kalahari.
Cobre is no stranger to stealing the headlines after it leapt onto the mining scene earlier this year. The company listed on the ASX in January 2020 after raising $10 million to fund the exploration of the company’s flagship copper-zinc project at Perrinvale in the Eastern Goldfields of Western Australia and was quickly on the ground testing its high-profile discovery.