Latest news with #Xplor
Zawya
14-03-2025
- Business
- Zawya
Australia: BHP earns right to take 75% stake in Cobre's Botswana projects
Mining conglomerate BHP has taken a right to acquire a 75% stake in Australia. The deal follows Cobre's selection in BHP's Xplor programme in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation. The agreement sees at least $5m of committed funding to be paid to Cobre within two years of its commencement date, with a planned budget of $7m for exploration expenditure starting next month. "The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects," Cobre chief executive, Adam Woolridge said. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Yahoo
11-03-2025
- Business
- Yahoo
Impact Minerals to acquire landholding near Broken Hill, Australia
Impact Minerals has announced the acquisition of a significant 675km² landholding adjacent to its existing position near the Broken Hill silver-lead-zinc deposit in New South Wales, Australia. This acquisition involves a deal with New Frontier Metals (NFM) to acquire its subsidiary BHA No. 1, which owns the Broken Hill East Project, comprising tenements EL8434 and EL8435. In exchange, NFM will receive A$275,000 ($173,370) worth of Impact shares based on a 14-day volume-weighted average price as of 7 March 2025, and will be subject to a six-month voluntary escrow. The completion of this transaction is expected to occur this week. This acquisition builds on Impact's previous research under the BHP Xplor programme, solidifying its position as a major ground-holder south of Broken Hill. Research funded by the Xplor programme included mapping and sampling 655 rock chip samples across 99 mafic sills at Broken Hill, focusing on copper, lead, zinc and iron. Additionally, detailed magnetic interpretation of the south Broken Hill area and geophysical case studies over the Dora East discovery were conducted. With 100% ownership of tenements now covering 1,770km² and more than 100km of strike, Impact is well-positioned for future exploration. The company is currently focused on completing the pre-feasibility study for the Lake Hope High Purity Alumina project in Western Australia. However, a portion of the funds from the current rights issue announced last month will be directed towards developing key copper targets for drilling, which includes conducting ground geophysics over a newly identified sub-basin. The Broken Hill region is witnessing renewed exploration interest. Recent activity includes Broken Hill Mines' purchase of the Rasp Mine and Pinnacles deposit, and South32's joint venture north of the Broken Hill mine. This interest is driven by rising silver prices and long-term demand for zinc and lead. In May 2024, German investor Susanne Bunnenberg increased her stake in Impact Minerals by acquiring an additional 450.2 million shares, raising her interest from 15.83% to 16.85%. "Impact Minerals to acquire landholding near Broken Hill, Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
10-03-2025
- Business
- Yahoo
BHP to invest $25m in Cobre's Kitlanya projects in Botswana
BHP has entered into an earn-in agreement with Cobre to invest up to $25m (A$39.6m) in exploring copper-silver deposits at the Kitlanya projects in Botswana. This investment focuses on Cobre's Kitlanya East and Kitlanya West copper projects on the Kalahari Copper Belt's basin margins. The agreement follows Cobre's participation in the 2024 BHP Xplor programme, which funded a seismic survey at Kitlanya West. Under the agreement, BHP will provide a minimum of $5m within two years, with a planned budget of $7m for exploration at the Kitlanya projects, starting in April 2025. The exploration will include deep diamond drilling and 2D seismic surveys to evaluate the mineral system for Tier 1 copper deposits. Drilling mobilisation is set for April 2025, targeting areas identified in the 2024 seismic programme. BHP will also have an option to earn a 75% interest in the Kitlanya projects by investing $25m, including the initial $5m. Cobre Botswana will serve as the operator during the earn-in phase, receiving an annual management fee of at least $250,000. The agreement excludes Cobre's Ngami and Okavango copper projects, which Cobre will continue to develop independently. Cobre CEO Adam Wooldridge said: '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 programme. 'The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects. Independently, Cobre will continue advancing its Ngami and Okavango copper projects. 'This combined strategy provides exposure to potential Tier 1 discoveries, a development opportunity at Ngami and short-term discoveries on our Okavango project.' Upon forming a 75:25 joint venture (JV), BHP may offer Cobre a loan for its share of JV expenses until the final investment decision. The JV is also subject to an agreement which specifies that, should a participant's share in the venture decrease to less than 10%, the other participant will have the right to buy that party's interest at its fair market value. An additional $10m is payable to Cobre if a JORC-compliant mineral resource is declared at the Kitlanya Projects. If the agreement ends during the earn-in phase, with BHP funding at least $20m, BHP will receive a 2% net smelter royalty on the Kitlanya Projects. Cobre can buy back 50% of this royalty under specific conditions. BHP Group exploration officer Tim O'Connor said: 'We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement. 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 programme. 'The Kitlanya projects in Botswana represent an exciting opportunity to uncover Tier 1 copper-silver deposits, and we are pleased to contribute our expertise and resources to this venture.' "BHP to invest $25m in Cobre's Kitlanya projects in Botswana" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
09-03-2025
- Business
- Reuters
BHP earns right to take 75% stake in Cobre's Botswana projects
March 10 (Reuters) - Mining conglomerate BHP ( opens new tab has taken a right to acquire a 75% stake in Australia's Cobre's ( opens new tab Kitlanya projects in Botswana in exchange for $25 million in funding for exploration activities, the copper explorer said on Monday. The deal follows Cobre's selection in BHP's Xplor program in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation. The agreement sees at least $5 million of committed funding to be paid to Cobre within two years of its commencement date, with a planned budget of $7 million for exploration expenditure starting next month. "The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects," Cobre Chief Executive Adam Woolridge said. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
