VIDEO: Cobre Limited (ASX:CBE) Transformational Transition to Copper Producer
Cobre Limited (ASX:CBE) is pleased to advise that it has entered into a binding and exclusive agreement with Chilean-based Minera Salar Blanco (MSB) to acquire up to a 51% interest in the Sierra Atacama Copper Project (Project) in the Antofagasta region of northern Chile. The Project includes an operating underground mine which is currently producing approximately 400t of copper cathode / month via heap leach, solvent extraction and electrowinning (SXEW).
Commenting on this highly transformational acquisition for Cobre, Executive Chairman, Martin Holland, said:
"This acquisition is highly transformational for Cobre. We are moving from being an explorer developer to a producer in a production hub in Chile which is surrounded by substantial infrastructure. This represents a very exciting opportunity for Cobre to blend this new asset together with the Company's existing assets in Botswana.
I have had had a long term trusted and successful relationship with the vendor, Martin Borda, and the opportunity for Cobre to partner with him on this project is a true privilege.
With the Kitlanya projects the subject of the BHP agreement, our agreement with Sinomine for the Okavango Copper Project advancing well and the development of the ISCR project at Ngami coming along strongly, it was time for Cobre to venture out and seek opportunities to take the Company to the next level. The Board of Cobre believe that the Sierra Atacama Project in Chile has the potential to transform the Company into one of the ASX's most exciting copper producers.
We are extremely pleased with the strong level of demand shown in this capital raising from both new and existing sophisticated and professional investors and the endorsement this provides for the justification for this transaction.
To watch the Video, please visit:
https://www.abnnewswire.net/lnk/O05DYU0P
Cobre Limited Martin Holland E: info@cobre.com.au WWW: www.cobre.com.au
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