PHOTO
A rower makes their way along the Maribyrnong River towards the Melbourne skyline in the early morning light on April 18, 2023. - Melbourne has officially become Australia's most populous city after an adjustment to the city boundaries which saw its population jump to 4,875,400, almost 19,000 more than Sydney, according to Australia's Bureau of Statistics. (Photo by William WEST / AFP)
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.
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