Cobre Gains Support for Copper-Silver Exploration in Botswana Through BHP Xplor Program
Cobre has secured a notable advancement in its exploration endeavors for copper-silver deposits in Botswana, having been selected to participate in the 2024 BHP Xplor Program. This initiative, a first of its kind by BHP, is aimed at discovering critical mineral deposits by combining the expertise of BHP professionals, thought leaders, and innovative explorers. The program is designed to fast-track exploration ideas and foster potential long-term collaborations with BHP.
With a $500,000 funding boost from the BHP Xplor program, Cobre is set to enhance its exploration activities, specifically targeting the identification and development of tier-one copper-silver deposit opportunities. Cobre is notably positioned with the second-largest landholding in the Kalahari Copper Belt (KCB), an area recognized globally for its copper exploration potential, covering approximately 8,100 km2.
Adam Wooldridge, CEO of Cobre, has welcomed the partnership with enthusiasm, recognizing the Xplor program as a pivotal opportunity for engaging with BHP's expertise to refine their exploration strategies within the KCB.
Beyond the focus on the KCB, Cobre is also ramping up its exploration efforts on the Ngami Copper Project (NCP) and the Kitlanya West licenses in Botswana. These efforts include an infill diamond drilling campaign at Ngami aimed at defining a new copper deposit and a soil sampling program over Kitlanya to explore regional prospects within the KCB.
This initiative emerges as the copper market faces a critical juncture, with demand expected to nearly double by 2035 amidst forecasts of a 20 percent price increase by May 2027 due to a projected supply deficit by 2025. Copper prices are anticipated to rise over 75 percent in the next two years, influenced by mining supply disruptions and a burgeoning demand for the metal, especially from the renewable energy sector.
Despite the increasing demand, the transition of new projects into commercial production has been sparse in recent years. However, Botswana is making notable contributions to the global copper supply with two projects in the KCB - the Khoemacau copper mine and Sandfire's Motheo copper mine. With its ranking in the top 10 globally for mining investment attractiveness and as the leading country in Africa, Botswana is affirming its significant role in the copper market's future.
