Cobre secures US$25M Botswana copper deal

• Cobre signed a collaboration agreement with Equinor for its Ngami Copper Project in Botswana.
• The company share price rose 2.59% following the project development update.
• The partnership aims to evaluate leaching performance and optimise in situ copper recovery model designs.

Cobre (ASX:CBE) signed a collaboration with Equinor (NYSE:EQNR) to test copper recovery across its 205 million tonne target.

The agreement follows recent drilling at Cosmos that confirmed copper-silver mineralisation across 800m of strike.

"Importantly, these workstreams further advance Cobre’s wholly owned Ngami ISCR production opportunity," said Cobre CEO Adam Wooldridge.

BHP (ASX:BHP) is funding exploration across Kitlanya under a US$25 million earn-in agreement.

Following the announcement, the Cobre share price was up at $0.28.

Additionally, Sinomine extended its initial $1.5 million investment to fund a second round of target drilling.

The company stated that initial water testing at the Ngami well-field will support project de-risking.