Cobre (ASX:CBE) raised $60 million to fund the acquisition of a majority interest in the Sierra Atacama Copper Project.
Located in the premier Antofagasta region of Northern Chile, the project spans approximately 40,000 hectares within one of the world's most prolific copper belts.
The strategic acquisition aims to transition Cobre from an explorer into a material copper producer by scaling up existing, well-capitalised private operations into a long-life, cash-generative asset.
The Sierra Atacama Project currently features an active underground mine producing roughly 400 tonnes of copper cathode per month.
However, Cobre leadership has identified immediate pathways for optimisation, targeting an expansion to over 1,000 tonnes per month.
Beyond the underground works, the company plans to initiate early-stage development for large-scale open-pit mining.
Over the next 18 months, Cobre intends to leverage an extensive installed asset base—including a functional SX-EW plant and a new crushing circuit—to accelerate production.
Strategically positioned adjacent to major deposits like Marimaca and Capstone Copper’s Mantos Blancos, the site remains largely unexplored, offering significant "blue-sky" potential.
By moving into this world-class district, Cobre establishes a firm footing to become a globally significant player in the copper market, capitalising on the high-grade discoveries and established infrastructure that define the Chilean mining landscape.
At the time of reporting, Cobre's share price was $0.22.