Aug 28, 2020, 14:21 EST
Bronx, United States, Aug 28, 2020, 14:21 /Comserve / -- Cobre Limited, a leading mineral exploration company in Australia is planning to acquire a controlling interest in Kalahari Metals Limited (KML).
New South Wales, August 24, 2020: Cobre Limited, a leading mineral exploration company in Australia is planning to acquire a controlling interest in Kalahari Metals Limited (KML). KML is a private owned UK-based copper exploration company situated in Kalahari Copper Belt (KCB) in Botswana. It holds a major portion of the Kalahari Copper Belt after Sandfire Resources, another mineral exploration company in Australia.
According to the deal, Cobre will initially purchase a 49.9% stake in KML’s business which will be increased to 51% after getting regulatory approvals from the relevant authorities. It will acquire approximately 8,100 km2 of the Kalahari Copper Belt which is located in central-eastern Namibia and into north-western Botswana. As per the US Geological Survey, the region is said to be highly rich in silver-copper concentration. It is known for its untapped sediment-hosted copper deposits.
It is assumed that if the transaction is completed before 30 November 2020, KML will hold a cash reserve of around USD 600,000. These funds will be used for continuing the exploration activities within the Kalahari tenements for the next 6 months. After this cash flow has been depleted, Cobre and MTR have decided to contribute a certain amount to finance further exploration activities over the next two years.
Cobre Ltd. has performed several mining operations in the past. The latest one includes the drilling program at Perrinvale in June 2020. The project aims to expand the existing mineralization and identify new areas of mineral deposits. Additionally, the company in its latest announcement said that it has found a high-grade copper, silver, gold and zinc-rich VHMS mine inside its Perrinvale Project field located in the Panhandle Greenstone Belt of Western Australia. High-grade VHMS systems are very unique and are rarely found in this world.
At present, Cobre is also working simultaneously on another project called The Sandiman Project in Western Australia. This region is considered as the low-risk mining area. Cobre is expected to earn about 80% of interest from this project.
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