Cobre Limited Acquires 51% Stake in Sierra Atacama Copper Project in Chile
Australian company Cobre Limited has signed an exclusive agreement to acquire a 51% stake in the Sierra Atacama copper project from Minera Salar Blanco, owned by Chilean entrepreneur Martín Borda. The deal is valued at approximately $50 million and involves a mining district of about 40,000 hectares in the Antofagasta region. The project includes an operational underground mine producing around 400 tons of copper cathodes monthly, with expansion potential.
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Cobre Limited has entered a binding agreement to acquire 51% of the Sierra Atacama copper project from Minera Salar Blanco in Chile for approximately $50 million. The project spans 40,000 hectares in Antofagasta and currently has an underground mine producing 400 tons of copper cathodes per month.
Cobre Limited aims to transition from an explorer to a producer, leveraging existing infrastructure. The acquisition is advised by Baker McKenzie, and funding will support the purchase, capital expenditures, contract terminations, and drilling programs. Martín Borda previously acquired the project in 2024 amid financial difficulties.
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