Mining giant BHP has finalized a deal to acquire up to a 75% stake in Australian junior explorer Cobre’s copper projects in Botswana’s Kalahari Copper Belt, expanding its foothold in a region rich with critical minerals. The agreement, announced March 14, 2025, follows Cobre’s inclusion in BHP’s Xplor accelerator program in January 2024, which initially provided 500,000 to fast-track exploration. Under the new terms, BHP will inject at least $5 million. into Cobre over two years, with a $7 million exploration budget set to begin in April 2025.
The partnership centers on Cobre’s Kitlanya East and West licenses, where advanced exploration technologies will target large-scale “Tier 1” copper deposits. Copper demand is surging globally due to its role in renewable energy infrastructure, electric vehicles, and grid expansions. BHP, the world’s largest miner by market value, has prioritized copper acquisitions to offset declining output at aging mines like Chile’s Escondida.
“This collaboration provides the capital and technical expertise needed to unlock what we believe are world-class copper resources,” said Cobre CEO Adam Woolridge.
The deal allows BHP to increase its stake incrementally by meeting exploration milestones, a common structure in mineral ventures to mitigate risk. Botswana, already a diamond powerhouse, has emerged as a copper hotspot, with recent discoveries by Sandfire Resources and Khoemacau underscoring the belt’s potential. 
The move aligns with BHP’s strategy to secure future-facing commodities while diversifying from iron ore, which accounts for over 60% of its revenue. Rivals Rio Tinto and Anglo American have also intensified copper investments, with Rio recently acquiring control of Peru’s Resolution Copper project.
