BHP Group (BHP) has agreed to pay up to $25 million in exploration costs for the right to earn a 75% interest in Cobre's Kitlanya East and West copper projects in Botswana, Cobre said.
BHP will pay Cobre at least $5 million within two years for the projects, which are to begin in April and can earn a 75% interest by funding $25 million.
Cobre said it will serve as operator during the earn-in phase for an annual management fee of at least $250,000.
The deal consideration calls for an additional payment of up to $10 million to Cobre upon the declaration of a maiden JORC-compliant mineral resource at the projects, the company said.
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