Cobre Limited (CBE.AX) Acquires Control of Chile Copper Mine for US$12M

Sydney, Oct 12, 2026 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) now controls Sierra Atacama. With majority ownership, Board control and a defined pathway to further consolidation, decisions on the pace of plant expansion, the development of satellite open pits and the scale of exploration rest with Cobre. Every incremental tonne of production from here flows to Cobre shareholders at a majority share - into a copper market that is moving decisively in our favour.

Highlights:

- Cobre Chile increases its ownership of Sierra Atacama copper project to 62.86% following the exercise of the Control Call Option under the Investment Agreement, for cash consideration of approximately US$12 million payable to Minera Salar Blanco SpA (MSB).

- Cobre Chile becomes the majority and controlling shareholder of the Sierra Atacama copper project and is entitled to appoint an additional director to the respective Boards, increasing Cobre Chile's representation to three of five directors.

- The increased ownership and Board representation provide Cobre Chile with economic and governance control as the project advances its next phase of expansion and exploration.

- Right asset, right time: a controlled, producing copper operation with strengthening copper fundamentals.
Commenting on the transaction, Cobre's Executive Chairman, Martin Holland, said:

"This is the moment Cobre has been building towards. We now hold a controlling economic interest and governance position in a Tier-1 copper asset at a time of strong copper market fundamentals.

Consolidating control positions us to advance the planned mine expansion, broaden our exploration programme and pursue operational improvements to unlock the project's full potential. I would like to thank Martin Borda and the MSB team for their constructive partnership in achieving this milestone."

Transaction Details

Cobre advises that its wholly owned Chilean subsidiary, Sierra Cobre SpA (Cobre Chile), has exercised the Control Call Option under the amended and restated Investment, Purchase, Assignment and Option Agreement dated 30 June 2026 (Investment Agreement) to acquire the Control Option Shares from MSB.

The cash consideration payable by Cobre Chile is approximately US$12 million. In accordance with the Investment Agreement, Cobre Chile will hold 62.86% of Sierra Atacama.

Under the Investment Agreement and the Shareholders' Deed for each Project Company, Cobre Chile is entitled to nominate an additional director to the respective Boards. This will increase Cobre Chile's Board representation to three of five directors, consistent with its majority controlling position.

Next Steps

The exercise of the Control Call Option consolidates Cobre Chile's controlling position in the Sierra Atacama project as it enters its next phase of growth. This phase includes the previously announced plant expansion, development of satellite open pits and an expanded exploration programme. Cobre and MSB will continue to work together to realise the project's full potential.

About Cobre Limited

Cobre Limited (ASX:CBE) is a global copper company focused on high-margin production and tier-1 exploration across two of the world's premier mining jurisdictions: the Atacama region in Chile and the Kalahari Copper Belt (KCB) in Botswana. By combining an operating asset at the Sierra Atacama Mine with a dominant, belt-scale landholding in the KCB, Cobre offers a unique, de-risked investment case that spans the entire copper value chain—from near-term cathode production to world-class discovery potential. Cobre's strategic portfolio includes the newly acquired Sierra Atacama Mine in Chile, located in the heart of the world's most prolific copper-producing district, alongside a massive 5,348km2 landholding in Botswana.

   

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