Cobre Confirms Copper Mineralisation at Depth in First Diamond Hole
Cobre Takes Majority Control of Sierra Atacama Copper Project for US$12M Cash
Cobre's Sierra Atacama control acquisition lifts its stake to 62.86% for about US$12 million, handing the ASX copper hopeful majority ownership and three of five board seats.
Key Takeaways
- Cobre has lifted its Sierra Atacama stake to 62.86% by exercising the Control Call Option, giving it majority ownership and Board control.
- The cash price is approximately US$12 million, paid to Minera Salar Blanco SpA, though the per-share price and share count were not disclosed.
- Board representation rises to three of five directors, putting plant expansion, satellite open pits and exploration scale under Cobre's direction.
- The deal follows earlier ownership increases announced on 7 July 2026 and 31 August 2026, with a further consolidation pathway flagged but not detailed.
- Production figures, expansion capital costs, timelines and funding for the next phase remain undisclosed, so these are the items to watch in future updates.
Frequently Asked Questions
What is a Control Call Option in a copper project deal?
A Control Call Option gives the holder the right to buy shares from another party on agreed terms. Cobre Chile exercised it under its Investment Agreement to acquire Control Option Shares from Minera Salar Blanco SpA.
How much does Cobre own of the Sierra Atacama copper project?
Cobre Limited now holds 62.86% of Sierra Atacama through its Chilean subsidiary, giving it majority ownership and Board control.
How much did Cobre pay to take control of Sierra Atacama?
The cash consideration is approximately US$12 million. The announcement does not disclose the price per share or the number of shares acquired.
What does Cobre's board control mean for Sierra Atacama?
Cobre Chile can nominate an additional director to each Project Company Board, lifting its representation to three of five directors. Cobre says this gives it control over plant expansion pace, satellite open pits and exploration scale.
What happens next at Sierra Atacama after Cobre gained control?
The project enters its next phase, including the previously announced plant expansion, satellite open pit development and an expanded exploration programme. The announcement gives no production figures, capital costs, timelines or funding details.
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