BHP earns right to take 75% stake in Cobre's Botswana projects
March 10 (Reuters) - Mining conglomerate BHP (BHP.AX), opens new tab has taken a right to acquire a 75% stake in Australia's Cobre's (CBE.AX), opens new tab Kitlanya projects in Botswana in exchange for $25 million in funding for exploration activities, the copper explorer said on Monday.
The deal follows Cobre's selection in BHP's Xplor program in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation.
The agreement sees at least $5 million of committed funding to be paid to Cobre within two years of its commencement date, with a planned budget of $7 million for exploration expenditure starting next month.
"The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects," Cobre Chief Executive Adam Woolridge said.
Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
21 minutes ago
- Reuters
Brazil inflation estimated to have edged down in May
June 9 (Reuters) - Brazil's inflation is estimated to have edged down in May as a persistent rise in food and beverage prices took a break, a Reuters poll found. Food inflation has begun to cool due to a large supply of foodstuffs from a good crop and rising cattle farming, coupled with the commercial impact of a bird flu outbreak leading to a glut on the domestic market. Official data to be published on Tuesday will likely show inflation ran at a 0.33% monthly rate and 5.40% in the 12 months to May, according to median estimates of 19 economists polled June 4-9. This would mark a decline from April's 0.43% monthly rate and 5.53% for the 12-month reading, the fastest annual clip since February 2023. UBS analysts noted May's trajectory was driven by an energy price hike, while "(monthly) food inflation is likely to print close to zero, as it reaches its low season of May-August." "Fresh food may already show prices falling, contributing 4 basis points to the downside", the bank's economists added. Bi-weekly figures last month reflected price falls in categories like grains, fruits and vegetables as well as low increases in flour and milk. Also, chicken prices dropped around 7% since the start of the bird-flu event, Brazil's Agriculture minister said last week. Exporters redirected poultry products to domestic consumers after a slew of international bans. Still, the 12-month inflation gauge is set to come in for the 8th consecutive month above the government's target of 3% plus/minus 1.5 percentage points. Beyond food and energy trends, services have been a key factor behind Brazil's sticky inflation recently, with a resilient job market pushing up the sector's costs. However, core services inflation probably moderated to a 0.35% monthly rate in May from 0.61% in April, Barclays said in a report. This would support growing views the economy is slowing down, a process expected to become clearer in the second half of the year. The nascent deceleration is the result of a monetary tightening campaign that last month brought up Brazil's benchmark interest rate to 14.75%, a near-two decade high. The central bank is maintaining a data-driven approach for its June rate-setting meeting, without committing to a specific policy path, governor Gabriel Galipolo said on Saturday.
Reuters
an hour ago
- Reuters
OPEC oil output in May rises less than planned, Reuters survey finds
LONDON, June 9 (Reuters) - OPEC oil output rose in May by less than the volume planned, a Reuters survey found, as Iraq made further cuts to compensate for earlier pumping above target and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. The Organization of the Petroleum Exporting Countries pumped 26.75 million barrels per day last month, up 150,000 bpd from April's total, the survey showed on Monday, with Saudi Arabia making the largest increase. OPEC+, which comprises OPEC and its allies, including Russia, is accelerating its plan to unwind its most recent layer of output cuts. At the same time, some members are required to make extra cuts to compensate for earlier overproduction, in theory limiting the impact of the hikes. Under an agreement by eight OPEC+ members covering May output, the five of them that are OPEC members - Algeria, Iraq, Kuwait, Saudi Arabia and the United Arab Emirates - were to raise output by 310,000 bpd. According to the survey, the actual increase by the five was 180,000 bpd, as compensation cuts by Iraq and lower exports by Saudi Arabia limited the increase. The biggest hike of 130,000 bpd came from Saudi Arabia, the survey found. Iraq, which is under pressure to boost compliance with OPEC+ output quotas, curbed output, the survey found, to meet its commitment for compensation cuts in May. The United Arab Emirates also pumped below its OPEC+ quota in May, the survey found, to reflect the country's relatively low commitments for compensation cuts, a source with knowledge of the issue said. There is a wide range of estimates of output in Iraq and the UAE with many outside sources putting the countries' output higher the the countries themselves. While the Reuters survey and April data provided by OPEC's secondary sources show they are pumping close to the quotas, other estimates, such as those of the International Energy Agency, say they are pumping significantly more. The Reuters survey aims to track supply to the market and is based on flows data from financial group LSEG, information from other companies that track flows such as Kpler, and information provided by sources at oil companies, OPEC and consultants.
Reuters
3 hours ago
- Reuters
Women's Super League had record revenues in 2023-24 season
MANCHESTER, England, June 9 (Reuters) - Revenues for Women's Super League (WSL) clubs climbed by 34% to hit 65 million pounds ($88.2 million) for the first time during a record-breaking 2023-24 season, according to analysis from the Deloitte Sports Business Group. Each of the 12 WSL clubs generated over one million pounds in revenue for the first time, with increases in commercial and match-day revenues contributing to significant growth across the league. Deloitte is forecasting WSL clubs' total revenue will reach 100 million pounds in the 2025-26 season following the Women's European Championship next month in Switzerland. Revenues climbed from 48 million pounds in the 2022-23 season, an increase driven by growth in commercial revenue, which now accounts for 40% of WSL clubs' total revenue. The 2023-24 season came after England finished runners-up to Spain in the 2023 Women's World Cup. "Women's football in England is evolving rapidly," Tim Bridge, lead partner in the Deloitte Sports Business Group, said in a statement. "While challenges remain, it is clear there is potential for a passionate and engaged fan base to drive the game's development. "Capitalising on major international tournaments is important at specific points in time, but sustainable growth hinges on the domestic league's organic development." The increases were driven mainly by four clubs, with Arsenal (15.3 million), Chelsea (11.5), Manchester United (9.2) and Manchester City (6.6) accounting for about two thirds of the money made across the league. ($1 = 0.7368 pounds)
