Cobre (ASX:CBE) signed a letter of intent with a BHP (ASX:BHP) subsidiary to potentially establish an earn-in joint venture deal for the mining firm's Kitlanya West and East projects in Botswana, according to a Monday filing with the Australian bourse.
The move was made after the BHP Xplor program conducted a seismic study at Kitlanya West, the filing said.
The proposed deal is subject to due diligence by BHP and the finalization and approval of formal documents, as per the filing.
Cobre's shares surged almost 13% in recent Monday trade, while BHP slipped past 1%.
Price (AUD): $0.07, Change: $+0.01, Percent Change: +12.50%
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