Cobre Limited (ASX: CBE), an Australian copper exploration and development company, announced today that its wholly owned Chilean subsidiary, Sierra Cobre SpA, has secured majority ownership in the Sierra Atacama Copper Project. This strategic move significantly advances Cobre’s growth strategy, providing the company with a controlling interest in the promising Chilean asset.
The increased stake stems from amendments to the original subscription agreement, announced on 7 July 2026. This included a USD $12 million capital raise by Sierra Atacama SpA, resulting in Sierra Cobre SpA being issued its pro rata entitlement of new convertible non-voting preference shares. These shares convert into ordinary shares upon Sierra Cobre SpA exercising its “Control Option” to acquire additional shares from Minera Salara Blanco (MSB) in the Project Companies (Sierra Atacama and Bergbau Wagen SpA).
The purchase price for this Control Option is USD $12 million, with a deadline of 31 December 2026. Should the option be exercised and preference shares converted, Cobre Chile will hold a 62.86% interest in both Sierra Atacama and Bergbau, thereby gaining control. Furthermore, a “Final Option” offers Cobre Chile a pathway to consolidate its ownership interests further, potentially acquiring 100% of MSB’s shareholding.
Executive Chairman Martin Holland stated that securing majority ownership positions Cobre at the heart of a compelling long-term copper opportunity. He highlighted the company is increasing its stake amidst structural growth in global copper demand and constrained supply, reinforcing Cobre’s trajectory to transition into a substantial, growth-focused copper company.
