Cobre (ASX:CBE) has increased its ownership of the Sierra Atacama Copper Project in Chile to 62.86% after exercising a control call option for approximately US$12 million ($17.16 million).
The company’s wholly owned Chilean subsidiary, Sierra Cobre, acquired the control option shares from Minera Salar Blanco (MSB) under an amended investment agreement dated 30 June 2026.
The transaction gives Cobre majority ownership and board control of the producing copper operation, allowing it to appoint an additional director to increase its representation to three of five directors.
Executive Chairman Martin Holland says the acquisition positions the company to advance planned mine expansion and exploration programs.
“This is the moment Cobre has been building towards. We now hold a controlling economic interest and governance position in a tier-one copper asset at a time of strong copper market fundamentals,” Holland says.
“Consolidating control positions us to advance the planned mine expansion, broaden our exploration program, and pursue operational improvements to unlock the project’s full potential.”
The Sierra Atacama Project is a producing copper operation located in Chile’s Atacama region. Cobre previously held a minority stake in the asset before exercising the control option.
Holland says the company intends to continue working with MSB to realise the project’s full potential.
Cobre targets growth at Sierra Atacama
The acquisition comes as copper prices strengthen amid growing demand for the metal in renewable energy infrastructure and electric vehicle production. Copper has reportedly gained more than 15% this year as supply constraints and rising industrial demand support prices.
Cobre’s next phase of development includes plant expansion, development of satellite open pits, and an expanded exploration program across the project area.
Every incremental tonne of production from the operation will now flow to Cobre shareholders at a majority share.
The company has been building its position in the project through a series of transactions this year, including announcements in July and August 2026 regarding increased ownership stakes.
Cobre is focused on copper production in Chile and tier-one copper exploration in Botswana.
Write to Paula Fabe at Mining.com.au
Main image: Cobre
