Cobre

What Cobre does

Cobre Limited (ASX: CBE) is an Australian-domiciled, publicly listed copper exploration and development company that recently transitioned into copper production through the February 2026 acquisition of the Sierra Atacama Mine in Chile's Antofagasta region. The company operates a dual-hub model: near-term copper cathode production from a fully commissioned 25 kt per annum SX-EW processing facility in Chile's Atacama region, paired with tier-1 exploration across the Kalahari Copper Belt in Botswana. Cobre's customer base consists of global metals trading houses — notably Mitsui as an offtake partner for Sierra Atacama cathode — that on-supply into EV, renewable energy, and data center end-markets.

Cobre's product portfolio comprises the Sierra Atacama producing asset (targeting 1,000 tonnes per month of high-purity LME Grade A copper cathode), the Ngami Copper Project in Botswana (Maiden Mineral Resource of 11.5Mt @ 0.52% Cu and an In-Situ Copper Recovery pilot demonstrating 30-80% copper recovery on core samples), the Kitlanya East and West projects (under a BHP earn-in of up to US$25M for up to 75% stake), the Okavango project, and the legacy Perrinvale VHMS project in Western Australia. The company holds the second-largest land position in the Kalahari Copper Belt (~5,348-8,100 sq km of tenure).

The business model relies on a mix of (1) producing-asset revenue from copper cathode sales at LME-linked pricing, (2) exploration optionality funded by earn-in partners (principally BHP) and equity placements, and (3) strategic capital backing from major shareholders including Metal Tiger PLC (since IPO), Sinomine International Exploration (substantial shareholder since October 2025), and Tribeca Investment Partners. Since its January 2020 IPO, Cobre has executed multiple funding rounds (IPO A$10M, 2024 US$4M placement, 2024 A$4.6M placement, 2025 A$4M Tribeca placement, plus a reported A$42M Sinomine placement) and a US$500K BHP Xplor grant, with cumulative cash raised approximating A$20-25M excluding BHP earn-in commitments. The company reported no significant operating revenue prior to the Sierra Atacama acquisition and has a market capitalization of approximately A$49M (November 2025).

Name

Cobre

Legal name

Cobre Limited

Website

https://cobre.com.au

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Cobre Limited (ASX: CBE) is an Australian copper mining company operating a dual-hub strategy: producing high-purity copper cathodes from the Sierra Atacama Mine in Chile and exploring tier-1 sediment-hosted copper deposits across the Kalahari Copper Belt in Botswana, with Mitsui as its anchor offtake partner.

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper Rolling, Drawing, Extruding, and Alloying (33142)

SIC

Metal Mining (1000)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper Concentrate Trading & Marketing (IMAKADAI)

Keywords

• Copper mining
• Copper exploration
• Copper cathodes
• In-situ copper recovery
• Base metals production

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Copper Cathode Production: Revenue from high-purity LME Grade A copper cathode production targeting 1,000 tonnes per month from the Sierra Atacama Mine in Chile's Atacama region
2. Exploration and Development: Revenue potential from copper exploration projects in Botswana's Kalahari Copper Belt, including Ngami, Kitlanya West, Kitlanya East, and Okavango projects

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Cobre Limited is a dual-hub copper company that produces high-purity LME Grade A copper cathodes from its Sierra Atacama Mine in Chile's Atacama region (using a fully commissioned SX-EW facility with 25 kt pa capacity) and advances copper exploration across the Kalahari Copper Belt in Botswana, including the Ngami, Kitlanya West, Kitlanya East, and Okavango projects, as well as the Perrinvale VHMS project in Western Australia. The company's stated three-pillar strategy combines near-term production and cash flow from Chile, tier-1 exploration in Botswana, and innovative In-Situ Copper Recovery (ISCR) development for low-impact, ESG-friendly copper extraction.

Product overview

Cobre is a dual-hub copper company operating across two strategic mining jurisdictions: the Atacama region in Chile and the Kalahari Copper Belt in Botswana. The company's portfolio comprises a producing asset (Sierra Atacama Mine with SX-EW copper cathode production), and multiple exploration/development projects including the Ngami Copper Project (advancing ISCR technology), Kitlanya West and East Projects (BHP joint venture), Okavango Copper Project, and Perrinvale Project in Western Australia. The company's three-pillar strategy focuses on near-term production and cash flow from Chile, tier-1 exploration in Botswana's KCB, and innovative ISCR development for sustainable copper extraction.

Differentiator

Problem solved

Functional benefit

Products and services

• Sierra Atacama Mine A fully permitted copper cathode production operation in Chile's Atacama region. The mine features an operational SX-EW (solvent extraction-electrowinning) processing facility with 25 kt pa installed capacity, targeting 1,000 tonnes per month of high-purity LME Grade A copper cathode.
• Ngami Copper Project A copper exploration and development project in Botswana's Kalahari Copper Belt featuring In-Situ Copper Recovery (ISCR) potential. The project has a Maiden Mineral Resource of 11.5Mt @ 0.52% Cu, with pilot-scale ISCR testing underway.
• Kitlanya West Project Copper exploration project on the northern margin of the Kalahari Copper Belt in Botswana, subject to a joint venture agreement with BHP for earn-in exploration.
• Kitlanya East Project Copper exploration project on the southern margin of the Kalahari Copper Belt in Botswana, subject to a joint venture agreement with BHP for earn-in exploration.
• Okavango Copper Project A wholly-owned copper exploration project in the Kalahari Copper Belt of Botswana, targeting copper-silver mineralisation.
• Perrinvale Project A Volcanogenic Massive Sulphide (VHMS) copper project in central Western Australia with a maiden resource at the Schwabe Prospect (270,000t @ 1.6% Cu).

Quantifiable outcome

• Targeting 1,000 tonnes per month of high-purity LME Grade A copper cathode production
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• MitsuicoreChannel Partner/ Reseller/ DistributorMitsui is an offtake partner for Sierra Atacama Mine copper cathode production. Conducted site visits to review large-scale copper production plans.
• Sandfire ResourcesminorStrategic or Co-development PartnerCollaborative airborne gravity gradient (AGG) survey partnership covering portions of Kalahari Copper Belt including Cobre's Ngami Copper Project, Kitlanya West and Kitlanya East projects.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hot Chili Limited: ASX-listed copper developer advancing the Costa Fuego copper-gold project in Chile. Comparable dual-jurisdiction (Chile-focused) copper developer pursuing a pathway from explorer/developer to mid-tier producer, similar in size and stage to Cobre.
• Sandfire Resources: Australian-listed copper producer with the Motheo Copper Mine in Botswana's Kalahari Copper Belt. Most directly comparable to Cobre as a copper-focused miner with both KCB operations and Australian exploration assets, and the regional benchmark for KCB development economics.
• Cupric Canyon Capital: Private developer of the Khoemacau Zone 5 mine in the Kalahari Copper Belt. Direct KCB peer whose development pathway and capital structure closely mirror Cobre's ambition to become a mid-tier KCB copper producer.
• Austral Resources Australia: ASX-listed Australian copper producer with SX-EW cathode operations at the Anthill and Mt Kelly mines in Queensland. Comparable to Cobre's Sierra Atacama operation as a small-cap, ASX-listed, SX-EW copper cathode producer.
• Khoemacau Copper Mining: Operating copper-silver producer in the Kalahari Copper Belt, with the Zone 5 mine. Direct KCB peer providing the benchmark for in-district resource scale, processing technology, and offtake structures relevant to Cobre's Botswana assets.

Emerging players

• Chalice Mining: ASX-listed critical minerals explorer with the Gonneville PGE-nickel-copper project in Western Australia. Comparable to Cobre as a small-cap ASX-listed critical minerals play pursuing energy-transition metals, with similar headcount and market cap profile.
• Alicanto Minerals: ASX-listed explorer with copper-gold projects in Sweden and Guyana. Comparable as a small-cap, ASX-listed base metals explorer pursuing tier-1 copper discoveries, with similar funding dynamics and exploration-stage risk profile.
• Cobalt Blue Holdings: ASX-listed critical minerals developer focused on cobalt-copper at Broken Hill. Comparable to Cobre as a small-cap ASX-listed critical minerals developer targeting energy-transition demand and operating in a similar exploration/development stage.

Broad incumbents

• Freeport-McMoRan: World's largest publicly traded copper producer, with major Chilean operations (El Abra) and SX-EW cathode production. Provides the global benchmark for SX-EW copper cathode economics and is the type of operator BHP represents in the Cobre partnership.
• Capstone Copper: Mid-tier copper producer with operations across the Americas, including Chilean assets (Mantos Blancos, Santo Domingo). Relevant comparable for Cobre's Chilean SX-EW cathode production and growth pathway toward mid-tier copper producer status.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights6 records

Customer concentration

• Xx.com/cobre24190590
• YouTubeyoutube.com/c/CobreLimited
• LinkedInlinkedin.com/company/cobre-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cobre