Cobre Takes Control of Sierra Atacama Copper Project

Cobre Limited (ASX:CBE) has taken control of the Sierra Atacama Copper Project in Chile, increasing its ownership to a majority stake.

The company's wholly owned subsidiary, Sierra Cobre SpA, acquired the additional shares through a USD $12 million capital raise by the project company, Sierra Atacama SpA.

According to Cobre's Executive Chairman, Martin Holland, 'Securing majority ownership of the world-class Sierra Atacama Copper Mine positions Cobre at the heart of one of the most compelling long-term copper opportunities globally.'

The move comes as global copper demand is expected to enter an unprecedented period of structural growth, while supply becomes increasingly constrained.