Cobre Limited has increased its position to majority ownership in the Sierra Atacama Copper Project in northern Chile through a USD $12 million capital raise undertaken by project subsidiary Sierra Atacama SpA.

The transaction lifts Cobre’s target ownership stake to 62.86% in each of the project operating entities, Sierra Atacama SpA and Bergbau Wagen SpA, upon the exercise of a final control option. This latest milestone follows a starting 25% interest acquired through an initial share subscription completed in April 2026, and builds upon a projected ownership of 54.38% previously announced in July 2026.

Under the arrangement, Sierra Atacama SpA has issued convertible non-voting preference shares to Cobre’s wholly owned Chilean subsidiary, Sierra Cobre SpA, for its pro rata entitlement. These preference shares will convert into ordinary shares, ranking pari passu with existing ordinary shares, conditional upon Cobre Chile exercising its USD $12 million control option by 31 December 2026.

“Today marks a defining moment in Cobre's evolution. 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.”

“With Sierra Atacama ramping up our annual production of copper cathode into 2027, majority ownership provides Cobre with greater exposure to the significant operating and cash-flow upside from this growth.”
— Martin Holland, Executive Chairman

The capital raise and option exercise form part of a broader operational schedule at the mine. Cobre is currently advancing a capital investment program designed to ramp up copper cathode production at Sierra Atacama to 700 tonnes per month by the first quarter of 2027.

Activity across the wider district continues to expand alongside the company's progress. In the surrounding region, South32 Limited reported a 61% increase in the Ore Reserve estimate for its Sierra Gorda copper project in August 2026, lifting total reserves to 1,100 million tonnes at 0.39% total copper.

Read the full announcement: Cobre Secures Majority Ownership of Sierra Atacama