Australia's Cobre climbs on move to cement control of Chilean project
BUZZ-Australia's Cobre climbs on move to cement control of Chilean project ** Shares of Cobre CBE.AX climb as much as 9.52% to A$0.345, marking their strongest intraday percentage advance since September 30
** Copper explorer secures control of Sierra Atacama after exercising its call option to acquire additional shares for about $12 million, increasing its stake to 62.9% in the Chilean copper venture
** Under deal, co's unit will also expand its board representation to three of five directors, cementing its majority control and governance of Sierra Atacama
** Deal consolidates CBE's control of project ahead of planned plant expansion, satellite pit development and increased exploration
** Stock has surged 237.5% so far this year
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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