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Cobre Unit Signs Ore Purchase Agreements With Chile Miners; Shares Up 5%

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Cobre's (ASX:CBE) Sierra Atacama subsidiary signed ore purchase agreements with two third-party Chile copper oxide miners, according to a Wednesday filing with the Australian bourse.

Ore from the two miners will be delivered to the Sierra Atacama plant under the agreements, with the purchase price referenced to contained copper and the prevailing copper price, the filing said.

Deliveries are scheduled to ramp up in the fourth quarter of the year, per the filing.

Shares rose past 5% in morning trade Wednesday.

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