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Highlights
- Cobalt Blue (ASX:COB) secures up to 75% stake in Koongie Park Project.
- AuKing Mining (ASX:AKN) shifts focus to Cloncurry and Mkuju uranium projects.
- Cobalt Blue proposes a name change to Core Blue Minerals.
Cobalt Blue (ASX:COB) has entered into a strategic agreement with AuKing Mining (ASX:AKN) to acquire up to a 75% interest in the Koongie Park Copper-Zinc Project, located in Western Australia’s Kimberley region. This project, also referred to as the Halls Creek Project, holds potential for multiple valuable minerals, including copper, cobalt, and gold.
Under the terms of the agreement, Cobalt Blue will invest up to $2 million in exploration activities over a three-year period. This commitment aligns with the company’s strategy to expand its presence across high-value mining assets. Should Cobalt Blue not meet the required investment threshold, AuKing Mining retains the right to buy back a 2% stake, ensuring it maintains a controlling 51% interest in the project.
Cobalt Blue’s leadership sees this initiative as a key step in diversifying its portfolio. The company’s CEO, Joe Kaderavek, emphasized that the expansion into the Koongie Park Project strengthens its resilience against market fluctuations and broadens its exposure to multiple commodities.
For AuKing Mining, this agreement supports its long-term vision by allowing the company to allocate resources towards other priority projects. Managing Director Paul Williams highlighted that the partnership not only secures additional funding but also brings valuable metallurgical expertise to the Koongie Park Project. He pointed out that a 2023 Scoping Study had already indicated the project’s viability, contingent on successful metallurgical advancements.
In parallel with this expansion, Cobalt Blue is preparing for a corporate rebranding. The company has proposed a name change to Core Blue Minerals, reflecting its broader focus beyond cobalt and into multiple base and precious metals. According to Kaderavek, this rebranding marks a pivotal milestone as the company advances its technical and project development expertise across a wider commodity spectrum.
The proposed name change will require shareholder approval, which is expected to be sought at a general meeting in Q2 2025.
With its strategic expansion into Koongie Park and a corporate transformation on the horizon, Cobalt Blue is positioning itself for long-term growth while AuKing Mining streamlines its focus on uranium projects in Australia and Tanzania. This partnership is expected to drive further resource development, enhancing the prospects of both companies in the evolving mining landscape.
