Why is the Cobre (ASX:CBE) share price up 17% today?

The Cobre Ltd (ASX: CBE) share price is rocketing today after the company announced its acquisition of a large portion of the Kalahari Copper Belt in Botswana.

The Cobre share price has risen 17.5% today to 23.5 cents per share.

Cobre is an exploration and mining company in Western Australia. Its projects include the Perrinvale project in Kalgoorlie and the Sandiman project in the Carnarvon Basin. The Kalahari Copper Belt presents a potentially lucrative opportunity for the company to expand its exploration outreach into Africa.

Cobre’s Kalahari Copper project

Cobre’s shareholders voted today to acquire Kalahari Metals Limited (KML), a UK company that’s the second-largest tenement holder in the highly prospective Kalahari…