Cobre (ASX:CBE) increased its ownership in Chile's Sierra Atacama copper project to nearly 63% after exercising its control call option for around $12 million, according to a Monday filing with the Australian bourse.

The transaction grants the company majority ownership and control of the project, with the right to appoint three of the five board directors, per the filing.

The company aims to advance plant expansion, develop satellite open pits, and intensify exploration activities to strengthen its position and capitalize on favorable copper market fundamentals, the filing added.

The company's shares rose around 8% in recent Monday trade.