Cobre (ASX:CBE) entered into a binding option agreement with Vision Global Investments to acquire an exploration package comprising 25 mining concessions, totaling 6,820 hectares, adjacent to its Sierra Atacama copper project in Chile, according to a Monday Australian bourse filing.

The consideration payable to Vision Global to acquire the concessions is $200,000 upon signing of the agreement, which Cobre has already paid. The company also agreed to pay $200,000 on the first anniversary from signing, another $200,000 on the second anniversary from signing, and $1.5 million on the third anniversary from signing.

The mining concessions cover extensions of the mineralized Sierra Atacama structural corridor, with the potential to host additional copper discoveries.