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Chile’s state-owned copper producer Codelco and BHP (ASX: BHP) have signed an agreement to advance the exploration of the Anillo copper project in the Antofagasta region in Chile, with BHP committing up to $40 million to assess the geological potential of the area.
The deal, which follows an initial agreement in 2025, aims to generate more value from its 2.3-million-hectare portfolio by putting capital, technology and management from top companies in the industry into its operations, while safeguarding its own and Chile’s interests. BHP comes in with the technical and operational capabilities to support the area’s development.
The $40 million invested by BHP will be used to conduct reconnaissance campaigns, geophysical surveys, geological studies, and drilling programs.
“By combining the experience, talent, and capabilities of BHP and Codelco, we have the opportunity to explore new copper potential in the Anillo district in northern Chile,” BHP North America president and interim president of BHP South America, Jess Farrell, said in a statement.
“This agreement reflects our long-term commitment to copper and the important role that collaboration plays in generating growth opportunities and contributing to Chile’s development.”
The companies formalized the agreement on Oct. 21 during London Metal Exchange Week
“Having completed all the authorizations and procedures required by current regulations, today we are taking a very important step for the development of the Anillo project together with BHP,” Codelco’s Chairman of the Board, Bernardo Fontaine, said. “The signing of this agreement allows us to begin a new phase of exploration that will contribute to deepening our geological knowledge of the area and evaluating its potential for future development.”
The Anillo project is still in an early exploration stage. The next phase will focus on gathering geological data to determine whether the project warrants more advanced exploration and, ultimately, consideration for mine development.