BHP and Chilean state-owned miner Codelco have signed an exploration agreement for the Anillo copper project, located in the mineral-rich Antofagasta Region of northern Chile.
Under the terms of the agreement, BHP may invest up to US$40 million (AU$56.73 million) to conduct comprehensive reconnaissance work, geophysical surveys, geological evaluations, and targeted drilling programs to assess the 24,000-hectare property’s long-term copper potential.
The deal was signed following the completion of all regulatory requirements under Chilean law, including approval by the Comptroller General and publication in the Official Gazette.
The arrangement allows Codelco to leverage private capital and technical expertise across non-operational mining tenements within its 2.3-million-hectare landholding portfolio.
If early exploration confirms commercial viability, BHP’s extensive operational and infrastructure capabilities will help guide potential project development.
Jess Farrell, President BHP North America and Acting President South America, noted the global importance of discovering new copper deposits to meet accelerating demand.
“Meeting the world’s growing demand for copper will require new resources, and exploration will be fundamental to discovering them,” Farrell said.
“By combining BHP and Codelco’s experience, talent and capabilities we have an opportunity to explore new copper potential in northern Chile in the Anillo district.”
Bernardo Fontaine, Chairman of Codelco’s Board of Directors, welcomed the execution of the final agreement, stating that the collaboration enables a new phase of high-level exploration to uncover future growth opportunities for both companies and the Chilean economy.
The joint initiative reflects both mining heavyweights’ long-term commitment to expanding Chile’s mineral resource base and supporting the global energy transition through sustainable resource development.
