Chile’s state-owned Codelco and mining giant BHP have signed an agreement for joint exploration of the Anillo copper project in the Antofagasta region. BHP is ready to invest up to $40 million in assessing the geological potential of the area. The parties formalized the document on October 21 during London Metal Exchange Week.
The agreement builds on understandings reached in 2025. The logic of the partnership is simple: Codelco gains capital, technology, and management experience from one of the world’s leading mining companies, while protecting its own interests and those of Chile. BHP brings the technical and operational expertise needed to develop the site.
The funds will go toward reconnaissance work, geophysical surveys, geological studies, and drilling programs. This is an early stage, when the task is to collect data, not to build a mine.
Jess Farrell, President of BHP North America and acting President of BHP South America, noted that combining the experience and capabilities of the two companies creates an opportunity to identify new copper potential in the Anillo area. According to her, the agreement reflects BHP’s long-term commitment to copper and the role of collaboration in Chile’s growth and development.
Codelco Chairman Bernardo Fontaine stressed that, after completing all the necessary permits and procedures, the parties are moving to a new exploration stage. It will deepen geological knowledge of the area and assess its prospects for future development.
The Anillo project is at an early stage of study. The next phase focuses on collecting geological data, which will show whether the site deserves more advanced exploration and, in the longer term, consideration for mine construction.
The deal shows how state and private giants pool resources at early stages, when risk is highest and data is scarce. If Anillo confirms its potential, Chile could gain a new copper district, and the partners a foundation for decades ahead.
Source: Codelco
Image: Codelco
