Chile’s state owned copper producer Codelco and BHP have signed an agreement to advance exploration of the Anillo copper project in the Antofagasta region, with BHP committing up to 40 million dollars to assess the geological potential of the area. The deal follows an initial agreement reached in 2025 and was formalised on October 21 during London Metal Exchange Week, after the authorisations required under Chilean law were completed, including a supreme decree and its publication in the Official Gazette.
The money funds early stage work, not a mine. BHP could invest up to 40 million dollars on reconnaissance campaigns, geophysical surveys, geological studies and drilling programmes across the roughly 24,000 hectare property. Anillo was one of 34 assets Codelco made available for potential partnerships in 2022, part of a strategy to generate value from a mining property portfolio totalling about 2.3 million hectares by bringing in capital, technology and management from leading companies while safeguarding Codelco’s and Chile’s interests.
Codelco board chairman Bernardo Fontaine said the signing allows a new phase of exploration to deepen geological knowledge of the area and evaluate its potential for future development. BHP North America president and interim South America president Jess Farrell said combining the two companies’ experience and capabilities creates an opportunity to explore new copper potential in the Anillo district, and described the agreement as reflecting BHP’s long term commitment to copper.
The project remains at an early exploration stage. Whether Anillo advances to more intensive exploration, and eventually to consideration for mine development, depends on what the assessment work finds, and no reserve or production figure was announced.