Chilean state-owned mining company Codelco and BHP have signed an agreement allowing BHP to begin exploration activities at the Anillo Project, a 24,000ha property in Chile’s Antofagasta Region.
Under the agreement, BHP may invest up to $40m in exploration activities at the Anillo Project.
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The planned work includes geological studies, geophysical surveys, reconnaissance efforts, and drilling programmes to assess the site’s mineral potential and development prospects.
The agreement received all required approvals under Chilean Law No. 19,137, which governs rights over Codelco mining properties that are currently not operating.
This process included the issuance and approval of the relevant supreme decree, publication in the Official Gazette, and a review by the Office of the Comptroller General of the Republic.
The contract was formally signed during London Metal Exchange Week 2026.
BHP North America president and South America acting president Jess Farrell said: “Meeting the world’s growing demand for copper will require new resources, and exploration will be fundamental to discovering them.
“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.”
Anillo remains at an early stage, although Codelco and third parties have previously conducted exploration campaigns there.
The companies announced plans to negotiate an exploration agreement in May 2025 at the Bank of America Global Metals, Mining & Steel Conference.
According to Codelco, the venture supports its broader strategy to unlock value from its 2.3-million-hectare portfolio by partnering with industry peers to bring in capital and expertise while protecting the long-term interests of the company and the State of Chile.
Codelco board of directors chairman Bernardo Fontaine said: “Having completed all the approvals and procedures required under current regulations, today we are taking a significant step forward with BHP in advancing the Anillo Project.
“The signing of this agreement allows us to begin a new phase of exploration that will deepen our geological understanding of the area and help us assess its future development potential.”
BHP is set to oversee the early phase of exploration at Anillo.
The launch of exploration at Anillo demonstrates both companies’ continued focus on identifying new mining prospects in Chile and increasing the nation’s mineral resources over the long term.
In August 2026, Codelco and Pucobre formed a joint venture (JV) company to develop the Tovaku copper project in northern Chile.
