Chile’s Codelco has signed a four-year joint exploration deal with Antofagasta Minerals.

Codelco, the world’s top copper producer, said Antofagasta will invest $2.5m to explore the Cumbres prospect in the north of Chile, reports Reuters.

Under the terms of the agreement, if exploration is successful, Antofagasta will fund a feasibility study and form a joint venture project with Codelco subsidiary Minera Picacho.