Codelco–BHP Joint Venture: $40M Deal Targets Early-Stage Copper in Chile

Mining News | 2026-10-27 08:13:32 | By Paul Ploumis

The agreement was formalized on October 21 during London Metal Exchange Week, following completion of the required regulatory authorizations and procedures.

Summary

BHP Commits Up to $40 Million for Exploration
BHP will invest up to $40 million to assess the mineral potential of the Anillo copper project in northern Chile. Planned activities include geological investigations, geophysical surveys, reconnaissance work and drilling.
Partnership Builds on 2025 Agreement
The latest phase follows an initial exploration agreement signed by Codelco and BHP in 2025. The collaboration combines Codelco’s extensive land portfolio with BHP’s technical expertise, operational capabilities and financial resources.
Strategic Focus on Chile’s Copper Potential
The partnership supports Codelco’s strategy of unlocking greater value from its assets through industry collaboration while safeguarding Chile’s interests. The companies aim to identify additional copper resources in the Antofagasta region.

SEATTLE (Scrap Monster): Chilean state-owned miner Codelco and global mining major BHP have launched a new exploration phase for the Anillo copper project in northern Chile. BHP has committed up to $40 million to investigate the region’s mineral potential. It must be noted that the two companies entered into an initial agreement on exploration activities in the region in 2025.

The initiative is part of Codelco’s broader strategy to extract greater value from its portfolio by partnering with experienced industry players while protecting Chile’s interests. The partnership aims to combine Codelco’s extensive land portfolio with BHP’s technical expertise, operational capabilities and financial resources to identify new copper opportunities in the Antofagasta region.

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The agreement was formalized on October 21 during London Metal Exchange Week, following completion of the required regulatory authorizations and procedures.

Funding will support reconnaissance campaigns, geophysical surveys, geological investigations and drilling programs.

BHP North America President and interim BHP South America President Jess Farrell said the collaboration could help uncover additional copper potential while reinforcing the company’s long-term commitment to the metal and supporting Chile’s economic development.