Codelco–BHP Joint Venture: $40M Deal Targets Early-Stage Copper in Chile
Mining News | 2026-10-27 08:13:32
The agreement was formalized on October 21 during London Metal Exchange Week, following completion of the required regulatory authorizations and procedures.
By Paul Ploumis
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.
POLL
What is BHP’s maximum financial commitment to the Anillo copper exploration project?
Frequently Asked Questions
- How much has BHP committed to the exploration program?
BHP has committed up to $40 million to investigate the region’s mineral potential and fund exploration activities, including geophysical surveys, geological studies and drilling.
- What is the objective of the Codelco-BHP partnership?
The partnership aims to identify new copper opportunities by combining Codelco’s extensive land holdings with BHP’s technical knowledge, operational capabilities and financial resources.
- When was the latest agreement formalized?
The agreement was formalized on October 21 during London Metal Exchange Week, after the necessary regulatory authorizations and procedures were completed.
