Codelco and BHP sign exploration agreement for Anillo Project

Chilean state copper producer Codelco and mining company BHP have signed an agreement to begin exploration of the Anillo Project in the Antofagasta region. The contract was finalized during the London Metal Exchange Week 2026.

Under the terms of the agreement, BHP may invest up to US$40 million to conduct recognition campaigns, geophysical and geological studies, and drilling programs to evaluate the site's mining potential. The project follows the completion of all legal authorizations required by Chilean law, including supreme decree issuance and approval by the Comptroller General of the Republic.

The partnership is part of Codelco's strategy to extract value from its 2.3 million hectares of mining properties by integrating partner capital, technology, and management standards while protecting the long-term interests of the Chilean state.