Codelco and BHP have reached an agreement to explore the "Anillo" property in Chile's Antofagasta Region. The announcement was made at the Bank of America Global Metals, Mining & Steel Conference.
The agreement is subject to Law 19,137, which sets conditions for Codelco to partner with third parties on mining projects that are not currently operational or part of its direct exploitation plans.
In 2022, Codelco offered a portfolio of 34 exploration assets for potential partnerships. Among these is the "Anillo" prospect, a 24,000-hectare site in early exploration stages.
"The Corporation must focus and prioritize its exploration and investment efforts within the approximately 2.3 million hectares of mining property it holds in Chile," said Máximo Pacheco, Chairman of Codelco's Board. He emphasized the importance of collaboration to accelerate development and capture value through partnerships like this one with BHP.
BHP will invest up to $40 million to explore and assess the mineral potential of the properties. Mike Henry, CEO of BHP, stated: “BHP is one of the world's leading copper producers... We are excited to explore this opportunity with Codelco in Chile."
If a viable business case emerges from this venture, a partnership with Codelco will be pursued for project development. If not successful, all studies and information will revert to Codelco.
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