27th Oct 2026 03:50
(Alliance News) - BHP Group Ltd on Tuesday said it has signed an agreement with Chile's state owned National Copper Corp, known as Codelco, to advance exploration activities at the Anillo project in the Antofagasta region.
Anillo is a copper project located in a 24,000 hectare Codelco property.
BHP, a Melbourne, Victoria-based diversified miner, said it may invest up to USD40 million "to deepen geological understanding of the area and assess its development potential".
The BHP funding would support reconnaissance work, geophysical surveys, geological studies and drilling programmes.
Jess Farrell, president BHP North America and acting president South America, said: "Meeting the world's growing demand for copper will require new resources, and exploration will be fundamental to discovering them. By combining BHP and Codelco's experience, talent and capabilities we have an opportunity to explore new copper potential in northern Chile in the Anillo district.
"This agreement reflects our long-term commitment to copper and the important role collaboration plays in creating growth opportunities and contributing to Chile’s development."
Shares in BHP traded 3.1% higher at AUD57.33 each in Sydney on Tuesday afternoon.
By Elijah Dale, Alliance News senior reporter Asia-Pacific
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