Codelco, BHP launch $40M copper hunt in northern Chile
The companies have partnered to further explore the Anillo copper project as the rush for the critical mineral accelerates.
Chile's state-owned copper producer Codelco has teamed up with BHP, the world's largest copper company, to explore a new copper project in northern Chile. The agreement, signed on October 21 during London Metal Exchange Week, sees BHP committing up to $40 million for exploration activities in the Anillo project, located in the Antofagasta region.
BHP will utilize its technical and operational expertise to conduct reconnaissance campaigns, geophysical surveys, geological studies, and drilling programs. The investment aims to generate additional value from Codelco's 2.3-million-hectare portfolio by leveraging the strengths of top industry players while safeguarding both companies' interests.
BHP North America president and interim president of BHP South America, Jess Farrell, emphasized the importance of collaboration in generating growth opportunities and contributing to Chile's development. Codelco's Chairman of the Board, Bernardo Fontaine, highlighted that the agreement marks a significant step towards advancing the Anillo project's exploration phase and enhancing the company's geological knowledge of the area.
The Anillo project is currently in the early exploration stage, with future phases focused on gathering more geological data to determine the project's viability for further exploration and potential mine development.
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