BHP, Codelco reach pact for exploration of Anillo property

BHP and Chilean state-run copper miner Codelco announced an exploration agreement for the state-owned company’s holdings in the Antofagasta Region. Within that portfolio is the “Anillo” prospect, a 24,000-hectare property located in the Antofagasta Region. It is in the early exploration stage and has been subject to various exploration campaigns by Codelco and third parties in the past. “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. We have some mining concessions with potential, and to accelerate their development, it is essential to advance a collaborative approach, aiming to capture value through partnerships with third parties. In this case, with BHP, one of the largest mining companies globally,” explained Maximo Pacheco, Chairman of the Board of Codelco. As part of the agreement, the multi-metallic mining company will be able to invest up to $40M to explore and study the mineral potential of the properties.