Chilean state-owned copper producer Codelco announced on recently that it has reached an agreement with global mining giant BHP to explore the “Anillo” mining property. Under the terms of the agreement, BHP will invest up to $40 million in exploration activities aimed at assessing the site’s mineral potential.
According to a statement from Codelco, should the exploration results demonstrate a compelling business case, the two companies may move forward with forming a joint venture to develop and mine the property. The partnership reflects both firms’ continued interest in unlocking new copper resources in Chile, the world’s top copper-producing country.