Barcelona, May 12, 2025 - At the Bank of America Global Metals, Mining & Steel Conference, BHP and Codelco announced an exploration agreement for the state-owned company's holdings in the Antofagasta Region.

This agreement is subject to compliance with the requirements established in Law 19,137, which regulates the conditions under which Codelco may partner with third parties for the development of mining projects that are not currently in operation or are not part of those that the Corporation determines to allocate to its replacement or expansion plans through direct exploitation.

In 2022, Codelco made available a portfolio of 34 exploration assets for interested companies to evaluate the possibility of partnering and thus developing these projects that do not meet the conditions for independent development by the Corporation.

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 Máximo Pacheco, Chairman of the Board of Codelco.

BHP is uniquely positioned to explore the project and, if successful, has unique infrastructure capabilities to accelerate its development. As part of the agreement, the multi-metallic mining company will be able to invest up to US$40 million to explore and study the mineral potential of the properties.

“BHP is one of the world's leading copper producers, a vital metal for development, decarbonization, and digitalization. We are excited to explore this opportunity with Codelco in Chile, where we already have significant, successful mining operations. Our ongoing commitment to innovation and 140 years of track record in mining project development strongly position us to work with Codelco and deliver more copper to the world,” said Mike Henry, CEO of BHP.

If a sustainable business case is established, the contract includes a promise of partnership with Codelco for the development of the project. If the project is unsuccessful, the studies and information obtained will become Codelco's property.

Codelco