Santiago, October 26, 2026 - Codelco and BHP today announced the signing of the exploration agreement for the Anillo project, located in the Antofagasta Region, Chile, marking a new milestone in the collaboration between both companies and paving the way for the start of exploration activities on the mining property.

The contract was signed on Thursday, the 21st, during London Metal Exchange Week 2026, which brings together the global mining industry in the English capital, after all the authorizations required by Law No. 19,137 for the establishment of rights over Codelco's mining properties that are not part of currently operating deposits were completed. These authorizations included the issuance of the corresponding supreme decree, its approval by the Comptroller General of the Republic, and its publication in the Official Gazette.

Under the agreement, BHP could invest up to US$40 million to conduct reconnaissance campaigns, geophysical surveys, geological studies, and drilling programs to assess the project's mining potential. BHP is particularly well-positioned to lead this initial phase of the project, and if its potential is confirmed, BHP has the technical, operational, and infrastructure capabilities to support its future development.

The agreement is part of Codelco's strategy to generate value from its portfolio of mining properties, totaling 2.3 million hectares, by incorporating capital, technology, and high management standards from leading companies in the industry. This type of agreement allows Codelco to incorporate capital from partners while safeguarding the long-term interests of the Corporation and the State of Chile.

The progress of the Anillo project represents a new opportunity to boost mineral exploration in the country and contribute to the discovery of resources that can support future projects, strengthening Chile's economic development and competitiveness as a world leader in mining.

“Having completed all the authorizations and procedures required by current regulations, today we are taking a very important step for the development of the Anillo project together with BHP. The signing of this agreement allows us to begin a new phase of exploration that will contribute to deepening our geological knowledge of the area and evaluating its potential for future development. We value this partnership with BHP and hope that this joint effort will generate new opportunities for investment, growth, and development for Chile and both companies,” said Bernardo Fontaine, Chairman of the Board of Codelco.

Jess Farrell, President of BHP North America and Interim President of BHP South America, stated: “Meeting the growing global demand for copper will require new resources, and exploration will be critical to discovering them. By combining the experience, talent, and capabilities of BHP and Codelco, we have the opportunity to explore new copper potential in the Anillo district in northern Chile. This agreement reflects our long-term commitment to copper and the important role that collaboration plays in generating growth opportunities and contributing to Chile’s development.”

The start of the exploration phase of the Anillo project reinforces the commitment of both companies to the development of new mining for Chile and to the search for opportunities that will allow the country's mineral resource base to expand for the coming decades.

More about the project

The “Anillo” prospect is a 24,000-hectare property located in the Antofagasta Region, which has been subjected to various exploration campaigns by Codelco and third parties in the past, and is in the early exploration stage.

To advance the project, within the framework of the Bank of America Global Conference on Metals, Mining and Steel in May 2025, BHP and Codelco announced an exploration agreement whose signing was conditional upon compliance with the requirements established in Law 19.137.

Codelco