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Madannama News Base (madanname.ir): This agreement was signed in continuation of the collaborations between the two companies in 2025 and after completion of legal permits. The goal of this cooperation is to deepen the geological understanding of the region and to assess the mining development potential of the Anillo project.
According to the agreement, BHP’s investment can be allocated to geological and geophysical studies, reconnaissance operations, and drilling programs. This collaboration is also carried out within Codelco’s strategy to create value from its mining asset portfolio spanning 2.3 million hectares by leveraging the capital, technology, and managerial capabilities of leading companies, ensuring that the long-term interests of Codelco and the Chilean government are preserved.
Jess Farrell, BHP’s Chief Executive in South America, emphasizing the importance of the agreement, stated that the combination of experience and capabilities of the two companies provides a good opportunity to identify new copper potential in the Anillo region and demonstrates BHP’s long-term commitment to the copper industry. Bernardo Fontaine, Chairman of Codelco, also described the finalization of the agreement as a strategic step in the project’s development.
Meanwhile, according to BHP’s performance report, the company’s copper production for the quarter ending September 30, 2026, reached 400.7 thousand tons. The production decline during this period was partly due to adverse weather conditions and operational constraints at the Escondida and Spence mines in Chile, as well as disruptions caused by a conveyor belt failure at the Carapateena mine in Australia.