Codelco and BHP launch €35.8M copper exploration in Chile, targeting supply chain boost

Codelco and BHP have formalized a partnership to invest up to €35.8 million in the early-stage Anillo copper project in northern Chile, targeting increased mineral supply amid surging global demand for copper.

The agreement, signed on October 21, 2026 during London Metal Exchange Week, will see BHP fund reconnaissance campaigns, geophysical surveys, geological studies, and drilling programs in the Antofagasta region. The Anillo project is part of Codelco’s 2.3 million-hectare portfolio and represents a significant move to bolster copper exploration and production capabilities.

Analysts say the collaboration could deliver much-needed supply chain resilience for industries in Europe and Latin America reliant on copper for energy transition technologies and manufacturing. As global competition for critical minerals intensifies, the partnership positions Chile to further solidify its role as a leading copper exporter and critical node in global supply chains.

Both Codelco and BHP stand to benefit from potential discoveries, which could increase their market share and revenues in the critical minerals sector. However, the project remains at an early stage, with risks that exploration may not yield sufficient geological results to warrant further development. Regulatory challenges could also impact the project’s timeline and scope.

Industry observers note that the collaboration signals a trend toward greater cooperation between major mining companies, with potential to accelerate exploration and development activities across Latin America. The outcome of the Anillo exploration phase may influence future mining operations and investment strategies in the region.