Codelco Teams Up with Rio Tinto and BHP to Boost Chile Copper Exploration

Codelco

Strategic Copper Partnerships Target Atacama and Antofagasta Regions

Codelco has partnered with Rio Tinto and BHP to expand copper exploration in Chile, strengthening its role in the global copper supply chain. These two separate strategic deals target the Atacama and Antofagasta regions — two of the world’s most copper-rich zones — and reflect increasing investment in high-potential, underexplored areas.

Codelco and Rio Tinto formed a joint venture to explore the Nuevo Cobre region in the Atacama Desert, where Rio Tinto holds a 57.7% stake and Codelco 42.2%. The collaboration focuses on mineral extraction around the Potrerillos smelter and San Antonio property. Over the next 12 months, both parties will co-finance technical studies and business plans, with an option to extend the partnership timeline.

BHP Commits $40 Million to Study Codelco Sites

In a separate agreement, Codelco granted exclusive exploration rights to BHP for 34 properties in the Antofagasta region, including the early-stage Anillo project, which spans over 59,000 acres. BHP will invest up to $40 million to assess the copper potential of these sites.

If BHP deems the project commercially viable, it will partner with Codelco to move forward with development. Otherwise, all research and data generated during the study period will revert to Codelco. This structure enables Codelco to retain strategic optionality while leveraging private-sector exploration capital.

Chile Reinforces Global Copper Leadership Through Collaboration

These agreements signal a new era of public-private collaboration in Chile’s mining sector, with Codelco leveraging global mining majors to accelerate exploration. The deals also highlight the growing urgency to secure future copper supply amid rising demand from clean energy infrastructure and electric vehicles.

As the world’s largest copper producer, Chile remains critical to global decarbonization goals. These joint efforts aim to unlock new deposits and ensure a stable, diversified copper pipeline for the decade ahead.

The Metalnomist Commentary

Codelco’s dual alliances with Rio Tinto and BHP represent a strategic blueprint for unlocking untapped copper resources while sharing risk. With global copper supply tightening, such partnerships are essential to ensuring long-term mineral security — especially in geopolitically stable, resource-rich countries like Chile.