BHP Group (BHP) and Codelco said Monday they have reached an exploration agreement for the state-owned company's holdings in the Antofagasta Region of Chile.
The deal grants BHP the right to explore the 24,000-hectare Anillo property at its own cost.
Under the terms, BHP may invest up to $40 million in early-stage exploration to assess the site's mineral potential.
Shares of BHP were up 2.5% in recent trading.
Price: 49.89, Change: +1.22, Percent Change: +2.51
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