24 May 2021 (Last Updated May 24th, 2021 15:55) BHP has entered a farm-in and joint venture agreement with Encounter Resources for the Elliott project. Share Article BHP has exercised its option to sign a farm-in agreement with Encounter Resources for the Elliott copper project in Australia’s Northern Territory (NT). The two firms also signed a joint venture (JV) agreement to undertake an exploration programme, including seismic surveys and drilling. Under the farm-in and JV agreement, BHP will spend $17m (A$22m) over a period of ten years. In exchange, BHP will receive a 75% interest in the project. Encounter Resources managing director Will Robinson said: “Copper sourced from sedimentary-hosted deposits is one of the fastest-growing sources of high-grade copper in the world. Encounter controls an extensive first-mover portfolio of copper projects in the Greater McArthur Superbasin in the NT.