SAO PAULO (Reuters) -Global miner BHP has agreed to sell copper assets in Brazil to CoreX Holding for up to $465 million, it reported alongside its earnings on Monday.

BHP has entered into a binding agreement with CoreX for the sale of the so-called Carajas assets, BHP said, noting the transaction is expected to be completed in early 2026.

CoreX did not immediately respond to a request for comment.

"This transaction follows a strategic review in 2024, which concluded that the Carajas assets would benefit from owners prioritizing the operations and developing the assets to their full growth potential," BHP said.

Carajas produced 9,400 metric tons of copper in the 12 months through June, according to BHP.

Under the agreement, BHP will receive $240 million on the deal's completion and up to $225 million as contingent payments that could begin as early as 2027 based on a range of production and project-related targets.