Initially, the parties will explore six areas of interest, with BHP funding $15 million over a three-year period.
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The partnership includes studies on the feasibility of a direct reduction plant to be operated by GreenIron in Brazil.
The Thacker Pass lithium project is slated to open later this decade and be a key supplier to JV partner General Motors.
Plan involves enlarging the Constancia pit, installing new processing equipment, and raising the tailings dam wall.
The study envisions a mine life of 14 years, producing 903,000 tonnes of copper, plus 12 million oz. of silver and 63,000 oz.