Since you have added other material to the wood chips it will now be compost, which could be used for mulch. Compost, usually is used as a soil amendment while just wood chips are usually used as just a mulch which is something you put on your soil, rather than in your soil, to do many things, one of whihc is add organic matter over time.

Yup, that reminds me of the pile of "wood fines" at my Landscape Recycling Center. It came from hardwood that has composted down to being unrecognizable. Very hard to distinguish from their pile of "garden compost," which is basically the same thing but with added greens and softer woods used in the process! It's not nitrogen hungry anymore, and would make a fine soil amendment (for organic matter) or mulch.

-Jeremy