BHP and Faraday Copper sign definitive San Manuel agreement
(Posted on 06/07/26)
Further to BHP’s announcement in February, BHP, through a wholly owned subsidiary, has executed definitive agreements with Faraday Copper Corp. relating to Faraday’s 100% acquisition of BHP’s San Manuel property in Arizona, USA through a wholly-owned subsidiary.
Under the agreed terms, upon completion of the transaction BHP will receive shares equivalent to a 30% equity interest in Faraday on a fully diluted basis, together with associated shareholder and offtake rights, and has the right to participate in future equity raises by Faraday in accordance with the definitive agreements. Completion is expected in the quarter ending 30 September 2026, subject to satisfaction of customary closing conditions including receipt of regulatory approval and approval by Faraday shareholders. This will take BHP’s overall holding to approximately 32.5% of Faraday on a non-diluted basis, including shares acquired through the private placement in March 2026.
The definitive agreement provides a pathway for the development by Faraday of a new copper hub in Arizona, combining existing infrastructure and mineral inventory at San Manuel with Faraday’s adjacent Copper Creek project. Consolidated development will support future investment, employment opportunities, and help advance domestic US copper supply. The project remains subject to further technical work and regulatory approvals.
The agreement demonstrates BHP’s approach to creating value from its global portfolio while preserving long-term optionality in early-stage copper opportunities.
BHP holds interests in other projects within the broader Arizona copper district, including at Resolution and Globe-Miami.
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