BHP, through a wholly owned subsidiary, has executed definitive agreements with Faraday Copper, relating to Faraday’s acquisition of BHP’s San Manuel property in Arizona.
Under the terms, upon completion of the transaction, BHP will hold shares representing a 30% fully diluted equity stake in Faraday. This includes related shareholder and offtake rights, and BHP also has the option to participate in future equity offerings by Faraday.
Completion is expected in the quarter ending Sept. 30, 2026, subject to satisfaction of customary closing conditions. This will take BHP’s overall holding to approximately 32.5% of Faraday on a non-diluted basis, including shares acquired through a private placement in March.
The definitive agreement provides a pathway for Faraday to develop a new copper hub in Arizona, combining the existing infrastructure and mineral inventory at San Manuel with its adjacent Copper Creek project. Consolidated development will support future investment, employment opportunities, and help advance domestic U.S. copper supply.
Operating from 1955–1999, San Manuel was one of the most significant copper producers nationally and the largest underground copper mine in the U.S. at the time of closure.
Source: BHP