BHP CFO: World needs eight more Escondidas

Faraday Copper Corp. (TSX:FDY, OTCQX:CPPKF) completed the acquisition of BHP's San Manuel project, issuing 131.6 million shares valued at $657.9 million. The San Manuel and adjacent Copper Creek projects form the Redhawk Copper Complex, covering 35,000 acres in Arizona. Faraday plans to start drilling soon and expects mineral resource estimates by mid-2027. BHP now holds 32% of Faraday's shares and appointed two directors to Faraday's board.

Faraday Copper Corp. (FDY) completed its acquisition of the San Manuel project and began drilling. BHP affiliates now own ~32% of Faraday's shares. The deal is expected to accelerate development and exploration efforts.

Rio Tinto's Q3 iron ore shipments rose 2% y/y to 83.90Mt, despite CMRG tensions, leaving annual guidance achievable. BHP posted record Q3 exports, while FMG's shipments fell 7% y/y due to CMRG disputes. Vale's Q3 exports dropped 7% y/y, raising guidance risk due to freight costs and demand pressures.

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.

Australia's S&P/ASX200 fell 0.43% to 8960.2, tracking a US tech sell-off after higher-than-expected inflation data. Tech and mining sectors dropped over 3% each. BHP and Rio Tinto fell 4% as iron ore prices declined. CommBank rose 2% leading financials higher. Treasury Wine Estates has no plans to list Penfolds separately. Bank of Queensland gained 4.6% on a strong update, while ARB and Droneshield fell.

Workers at BHP's Escondida mine in Chile plan to strike, following a walkout at Antofagasta's Centinela. Copper demand is projected to rise significantly by 2040, but supply may fall short. Chile's copper output dropped 12.8% in August, with potential further disruptions from El Niño. A Chinese ban on sulphuric acid exports could impact Chile's copper production.