Faraday Copper completes purchase of BHP’s San Manuel project, giving BHP a 32% stake
Faraday Copper Corp. closed the acquisition of the San Manuel copper project from a BHP subsidiary by issuing 131,593,046 shares valued at $657.9 million. After the deal, BHP holds roughly 32 % of Faraday’s outstanding shares and placed two of its executives on Faraday’s board. Faraday will start drilling the San Manuel and Kalamazoo deposits and aims to release mineral‑resource estimates by mid‑2027.
Why it matters
The transaction gives Faraday immediate control of a 35,000‑acre copper complex in Arizona, expanding its resource base. BHP’s 32 % ownership and board seats provide it with significant influence over Faraday’s development strategy.
Key facts
- 1Faraday issued 131,593,046 common shares to BHP subsidiaries as consideration for the San Manuel acquisition. investing.com
- 2The shares were valued at $657.9 million based on the five‑day volume‑weighted average price before closing. investing.com
- 3BHP now holds 137,993,046 Faraday shares, representing about 32.0 % of the company’s issued and outstanding shares on a non‑diluted basis. investing.com
- 4The San Manuel and Copper Creek projects together form the Redhawk Copper Complex covering roughly 35,000 acres in Pinal County, Arizona. investing.com
- 5Faraday plans an initial drilling program of 24,000 metres at the San Manuel and Kalamazoo deposits. investing.com
- 6Mineral‑resource estimates for both projects are expected by mid‑2027, with a prefeasibility study slated for 2028. investing.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.