BHP to transfer Arizona property to Canada's Faraday Copper for 30% stake
- After the completion of the deal, BHP would receive shareholder and offtake rights alongside its stake in Faraday, according to a statement on Thursday
Australian miner BHP Group has agreed to transfer its San Manuel property in Arizona to Faraday Copper Corp in exchange for a 30% stake in the Canadian miner, as Faraday seeks to develop a copper hub around its adjacent Copper Creek project.
Here are some details:
After the completion of the deal, BHP would receive shareholder and offtake rights alongside its stake in Faraday, according to a statement on Thursday.
BHP’s total holding in Faraday is expected to rise to about 32.5% on a non-diluted basis, including shares acquired through a private placement in March.
Faraday has a market capitalisation of around C$1.82 billion ($1.28 billion), as per LSEG data.
BHP said combining San Manuel’s infrastructure and mineral inventory with the adjacent Copper Creek project could help advance investment, employment and domestic U.S. copper supply.
The project remains subject to further technical studies and regulatory approvals, BHP said.
Separately, Lundin Group, which controls Nemesia, Faraday’s largest shareholder, said BHP would join it as a strategic investor in Faraday.