Faraday Copper to Acquire BHP's San Manuel

BHP Group Limited and Faraday Copper Corp. have signed a non-binding letter of intent for Faraday Copper Corp. to acquire 100% of BHP's San Manuel property in United States===Arizona, USA. In exchange, BHP will receive a 30% equity interest in Faraday Copper Corp., along with shareholder and marketing rights. BHP has also committed to participate in any Faraday Copper Corp. equity raise up to US$20 million over two years. This proposed transaction aims to restart the San Manuel Copper Mine, which operated from 1955 to 1999, and develop a new copper hub by consolidating it with Faraday Copper Corp.'s adjacent Copper Creek project. The initiative is expected to enhance US copper supply chain resilience and foster economic development in the Pinal County region of United States===Arizona. The completion of the transaction is subject to due diligence, definitive documentation, and customary approvals, with an expected closing by the end of Q3 2026.