Faraday Copper has completed its acquisition of the San Manuel copper project in Arizona from a BHP subsidiary, paying with 131.6 million new shares valued at $657.9m, the Toronto-listed company said on 15 October.
Why Faraday Copper Corp. is buying San Manuel copper project (from BHP)
Faraday's chief executive Paul Harbidge described the acquisition as a transformational milestone. Combining San Manuel with the neighbouring Copper Creek project creates the Redhawk Copper Complex, which Faraday plans to advance through drilling, resource estimates by mid-2027 and a first prefeasibility study in 2028.
Deal terms and financing
The consideration consisted entirely of Faraday shares: 90,727,217 issued to WMC Corporate Services and 40,865,829 to BHP Investments Canada. Including shares previously held, BHP affiliates own 137,993,046 shares, about 32.0% of Faraday on a non-diluted basis, and have board nomination, anti-dilution and registration rights. The release values the shares at $657.9m without naming the currency.
Regulatory approvals and timing
The deal has closed. Faraday shareholders approved the share issuance in August 2026.
Market context
San Manuel, in Pinal County about 100km northeast of Tucson, was a block-cave and open-pit mine that produced about 4.2 million tonnes of copper between 1955 and 1999. Faraday has mobilised rigs for an initial 24,000-metre drilling programme at the San Manuel and Kalamazoo deposits.
