Faraday Copper to Acquire Arizona's San Manuel Property from BHP

The $100 million deal would give Faraday a 30% stake in the copper-rich land.

Published on Mar. 2, 2026

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Faraday Copper Corp. has entered into a non-binding letter of intent to acquire the San Manuel Property in Arizona from mining giant BHP Group Limited. Under the proposed $100 million transaction, Faraday would issue common shares equivalent to a 30% interest in the company to BHP upon closing.

Why it matters

The San Manuel Property is a significant copper resource that could help boost Faraday's production and expand its footprint in the American Southwest. The deal also represents a strategic shift for BHP as it looks to streamline its portfolio and focus on its core mining operations.

The details

The transaction is subject to approval by Faraday shareholders, regulatory approvals, and the completion of due diligence. Faraday has enlisted TD Securities as its financial advisor, while McCarthy Tétrault LLP and Dorsey & Whitney LLP are serving as legal counsel. The deal is expected to close by the end of the third quarter of 2026.

  • Faraday and BHP entered the non-binding letter of intent on February 20, 2026.
  • The transaction is expected to close by the end of the third quarter of 2026.

The players

Faraday Copper Corp.

A Canadian mining company focused on copper exploration and development in North America.

BHP Group Limited

A multinational mining, metals, and petroleum company headquartered in Australia.

TD Securities, Inc.

The investment banking arm of the Toronto-Dominion Bank, serving as financial advisor to Faraday Copper.

McCarthy Tétrault LLP

A Canadian law firm serving as legal counsel to Faraday Copper.

Dorsey & Whitney LLP

An international law firm also serving as legal counsel to Faraday Copper.

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What’s next

The deal is expected to receive shareholder and regulatory approvals by the end of the third quarter of 2026.

The takeaway

This acquisition represents a strategic move by Faraday Copper to expand its copper production capabilities in the American Southwest, while also signaling a shift in BHP's portfolio as it looks to streamline its mining operations.