Faraday Copper Corp. finalized its acquisition of the San Manuel copper project in Arizona from BHP Group Limited. BHP received approximately 131.6 million Faraday common shares in a non-cash deal. BHP now holds a 32% stake in Faraday Copper. BHP will appoint two members to Faraday's board of directors.
The acquisition combines the historic San Manuel mine with Faraday's adjacent Copper Creek project. This creates a large, consolidated land package named the Redhawk Copper Complex. The combined entity is now one of the largest undeveloped copper districts in the United States. Faraday has mobilized drill rigs to the site to begin a 24,000-meter drilling program. This program aims to confirm historical resource estimates.