Faraday Copper Proposes Acquisition of BHP’s San Manuel Copper Site in Arizona
Faraday Copper has submitted a non-binding offer to acquire BHP’s San Manuel copper mine near Tucson, Arizona, covering 7,000 acres of historical workings and exploration potential. The sale aligns with BHP’s strategy to divest mature US assets, freeing capital and management focus for core iron ore and potash operations.
1. Deal Background
Faraday Copper has submitted a non-binding offer to purchase BHP’s San Manuel copper mine in Arizona, marking a key step in Faraday’s strategy to secure assets with existing infrastructure. Negotiations are ongoing with due diligence focused on metallurgical data and reclamation liabilities.
2. San Manuel Asset Profile
The San Manuel complex spans approximately 7,000 acres near Tucson and includes historical open-pit and underground workings that produced over 1 million tonnes of copper between 1953 and 2003. Residual polymetallic mineralization and tailings provide significant exploration upside for copper, gold and silver.
3. Strategic Implications for BHP
Divesting San Manuel supports BHP’s plan to exit mature non-core assets and concentrate on high-margin iron ore and potash operations. The transaction is expected to free management bandwidth and capital for accretive growth projects while reducing environmental and operational obligations in the US.