Faraday Closes San Manuel Buy From BHP, Creating 35,000-Acre Arizona Copper Complex
CPPKF has more than doubled off its 52-week low of $1.26.
Summary
Faraday closed its acquisition of the San Manuel project from BHP, combining it with Copper Creek to form the 35,000-acre Redhawk Copper Complex in Arizona. BHP received 131.6 million Faraday shares as consideration, valued at $657.9 million, giving it roughly 32% of the company and two board seats (Elaina Ware and Dominic Perrottet). The deal transforms Faraday from a single-asset developer into a district-scale copper play with private land and existing road, rail, gas and power infrastructure, which the company says could speed the path to copper cathode production. Drill crews are already mobilized for an initial 24,000 metres at San Manuel and Kalamazoo to confirm historical resource estimates. Next hard data points: updated mineral resource estimates expected mid-2027 and a Phase I prefeasibility study in 2028.
At the time of this announcement, CPPKF was trading at $3.38 on OTC in the Manufacturing sector, with a market capitalization of approximately $994.9M. The 52-week trading range was $1.26 to $4.83. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: ACCESS Newswire.