en.Wedoany.com Reported - BHP has entered into a definitive agreement through a wholly owned subsidiary to sell 100% of the San Manuel property in Arizona, USA, to Faraday Copper. Upon completion of the transaction, BHP will receive a 30% fully diluted equity interest in Faraday Copper, along with shareholder rights, offtake rights, and the right to participate in future equity financings.

The transaction is expected to close in the quarter ending September 30, 2026, subject to regulatory approvals and approval from Faraday Copper shareholders.

Taking into account Faraday Copper's private placement in March 2026, BHP is expected to hold approximately 32.5% of the company's shares on a non-diluted basis post-transaction.

This transaction creates conditions for Faraday Copper to develop a combined copper mine operation in Arizona, with the company planning to integrate the infrastructure and mineral assets of San Manuel with the adjacent Copper Creek project. Faraday Copper's development plans for the site are subject to additional technical assessments and further regulatory approvals.

Both parties stated that the combined efforts aim to promote future investment, create jobs, and support domestic copper supply in the US. BHP continues to hold interests in other copper assets in Arizona, including the Resolution asset and the Globe-Miami asset.

BofA Securities served as BHP's financial advisor for this transaction, with Stikeman Elliott and Snell & Wilmer providing legal counsel.

Last month, BHP, Rio Tinto, and Caterpillar began testing two Cat 793 XE Early Learner battery-electric haul trucks at the Jimblebar iron ore mine in the Pilbara region of Western Australia. This collaboration aims to study how battery-electric vehicles can help reduce greenhouse gas emissions in large-scale mining operations.