BHP and Faraday Copper sign letter of intent to explore pathways to unlock US copper basin development

This section is Partnership Content suppliedThe content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Article contentWASHINGTON, D.C., Feb. 20, 2026 (GLOBE NEWSWIRE) — A wholly-owned subsidiary of BHP Group Limited (“BHP”) and Faraday Copper Corp. (“Faraday”), have signed a non-binding letter of intent (“LOI”) to explore a potential transaction whereby Faraday would acquire 100% of BHP’s San Manuel property in Arizona, USA. In exchange, BHP would receive a 30% interest in the equity of Faraday, and commensurate shareholder and marketing rights. In addition, BHP has agreed to participate in any equity raise by Faraday, over a two-year period, up to a maximum aggregated subscription amount of US$20 million.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentArticle contentThe LOI provides the basis through which BHP and Faraday will explore pathways for the restart of the San Manuel copper mine and development of a new copper hub in Arizona. Consolidated development of the adjacent Copper Creek and San Manuel properties would benefit from neighbouring land positions, existing infrastructure at San Manuel, and enhanced capital efficiency. The brownfield redevelopment of San Manuel, under this ownership structure, provides the potential for new copper units to be brought to market at pace. The LOI is non-binding, other than an exclusivity period, financing participation as outlined above, and confidentiality provisions. Completion of the proposed transaction is subject to final due diligence, agreement of definitive documentation and customary approvals.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentOperating from 1955 to 1999, the San Manuel mine was one of the most significant copper producers nationally and the largest underground copper mine in the US at the time of closure. The mine was closed in 1999 following a period of sustained low copper prices. A significant mineral inventory remained in-situ upon closure in 1999.Article contentArticle contentBHP’s Chief Development Officer, Catherine Raw:Article content“BHP looks forward to working with Faraday to create a pathway to bring on additional US copper supply to the market. This would support the U.S. objective of greater copper supply chain resilience, as well as economic development in the Pinal County region.” Article contentAbout BHPArticle contentBHP is a global resources company that produces essential commodities the world needs, including iron ore, copper, steelmaking coal – and soon potash. With operations and projects in over 90 countries around the world, BHP is the world’s largest copper producer. BHP has an unwavering commitment to safety, and a focus on operational excellence, disciplined capital allocation, and delivering long-term value for shareholders, employees, partners and communities. BHP’s purpose is to bring people and resources together to build a better world.Article contentFor more information, visit bhp.com.Article contentContacts: Article contentMediaMegan Hjulfors+1 403 605 2314Article contentInvestor RelationsLi Hua+1 647 828 9830Article contentArticle contentArticle contentArticle contentArticle contentArticle contentTrending Cenovus ready to back new pipelines as output nears one million barrels per day Oil & Gas Posthaste: CIBC warns Canada's housing market is in rougher shape than we thought News What's new in 2025 for Canadians filing tax returns Taxes Seafood billionaire John Risley’s firm faces huge debt, legal battles amid ownership shakeup Finance Matthew Holmes: Canada–Mexico plus U.S. businesses make for a winning formula Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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