Arizona’s position as America’s copper capital is poised to grow even stronger.
Global mining giant BHP has signed definitive agreements to transfer its historic San Manuel property in Pinal County to Faraday Copper Corp. in a deal that could create one of the largest undeveloped copper districts in the United States while accelerating future investment, job creation and domestic copper production.
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Rather than a traditional cash sale, BHP will receive a 30% equity stake in Faraday on a fully diluted basis, along with shareholder and future offtake rights. Factoring in shares BHP acquired through a March 2026 private placement, the company is expected to own approximately 32.5% of Faraday after the transaction closes.
The deal is expected to close during the quarter ending Sept. 30, pending regulatory approvals and approval from Faraday shareholders.
The transaction combines BHP’s historic San Manuel property with Faraday’s adjacent Copper Creek project, creating what company leaders describe as a transformational opportunity for Arizona’s mining industry.
“This is a transformational acquisition for Faraday,” said Paul Harbidge, president and CEO of Faraday Copper. “Combining San Manuel with our Copper Creek project, with the support of the Lundin Group and BHP as strategic shareholders, positions us well to become one of the largest undeveloped copper districts in the U.S. with a path to development and near-term copper production.”
For Arizona, the agreement represents more than a change in ownership. It lays the foundation for a new copper hub built around existing infrastructure, extensive private land holdings and decades of mining history.
The combined properties encompass approximately 27,000 acres of private land and include the legacy San Manuel Copper Mine, the Kalamazoo and San Manuel deposits, plant facilities, quarry operations and surrounding mineral interests. The location also offers access to established transportation corridors, rail service, power and natural gas infrastructure, providing significant advantages for future development.
Faraday believes integrating the two projects will create operational efficiencies by allowing shared infrastructure, reducing environmental impacts through the use of existing brownfield sites and providing flexibility to phase development over time. Initial plans envision prioritizing copper cathode production before expanding into larger open-pit and underground mining operations.
The project remains subject to additional engineering studies, permitting and regulatory approvals.
The agreement also strengthens BHP’s long-term presence in Arizona despite transferring ownership of San Manuel. Through its substantial ownership position in Faraday, BHP retains exposure to the project’s future while continuing to hold interests in other major Arizona copper assets, including the Resolution Copper project east of Phoenix and operations in the Globe-Miami mining district.
The transaction comes as demand for copper continues to surge, fueled by electric vehicles, renewable energy, data centers, artificial intelligence infrastructure and modernization of the nation’s electric grid. Industry analysts increasingly view Arizona as a critical supplier of the copper needed to support America’s energy transition and advanced manufacturing ambitions.
If developed as envisioned, the combined San Manuel-Copper Creek district could strengthen Arizona’s role as the nation’s leading copper producer while creating new employment opportunities and attracting additional investment to Pinal County and surrounding communities.
For Faraday, the acquisition dramatically expands its resource base. For BHP, it preserves long-term participation in one of Arizona’s most promising copper opportunities. And for Arizona, it represents another significant investment reinforcing the state’s reputation as one of North America’s premier destinations for mining and critical minerals development.
