Canadian mining company Faraday Copper Corp. has bulked up its holdings in Arizona after finalizing a deal to acquire the San Manuel property in Pinal County from Australia's BHP.
BHP will acquire a 30% stake in Vancouver-based Faraday after the deal is finalized, expected in the third quarter, along with related offtake rights. The deal, which had been announced back in February, is subject to regulatory reviews and a vote by Faraday shareholders.
The acquisition of the San Manuel property – about 50 miles northeast of Tucson – would give Faraday a huge swath of mining property in Arizona as it aims to establish a major copper mining hub in the state, considering the property is adjacent to the company's Copper Creek property. Copper Creek is one of the largest undeveloped copper properties in North America.
Read more of this story from the Business Journal.
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