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

Group 1 - BHP Group Limited and Faraday Copper Corp. have signed a non-binding letter of intent to explore a potential acquisition of BHP's San Manuel property by Faraday, with BHP receiving a 30% equity interest in Faraday in return [1][2] - The LOI aims to facilitate the restart of the San Manuel copper mine and the development of a new copper hub in Arizona, leveraging existing infrastructure and enhancing capital efficiency [2] - The San Manuel mine was a significant copper producer in the US until its closure in 1999 due to low copper prices, leaving a substantial mineral inventory [3] Group 2 - BHP is the world's largest copper producer, with operations in over 90 countries, focusing on safety, operational excellence, and long-term value creation [4]