{
  "id": 890898,
  "title": "Faraday targets 18B-lb Arizona copper district",
  "url": "https://urgent.news/2026/08/14/faraday-targets-18b-lb-arizona-copper-district",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-14T16:36:00.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/faraday-targets-18b-lb-arizona-copper-district/"
  },
  "original_language": "en",
  "account": "Arizona-based Faraday Copper (TSX: FDY; US-OTC: CPPKF) anticipates confirmation drilling at BHP’s former San Manuel mine to substantiate a combined Arizona resource exceeding 18 billion pounds of copper. Upon closing this month, Faraday will take control of a former producing copper mine, approximately 109 square kilometers of prospective private land, a water-supply agreement, and established infrastructure near the former Copper Creek mine. Located about two hours southeast of Phoenix, Faraday intends to conduct at least 23,000 meters of drilling at San Manuel starting in the fourth quarter, ahead of disclosing a combined resource estimate midway through 2027. CEO Paul Harbidge told The Northern Miner that the resource could exceed 18 billion pounds of copper, making it one of the largest undeveloped copper resources in the United States. The acquisition transforms Faraday from a single-project explorer into a district developer planning two open pits and two underground mines under shared infrastructure. Faraday still needs to confirm the resource via new drilling and study the combined mine plan before integrating San Manuel into its current technical study. The Toronto-listed company's shares have quadrupled over the past year, closing at $5.50 on August 11, as copper prices have surged. The shares have fluctuated between $1.15 and $6.69 over the past year and have a market capitalization of $1.6 billion. Faraday acquired the historic San Manuel mine, which began underground production in 1955, expanded with open-pit and in-situ leaching, and ceased mining in 1999 due to low prices. BHP rehabilitated the site in 2003. Faraday holds historical drilling, assay, and geological records, including data from about 440,000 meters of drilling. However, BHP discarded the core, requiring Faraday to drill new holes for current compliance. Copper Creek, owned by Faraday, has 421.9 million measured and indicated tonnes grading 0.45% copper, translating to 4.2 billion pounds of contained metal according to a May 2023 preliminary economic assessment. Inferred resources amount to 83.6 million tonnes at 0.34% copper for 628 million pounds. Faraday completed 88 holes totaling 22,510 meters in its latest Copper Creek program before pausing for the acquisition and Arizona's summer storms. More assays remain pending. Faraday plans to build shared facilities on San Manuel's former lands instead of duplicating infrastructure at Copper Creek. The acquisition will be serviced by roads, rail, gas, and power. Harbidge expects the first stage of production to begin within a decade, with potential for over four decades of output at approximately 150,000 tonnes of copper annually, contingent on confirmation drilling, a current resource, and detailed engineering. Faraday holds $94.2 million in cash and $32 million in term deposits as of June 30, which should sustain the company into early 2028 to cover acquisition costs, drilling, the combined resource, and the first-stage study. BHP will own 30% of Faraday post-closing, with the right to appoint a director. The Lundin family trusts hold about 18% of shares, both having participated in Faraday's $100 million financing in March. Haywood Securities maintains a \"buy\" rating and $7 target, highlighting the combined resource and mine study as Faraday's main drivers. Shares jumped 34% during the second quarter, making Faraday one of the strongest performers among developers as the broader sector declined an average of 9%. Faraday has no immediate plans for additional acquisitions, according to Harbidge, as they focus on proving the scale of the assembled assets.",
  "summary": "San Manuel's acquisition this month gives Faraday a copper mine, land, water rights, and infrastructure near Copper Creek.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}