BHP Eyes Restart of Old Arizona Copper Mine With Faraday Deal

BHP Groupsigned a nonbinding letter of intent with Faraday Copper Corp. to explore a deal that would see it restart a historic copper mine in Arizona.

The companies said Friday they will consider reviving the San Manuel mine and combining it with Faraday’s nearby Copper Creek project to create a larger mining hub. Under the terms of the potential deal, Faraday would acquire BHP’s San Manuel property, while BHP would get a 30% equity stake in Faraday and other commercial rights.

The proposed deal comes as mining companies look to shore up supply of copper, a metal that’s key ...