- Faraday Copper (FDY) announced a US$10 million acquisition of the Mercer Ranch land package in Arizona
- The land package covers approximately 6,000 acres of private land within 32,000 acres of controlled ranch land
- Faraday Copper made a US$250,000 non-refundable deposit last year to secure the US$10 million purchase price
- This acquisition supports the company’s land consolidation strategy to advance and de-risk its flagship Copper Creek project
- Faraday Copper (FDY) is up 1.25 per cent, trading at $0.81 cents per share as of 1:20 p.m. EST
Canadian exploration company, Faraday Copper (FDY), is acquiring the Mercer Ranch land package in Arizona for US$10 million.
The land package covers approximately 6,000 acres of private land within 32,000 acres of controlled ranch land. Faraday Copper made a US$250,000 non-refundable deposit last year to secure the US$10 million purchase price.
Acquisition to support flagship project
Also, the company stated this acquisition supports its land consolidation strategy to advance and de-risk its flagship Copper Creek project. However, the closing of the deal is still subject to customary conditions and filings.
Paul Harbidge, President and CEO of Faraday Copper, commented,
“The Mercer Ranch purchase is an important milestone at this early stage of advancing the Copper Creek project… The Mercers are supportive stakeholders and neighbours and will continue to operate the ranch for the foreseeable future.”
The company claims the strategic benefits of this deal include: a location for a potential third-party solar power generation facility; land offsets for areas impacted by mining activities; additional infrastructure locations and flexibility; a secondary mine access corridor, as well as mineral and water rights.
The Copper Creek project is the company’s flagship asset which boasts open pit and bulk underground mining potential. Faraday Copper shared it is well-funded to reach its key milestones for the project.
Faraday Copper (FDY) is up 1.25 per cent, trading at $0.81 cents per share as of 1:20 p.m. EST.
