Proceeds of the offering will go towards Faraday’s Copper Creek project in Arizona, which the company labelled as one of the largest undeveloped copper projects in the country. It hosts a vast, 3-km-long porphyry deposit that has a measured and indicated copper resource totalling 4.2 billion lb., contained within 422 million tonnes grading 0.45% copper.
A May 2023 preliminary economic assessment gave Copper Creek a post-tax net present value (discounted at 7%) of $713 million and an internal rate of return of 16%. Initial capital is estimated at $798 million, with a construction period of two years. The payback period is just over 4 years.
The operation, which will initially start as an open pit then ramping up to unlock the large underground portion, will have a life of 32 years, producing 3.2 billion lb. of copper, plus 45.1 million lb. of molybdenum and 9.7 million oz. of silver.
The entire project covers 73 sq.km. in area…
