BHP Hands San Manuel to Faraday, Pilbara Workers Settle, Congo's Cobalt Customs Freeze, and Gold's Comeback Week

BHP finalizes its transfer of the historic San Manuel copper mine in Arizona to Faraday Copper Corp, taking a 30% stake and offtake rights as both companies target a new US copper hub. BHP workers at South Flank and Mining Area C vote 58% in favor of a four-year deal — but Port Hedland negotiations continue. A customs platform failure in the DRC puts up to $1.1 billion in cobalt exports at risk ahead of a July 5 quota deadline. Gold surges above $4,170 per ounce for its first weekly gain in five weeks on weak US jobs data.

Show Notes

The Mining Insider — July 3, 2026 Today's episode covers four material developments from July 2–3, 2026. BHP — San Manuel Copper Transfer to Faraday: BHP has finalized its agreement to transfer the historic San Manuel copper property in Arizona to Canada's Faraday Copper Corp. In exchange, BHP receives a 30% equity stake in Faraday — bringing its total holding to approximately 32.5% on a non-diluted basis — plus shareholder and offtake rights. Faraday's market cap stands at approximately C$1.82 billion (US$1.28 billion). The Lundin Group (Nemesia) confirmed BHP as a strategic co-investor. San Manuel was the largest underground copper mine in the US before closing in 1999. BHP says combining it with Faraday's adjacent Copper Creek project could establish a new Arizona copper hub. BHP Pilbara — Labor Deal at South Flank and Mining Area C: Workers voted 58% in favor of a new four-year enterprise agreement covering 1,814 workers. Key terms: 16% wage increase over four years, increased site allowances, and a delayed-flight payment scheme. Unions noted significant minority opposition. Port Hedland — the more critical facility at $120M/day iron ore revenue — remains unsettled, with workers previously voting for protected action. DRC Cobalt — Customs Platform Freeze: Since July 1, major cobalt producers in the DRC have been unable to register export declarations on the customs platform. ARECOMS set a July 5 deadline for first-half quota use; unused quotas will be withdrawn. Up to 20,000 metric tons — worth $1.1 billion — may be forfeited. CMOC is among those most at risk. Cobalt prices have surged 160% since February 2025 to $26/lb. Mining companies have appealed to Congo's prime minister to intervene. Gold — First Weekly Gain in Five: Spot gold rose above $4,170/oz on weak US June jobs data (57,000 jobs added vs ~150,000 expected; April/May revised down 74,000). Fed rate hike bets eased, dollar weakened. Northern Star surged 11.75% on the ASX; Catalyst Metals +19.18%; Genesis Minerals +16.70%. Copper COMEX up 1.73% to ~$6.22/lb. Sources: Reuters (BHP/Faraday, BHP labor, DRC cobalt), Kitco/Reuters (gold), ABC Markets Live (ASX data). Follow us at The Mining Insider. Host: Logan Ore.

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