Mitsubishi Corporation has agreed to acquire a 30% interest in Copper World LLC, a wholly-owned subsidiary of Hudbay Minerals, for an initial cash contribution of $600 million. The company owns the Copper World project in Arizona.
“Securing Mitsubishi as a 30% partner in Copper World is an important milestone for Hudbay as we establish a long-term strategic partnership to advance this high-quality copper project towards sanctioning and to unlock significant value in our copper growth portfolio,” said Peter Kukielski, Hudbay president and chief executive officer.
“Through this partnership, we will leverage our complementary strengths to deliver our world-class Copper World project, produce domestic copper in the U.S. for the U.S. critical minerals supply chain, and create value for all our stakeholders.”
Copper World is expected to produce 85,000 tonnes of copper per year over an initial 20-year mine life. Mitsubishi will contribute 30% of the ongoing costs starting August 31, 2025, and will participate in the funding of a definitive feasibility study as well as the final project design, project financing, and project construction for the mine project.
Source: Hudbay Minerals