Mitsubishi Corporation (MC) said it will acquire a 30% interest in the Copper World copper mine project in Arizona, owned by Hudbay Minerals, for a total consideration of US$600 million (approximately ¥87 billion).
The deal includes US$420 million for equity and US$180 million allocated toward development costs. MC and Hudbay plan to jointly conduct a definitive feasibility study for the project.
The Arizona project, already fully permitted, is expected to begin operations around 2029, producing roughly 100,000 tonnes of copper per year at peak from an open-pit mine, with potential for expansion through adjacent mining concessions. Arizona accounts for about 70% of U.S. copper production and benefits from strong infrastructure access.
The investment aligns with MC’s goal to expand annual equity copper production to more than 400,000 tonnes from fiscal year 2030 onward. The U.S. is the world’s second-largest copper consumer, with demand driven by population growth, generative AI, data centers, and electrification trends. MC said it will use its experience in global copper mining and trading to support the project, targeting a final investment decision around 2026.
Hudbay, established in 1927, operates three copper and gold mines and holds two other development projects. The companies said copper supply faces long-term challenges such as declining ore grades, making new development critical for meeting sustained demand and supporting a decarbonized society.