TOKYO, Aug 14, 2025 - (JCN Newswire) - Mitsubishi Corporation ("MC") is pleased to announce that it has reached an agreement to acquire a 30% interest in the Copper World copper mine project (the "Project") owned by Hudbay Minerals Inc. ("Hudbay") for a total consideration of USD 600 million (approximately JPY 87 billion), consisting of USD 420 million (approximately JPY 61 billion) as consideration for equity interest and USD 180 million (approximately JPY 26 billion) as matching contribution which will be allocated toward development costs. MC and Hudbay will jointly conduct a definitive feasibility study for the Project.
The U.S. is the world's second-largest consumer of copper, and steady demand growth is expected to continue, driven by population growth, increased power demand from generative AI and data center expansion, and the shift toward electrification. Arizona, where the project is located, accounts for approximately 70% of domestic copper mine production and is a leading mining region with strong access to key infrastructure. The project has already secured the permits required for development and commencement of operations, and is expected to start around 2029, with an anticipated output of approximately 100,000 tonnes of copper per year at peak. There is also potential for future mine expansion by securing permits to access adjacent mining concessions.
Hudbay has cultivated extensive experience in mine development and operations since its establishment in 1927. The company currently operates three copper and gold mines and holds two other development projects in addition to the Project. MC has long been engaged in a wide range of businesses in North America, primarily in the U.S., and has invested in various mineral resources through partnerships with mining companies globally. Regarding copper, MC aims to expand its annual equity production to over 400,000 tonnes from FY2030 onwards, leveraging its expertise in global copper mining investments and trading activities. This investment is part of MC's efforts to achieve that target. MC will advance a definitive feasibility study together with Hudbay, aiming for a final investment decision around 2026, drawing on MC's knowledge in copper mining investment and extensive business experience across diverse sectors in North America developed over many years.
As outlined in its Corporate Strategy 2027, "Leveraging Our Integrated Strength for the Future," announced in April 2025, MC aims to expand its equity-based resource production and strengthen its competitive edge through its value-creation framework: "Enhance, Reshape, and Create." Copper is projected to see sustained long-term demand growth. At the same time, challenges such as declining ore grades are making new mine development more difficult, raising concerns about supply stability. MC remains committed to securing and maintaining a stable supply of copper resources, which is essential for achieving a decarbonized society.
Project Overview
Location: Tucson, Arizona, USA
Mining Method: Open Pit
Ore Reserves*: 2 Mt
Resource Estimate**: 5 Mt
Production Start: Around 2029
Maximum Annual Production: Approximately 100,000 tonnes
Life of Mine: 20 years (potential for further expansion)
*Economically mineable part of resources
**Total quantity of minerals confirmed through geological surveys
Hudbay Overview
Company Name: Hudbay Minerals Inc.
Headquarters: Toronto, Ontario, Canada
Established: 1927
CEO: Peter Kukielski
Listings: Toronto Stock Exchange, New York Stock Exchange
Business Activities: Development and operation of copper and gold mines in Canada, the United States, and Peru
Mitsubishi Corporation
Mitsubishi Corporation (MC) is an integrated trading and investment company that develops and operates businesses across multiple industries together with its global network. MC has eight business segments that span virtually every industry: Environmental Energy, Materials Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.
Inquiry Recipient
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Source: Mitsubishi Corporation
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