Mitsubishi Corporation and Hudbay Minerals have made a decision to proceed with the joint development of the Copper World copper mine in the US. Through an additional contribution to initial development funding, Mitsubishi Corporation expects to increase its total investment to $1,023 million.
Mitsubishi Corporation has made a decision to proceed with the development of the Copper World copper mine project, which it is advancing jointly with Hudbay Minerals, and indicated that its total investment, representing a 30% interest, is expected to reach $1,023 million (approximately ¥152.6 billion). This includes the $420 million acquisition consideration and $180 million in future development contributions. The total will be increased by an additional $423 million contribution under the current decision. The conversion is based on assumptions at the time of the announcement.
The project is located near Tucson, Arizona, and is planned to begin annual production of approximately 100,000 tonnes in the second half of 2029. The main permits have been obtained. Initial development costs are estimated at approximately $2.07 billion, and the mine is expected to operate for 15 years. The mine life may be extended in the future through development permits and other approvals relating to federal land.
Demand for copper is expected to grow as it is essential to advancing electrification and achieving a low-carbon society. The US government also considers strengthening the supply chain for critical minerals, including copper, a key priority. The project is positioned as contributing to stronger critical-mineral supply chains, and Mitsubishi Corporation says it will continue efforts to secure copper resources and ensure a stable supply.