Mitsubishi Invests $600M for 30% Stake in Hudbay Arizona Copper Project

Hudbay Minerals has entered a strategic joint venture with Mitsubishi Corporation, with Mitsubishi acquiring a 30% stake in Hudbay's Copper World project in Arizona for $600 million. The investment includes an initial $420 million payment for equity and a further $180 million matching contribution within 18 months, supporting a projected $1.5 billion investment in the U.S. critical minerals supply chain. The Copper World project is expected to produce approximately 85,000 metric tons of copper annually for the next two decades, bolstering domestic copper production in the United States. Hudbay CEO Peter Kukielski emphasized the importance of Mitsubishi as a premier partner, highlighting the long-term strategic benefits and the unlocking of significant value in Hudbay's copper portfolio. The partnership also includes modernizing the Wheaton precious metals stream and completing key financing elements for Copper World, positioning Hudbay to build one of the next major copper mines in the U.S. This joint venture represents a critical step in advancing the project towards sanctioning and securing U.S. critical mineral supply chains.