Mitsubishi Corporation (MC) has agreed to buy a 30 per cent stake in the Copper World copper mine project in Arizona, owned by Hudbay Minerals Inc, for USD 600 million (JPY 87 billion). The project aims to tap into the surging demand for copper driven by electrification, AI-powered energy needs, and green technology.
Strategic partnership in Arizona’s mining heartland
The investment includes USD 420 million for equity and USD 180 million for development costs. Mitsubishi Corporation and Hudbay will jointly conduct a detailed feasibility study, with a final investment decision expected in 2026.
Located in a region producing about 70 per cent of the US’s copper, the project is set to begin production in 2029. At peak, it is expected to produce around 100,000 tonnes of copper annually, with scope for further expansion by accessing adjacent mining concessions.
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Copper for the future economy
The US is the world’s second-largest copper consumer, with demand rising due to electric vehicles, renewable energy, and data centre expansion. As outlined in its Corporate Strategy 2027, “Leveraging Our Integrated Strength for the Future,” Mitsubishi Corporation aims to expand its equity copper production to over 400,000 tonnes annually from FY2030. “Enhance, Reshape, and Create” is the company’s framework to strengthen its position in the market.
Commitment to long-term supply
Hudbay, established in 1927, operates several copper and gold mines in North and South America. With extensive mining experience, both companies aim to ensure a stable copper supply, vital for achieving a decarbonised society.
Mitsubishi Corporation says this move will help secure resources at a time when declining ore grades make new mine development increasingly challenging.