Hudbay Minerals, Mitsubishi Approve Copper World Construction

MT Newswires Live10-21

Hudbay Minerals (HBM) and Mitsubishi have approved a final investment decision to proceed with the construction and development of the Copper World copper mine project in Arizona, Hudbay Minerals said Wednesday.

Hudbay owns a 70% stake in the project, while Mitsubishi holds the remaining 30%, the company said.

Initial growth capital is estimated at $2.07 billion, with construction expected to take about 36 months, and first production targeted in H2 2029, Hudbay said.

The companies plan to fund development through a combination of Mitsubishi's $600 million initial investment, a $230 million precious metals streaming deposit from Wheaton Precious Metals, $127 million equipment financing and about $650 million in debt financing.

The mine is expected to create more than 1,000 construction jobs and 500 permanent operating positions, Hudbay said.

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