Investment · Metals and mining
Mitsubishi and Hudbay approve building the Copper World mine in Arizona, set to be the next big US copper mine
- Investor
- Mitsubishi Corporation (via MC Americas Resources) (Tokyo)
- In
- Copper World copper mine (30% stake, with Hudbay Minerals), Near Tucson, Arizona
- Value
- Up to about $423M more, on top of the $600M already paid (about ¥152.6B in total)
- Status
- Final investment decision made on October 21, 2026. First copper planned for the second half of 2029.
- Date
- 2026-10-21
Mitsubishi Corporation and Canada's Hudbay Minerals made the final decision to build Copper World, an open-pit copper mine about 50 km southeast of Tucson. The first phase will cost about $2.07 billion. Mitsubishi, which owns 30%, will put in up to about $423 million more in equity on top of the $600 million it has already paid, or about $218 million if the project takes on $650 million of debt. Kyodo put Mitsubishi's total at about ¥152.6 billion. The mine is planned to produce about 102,000 tonnes of copper a year on average in its first ten years.
Why it matters
Hudbay calls it the next major copper mine in the US. Copper demand is rising with AI data centers, power grids and EVs, and Washington wants more of it mined at home. The project expects over 1,000 construction jobs and 500 permanent jobs.
The mine plan
The base plan runs 15 years on proven and probable reserves of 390 million tonnes at 0.47% copper, and needs only state and local permits. Output starts at about 84,000 tonnes a year and rises to 120,000 tonnes after the processing plant is expanded in year five. Cash costs are put at $1.65 a pound. Mining on nearby federal land, which would need federal permits, could stretch the life to 37 years.
Who pays
Mitsubishi put in $420 million when it joined in January 2026 and owes $180 million more within 18 months. Wheaton Precious Metals adds a $230 million deposit for its existing gold and silver stream, and about $650 million of project debt is planned. Hudbay's own share, about $500 million, is not due until 2028.
Sources
Kakehashi M&A News home
