Mitsubishi Corporation agreed to take a 30% share of Copper World, an open-pit copper project in Arizona run by Canada's Hudbay Minerals, for $600 million: about $420 million for the stake and $180 million toward development costs. The stake is held through MC Americas Resources, the US metals company Mitsubishi set up in September 2025. The two partners will finish a feasibility study together. Production is planned from around 2029, at roughly 100,000 tonnes of copper a year at its peak. The terms Hudbay announced the deal on August 13, 2025 after what its chief executive, Peter Kukielski, called a highly competitive process to pick a partner. Besides the $600 million, Mitsubishi pays 30% of project costs from August 31, 2025 and its share of future equity. The partners run the project through a new joint venture company and work together on the final study, project financing and construction. The mine The mine's first phase sits on private land owned by Hudbay, which said it was fully permitted. At the time of the deal, Hudbay's 2023 study estimated about 85,000 tonnes of copper a year over a 20-year mine life. The final plan approved in October 2026 has higher cost and output estimates. What it means for Hudbay With Mitsubishi's money and a revised precious-metals streaming deal with Wheaton, Hudbay said its own remaining spending before production fell to about $200 million, with its first payment pushed to 2028 at the earliest. The deal closed on January 12, 2026, and the partners decided to build the mine in October 2026.
