Hudbay and Mitsubishi authorize construction of Arizona’s Copper World mine

Hudbay Minerals ($HBM) and Mitsubishi have approved construction of the Copper World project in Arizona, moving the proposed mine beyond feasibility work into an authorized development phase. Hudbay owns 70% and Mitsubishi owns 30%. Initial growth capital is estimated at US$2.07 billion, or US$1.84 billion after a stream deposit, with first production targeted for the second half of 2029.

The project study anticipates average annual copper production of approximately 102,000 tonnes over the first ten years. Those volumes remain forecasts for a mine that is not yet operating. The partners also anticipate about US$650 million of project debt, which should not be mistaken for financing already secured. The construction decision represents a substantial capital commitment and potential expansion of US copper supply, but delivery still depends on funding, execution and achievement of the planned development schedule.

Sources:

• Hudbay — GlobeNewswire construction decision