Mitsubishi Corp (TYO:8058) approved the construction of a copper mining project in Arizona, jointly with Canada’s Hudbay Minerals (TSX:HBM), the company said on Wednesday.
Mitsubishi will make an additional equity contribution of US$423 million ($601.88 million) toward the Copper World project’s initial development, the company said.
It follows Mitsubishi’s US$420 million investment for a 30% stake and a US$180 million contribution toward future development costs approved in August 2025 when the company acquired an interest in the project.
Mitsubishi’s total investment in the project is expected to reach US$1.02 billion.
The Copper World project was included in a Japan-US critical minerals cooperation framework announced in March.
Production is expected to begin in the second half of 2029, with average annual copper output of about 100,000 tonnes over the life of the mine.
(Reporting by Hina Suzuki; Editing by Harikrishnan Nair)
Image: Mitsubishi Corporation
