Mitsubishi Corp approves Arizona copper mining project, lifts investment
TOKYO - Japan's Mitsubishi Corporation approved the construction of a copper mining project in Arizona, jointly with Canada's Hudbay Minerals, the company said on Wednesday.
Mitsubishi will make an additional equity contribution of $423-million toward the Copper World project's initial development, the company said.
It follows Mitsubishi's $420-million investment for a 30% stake and a $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 $1.02-billion.
The Copper World project was included in a Japan-US critical minerals cooperation framework that was announced in March.
Production is expected to begin in the second half of 2029, with average annual copper output of about 100 000 tons over the life of the mine.
