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Hudbay and Mitsubishi approve Copper World construction with $2.07B initial capital, targeting first production in H2 2029
HBMHudbay Minerals Inc.
Hudbay Minerals Inc. and joint venture partner Mitsubishi Corporation have formally approved the final investment decision to proceed with the development of the Copper World project in Arizona. The project requires an initial growth capital expenditure of $2.07 billion, net of a $127 million equipment financing component. Hudbay's pro-rata equity contribution is approximately $500 million, deferred until 2028, supported by Mitsubishi's $600 million initial investment and a $230 million deposit from Wheaton Precious Metals Corp. The mine is expected to produce an average of 102,000 tonnes of copper annually over the first ten years at cash costs of $1.65 per pound, with first production targeted for the second half of 2029. Hudbay Minerals Inc. operates copper and zinc mines in Canada, Peru, and the United States.