# Hudbay, Mitsubishi Approve Copper World With $2.07 Billion in Initial Growth Capital

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/37169
Published: 2026-10-21T23:37:00.000Z
Updated: 2026-10-21T23:37:00.000Z
Section: Business

> The Arizona project targets first production in the second half of 2029, with Hudbay holding a 70% stake and Mitsubishi owning 30%.

Hudbay Minerals and Mitsubishi Corporation approved a final investment decision for Copper World, a copper project about 31 miles southeast of Tucson, Arizona. The companies target first production in the second half of 2029, as the project advances toward a planned 36-month initial construction phase.

Hudbay owns 70% of Copper World, while Mitsubishi holds 30%. Initial growth capital is estimated at $2.07 billion in 2026 dollars, net of $127 million in anticipated equipment financing. After an expected $230 million precious-metals stream deposit, the estimate is $1.84 billion.

The feasibility study projects average annual copper production of 102,000 metric tons during the first 10 years and 95,000 metric tons across the 15-year base-case mine life. Average cash costs are projected at $1.65 per pound during the first decade.

Mitsubishi’s expected total investment would reach about $1.02 billion after a further $423 million contribution to initial development. That additional amount may change with external financing. Hudbay’s estimate indicates Mitsubishi’s contribution could fall to about $218 million if the project secures $650 million in project-level debt.

The project has secured the major permits needed for construction and initial operations. The 15-year base case uses private land and requires state and local permits. An optional expansion onto federal land could begin in year 10 and extend operations to 37 years; that expansion would still need federal permits.

Hudbay estimates the project could support more than 1,000 construction jobs, 500 permanent operating jobs and up to 3,000 indirect jobs in Arizona.

“The final investment decision for Copper World marks the beginning of a new phase for the joint venture,” said Taro Abe, Mitsubishi’s Critical Minerals Division COO, Mineral Resources Group.