Hudbay and Mitsubishi approve $2.07 billion Copper World mine

• Hudbay Minerals (NYSE:HBM) and Mitsubishi Corporation approved construction of the Copper World project in Arizona, targeting first copper production in the second half of 2029.
• The project is expected to produce an average of 102,000 tonnes of copper annually during its first decade, with initial growth capital estimated at $2.07 billion.
• At an assumed copper price of $5 per pound, the 15-year Base Case has an estimated after-tax net present value of $1.2 billion, while a longer 37-year Extension Case offers a projected $2.5 billion valuation but requires additional federal permits.

Hudbay Minerals (NYSE:HBM) and Mitsubishi Corporation approved construction of the Copper World copper mine in Arizona, with first production targeted for the second half of 2029.

Hudbay owns 70% of the project and Mitsubishi holds 30%, following a joint venture investment completed in January 2026.

“The approval of the development of Copper World represents a significant milestone for Hudbay, our partners at Mitsubishi, our stakeholders, and the copper landscape in the U.S.,” said CEO Peter Kukielski.

The feasibility study forecasts average annual copper production of 102,000 tonnes over the first decade, an 11% increase from the 2023 estimate, at cash costs of $1.65 per pound.

Initial growth capital is estimated at $2.07 billion, or $1.84 billion after the precious metals stream deposit, with Hudbay expecting approximately $500 million in capital contributions beginning in 2028.

At an assumed copper price of $5 per pound, the 15-year Base Case has a projected after-tax net present value of $1.2 billion and a 17% internal rate of return.

The 37-year Extension Case has a projected $2.5 billion valuation and 19% return, but requires federal permits, unlike the already-permitted initial development plan.