Mitsubishi Pays $600 Million for 30% of Hudbay’s Copper World Mine

Mitsubishi Corp. agreed to invest $600 million for a 30% interest in Hudbay Minerals’ proposed Copper World mine in Arizona, marking the Japanese trading house’s first participation in a U.S. copper project in 45 years. The deal gives Hudbay the remaining 70% of the venture and provides fresh capital as the Canadian miner seeks permits and financing to develop the deposit. Mitsubishi said the move is aimed at securing stable supplies of the metal, whose demand is projected to rise with growth in electric-vehicle production and data-center construction. The announcement sent Hudbay shares up about 16% in pre-market trading on Wednesday. The partners did not disclose a production timetable, but the investment comes amid efforts by manufacturers to re-route critical-mineral supply chains toward the United States following steep U.S. tariffs on Chinese goods.