Hudbay closes $600 million joint venture investment with Mitsubishi in Copper World

Hudbay announced the closing of a $600 million strategic investment from Mitsubishi, giving Mitsubishi a 30% joint venture interest in Copper World; Mitsubishi contributed about $420 million on closing and will add $180 million within 18 months.

Hudbay Minerals announced the closing of a strategic investment from Mitsubishi Corporation that gives Mitsubishi a 30% joint venture interest in Copper World LLC. Mitsubishi contributed approximately $420 million on closing and is committed to contribute an additional $180 million within 18 months under the subscription agreement. Hudbay reported the Copper World project is fully permitted in Arizona and said the funds will be used for the remaining definitive feasibility study (DFS) costs, pre-sanction costs and initial project development. The company also stated that feasibility and detailed engineering work are underway with a DFS expected in mid-2026 and a sanction decision expected in 2026. Key facts: - Mitsubishi holds a 30% interest in Copper World LLC after contributing about $420 million on closing, with $180 million due within 18 months. - Mitsubishi will fund its pro‑rata 30% share of future equity capital contributions required to construct Copper World, the parties said. - Hudbay said the $420 million proceeds will directly fund remaining DFS costs, pre‑sanction costs and initial project development. - The company stated the transaction, together with an amended precious metals stream and other financing, reduces Hudbay’s estimated remaining share of capital contributions to roughly $200 million based on PFS estimates and may defer Hudbay’s first capital contribution to 2028 at the earliest. - Feasibility activities and detailed engineering are reported to be underway, with DFS completion expected in mid‑2026 and a sanction decision expected in 2026. Summary: The closing formalizes Mitsubishi’s 30% joint venture stake in the fully permitted Copper World project and provides immediate capital to advance feasibility and pre‑sanction work. Hudbay reports the funds will support DFS completion and initial project development, with the DFS expected in mid‑2026 and a sanction decision anticipated later in 2026.