Japan’s Mitsubishi has granted approval for the development and construction of the Copper World project in Arizona, US, a venture being pursued in partnership with Canada’s Hudbay Minerals.
The decision follows a final investment decision (FID) that will see Mitsubishi make an additional equity contribution of $423m for the initial phase of the project.
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This latest investment adds to the company’s previous commitments, which include $420m for a 30% ownership interest and $180m earmarked for future development costs.
Together, Mitsubishi’s cumulative investment in the Copper World project is projected to reach $1.02bn.
Copper World, located approximately 50km from Tucson, has obtained all the major permits required for initial development and operation.
The site is expected to begin producing copper in the second half of 2029, with a planned average output of around 100,000 tonnes per annum (tpa) over an initial mine life of 15 years.
There is potential for the mine’s lifespan to be extended by a further 25 years, if development of neighbouring federal lands proceeds after further permitting.
Hudbay Minerals holds a 70% interest in the project, with Mitsubishi holding the remaining 30%.
The site will use open-pit mining methods and produce copper concentrate, with gold, silver and molybdenum as by-products.
Current mineral reserves stand at approximately two million tonnes (mt) of copper equivalent, with resources of around 5mt of copper equivalent.
Average operating cash costs are estimated at $1.70 per pound of copper over the life of the mine.
The total initial capital required for the development is $2.07bn.
Copper World is highlighted by both the Japanese and US governments as a project of strategic importance for critical minerals supply chain resilience.
Future stages may include the construction of a leaching facility to produce copper cathodes domestically, supporting US supply chains.
Mitsubishi aims to increase its attributable copper production to more than 400,000tpa from fiscal year 2030, up from 330,000tpa.
In July 2026, Hudbay received approval from the National Environmental Certification Service for Sustainable Investments in Perú to amend its environmental permit at the Constancia mine in Peru.
