Mentioned:
Mitsubishi is making a bet on something new: copper in the United States of America.
What’s happening:
- Hudbay Minerals (NYSE: HBM) has landed a $600M investment from Mitsubishi for an equity stake in their Copper World project located in Arizona
By the numbers:
- Mitsubishi will own a 30% interest in Hudbay Minerals’ Copper World project following the closing of their investment
- $420M USD will be invested by Mitsubishi upon closing, with the remaining $180M USD to follow over the next year and a half
- Mitsubishi will also cover 30% of all future capital costs and expenses required to advance the Copper World project as part of the new joint venture
- The Copper World project is expected to produce 85,000 tonnes of copper annually
Why it matters:
- This is the single largest investment Mitsubishi has ever made into an American based copper project
Going deeper:
- The Copper World project is fully permitted and is expected to go into full scale production following the successful completion of their final feasibility study
