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Mitsubishi to invest $600 million for 30% stake in US copper mine project
The transaction includes $420 million for the equity stake and $180 million as a matching contribution toward development costs. The Japanese trading and investment company will acquire a 30 per cent interest in the Copper World project from Canada's Hudbay Minerals.
The partners plan to complete a definitive feasibility study and make a final investment decision around 2026, with operations expected to start in 2029.
Arizona accounts for roughly 70 per cent of US copper mine production and offers strong access to infrastructure, the company said. The open-pit mine, near Tucson, has permits in place and is expected to produce about 100,000 tonnes annually at peak for around 20 years, with potential for expansion.
Project overview
Mining method: Open pit
Ore reserves*: 2 Mt
Resource estimate**: 5 Mt
Production begins: Around 2029
Max annual production: 100,000 tonnes (approx)
Life of mine: 20 years (potential for further expansion)
*Economically mineable part of resources
**Total quantity of minerals confirmed through geological surveys
[Source: Mitsubishi Corp]
Copper demand to grow 31MT by 2030
According to the International Energy Agency, global copper demand, including recycled sources, is expected to increase to 31 million tonnes by 2030, up from 27 million tonnes in 2024, with supply projected at 28 million tonnes.
Copper is used in batteries, cables and motors for electric vehicles, as well as renewable energy facilities and data centres. The US accounts for 6 per cent of global copper demand, second only to China's 57 per cent, but has limited smelting capacity, which could prompt the partners to consider adding refining facilities in later years.
US announces 50 per cent tariff on copper
On July 30, the White House announced a 50 per cent tariff on imports of semi-finished copper and copper-based products, effective August 1. The order said copper imports threaten to impair US national security. Refined copper that has not been made into wiring, sheet, or other products will be exempt.
India exported copper products worth $360 million to the US in the financial year that ended on March 31, 2025, including plates, tubes, and other semi-finished forms. The country is a net importer, with copper imports of $14.45 billion in 2024–25, mainly from Chile, Indonesia, and Australia.
Mitsubishi operates copper mines in Peru, Chile
Mitsubishi also has interests in two operating copper mines in Peru and three in Chile, producing 329,000 tonnes in 2024, the largest among Japanese companies, according to a report by Nikkei Asia.
The Arizona project could add up to 30,000 tonnes annually, raising output by nearly 10 per cent. This would contribute to its goal of exceeding 400,000 tonnes by 2030.
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