Latest news with #MitsubishiCorporation
Yahoo
3 days ago
- Business
- Yahoo
Hudbay Minerals Inc (HBM) Q2 2025 Earnings Call Highlights: Strong Cash Flow and Strategic ...
Release Date: August 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Hudbay Minerals Inc (NYSE:HBM) reported significant free cash flow generation for the eighth consecutive quarter, driven by strong copper and gold production and cost control. The company announced a minority joint venture agreement with Mitsubishi Corporation for the Copper World project, enhancing financial strength and reducing funding requirements. Hudbay Minerals Inc (NYSE:HBM) achieved industry-leading cost performance with consolidated cash costs of 2 cents per pound and sustaining cash costs of $1.65 per pound. The company successfully repurchased and retired $50 million of senior unsecured notes, further reducing total debt and improving the leverage ratio to 0.4 times. Hudbay Minerals Inc (NYSE:HBM) reaffirmed its full-year consolidated production guidance for all metals and improved its cost guidance range for 2025. Negative Points Consolidated gold production was lower than the first quarter due to wildfire impacts in Manitoba. Protests in Peru temporarily impacted the transportation of supplies and concentrate, affecting mine sequencing. The Manitoba operations faced disruptions from mandatory wildfire evacuation orders, resulting in lower production in June. The Copper Mountain operations in British Columbia experienced lower copper and silver production due to lower head grades from stockpiled ore. There is potential for modest increases in initial capital expenditures for the Copper World project due to an inflationary cost environment. Q & A Highlights Warning! GuruFocus has detected 8 Warning Sign with HBM. Q: Will Mitsubishi be allowed commercial offtake in proportion to their 30% stake, and is there potential to bring forward the concentrate leach facility? A: Peter Kukilski, CEO: Yes, Mitsubishi will have rights to 30% offtake consistent with their ownership share. The potential to bring forward the concentrate leach facility will be studied in the feasibility study, and it is a possibility. Q: With the leverage ratios and cash flow generating power, is there a possibility to forego project financing? A: Eugene Lee, CFO: The JV proceeds and capital contributions from Mitsubishi cover over 50% of the project capital. A light version of project-level financing is manageable and helps optimize equity returns for Hudbay and Mitsubishi. Q: Has there been any discussion with the US administration about moving forward with the Rosemont part sooner than phase two? A: Peter Kukilski, CEO: We are focused on phase one of Copper World, which is fully permitted. While the federal environment is constructive, we are not currently discussing phase two. Q: Are there any major scope changes in the feasibility study compared to previous studies? A: Peter Kukilski, CEO: No major scope changes are foreseen in the current feasibility study. An expansion after production is contemplated but not part of the current study. Q: How does the project financing structure work for Copper World? A: Eugene Lee, CFO: The first funding comes from the JV partner's proceeds, followed by the Wheaton stream. Project financing will be arranged at the time of sanctioning, with Hudbay and Mitsubishi's equity contributions coming last. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
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Business Standard
5 days ago
- Business
- Business Standard
Mitsubishi to invest $600 million for 30% stake in US copper mine project
Mitsubishi Corporation will invest $600 million in a copper mining project in Arizona, marking its first US copper mine stake in 45 years, the company announced on Thursday. This comes as the United States, under President Donald Trump, implements steep import tariffs on semi-finished copper products. 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.
CairoScene
6 days ago
- Business
- CairoScene
First Train for Cairo Metro Line 4 Set to Arrive in May 2026
The first train for Cairo Metro Line 4 will arrive in May 2026 as part of the line's first phase, connecting 6th of October City to Al-Fustat. Aug 13, 2025 The first train for Cairo Metro's Line 4 is scheduled to arrive in May 2026, marking a key milestone in the project's first phase. The remaining 22 trains are expected to follow on schedule. Phase 1 spans 19 km from 6th of October City to Al-Fustat, with 17 stations under development. Japan's Mitsubishi Corporation is supplying the electromechanical system, the depot, and the full fleet of trains. A feasibility study is underway for Phase 2, which would extend the line by 31.8 km to New Cairo, linking with Metro Line 6, the East Nile Monorail, and major transport hubs. Studies for Phases 3 and 4 are also in progress, covering potential extensions to Hosary Square and the Capital Airport Station.
Globe and Mail
06-08-2025
- Business
- Globe and Mail
Mitsubishi Corporation Reports Decline in Quarterly Profits
Mitsubishi Corporation ( (MSBHF)) has released its Q1 earnings. Here is a breakdown of the information Mitsubishi Corporation presented to its investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Mitsubishi Corporation is a leading Japanese general trading company involved in a diverse range of industries including energy, metals, machinery, chemicals, and food. It operates globally, leveraging its extensive network and expertise in various sectors to drive growth and innovation. In its latest earnings report for the three months ending June 30, 2025, Mitsubishi Corporation reported a decline in revenues and profits compared to the same period last year. The company's revenues fell by 10% to ¥4,218.7 billion, while profit before tax dropped by 49.3% to ¥252.9 billion. This decline was attributed to several factors, including the reclassification of Lawson as an equity method affiliate and the absence of previous gains from asset sales. Key financial metrics revealed significant decreases across the board, with profit for the period attributable to owners of the parent falling by 42.7% to ¥203.1 billion. Comprehensive income also saw a sharp decline of 89.1% to ¥101.4 billion. The company's total assets decreased slightly to ¥21,122.9 billion, while total equity fell to ¥9,688.9 billion, reflecting the acquisition of treasury stock. Despite these challenges, Mitsubishi Corporation remains committed to its strategic goals. The company continues to invest in key areas such as natural gas, LNG, and overseas power businesses, while also focusing on shareholder returns through dividends and share buybacks. Looking ahead, Mitsubishi Corporation maintains its forecast for the fiscal year ending March 31, 2026, indicating a cautious yet steady approach to navigating the current economic landscape.
Yahoo
10-07-2025
- Business
- Yahoo
Nova Scotia Eyes Return to Offshore Natural Gas Exploration
As LNG Canada shipped its first LNG cargo from the newly completed facility in Kitimat, on the northwest coast of British Columbia, activity is ramping up on the East Coast especially offshore natural gas. LNG Canada consists of an export plant that cools the natural gas to a liquid using a combination of hydroelectricity and natural gas, states LNG Canada — a consortium of Shell, Mitsubishi Corporation, Petronas, PetroChina and Korea Gas Corp. The accompanying pipeline, called Coastal GasLink, is a partnership owned by affiliates of TC Energy, Alberta Investment Management Corporation (AIMCo), and US private equity firm KKR. Simultaneously, the Maritime province of Nova Scotia is getting back into petroleum exploration for the first time since 2018, when its last offshore natural gas project ended. According to CBC News, The joint provincial-federal offshore energy regulator announced Monday it's issuing a call for bids for offshore oil and gas exploration on 13 parcels totalling more than 3.3 million hectares… The Canada-Nova Scotia Offshore Energy Regulator is advertising exploration licences around the Scotian Shelf and Scotian Slope, which are close to but exclude the Sable Island National Park Reserve and the Gully Marine Protected Area. A government news release says there is a known reserve of at least 3.2 trillion cubic feet of offshore natural gas on the Scotian Shelf. Companies have the better part of a year to submit bids. The deadline is April 28, 2026. Nova Scotia Energy Minister Trevor Boudreau said offshore natural gas presents a 'major economic opportunity'. Although Boudreau said the province is committed to reaching 80 percent renewable energy consumption by 2030, he maintains natural gas is key to the transition. Nova Scotia still burns a lot of coal but 2030 has been set as the year for Nova Scotians to stop using the carbon-emitting fuel for fossil fuels-to-renewables strategy features offshore wind. Premier Tim Houston has been pitching upwards of 60 megawatts. The CBC quoted Boudreau saying he believes offshore wind and offshore petroleum can operate in tandem — a claim that NDP leader Claudia Chender questions. It was in 2022 that the regulator last put out a call for offshore petroleum. An exploration license was issued to Inceptio Limited in 2023, but within two months Nova Scotia and the federal government vetoed the regulator's decision and the license was withdrawn. According to the Canadian Association of Petroleum Producers (CAPP), about 4 percent of Canada's oil production comes from four projects offshore Newfoundland and Labrador: Hibernia, Terra Nova, White Rose and Hebron. Hibernia was the country's first offshore oilfield to come online in 1997. Hebron was the latest in 2017. Hibernia is currently Canada's second largest oilfield, with cumulative production about half that of the largest field, Pembina in Alberta. The four offshore fields produce an average 240,000 barrels per day. The offshore oil industry of Nova Scotia accounts for about 0.07% of Canadian petroleum production. The majority of its offshore industry is located on the Nova Scotian continental Shelf, within the Sable Island offshore natural gas fields. (Wikipedia) New discoveries Norwegian oil giant Equinor started the ball rolling in January on a project to develop its Bay du Nord oil project off the coast of Newfoundland and Labrador by awarding front-end engineering design work. The project is located in the Flemish Pass basin, about 500 km northeast of St. John's, in waters approximately 1,170 meters deep. Equinor received approval from the Canadian government to develop Bay du Nord in April 2022. However, in 2023, the project was shelved for three years due to a rise in costs. Offshore Energy reports Bay du Nord, once developed, is expected to be among the world's lowest-carbon projects per barrel of oil. Equinor says the company made the first discovery in 2013, followed by additional discoveries in 2014, 2016 and 2020. The later discoveries, lying about 650 meters deep, are in an adjacent exploration license and are potential tie-ins in a joint project development. The $12 billion Bay du Nord field will be developed using a floating production platform for storage and offshore loading. US-based oil major ExxonMobil said in June it has discovered 75 million barrels of oil at its producing Hibernia and Hebron fields. Upstream Online says the news will be welcomed by Newfoundland and Labrador following a number of high-profile exploration failures in recent years. Located in the Jeanne d'Arc basin, the Hibernia and Hebron complexes are largely exploited by huge concrete gravity based (GBS) platforms - designed to deflect icebergs - from which platform rigs drill infill, development, appraisal and exploration wells. The exploration wells target untapped reservoirs and fault blocks where sub-surface mapping indicates oil is present. Kerry Moreland, president of ExxonMobil Canada, said two of these recent wells were successful: one discovering 50 million barrels at Hebron and another finding 25 million barrels at Hibernia. Apart from the Flemish Pass basin, the other area considered prospective for development is the Orphan basin. BP Canada has applied to drill it. In Nova Scotia one exploratory project and 22 production wells have come and gone: the Sable Offshore Energy Project and the Shelburne Basin Venture Exploration Drilling Project. The Sable Offshore Energy Project was Canada's first offshore natural gas project. It was comprised of seven offshore platforms in five fields with 22 wells and 340 kilometers of subsea pipeline. The development was spread over 200 square kilometers near Sable Island in the North Atlantic. The seven platforms were located in shallow water with depths between 22 and 76 meters. The Sable Offshore Energy Project was the most recent offshore petroleum project in Nova Scotia. Operations ended in 2018. Source: Canada-Nova Scotia Offshore Petroleum Board. Interfield pipelines connected satellite fields to the central Thebaud complex, which included a processing facility and accommodations unit, a wellhead platform and a compression deck. The Thebaud complex was connected by a 200-kilometer subsea pipeline to a gas plant located at Goldboro, Guysborough County. There, liquids were removed and sent by pipeline to the Point Tupper Fractionation Plant for additional processing and with its end products such as propane and butane delivered to market by truck, rail and ship. Market-ready gas was then transported from Goldboro to customers via the Maritimes & Northeast Pipeline. The decommissioning process started in 2017, with ExxonMobil taking two years to plug and abandon the wells. (ExxonMobil) Shell Canada proposed to conduct exploratory drilling in the Shelburne Basin, an area 250 kilometers offshore Nova Scotia. The project aimed to drill up to seven exploration wells from 2015 to 2019. However, the first well drilled was unsuccessful, and no further exploration has occurred in the area. By Andrew Topf for More Top Reads From this article on Sign in to access your portfolio
