Mitsubishi Corp approves Arizona copper mining project, lifts investment
Mitsubishi Corp approves Arizona copper mining project, lifts investment TOKYO, Oct 21 (Reuters) - Japan's Mitsubishi Corp 8058.T approved the construction of a copper mining project in Arizona, jointly with Canada's Hudbay Minerals HBM.TO, the company said on Wednesday.
Here are details:
Mitsubishi will make an additional equity contribution of $423 million toward the Copper World project's initial development, the company said
It follows Mitsubishi's $420 million investment for a 30% stake and a $180 million contribution toward future development costs approved in August 2025 when the company acquired an interest in the project
Mitsubishi's total investment in the project is expected to reach $1.02 billion
The Copper World project was included in a Japan-US critical minerals cooperation framework announced in March
Production is expected to begin in the second half of 2029, with average annual copper output of about 100,000 tons over the life of the mine
(Reporting by Hina Suzuki; Editing by Harikrishnan Nair)
((hina.suzuki@thomsonreuters.com))
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