Hudbay Minerals says Mitsubishi to acquire 30% stake in Copper World project

Hudbay Minerals (HBM) is pleased to announce that Mitsubishi Corporation has agreed to acquire a 30% interest in Copper World, a wholly-owned subsidiary of Hudbay, which owns the fully-permitted Copper World project in Arizona for an initial cash contribution of $600M, comprising $420M as consideration for a 30% equity interest in Copper World at closing and $180M as a matching contribution within 18 months of closing. The JV Transaction is expected to close in late 2025 or early 2026 and is conditioned upon receipt of certain regulatory approvals and the satisfaction of other customary closing conditions.