TUCSON, Arizona (Oct. 23, 2026) — Hudbay Minerals and Mitsubishi Corp. have approved development of Copper World, advancing a nearly $2.1 billion investment southeast of Tucson that is expected to create more than 1,000 construction jobs and 500 permanent operating positions.
The companies announced their final investment decision October 21, targeting initial copper production in the second half of 2029. Hudbay estimates the project will also support up to 3,000 indirect employment opportunities in Arizona.
For Southern Arizona, the decision advances a major employment and investment project with opportunities extending beyond the mine itself to businesses supplying equipment, materials and services.
Hudbay projects more than $1.1 billion in total U.S. taxes over the initial 15-year operating plan, including approximately $200 million in Arizona state taxes and $362 million in local property taxes. The company says all major permits needed for construction and initial operations have been obtained.
Mitsubishi, which owns 30% of Copper World, announced an additional anticipated equity contribution of $423 million, bringing its expected cumulative investment to approximately $1.02 billion. Hudbay owns the remaining 70%.
The project also positions Arizona to help meet growing copper demand. Mitsubishi identifies electrification, population growth and expanding power requirements from artificial intelligence and data centers as drivers of future consumption. Production is expected to average approximately 100,000 metric tons annually over the mine’s life.
Beyond the initial operation, Hudbay has outlined a potential 37-year development scenario. That expansion would require additional federal permits and remains a future option. hudbayminerals.com
Mitsubishi is also evaluating the potential for a concentrate leach facility that could produce copper cathodes domestically, adding another opportunity to strengthen U.S. mineral supply chains. Mitsubishi Corporation