Mitsubishi to invest nearly $600M in Hudbay’s Copper World project near Tucson

TUCSON, AZ (January 21, 2026) — Arizona’s copper pipeline is expanding as demand rises for the metal used in electric vehicles, data centers, smartphones, and other technology.

Mitsubishi has agreed to invest nearly $600 million as a joint-venture partner in Copper World, an open-pit copper mine project led by Toronto-based Hudbay Minerals. The mine is located about 28 miles southeast of Tucson in the northern Santa Rita Mountains.

Under the deal, Mitsubishi will make an initial $420 million investment for a 30% interest in the overall project and has also committed an additional $180 million toward development costs.

Hudbay expects Copper World to become the third-largest U.S. producer of copper cathode once operations begin—currently targeted for 2029. The initial operation is planned to process about 60,000 tons of copper concentrate per day.

An enhanced feasibility study and cost analysis completed in 2023 estimated the first phase of the two-phase project at roughly $1.7 billion. Hudbay says a final feasibility study and engineering are underway and expected to wrap up by mid-2026.

Hudbay also plans to add a concentrate leach facility and a solvent extraction and electrowinning (SX/EW) plant, allowing the site to produce finished copper cathode on-site by the mine’s fifth year. Producing cathode locally would reduce the need to ship material overseas for processing before it returns to the U.S. for manufacturing.

Jobs and permitting

Hudbay says the project’s first phase will operate on private land the company already owns and will rely on state and local permits, which the company says it has secured. That initial phase is expected to run for about 20 years, creating more than 400 direct jobs and roughly 3,000 indirect jobs. A second phase would expand onto federal land, requiring federal approvals.

Other Arizona copper projects advancing

Copper World is one of several major Arizona projects moving forward. In Casa Grande, Ivanhoe Electric is planning an underground copper mine spanning roughly 6,000 acres and aims to begin construction as it secures financing and final permits. Meanwhile, the long-debated Resolution Copper project near Superior has been in development for years and remains controversial due to its proximity to land considered sacred by the San Carlos Apache Tribe.