Canadian mining giant Hudbay Minerals Inc. (NYSE: HBM) and its joint venture partner Mitsubishi Corp. have given the formal go-ahead to proceed with development of a major copper mine in southern Arizona.
The move to approve construction comes after final feasibility studies showed that the Copper World mine, located about 30 miles southeast of Tucson in the Santa Rita mountains, is expected to produce 102,000 metric tonnes of copper yearly during its first decade of operation. That’s 11% more than studies had indicated previously.
The fully permitted Copper World project is 70% owned by Hudbay and 30% owned by Mitsubishi — which invested $600 million earlier this year to make it a joint venture. It is expected to be one of the largest open-pit copper mines in the United States and will include a concentrate leach facility producing copper cathode for the U.S. supply chain, Hudbay said.
