Business Analytics

Mitsubishi Corp to acquire stake in US Copper Mine Project

Mitsubishi Corporation (MC) has announced an agreement to acquire a 30% interest in the Copper World copper mine project (the “Project”) owned by Hudbay Minerals Inc. (“Hudbay”). The transaction is worth USD 600 million (around JPY 87 billion). It includes USD 420 million (about JPY 61 billion) for the equity interest. Additionally, USD 180 million (nearly JPY 26 billion) will go toward development costs as a matching contribution. MC and Hudbay will jointly conduct a definitive feasibility study for the Project. The United States is the second-largest copper consumer in the world. Demand is set to rise. This growth comes from more people, greater energy needs from generative AI, data centers expanding, and a shift toward electrification. The Project is in Arizona, which produces about 70% of U.S. copper. This…