Mayer Brown advises Mitsubishi Corporation on closing of $600 million strategic investment in “Copper World” Joint Venture with Hudbay Minerals Inc.

Mayer Brown advised Mitsubishi Corporation on the closing of its acquisition of a 30% interest in the US Copper World copper mine project owned by Hudbay Minerals Inc. (TSX, NYSE: HBM). The total consideration was $600 million, consisting of $420 million as consideration for the equity interest and $180 million as a matching contribution which will be allocated toward development costs.

The investment into the US, the world's second-largest consumer of copper, comes when steady demand growth is expected to continue, driven by population growth, increased power demand from generative AI and data center expansion, and the shift toward electrification. Arizona, where the project is located, accounts for approximately 70% of domestic US copper mine production and is the leading copper mining region in the US with strong access to key infrastructure. 

Mayer Brown’s team was led by Corporate/M&A Mining partner Paul de Bernier and Banking & Finance Mining partner Meaghan Connors. Others on the team included Litigation & Dispute Resolution partners Marcia Goodman, Timothy Keeler, Mickey Leibner, and Oral Pottinger, and counsel Isabella Giorgi; Corporate & Securities counsel Karen Chong and associates Emanuil Stoichev and Lorenz Taets; and Banking & Finance associates Brian Cohen and Jimmie Zhang. The team was based in the firm’s Chicago, Houston, Los Angeles, New York, and Washington DC offices.

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