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

Mayer Brown advised Mitsubishi Corporation on an agreement to acquire a 30% interest in the US Copper World copper mine project owned by Hudbay Minerals Inc. (TSX, NYSE: HBM) for total consideration of $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 percent of domestic US copper mine production and is the leading copper mining region in the US with strong access to key infrastructure. 

The project has secured permits for development and commencement of operations, and is expected to start around 2029, with an anticipated output of approximately 100,000 tons of copper per year at peak. There is also potential for future mine expansion by securing permits to access adjacent mining concessions.

Mayer Brown’s team was led by Corporate/M&A Mining partner Paul de Bernier (Los Angeles) and Banking & Finance Mining partner Meaghan Connors (Houston). Others on the team included Corporate & Securities counsel Karen Chong and associate Manny Stoichev (both New York), and Banking & Finance associates Brian Cohen (Houston) and Jimmie Zhang (DC).

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