Hudbay Minerals Inc. announces that Mitsubishi Corporation has agreed to acquire a 30% interest in Copper World LLC, a wholly-owned subsidiary of Hudbay which owns the fully-permitted Copper World project in Arizona for an initial cash contribution of $600 million, comprising $420 million as consideration for a 30% equity interest in Copper World at closing and $180 million as a matching contribution within 18 months of closing (the JV Transaction). The JV Transaction is subject to the satisfaction of customary closing conditions. All dollar amounts are in U.S. dollars.“Securing Mitsubishi as a 30% partner in Copper World is an important milestone for Hudbay as we establish a long-term strategic partnership to advance this high-quality copper project towards sanctioning and to unlock significant value in our copper growth portfolio,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “I have a long history of involvement with joint ventures over my career, including with Mitsubishi at Antamina back in the 1990s and 2000s, and I’ve seen how strategic joint ventures have built some of the best mines in the world. After a highly robust and competitive process, we have selected the premier partner of choice in Mitsubishi. Through this partnership we will leverage our complementary strengths to deliver our world-class Copper World project, produce domestic copper in the U.S. for the U.S. critical minerals supply chain and create value for all our stakeholders. We have also agreed to modernize the Wheaton precious metals stream, which, together with the recent achievement of our balance sheet targets, will complete the key elements of our prudent financing plan for Copper World, and we are very well positioned to build one of the next major copper mines in the U.S.”“Participation in Copper World is of significant strategic importance for Mitsubishi towards the realization of its growth strategy within the copper sector. We are pleased to collaborate with Hudbay, whose operational and development expertise is well-recognized and proven, to advance a definitive feasibility study. Drawing on our knowledge in copper mining investment developed through partnerships with global mining companies, and extensive business experience in North America developed over many years across diverse sectors including mineral resources trading, we aim to unlock the full potential of Copper World together with Hudbay,” said Taro Abe, Mitsubishi’s Critical Minerals Division COO, Mineral Resources Group.Hudbay, which is headquartered in Toronto, says that Copper World will support the U.S. Government’s foreign investment and national security objectives with a projected direct $1.5 billion investment into the U.S. critical minerals supply chain.The fully permitted initial phase of the Copper World project is located on private land owned by Hudbay. Hudbay says the mine is expected to produce 85,000 tonnes of copper per year over an initial 20-year mine life.In a press release, Hudbay says that Mitsubishi will be contributing 30% of the ongoing costs beginning August 31, 2025 and will participate in the funding of the DFS as well as the final project design, project financing, and project construction for Copper World. (ICE TORONTO)

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