Toronto-based Hudbay Minerals and Mitsubishi Corporation have approved construction of the $2.07 billion Copper World project southeast of Tucson, moving the Arizona copper mine toward production in 2029.
The Wall Street Journal reported that the companies made a final investment decision after completing a definitive feasibility study. Hudbay owns 70% of the joint venture, while Mitsubishi holds 30%. Mitsubishi said it expects to contribute another $423 million, bringing its total investment in the project to about $1.02 billion.
Copper World is expected to begin production in the second half of 2029 and produce an average of 102,000 metric tons of copper annually during its first decade. The base plan covers 390 million metric tons of proven and probable reserves and a 15-year operating life.
Hudbay projects the development will create more than 1,000 construction jobs, 500 permanent positions and as many as 3,000 indirect jobs. The company estimates the base project will generate more than $1.1 billion in federal, state and local taxes over its operating life.
The companies say all major permits needed for initial construction and operation have been secured. That first phase would remain within Hudbay’s private landholdings. A possible expansion onto adjacent federal land could extend the mine life to 37 years but would require additional federal approval.
The project remains controversial in Pima County. Supervisors voted 3-1 in January to formally oppose Copper World, citing concerns about groundwater, air quality, truck traffic and public health. Conservation groups and Farmers Investment Co. have challenged the project’s state air-quality permit, arguing regulators should require stricter pollution controls.
Hudbay says Copper World will strengthen domestic copper supplies as demand grows from manufacturing, electrification and data centers. Opponents argue the economic benefits do not outweigh potential long-term effects on the Santa Rita Mountains and nearby communities.
