Mitsubishi to start developing Copper World copper mine in Arizona

what happened

Japanese trading house Mitsubishi Corp. said on Wednesday that it will officially begin developing a copper mine in Arizona together with Canada's Hudbay Minerals Inc. Mitsubishi's cumulative investment is expected to reach $1.02 billion, and production is planned to start in the second half of 2029. Mitsubishi will hold 30% of the project and Hudbay 70%. Annual output is projected at about 100,000 metric tons, of which roughly 30,000 tons would be Mitsubishi's share.

According to the Yomiuri Shimbun, the project aims to secure stable copper supply as demand grows with rising electricity use and the expansion of data centers. The International Energy Agency estimates 2030 demand at about 31 million tons, 17% above 2024. Meanwhile, many mines are running out of high-grade ore and new development costs are climbing.

why it matters

For the copper market, this signals that major producers are preparing to expand supply over the medium term, though first output is not expected until 2029. Mitsubishi also targets more than 400,000 tons of attributable annual copper output from fiscal 2030, underlining the structural nature of demand for the metal.

market impact

Copper: higher expected supply from 2029 and steady demand support long-term interest in the metal

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