Hudbay calls it the next major copper mine in the U.S. On Oct. 21, 2026, Hudbay Minerals and Mitsubishi Corp. took a final investment decision on Copper World, approving a $2.07 billion initial build for an open-pit mine and concentrator about 31 miles southeast of Tucson, in the Santa Rita Mountains. First production is targeted for the second half of 2029.
Hudbay holds 70 percent through a joint venture formed in January 2026, and Mitsubishi holds the rest after paying $600 million for its stake.
Project Scope
The first phase covers the mine, a conventional flotation concentrator rated at 60,000 tons of ore per day and the supporting infrastructure: waste-rock storage, grade-segregated stockpiles and a tailings storage facility. It’s a truck-and-shovel operation across four pit areas, East, Broadtop, West and Peach-Elgin, and it’ll ship copper and molybdenum concentrate.
A second wave of construction follows from cash flow. A $25 million molybdenum plant comes in year one. A $242 million in-pit crushing and conveying system rated at 100,000 tons per day lands in year three, cutting the haul-truck fleet. In year four, $443 million goes into expanding the concentrator to 90,000 tons per day, and about a third of tailings shift to filtered tailings so the bigger mill doesn’t need more water.
The definitive feasibility study puts output at about 102,000 tonnes of copper a year over the first decade, on reserves of 390 million tonnes at 0.47 percent copper. The base plan runs 15 years on private land. Moving onto federal claims around year 10 could stretch that to 37 years, but that needs federal permits Hudbay doesn’t have.
Money for the first phase comes from Mitsubishi’s equity, a $230 million Wheaton Precious Metals stream deposit, about $650 million in planned project debt and $127 million in equipment financing. Hudbay says it has every major permit needed to build and run the base case. Construction will employ more than 1,000 workers and operations about 500.
Why It Matters
The design is the strategy. By keeping the base mine on private land, Hudbay needs only state and local approvals, so it can move without waiting on federal review. Pima County and the City of Tucson both still formally oppose it, and the state water permit runs out in January 2028, so the early schedule has little slack.
No EPCM contractor has been named yet. Hudbay expects to spend about $110 million on construction and development in the fourth quarter alone, so expect engineering, earthworks and concentrator packages to start moving soon.
Project Team & Details
| Developer | Hudbay Minerals |
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| Owner / Client | Copper World joint venture (Hudbay Minerals 70%, Mitsubishi Corporation 30%) |
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| Status | Planned |
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| Funding Source | Private |
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