Companies

Mitsubishi Corp. to Acquire 30％ Stake in Arizona Copper Mine Development Project, Expanding Global Interest in Copper

Yomiuri Shimbun file photo
Mitsubishi Corporation in Chiyoda Ward, Tokyo

The Yomiuri Shimbun

1:00 JST, August 16, 2025

Major trading house Mitsubishi Corp. on Thursday announced it will invest about $600 million (about ¥88 billion) to acquire a 30% stake in a copper mine development project in the western U.S. state of Arizona.

Mitsubishi hopes that the mine will be operational in around 2029. It will be the first time in 45 years for the company to take part in developing a copper mine in the United States. Mitsubishi hopes the project will help the company provide a stable supply of copper, which is in high demand.

The project is being advanced by major Canadian resource company Hudbay Minerals Inc. The two companies aim to finalize their research on commercializing the project and make a formal decision on whether to go ahead with it by 2026. The mine is expected to produce up to 100,000 tons of copper annually, with Mitsubishi securing 30% of the output. The trading house has yet to decide on purchasers for its portion of the copper. Mitsubishi has also said that it is considering constructing smelting facilities.

The administration of U.S. President Donald Trump has imposed a 50% tariff on products such as semi-finished copper since August. Raw copper materials are exempt from the tariff, but experts point out that moves to rebuild systems to produce and process copper in the United States may intensify.

Demand for copper is expected to grow, as the metal has a wide range of applications such as in electric vehicles and electric power grids for renewable energy. However, there are concerns that global supply may decline, as an increasing number of mines have run out of high-grade copper reserves and the costs of developing new mines have risen.

Mitsubishi has a stake in the copper industry in South America and had previously invested in another copper mine in the United States, though it withdrew in 2003 due to changes in market conditions and other reasons. The United States is one of the world’s top copper-producing countries, ranking fifth in production and seventh in reserves. The trading house hopes that acquiring a stake in the new project will contribute to securing more copper and ensuring a stable supply of the metal.