06:10 AM EDT, 08/30/2024 (MT Newswires) -- HudBay Minerals ( HBM ) late on Thursday said it has received an aquifer protection permit for the Copper World project from the Arizona Department of Environmental Quality, a key milestone in the project's advancement.

The "Made-in-America" copper cathode to be produced at Copper World is expected to be sold entirely to domestic U.S. customers and would make Copper World the third largest cathode producer in the U.S., the company said.

"Receiving the Aquifer Protection Permit is a significant de-risking event for Copper World as it brings us one step closer to being fully permitted," said Peter Kukielski, President and CEO of HudBay. "The last key state-level permit, the Air Quality Permit, continues to progress as planned and will mark the completion of one of the three key prerequisites in the company's prudent sanctioning plan for the project.

Copper World is expected to produce 85,000 tonnes of copper per year over a 20-year mine life.

The company's share price at last look gained 0.5% to US$7.89 in U.S. pre-market trading on Friday.