06:45 AM EDT, 08/13/2025 (MT Newswires) -- Hudbay Minerals ( HBM ) said Wednesday it has agreed to sell a 30% joint venture stake in its Copper World project in Arizona to Mitsubishi for an initial cash contribution of $600 million.

Under the deal, Mitsubishi will pay $420 million at closing and an additional $180 million within 18 months, the company said.

Mitsubishi will also fund a pro-rata 30% share of all future equity capital contributions.

Hudbay said the investment will reduce its estimated remaining capital contributions for the project to about $200 million and defer its first contribution until 2028.

The transaction is expected to close in late 2025 or early 2026, subject to regulatory approvals.

Copper World's first phase is expected to produce about 85,000 tonnes of copper annually over a 20-year mine life.

The company's shares were up nearly 14% in recent premarket activity.