Mitsubishi Plans $600 Million Investment in U.S. Copper Mine

Mitsubishi Invests in U.S. Copper Mine
Aims to Scale Up Output Amid Tariff Hike

Mitsubishi, a major Japanese general trading company, is planning to invest approximately 800 billion KRW in a U.S. copper mine.

According to Nikkei Asia on August 14, Mitsubishi plans to acquire a 30% stake in the Copper World Mine Project in Arizona, United States, by investing $600 million (approximately 830 billion KRW). The remaining 70% stake is held by Canada's Hudbay Minerals.

The two companies plan to conduct a final feasibility study next year and aim to begin mine operations around 2029. If the investment is finalized, it will mark the first time in about 45 years that a Japanese company has invested in a U.S. copper mine.

Mitsubishi last invested in a U.S. copper mine in 1980 but withdrew in 2003. Currently, the company does not hold any stakes in U.S. copper mines.

President Trump imposed a 50% tariff on copper starting August 1 to revitalize the copper industry, which is used in semiconductors and weapons.

The 50% tariff applies to semi-finished products made of copper, such as pipes, rods, and plates, as well as derivative products that use copper intensively, including pipe fittings, cables, connectors, and electrical components. It does not apply to raw materials such as copper ore. Copper is an essential material for a wide range of industries, including power grids, automobiles, and home appliances.

Last year, Mitsubishi produced 329,000 tons of copper, the largest output among Japanese companies. The Arizona mine, which is expected to operate for about 20 years, will add an additional 30,000 tons of production.

Mitsubishi, which also holds stakes in mines in Chile and Peru, aims to increase its copper production to over 400,000 tons by 2030.

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