HudBay Minerals' (HBM) Copper World unit and a coalition of union building trades said Thursday they have signed a commitment letter for the construction of the Copper World project in Pima County, Arizona.

This preliminary agreement outlines Hudbay's commitment to providing union contractors an opportunity to participate in the Copper World project, underscoring their collaboration, according to a joint statement.

The signees include Local 627 of the International Brotherhood of Boilermakers, Iron Ship Builders, Forgers and Helpers; Local 1184 of the Southern California District Council of Laborers; Local 570 of the International Brotherhood of Electrical Workers; and Local 86 of the International Union of Painters and Allied Trades District Council 36.

Also signing the commitment letter were Local 12 of the International Union of Operating Engineers; Local 847 of the International Association of Bridge, Structural, Ornamental, and Reinforcing Ironworkers; and the Western States Regional Council of Carpenters, the company and the coalition said.

Shares of Hudbay were down more than 3% in early trading Thursday.

Price: 6.70, Change: -0.25, Percent Change: -3.60