Hudbay Minerals (HBM) said Monday it has closed a $600 million strategic investment from Mitsubishi for a 30% joint venture interest in Copper World, which owns the Copper World project in Arizona.

Mitsubishi has contributed about $420 million in cash to Copper World and will contribute an additional $180 million in cash within 18 months to complete its initial investment, the company said.

Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions required to construct the project.

Hudbay said it will use the proceeds to directly fund the remaining definitive feasibility study costs and pre-sanction costs in addition to the initial project development costs for Copper World.

The company further said it expects completion of the definitive feasibility study in mid-2026.

Hudbay shares were up more than 3% in recent Monday premarket activity.