Mitsubishi to Invest $600 Million in Hudbay Copper Project (1)

Mitsubishi Corp. has agreed to pay $600 million for a 30% stake in a proposed US copper project being developed by Hudbay Minerals Inc. Shares of the Canadian company soared to the highest in more than 14 years.

“Securing Mitsubishi as a 30% partner in Copper World is an important milestone for Hudbay as we establish a long-term strategic partnership to advance this high-quality copper project towards sanctioning and to unlock significant value in our copper growth portfolio,” Hudbay Chief Executive Officer Peter Kukielski said Wednesday in a statement.

Shares of Hudbay surged as much as 23% as of ...