Hudbay Minerals has secured all necessary permits for its Copper World copper project in Arizona, paving the way for development of the $1.7 billion mine.
Hudbay Minerals has completed the permitting for its Copper World copper project in Arizona , US, having received an air quality permit from the Arizona Department of Environmental Quality (ADEQ).The company aims to produce 85,000tpa of copper over an initial 20-year mine life at Copper World, and plans to complete a feasibility study and financial strategy for the $1.7 billion project this year.
Copper World will make Hudbay the third largest cathode producer in the US, which it believes would help meet the growing need for critical minerals and minerals security. Hudbay previously obtained approval for Copper World's mined land reclamation plan in October 2021 and an aquifer protection permit in August 2024. The air quality permit is the third and final major permit required for the project.'We firmly believe Hudbay now has the best fully permitted copper development project in the Americas,' said Hudbay Minerals' chief executive Peter Kukielski.Hudbay previously stated that prerequisites to sanction Copper World's development include the completion of a feasibility study with an IRR of more than 15%, a committed minority joint venture partner, a renegotiated precious metals stream agreement, a net debt to EBITDA ratio of less than 1.2 times, a minimum cash balance of $600 million and a limited non-recourse project level debt of up to $500 million.Since announcing these prerequisites in 2022, Hudbay has worked on its balance sheet to prepare for a sanctioning decision. It reduced net debt by $506 million in the 12 months ending September 30, 2024, which, together with higher levels of adjusted EBITDA, have improved its net debt to adjusted EBITDA ratio to 0.7x.Hudbay intends to start the search for a minority joint venture partner, which it said would be expected to help fund feasibility study activities and participate in the final Copper World project design and constructio
Copper Mining Permits Arizona Hudbay Minerals
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