According to Webstock Inc., citing foreign media on January 2, Hudbay Minerals' Copper World project in Arizona, with an annual capacity of 85,000 mt, has now fully obtained development permits after securing all three key state-level approvals.
On Thursday, the mining company announced that the Arizona Department of Environmental Quality (ADEQ) had issued an air quality permit. The company stated that, along with previous approvals for aquifer protection and land reclamation, the project has completed the permitting process.
Peter Kukielski, the company's CEO, said in a press release: "With the Copper World project receiving the air quality permit, we firmly believe Hudbay now possesses one of the best copper development projects in the Americas."
Securing state-level permits means Hudbay has completed the first part of the Copper World project's 3-P (three prerequisites) plan.
The company now shifts its focus to the second prerequisite, which is completing the Definitive Feasibility Study (DFS) with an internal rate of return exceeding 15%. Feasibility-related studies have already commenced, targeting completion in H1 2026.
The third prerequisite involves a multifaceted financing strategy, including a committed minority joint venture partner. This process is expected to begin in early 2025. Any participating partner is anticipated to contribute to funding the DFS activities in 2025, as well as the final design and construction of the Copper World project.
According to Hudbay, the Copper World project is expected to increase consolidated annual copper production by more than 50% from current levels, with an initial mine life of 20 years. The project's operations will serve as a critical contributor to the domestic supply chain in the US.
Based on the latest pre-feasibility study for Phase 1 of the Copper World project, the project's post-tax net present value is $1.1 billion (at an 8% discount rate), with an internal rate of return of 19%, calculated at a copper price of $3.75 per pound.
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