Copper prices have reclaimed a broken trendline as Anthropic's IPO filing revives the AI trade. The article also points to the price levels to watch next.
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Toto Finance is asking Cardano's treasury for 22 million ADA, about $5 million, to buy and tokenize copper, with voting closing Nov. 15. About two-thirds of the budget would buy copper stored in a COMEX-approved warehouse for 18 to 24 months before sale, while the rest covers storage, insurance, audits and Toto's work. If the full budget is spent and ADA's dollar price stays unchanged, copper would need to rise about 49.4% for the treasury to recover its investment, and there is no guarantee the treasury gets its original ADA back. Toto could receive up to 3.36 million ADA, roughly 15% of the request, and would keep its commercial rights to its tokenized-copper business. The proposal would use just over half of Cardano's remaining withdrawal allowance, which would not be replenished under existing rules.
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Hudbay and Mitsubishi have formally approved the final investment decision to build Copper World in Arizona, with first production targeted for the second half of 2029. Hudbay owns 70% and Mitsubishi 30% under a joint venture agreed in January 2026. The definitive feasibility study projects annual copper output of 102,000 tonnes over the first 10 years, at average cash costs of $1.65 per pound. In the base case, after-tax NPV (8%) is $1.2 billion with a 17% IRR at a $5.00 per pound copper price. Initial growth capital of $2.07 billion will be funded by Mitsubishi's $600 million equity, Wheaton's $230 million deposit and roughly $650 million in project debt.
- Hudbay and Mitsubishi Approve Copper World Project Construction ; Advancing Next Major U . S . Copper Mine Towards First Production in 2029
Hudbay Minerals and Mitsubishi (30% owner) have formally approved construction of the Copper World project in Arizona (Hudbay owns 70%), with first production targeted for the second half of 2029. The definitive feasibility study projects annual copper output of 102,000 tonnes over the first 10 years, an 11% increase from the 2023 study, at average cash costs of $1.65 per pound. The 15-year base case yields an after-tax NPV (8%) of $1.2 billion and an IRR of 17% at a long-term copper price of $5.00 per pound. Initial growth capital is about $2.07 billion, funded by Mitsubishi's $600 million equity, Wheaton's $230 million precious metals stream deposit and roughly $650 million in project debt.
- Hudbay Minerals and Mitsubishi Approve Copper World Project Construction ; Advancing Next Major U . S . Copper Mine Towards First Production in 2029
- Hudbay and Mitsubishi Approve Copper World Project Construction ; Advancing Next Major U . S . Copper Mine Towards First Production in 2029
Hudbay and Mitsubishi, which holds 30% of the project, have approved the final investment decision to build Copper World, a 70%-owned open-pit copper mine in Arizona, with first production targeted for the second half of 2029. The feasibility study projects annual output of 102,000 tonnes of copper over the first 10 years, 11% above the 2023 pre-feasibility study, with average cash costs of $1.65 per pound. In the base case, after-tax NPV (8%) is $1.2 billion with a 17% IRR at $5.00 per pound copper, rising to $2.3 billion and 22% at $6.00 per pound. Initial growth capital of $2.07 billion will be funded by Mitsubishi's $600 million equity, Wheaton's $230 million stream deposit and about $650 million of project debt, with leverage below 30% and remaining equity deferred to 2028. Hudbay's consolidated annual copper output is expected to rise to about 250,000 tonnes, roughly doubling current levels.
- 5 Challenges Facing South America Copper Boom
About 1,020 workers at BHP's Escondida, the world's largest copper mine, plan to strike after government-led mediation failed, following a walkout at Centinela. Chile's August copper output fell 12.8% to 369,500 tons, its lowest monthly level since February 2011, and a landslide at Codelco's El Teniente killed two contractors. S&P Global projects copper demand will rise from 28 million tons in 2025 to 42 million tons by 2040, while supply could fall 10 million tons short. Peru is targeting at least $33 billion in mining investment over five years, while Argentina's Vicuña project, with a $7.1 billion first phase, aims for a final investment decision by year-end. Chile's leached copper output of about 1.1 million tons could be exposed to a possible Chinese ban on sulphuric acid exports.
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