Mitsubishi to invest $600 mil. in US copper mine project

Japan's Mitsubishi Corporation said on Thursday it would spend 600 million dollars to buy a 30 percent stake in a copper mine project in the United States. The move came after the Trump administration recently hiked tariffs on copper products.

The trading house said it reached the deal with the project's Canadian owner, Hudbay Minerals. The venture is called Copper World and is being developed in outside Tucson, Arizona. The two firms plan to start mining around 2029, with an anticipated output of as much as 100,000 tons per year.