Hudbay sells 30% stake in copper project to Mitsubishi for $600 million; shares rise
** Shares of copper miner Hudbay Minerals HBM.TO rise 18% to C$16.01
** Company sells 30% stake in copper project located in Arizona to Mitsubishi 8058.T for $600 million
** Deal consists of $420 million in cash for 30% equity interest in the Copper World project at closing, and $180 million within 18 months after closing
** Copper World will support the U.S. government's foreign investment and national security objectives, with a projected direct $1.5 billion investment into the domestic critical minerals supply chain - HBM
** Transaction is expected to close in late 2025 or early 2026
** Co also beats Q2 adjusted core profit estimates, on higher copper production; posts adj. EBITDA of $245.2 million vs estimates of $207.4 million - data compiled by LSEG
** Including session's moves, shares up 37.3% YTD
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