Toronto-based copper miner Hudbay Minerals and Mitsubishi Corp. approved construction Oct. 21 of a $2.07-billion open-pit copper mine and processing complex in southern Arizona, launching the initial phase of their Copper World joint venture.

The project, about 31 miles southeast of Tucson, is owned 70% by Hudbay and 30% by Mitsubishi and is expected to begin production in the second half of 2029. The final investment decision follows completion of a definitive feasibility study for Copper World.

Initial construction calls for an open-pit mine, a concentrator capable of processing 60,000 tons of ore per day and related infrastructure.…