Canadian miner Hudbay Minerals (TSX, NYSE: HBM) is in talks with investors from the Middle East and Japan to sell a minority stake in its flagship Copper World project in Arizona, Bloomberg reported.
Chief Executive Officer Peter Kukielski told Bloomberg that he met with “a lot of the key interested parties” in Saudi Arabia in November last year.
Among the potential investors is Manara Minerals Investment Co., though Manara has not confirmed its interest.
According to Kukielski, the project has also attracted interest from Japanese trading houses and UAE investors.
The sale process is expected to conclude within six months, with Hudbay planning to sell up to 30% of the project.
By 11 a.m. ET, Hudbay Minerals’ shares had risen 0.8% to C$12.04 apiece, giving the Toronto-based company a market capitalization of C$4.75 billion ($3.31 billion).
Copper rush
U.S. President Donald Trump’s…
