Investors from the Middle East, including those from Saudi Arabia and the UAE, are in discussions with HudBay Minerals to acquire up to a 30 percent stake in the company’s flagship Copper World project located in Arizona, USA. This interest was reported by Bloomberg, citing Peter Kukielski, the CEO of HudBay Minerals.

Among the potential investors is Manara Minerals Investment, a collaboration between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF). While the CEO did not disclose specific companies from the UAE that are interested, he mentioned that there are several parties keen on participating in this investment opportunity.

Saudi Arabia is already involved in copper mining in Arizona through its association with Ivanhoe Electric Inc., which possesses a copper deposit in the region, supported by Ma’aden. The Copper World project, situated 257 kilometers northwest of Phoenix, is estimated to produce 85 000 metric tonnes of copper annually once operational, with a projected mine life of 20 years.

Recently, copper prices experienced a surge, reaching their highest level in over five months, largely due to anticipated US tariffs on the metal. The three-month copper price on the London Metals Exchange increased by 0.2 percent, reaching $10 006 per metric tonne, close to the highest value since October 2, 2024.

Ma’aden’s CEO previously stated ambitions for the company to grow ten-fold by 2040, aiming to become the world’s most valuable mining firm by market capitalization. Saudi Arabia is accelerating its efforts to develop its copper and other mineral resources, which are valued at approximately $2.5 trillion.