Jan. 22, 2026Marubeni Corporation
Marubeni has agreed to the participation of Japan Organization for Metals and Energy Security (hereinafter, “JOGMEC”) in the non-ferrous metal joint exploration project (hereinafter, the “Project”) currently moving forward in Manitoba, Canada, with Hudbay Minerals Inc. (hereinafter, “Hudbay”), pursuant to an amended and restated option agreement (hereinafter, the “Agreement”). Under the terms of the Agreement, Hudbay will act as the operator carrying out the exploration activities, while Marubeni and JOGMEC will be required to contribute CAD 12 million and CAD 6 million, respectively, over a period of approximately three years*. Upon completion of these funding obligations, Marubeni and JOGMEC will have the right to exercise an option to acquire a 20% and 10% interest, respectively, in the mineral properties subject to the Project and form a joint venture with Hudbay. After the formation of the joint venture, all subsequent costs for exploration and development of the properties will be funded by each member in proportion to their respective participating interest.
Background and Objectives The Project targets non-ferrous metals, specifically copper, through joint exploration. Demand for copper is expected to rise due to the increasing electrification and expanded infrastructure development in emerging economies, the widespread adoption of electric vehicles (EVs), the expansion of renewable energy, and the increase in data centers accompanying the spread of AI. Conversely, supply remains tight, and the supply-demand gap is expected to widen in the long term. To develop new supply sources, Marubeni and Hudbay commenced joint exploration in 2023 and have been conducting drilling surveys. In 2026, the parties plan to conduct surveys of the underground structure of the exploration area and evaluate mineral grades. With JOGMEC now joining the Project, the parties aim to conduct further exploration activities and, based on future results, assess the feasibility of developing a mine for commercial production.
Project Features The Flin Flon region in Manitoba, Canada, where the Project is based, is known for hosting deposit clusters rich in world-class, high-grade copper and other non-ferrous metals. Exploration will move forward by combining Hudbay’s extensive regional knowledge and existing infrastructure—derived from approximately 100 years of experience in surveying, developing, and operating 29 mines in the region—with the mining exploration expertise of Marubeni and JOGMEC.
Future Outlook In its Mid-Term Management Strategy GC2027, Marubeni has established a resource investment strategy to expand interests in high-quality resources while enhancing cost competitiveness through the expansion of existing assets. In the copper business, Marubeni participates in the development and operation of three mines in Chile, boasting one of the largest equity copper production volumes among Japanese companies. Currently, Marubeni is proceeding with the expansion project of the Centinela copper mine in Chile and promoting the exploration of non-ferrous metal deposits in areas such as the Ambler District, Alaska, USA. Marubeni aims to contribute to the stable supply of non-ferrous metals, primarily copper, and will continue to strive for the continuous expansion of its business base.
*Marubeni’s contribution includes previous contributions.
Hudbay Overview
JOGMEC Overview
Related News Releases:Mar. 18, 2024Conclusion of Project Financing for Expansion of the Centinela Copper Mine in Chilehttps://www.marubeni.com/en/news/2024/release/00013.html
Dec. 20, 2023Investment Decision for an Expansion Project at Centinela copper mine in the Republic of Chilehttps://www.marubeni.com/en/news/2023/release/00124.html
Jul. 7,2023Marubeni and Hudbay Minerals Inc. Conclude MOU for Non-Ferrous Metals Joint Exploration Project inManitoba, Canadahttps://www.marubeni.com/en/news/2023/info/00018.html
Sep. 21, 2022Acquisition of Stake in Valhalla Metals Inc. to Explore Non-ferrous Metals in Alaska, United Stateshttps://www.marubeni.com/en/news/2022/release/00068.html
