Mitsubishi Materials has formI have owned Copper Mountain in the recent past and as a result have some knowledge of Mitsubishi's activities there. They have been purchasing the output of Copper Mountain's operation (copper concentrate) since around 2010 under a long term supply agreement, having invested in the operation, owning 25% of the business.
It is interesting that Mitsubishi will be participants in Western Copper's activities related to ESG matters. Maybe they think they have the edge over Rio whose recent record is not so good in this area!. The folks in Yukon seem to be wary of mining investment and are in my view, the reason why the project has yet to be built. Now, there seems to be an impetus from Canadian politicians to want control of Canadian mining assets, which is not in accord with total or even majority control from RTZ (who are HQ'd in Australia.) So why not a non controlling stock holding of WRN from Mitsubishi, accompanied by a long term supply arrangement, as part of a Canadian operated mine?
Mitsubishi has cash to invest, and securing supply of additional quantities of Canadian copper might not be too bad a place for its investment.
We shall soon see if Rio buys the stock to which they are entitled, to maintain their share of WRN. They may sell out their shares to Mitsubishi as time goes by, pocket some cash for their efforts and gracefully retire!!