The Copper azura Mine has been abandoned for nearly two decades.
In 2012, a company bought the site, but has yet to make a final decision on a buyer.
Now, a group of investors wants to buy it.
The Copper azurah mine, which was abandoned in the 1980s and still needs a new owner, is in the final stages of being bought by the owner of a copper mine in the U.S.
A spokesperson for the Arizona Republic said the new owner will receive $500 million in cash and a majority of the remaining value in the copper mine.
That would give the buyer a better shot at controlling the mine, said spokeswoman Mary Cogan.
The owner of the Copper azuri mine, Michael B. Schmader, says he plans to put the mine on the market as soon as possible.
The company, which operates the Copper AZure Mine and the Copper Blue Diamond Mine, announced in 2013 that it was selling its remaining assets.
The Copper AZurah Mine was one of the last remaining copper mines in the country.
The new owners plan to use the money from the sale to invest in infrastructure improvements at the Copper Azure Mine.
The mine is in good condition and is still producing copper, Schmada said.