Copper Stocks
Copper is the backbone of the energy transition — the essential conductor in EVs, grid infrastructure, renewables and data centres.
This list covers the full investment universe of publicly listed copper companies, from major diversified miners to focused mid-tier producers and high-leverage explorers, across exchanges in Australia, Canada, the US, the UK, and beyond.
Market caps are updated monthly. Click any row to expand a full company overview.
| Company | Ticker | Mkt Cap (USD) | ||||
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BHP Group |
BHP.AX | $201.4B | ||||
BHP GroupBHP is one of the world's largest copper producers and a cornerstone supplier within the global copper industry. Copper now represents a central pillar of BHP's diversified mining portfolio, which also includes iron ore, metallurgical coal and potash. In the first half of FY2026, copper contributed more than half of the company's underlying EBITDA — a notable milestone reflecting both recent production growth and the increasing structural importance of copper amid global electrification, grid expansion and infrastructure demand. BHP's producing copper assets are primarily anchored in Chile and South Australia. In Chile, the company holds a 57.5% operated interest in Escondida — the world's largest copper mine — alongside the Pampa Norte operations at Spence. In South Australia, BHP operates Olympic Dam, a globally significant polymetallic deposit producing copper, uranium, gold and silver. BHP also owns Carrapateena and Prominent Hill, and holds a 33.75% interest in Antamina in Peru and 45% in Resolution Copper in the US. A key strategic initiative is the Vicuña joint venture with Lundin Mining, consolidating the Filo del Sol and Josemaria deposits along the Argentina–Chile border. Australia: BHP.AX NYSE: BHP $201.4B Escondida (Chile) — 57.5% owned |
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Southern Copper |
SCCO | $170.2B | ||||
Southern Copper CorporationSouthern Copper Corporation is one of the world's largest and lowest-cost integrated copper producers, with a portfolio of long-life open-pit operations across Peru and Mexico and full backward integration into smelting and refining. Core producing mines include Cuajone and Toquepala in Peru and Buenavista del Cobre and La Caridad in Mexico, with combined annual copper output approaching one million tonnes. Net sales reached a record $11.4 billion in 2024, driven by a 6% increase in copper volumes and an 8% improvement in copper prices, while H1 2025 cash costs of $0.70/lb represented a 24% reduction versus the prior year, underscoring the company's position at the low end of the global cost curve. By-product credits from molybdenum, silver and zinc contribute meaningfully to margin, and Southern Copper claims the largest copper reserves in the mining industry. The development pipeline is the defining long-term value driver. Tía María in Peru — a $1.8 billion SX-EW copper cathode project targeting 120,000 tonnes per year — was 23% complete as of September 2025 and remains on track for a 2027 production start, having secured full exploitation permits from Peru's Ministry of Energy and Mines in October 2025. Further behind in the queue are Los Chancas in Apurímac, Peru — targeting 130,000 tonnes of copper per year with estimated capex of $2.6 billion and operations expected from 2030–2031 — and Michiquillay in Cajamarca, a world-class porphyry deposit expected to produce 225,000 tonnes per year over an initial mine life exceeding 25 years, with production start targeted for 2032. The Mexican pipeline includes the El Arco greenfield project in Baja California and Pilares, with a combined capital programme exceeding $15 billion through the early 2030s. Southern Copper is 88.9% owned by Grupo México. US: SCCO $170.2B Buenavista del Cobre (Mexico) |
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Rio Tinto |
RIO.L | $157.1B | ||||
Rio Tinto GroupRio Tinto Group is a major global miner with a diversified portfolio spanning iron ore, aluminium, lithium and copper, with copper increasingly central to its strategic growth thesis. In 2025, Rio Tinto's copper segment delivered strong production growth — around 883 kt of copper on an equity basis, an ~11% year-on-year increase driven largely by the ramp-up of the Oyu Tolgoi mine in Mongolia. Key copper assets include a 66% operated stake in Oyu Tolgoi — one of the world's most significant growth projects targeting ~500 ktpa of copper concentrate in the late 2020s — a 30% interest in Escondida in Chile, and its wholly owned Kennecott operations in Utah. Resolution Copper in Arizona provides longer-term US optionality. Copper fits into Rio's broader portfolio as a priority growth commodity alongside its legacy strength in iron ore. UK: RIO.L NYSE: RIO $157.1B Oyu Tolgoi (Mongolia) — 66% owned |
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Zijin Mining |
2899.HK | $146.3B | ||||
Zijin Mining GroupZijin Mining Group Co., Ltd. is a China-based diversified mining group with operations across 19 countries and a position among the world's top four copper producers, alongside a substantial gold business that now rivals copper as an earnings contributor. Mined copper output reached 1.07 million tonnes in 2024, ranking fourth globally, and rose a further 2% in 2025 to 1.09 million tonnes, with guidance of 1.2 million tonnes for 2026. Key copper operations span four continents: Kamoa-Kakula in the DRC (39.6% interest, jointly with Ivanhoe Mines), where a new on-site smelter came online in late 2025; the Čukaru Peki and Bor copper complex in Serbia, where an expansion programme targeting 450,000 tonnes of annual copper output would make it Europe's largest copper mining enterprise; the Julong Copper Mine in Tibet, where the Phase II expansion began integrated commissioning in December 2025; and the Kolwezi copper-cobalt mine in the DRC. In China, Duobaoshan in Heilongjiang and Tongshan — the only ultra-large copper orebody discovered in northeastern China in nearly 40 years — are among the domestic copper assets underpinning the portfolio. Net profit attributable to shareholders reached an estimated RMB 51–52 billion in 2025, up 59–62% year-on-year, driven by record production volumes and elevated copper and gold prices. Gold and copper now each contribute approximately 38–39% of gross profit, making Zijin as much a gold major as a copper one. The company's "counter-cyclical investment, pro-cyclical output" strategy — acquiring assets during price troughs and ramping production as prices recover — has delivered a compound annual growth rate in copper output of approximately 30% since 2020, and remains the defining feature of its capital allocation philosophy. HK: 2899.HK $146.3B Kamoa-Kakula (DRC) — 39.6% JV |
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Freeport-McMoRan |
FCX | $96B | ||||
Freeport-McMoRan Inc.Freeport-McMoRan Inc. is one of the world's largest publicly traded copper producers, with long-lived, low-cost operations across North America, South America and Indonesia, and copper accounting for approximately 75% of revenues. Seven copper mines in North America — including the flagship Morenci district in Arizona, Bagdad, Safford/Lone Star, Sierrita, Miami, Chino and Tyrone — delivered estimated copper sales of approximately 1.4 billion pounds in 2025, underpinned by a proprietary leach innovation initiative that reached an incremental annual run rate of 300 million pounds by end-2025 at a cost of under $1.00/lb, with a long-term target of 800 million pounds per year from stockpiles previously considered uneconomic. In South America, Cerro Verde in Peru and El Abra in Chile contribute a further ~1.1 billion pounds annually, with El Abra carrying potential for a major sulphide mill expansion — a project that could add 300–400 million pounds per year over a multi-decade horizon, with pre-feasibility and permitting studies underway. The Grasberg minerals district in Indonesia — one of the world's largest copper and gold deposits — is simultaneously the source of FCX's greatest near-term disruption and its most consequential long-term development. A September 2025 mud rush caused fatalities and shut the Grasberg Block Cave underground mine, with a phased restart targeted from Q2 2026, materially reducing 2025 district output. Partially offsetting this, the Manyar smelter and a new precious metals refinery reached commissioning in 2025, making PTFI a fully integrated refined copper and gold producer. Most significantly, Freeport signed a Memorandum of Understanding with the Indonesian government in February 2026 for a life-of-resource extension of PTFI's operating rights, resolving a long-standing regulatory overhang; FCX will retain a 48.76% stake in PTFI through 2041, stepping down to approximately 37% thereafter following a no-cost transfer of a 12% interest to government parties. The agreement is subject to Indonesia issuing an amended mining licence. Gold and molybdenum serve as important by-product contributors, with FCX supplying approximately 60% of US copper consumption and 9% of global supply. US: FCX $96B Grasberg (Indonesia) — 48.67% owned |
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Grupo Mexico |
GMEXICOB.MX | $95B | ||||
Grupo México S.A.B. de C.V.Grupo México S.A.B. de C.V. is one of the world's largest and lowest-cost integrated copper producers, with operations spanning Mexico, Peru and the United States, and copper constituting the dominant earnings driver within a conglomerate that also encompasses transportation and infrastructure divisions. Its mining operations are conducted through two subsidiaries: Minera México, which operates the Buenavista, La Caridad and IMMSA mines in Mexico, and Southern Copper Corporation (88.9% owned), which operates Cuajone and Toquepala in Peru and the Morenci interest in Arizona. The recently commissioned Buenavista Zinc project in Sonora, now operating at full capacity, boosted zinc sales by 45% and meaningfully expanded the by-product credit base. The development pipeline is the most important medium-term value driver, anchored by a $15 billion capital programme through the early 2030s. In Peru, Tía María is under construction with first copper cathode production targeted in 2027 at 120,000 tonnes per year, followed by Los Chancas in Apurímac (targeting 130,000 tonnes per year, ~2030) and Michiquillay in Cajamarca (225,000 tonnes per year, ~2032). In Mexico, El Arco in Baja California — a world-class sulphide deposit with reserves exceeding 1.2 billion tonnes — is advancing detailed engineering for a combined concentrator and SX-EW operation, alongside the planned Empalme smelter expansion that would further reinforce Grupo México's position as a fully integrated copper producer. Molybdenum, silver and zinc by-products contribute incremental margin across the portfolio, while the Ferromex rail network and infrastructure division provide stable non-mining cash flows and logistical synergies across the group's Mexican operations. Mexico: GMEXICOB.MX OTC: GMBXF $95B Buenavista del Cobre (Mexico) |
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Glencore |
GLEN.L | $84B | ||||
Glencore plcGlencore plc is a globally diversified natural resource company with one of the world's largest and most integrated copper portfolios, spanning mining, processing, smelting and marketing across multiple continents, with copper representing the primary industrial earnings driver alongside a substantial commodity trading and marketing franchise. Core copper mining operations include Collahuasi in Chile (44% interest, one of the world's largest copper mines), Antamina in Peru (33.75% interest, a leading polymetallic copper-zinc mine), Antapaccay in Peru, and the Alumbrera legacy asset in Argentina. In the DRC, Glencore operates Kamoto Copper Company and Mutanda Mining in the Lualaba Province, both producing copper and cobalt; cobalt export quotas imposed by the DRC government in early 2025 have resulted in production being stored in-country pending resolution, adding near-term uncertainty to cobalt revenues while copper sales continue normally. The copper smelting network — including Altonorte in Chile and Pasar in the Philippines — processes both own-sourced and third-party concentrates, producing copper anode and cathode for global markets and supporting Glencore's position as a significant refined copper supplier. Production has been under pressure in 2025, with nine-month own-sourced copper output of 583,500 tonnes running 17% below the comparable prior-year period, primarily due to planned lower-grade mine sequencing at Collahuasi, Antamina and Antapaccay, and grade and throughput challenges at KCC. Full-year 2025 guidance of 850,000–910,000 tonnes is back-weighted to H2 as mine sequences normalise, with management flagging Q1 as the year's trough quarter. Glencore's marketing and trading division provides a structural earnings advantage, generating significant counter-cyclical returns by optimising the flow of copper concentrates and refined products across its global customer network, blending industrial and trading cash flows in a manner that differentiates it from pure-play mining peers. Zinc, nickel, cobalt, coal and ferroalloys complete the commodity portfolio, providing diversified earnings streams that support the balance sheet through individual commodity cycles. UK: GLEN.L OTC: GLNCY $84B Collahuasi (Chile) — 44% owned |
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Antofagasta |
ANTO.L | $53.3B | ||||
Antofagasta plcAntofagasta plc is a pure-play copper producer with a portfolio of four operating mines in Chile, positioning it as one of the most direct vehicles for copper price exposure among publicly listed mining companies. Its two flagship assets — Los Pelambres in the Coquimbo region and Centinela in the Atacama — together account for approximately 85% of Group copper output, with Antucoya and Zaldívar completing the portfolio as smaller oxide operations. Full-year 2024 copper production was 664,000 tonnes at a net cash cost of $1.64/lb, with 2025 guidance of 660,000–700,000 tonnes narrowed to the lower end following mixed throughput performance at Los Pelambres, though year-to-date nine-month output was 3% ahead of the prior year. By-product credits from molybdenum and gold — reaching a record $1.35/lb in Q3 2025 — are an increasingly significant mitigant to gross cash costs and a growing driver of margin. The capital programme is at peak intensity and arguably the most important medium-term value driver for the company. The $4.4 billion Nueva Centinela project — incorporating a second concentrator at Esperanza Sur and a molybdenum plant upgrade — is under active construction and on budget, with first copper scheduled for 2027 and average incremental output of approximately 170,000 copper-equivalent tonnes per year over an initial ten-year period. At Los Pelambres, a new concentrate pipeline and expanded desalination plant are under construction to enable further throughput growth, alongside a separate Environmental Impact Assessment filed in December 2024 for a mine life extension beyond 2035 adding at least 15 additional years via an expansion of the El Mauro tailings facility. Together, these projects are expected to grow Group copper production by approximately 30% in the medium term, cementing Antofagasta's position as Chile's second-largest copper producer after Codelco. Group capex guidance for 2025 was revised down to $3.6 billion from $3.9 billion, principally reflecting Chilean peso depreciation. UK: ANTO.L OTC: ANFGF $53.3B Los Pelambres (Chile) — 60% owned |
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Anglo American |
AAL.L | $50.1B | ||||
Anglo American plcAnglo American plc is a diversified global mining company undergoing the most significant transformation in its 108-year history, having rejected a $42 billion takeover approach from BHP in 2024 and instead launched a portfolio simplification that is reshaping it into a focused copper, premium iron ore and crop nutrients business. The demerger of Anglo American Platinum into the separately listed Valterra Platinum was completed in May 2025, with the agreed sales of steelmaking coal and nickel businesses also progressing, and the separation of De Beers underway. In parallel, Anglo American and Teck Resources announced a merger of equals in September 2025 to create Anglo Teck — a Vancouver-headquartered global critical minerals champion — with both companies' shareholders approving the transaction in December 2025 and Canadian regulatory clearance received shortly thereafter; remaining competition approvals in other jurisdictions are progressing, with completion expected within 2026. Copper is the strategic centrepiece of this transformation. On a standalone basis, Anglo American's copper portfolio comprises Los Bronces and Collahuasi (44% interest) in Chile and Quellaveco (60%) in Peru, with combined 2024 attributable production of approximately 830,000 tonnes — a figure expected to grow toward one million tonnes as expansions progress, including a landmark adjacency agreement with Codelco to develop a joint mine plan for the Los Bronces and Andina mines that could unlock approximately $5 billion in value. The Sakatti polymetallic project in Finland, recently designated a Strategic Project by the European Commission, adds a European growth option. Once the Anglo Teck merger completes, the combined entity will rank among the top five global copper producers with pro-forma copper output of approximately 1.2 million tonnes, a portfolio offering more than 70% copper exposure, and a committed C$4.5 billion investment programme in Canada over five years covering Highland Valley mine life extension, Trail smelter upgrades and the Galore Creek and Schaft Creek development projects. UK: AAL.L OTC: NGLOY $50.1B Collahuasi (Chile) — 44% owned |
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Teck Resources |
TECK-B.TO | $27.1B | ||||
Teck Resources LimitedTeck Resources Limited is a Canadian mining company that has repositioned itself as a predominantly copper and zinc producer following the 2023 sale of its steelmaking coal business to Glencore, and is in the advanced stages of a transformational merger of equals with Anglo American to form Anglo Teck — a Vancouver-headquartered global critical minerals champion. Teck's copper portfolio is anchored by Quebrada Blanca (QB) in northern Chile, where a comprehensive operational review completed in October 2025 following persistent tailings management facility challenges has resulted in revised production guidance, with steady-state operations targeted from 2027 once the tailings management facility construction is complete; and Highland Valley Copper in British Columbia, Canada's largest open-pit copper mine, where a C$2.1–2.4 billion investment to extend mine life to 2046 is underway. The Trail Operations smelter and refinery in British Columbia provides integrated downstream processing capacity for zinc and lead, while the Red Dog zinc-lead mine in Alaska is a globally significant zinc producer. Q3 2025 adjusted EBITDA of $1.2 billion was $185 million higher year-on-year, driven by copper and zinc price strength. The Anglo Teck merger, announced September 2025 and approved by both companies' shareholders in December 2025, has received Canadian regulatory clearance under the Investment Canada Act with remaining jurisdictional approvals progressing toward an expected close within 12–18 months of announcement. The combined entity will rank among the top five global copper producers with pro-forma copper output of approximately 1.2 million tonnes, growing to approximately 1.35 million tonnes by 2027, and more than 70% copper exposure by earnings. The most compelling industrial synergy is the QB-Collahuasi adjacency — a 15-kilometre conveyor connecting the QB processing plant to the Collahuasi pit could add approximately 175,000 tonnes of incremental copper per year at an estimated capital intensity of $11,000 per tonne, unlocking approximately $1.4 billion of additional annual EBITDA. Combined pre-tax corporate synergies of $800 million per year are targeted by year four post-closing, with Anglo Teck committing to invest at least C$4.5 billion in Canada over five years across Highland Valley, Trail and the Galore Creek and Schaft Creek development projects. Canada: TECK-B.TO NYSE: TECK $27.1B Highland Valley Copper (Canada) — 100% |
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Lundin Mining |
LUN.TO | $24.6B | ||||
Lundin Mining CorporationLundin Mining Corporation is a Canada-based copper and gold producer with operations in Chile, Brazil and the United States, and copper firmly established as the dominant earnings driver following a series of transformative portfolio decisions in 2024–2025. Its two flagship copper operations are Candelaria in Chile's Atacama region (80% owned) — an integrated open-pit and underground complex with one of the Americas' most established copper production records — and Caserones, also in northern Chile, where Lundin increased its ownership to 70% in mid-2024 and where Q4 2025 marked the highest quarterly production since acquisition at 39,612 tonnes. Chapada in Brazil and Eagle in Michigan round out the producing portfolio with copper-gold and nickel contributions respectively. Neves-Corvo and Zinkgruvan in Europe were sold to Boliden in 2025 for up to $1.52 billion, deliberately concentrating the portfolio toward copper and improving the revenue mix. Consolidated 2026 copper production guidance is 310,000–335,000 tonnes, rising to 315,000–340,000 tonnes in 2027 as mine sequencing optimisations at Caserones deliver an estimated 20,000 additional tonnes. The defining strategic initiative is Vicuña Corp., a 50/50 joint venture with BHP formed in January 2025 following the joint acquisition of Filo Corp., which consolidates the Filo del Sol and Josemaria copper-gold projects along the Argentina-Chile border into a single multi-generational district. An integrated technical report outlining the combined development plan is expected in Q1 2026, with 2026 capex of $395 million on a 50% basis funding ongoing infill and resource drilling, early Josemaria earthworks and procurement of long-lead equipment. Vicuña's Argentina RIGI application was submitted in December 2025, a prerequisite for accessing the favourable fiscal stability framework that underpins project financing. The district, which hosts over one billion tonnes of resources at Josemaria and 360 million tonnes of oxide resources at Filo del Sol, has the potential to position Lundin Mining among the world's top-tier copper producers within the next decade. Canada: LUN.TO OTC: LUNMF $24.6B Candelaria (Chile) — 80% owned |
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First Quantum |
FM.TO | $22.9B | ||||
First Quantum Minerals Ltd.First Quantum Minerals Ltd. is a Canada-based, copper-focused mining company with a diversified portfolio of producing and development assets spanning multiple continents. Its active operations include Kansanshi in Zambia — where the flagship S3 expansion is expected to materially grow production volumes — alongside the Sentinel and Enterprise mines in Zambia, and the Guelb Moghrein copper-gold mine in Mauritania. Cobre Panama, historically the company's flagship large-scale open-pit operation, remains in a preservation and safe management phase following the Panamanian government's shutdown in late 2023. Key development-stage assets include Taca Taca in Argentina and copper projects in Peru, underpinning longer-term growth optionality. First Quantum is navigating significant near-term execution risk tied to the Cobre Panama resolution. Canada: FM.TO OTC: FQVLF $22.9B Cobre Panamá (Panama) — 90% owned |
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Boliden AB |
BOL.ST | $20.6B | ||||
Boliden ABBoliden AB is a Sweden-based integrated mining and smelting company with a diversified portfolio of base and precious metals assets across Europe. Its principal copper operations are Aitik in northern Sweden — one of Europe's largest open-pit copper mines — and Kevitsa in Finland, a polymetallic open-pit where copper is produced alongside nickel and platinum-group elements. The Rönnskär copper smelter processes both internal concentrates and third-party feed. The acquisition of Neves-Corvo in Portugal, completed in April 2025, adds meaningful copper and zinc volumes and further broadens Boliden's European mining footprint. Boliden's vertically integrated model — spanning mining, smelting and refining — enhances value capture across the metals chain and supports stable returns on capital. Sweden: BOL.ST OTC: BDNNY $20.6B Aitik (Sweden) — 100% owned |
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Sumitomo Metal Mining |
5713.T | $18.5B | ||||
Sumitomo Metal Mining Co., Ltd.Sumitomo Metal Mining Co., Ltd. is a Japan-based integrated metals producer with a history rooted in copper, and copper remains a core earnings driver within a portfolio that also spans nickel, gold, cobalt and battery materials. Its principal copper interests are equity stakes in Morenci in Arizona (25%), Cerro Verde in Peru (16.8%), and Quebrada Blanca in Chile (25%). The recently acquired 30% interest in the Winu copper-gold project in Western Australia adds longer-term growth optionality. On the processing side, SMM's Japanese smelting and refining operations provide integrated exposure across the copper value chain. Copper cash flows support investment in SMM's growing battery materials and nickel businesses, reflecting the company's strategic positioning across both traditional and energy-transition metals. Japan: 5713.T OTC: SMMYY $18.5B Morenci (United States) — 25% owned |
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Ivanhoe Mines |
IVN.TO | $15.2B | ||||
Ivanhoe Mines Ltd.Ivanhoe Mines Ltd. is a Canada-based mining company with three principal tier-one operations in sub-Saharan Africa, and copper is the primary driver of its earnings and long-term growth profile. Its flagship asset is the Kamoa-Kakula copper complex in the DRC — Africa's largest copper-producing operation, with ownership split between Ivanhoe and Zijin Mining at 39.6% each and the DRC government holding 20%. The complex achieved a production record of 50,000 tonnes in April 2025, before being disrupted when seismic activity forced the Kakula underground mine to shut down in May 2025, triggering severe flooding and a comprehensive geotechnical review, leading Ivanhoe to cut its 2025 guidance. Beyond Kamoa-Kakula, Ivanhoe operates the Kipushi zinc-copper mine and the Platreef platinum-palladium-nickel-copper project in South Africa. The scale and grade of Kamoa-Kakula — the fourth largest copper discovery ever — supports confidence in its multi-decade production potential. Canada: IVN.TO OTC: IVPAF $15.2B Kamoa-Kakula (DRC) — 39.6% owned |
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Hudbay Minerals |
HBM.TO | $9.96B | ||||
Hudbay Minerals Inc.Hudbay Minerals Inc. is a Canada-based copper and gold producer with three operating mines in the Americas and a rapidly expanding US development pipeline. Its principal copper operations are 100%-owned Constancia in Peru — a large open-pit mine with mine life extended to 2041 — and Copper Mountain in British Columbia. In 2024, copper represented 57% of revenue and gold 33%. The US development pipeline is increasingly the defining strategic feature of Hudbay's growth story. Copper World in Arizona is backed by a $0.6B JV commitment from Mitsubishi for a 30% interest. Hudbay has also agreed to acquire Arizona Sonoran Copper Company in a $1.48B all-share transaction, adding the Cactus project in southern Arizona, potentially creating the third-largest copper district in North America. Canada: HBM.TO NYSE: HBM $9.96B Constancia (Peru) — 100% owned |
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Capstone Copper |
CS.TO | $7.13B | ||||
Capstone Copper Corp.Capstone Copper Corp. is a Canada-based, Americas-focused copper producer with four operating mines and a compelling development pipeline anchored in Chile. Its producing assets are Mantoverde in Chile's Atacama region — a 70%-owned open-pit mine where a new high-grade sulphide concentrator ramped up in 2024 — alongside Mantos Blancos in Chile, Cozamin in Mexico, and Pinto Valley in Arizona. The company achieved record consolidated copper production of approximately 225,000 tonnes in 2025. The defining feature of Capstone's growth strategy is the Mantoverde-Santo Domingo district in the Atacama region. The fully permitted Santo Domingo project is expected to average 106,000 tonnes of copper annually in its first seven years, with $0.36B from Orion for a 25% interest recently secured, derisking project funding ahead of a sanctioning decision expected in H2 2026. Canada: CS.TO OTC: CSCCF $7.13B Mantoverde (Chile) — 70% owned |
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Sandfire Resources |
SFR.AX | $6.24B | ||||
Sandfire Resources LimitedSandfire Resources Limited is an Australia-based, copper-focused mining company with two principal producing operations — MATSA in Spain and Motheo in Botswana — that together have transformed the company from a single-asset Australian miner into a diversified international copper producer. MATSA is a polymetallic underground complex in the Iberian Pyrite Belt. Motheo in the Kalahari Copper Belt is the primary growth engine, with production guidance of 50,000–56,000 contained tonnes for FY2026. Group copper equivalent production reached 152,000 tonnes in FY2025, a 12% increase on the prior year, and the company has since moved to a net cash position. Development-stage assets include the Black Butte copper project in Montana and the recently acquired Kalkaroo copper-gold project in South Australia. Australia: SFR.AX OTC: SRAFF $6.24B MATSA (Spain) — 100% owned |
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NGEx Minerals |
NGEX.TO | $4.69B | ||||
NGEx Minerals Ltd.NGEx Minerals Ltd. is a Canada-based copper and gold exploration company, part of the Lundin Group, focused on advancing district-scale porphyry assets within the emerging Vicuña District straddling the Chile-Argentina border. Its two principal assets are Los Helados in Chile — one of the largest undeveloped copper-gold resources in the world, containing 18.4 billion pounds of copper and 10.2 million ounces of gold indicated, with NGEx holding ~69% — and Lunahuasi in Argentina, a 100%-owned high-grade discovery. As a pre-revenue explorer, NGEx's value proposition is anchored in resource expansion and discovery. In 2025, the company completed a spin-out of net smelter return royalties on both projects to shareholders via a separately listed royalty vehicle, designed to crystallise incremental value while NGEx retains full ownership and continues exploration. Progress toward feasibility studies, permitting and strategic partner engagement will be the key value inflection points. Canada: NGEX.TO OTC: NGXXF $4.69B Los Helados (Chile) — 69% owned |
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Ero Copper |
ERO.TO | $3.32B | ||||
Ero Copper Corp.Ero Copper Corp. is a Canada-listed, Brazil-focused copper and gold producer with three operating assets and a high-growth production profile. Its two copper operations are the Caraíba Operations in Bahia State — a high-grade underground complex centred on the Pilar Mine — and the Tucumã Operation in Pará State, an open-pit copper mine that achieved commercial production in July 2025 as the primary near-term growth driver. Consolidated copper production is expected to reach 75,000–85,000 tonnes in 2025 — an 85–110% increase on 2024 — rising to 85,000–95,000 tonnes in 2026 and 2027, as Tucumã ramps to design throughput. The Xavantina Operations contribute gold and silver. Ero also signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas copper-gold project in the Carajás Mineral Province. Canada: ERO.TO NYSE: ERO $3.32B Caraíba Operations (Brazil) — 99.6% |
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Taseko Mines |
TKO.TO | $3B | ||||
Taseko Mines LimitedTaseko Mines Limited is a Canada-based copper producer with two operating assets in North America, with copper constituting virtually all of its revenue and earnings. Its flagship operation, Gibraltar in British Columbia, is Canada's second-largest copper mine, with full-year 2025 output of 98 million pounds of copper. Florence Copper in Arizona — a distinctive in-situ copper recovery operation using SX/EW technology — has moved from construction into early production, with a capacity of 85 million pounds per year and a 22-year mine life. The development pipeline includes Yellowhead in BC (25-year mine life, after-tax NPV of $2.0B) and the New Prosperity copper-gold project following a landmark agreement with the Tŝilhqot'in Nation in 2025. Florence is expected to rank among the lowest-carbon primary copper producers in North America, and Taseko's North American focus positions it favourably against rising interest in domestically-sourced copper supply. Canada: TKO.TO NYSE: TGB $3B Gibraltar Mine (Canada) — 100% owned |
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Ivanhoe Electric |
IE | $2.49B | ||||
Ivanhoe Electric Inc.Ivanhoe Electric Inc. is a US-focused copper development company with a flagship asset at the Santa Cruz Copper Project in Casa Grande, Arizona — designed to produce 99.99% pure copper cathode over a 23-year mine life using a 100% heap leach process. A Preliminary Feasibility Study completed in June 2025 outlined initial capital of $1.24B, first-quartile C1 cash costs of $1.32/lb, and a post-tax NPV of $1.9B, with initial construction targeted for H1 2026 and first cathode production projected for 2028. Financing is well advanced: the US Export-Import Bank issued a Letter of Interest for up to $0.82B in project debt, and a $0.2B bridge facility has been closed to fund early construction activities. Santa Cruz sits on private land in Arizona, providing a permitting pathway notably faster than comparable projects on federal land. The company also holds a 50/50 JV with Saudi Arabian Mining Company covering ~48,500 km² in Saudi Arabia. US: IE $2.49B Santa Cruz Copper Project (AZ) — 100% |
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China Gold Int'l Resources |
CGG.TO | $1.75B | ||||
China Gold International Resources Corp. Ltd.China Gold International Resources Corp. Ltd. is a Vancouver-listed gold and base metals producer operating exclusively in China, and serves as the sole overseas vehicle of China National Gold Group Corporation. The company operates two mines: the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Gold Polymetallic Mine in Tibet, which produces copper, gold, molybdenum, silver, lead and zinc — and is the primary copper asset and dominant earnings driver. Following restoration of the Guolangou Tailings Dam, Jiama resumed full production in mid-2024, enabling a 139% increase in copper output to approximately 47,900 tonnes for the year, with continued strong recovery into 2025. Revenue reached $0.93B in the first nine months of 2025, more than doubling the prior-year comparable, with mine operating earnings of $0.47B — a sharp recovery reflecting operational normalisation at Jiama. Canada: CGG.TO HK: 2099.HK $1.75B Jiama Mine (China) — 100% owned |
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Nexa Resources |
NEXA | $1.67B | ||||
Nexa Resources S.A.Nexa Resources S.A. is a Luxembourg-headquartered, Latin America-focused polymetallic producer with operations in Peru and Brazil, where zinc is the primary commodity by volume and copper a meaningful secondary contributor. Nexa operates five polymetallic mines and three zinc smelters including Cajamarquilla in Lima — the largest zinc smelter in the Americas. Its principal copper-producing mines are Cerro Lindo and Atacocha in Peru. Full-year 2025 adjusted EBITDA reached $0.77B on revenues of approximately $3B, supported by strong zinc and copper prices. A silver streaming step-down from 65% to 25% in 2026 will materially increase Nexa's realised silver exposure. Nexa's integrated mining and smelting model, investment-grade balance sheet and diversified multi-metal earnings base position it as a resilient mid-tier base metals producer with stable copper exposure. US: NEXA $1.67B Cerro Lindo (Peru) — 83.55% owned |
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Northern Dynasty Minerals |
NAK | $0.75B | ||||
Northern Dynasty Minerals Ltd.Northern Dynasty Minerals Ltd. is a Canada-based mineral exploration and development company whose sole asset is a 100% interest in the Pebble Project in southwest Alaska — one of the largest undeveloped copper-gold-molybdenum deposits in the world, containing 57 billion pounds of copper, 71 million ounces of gold and 3.4 billion pounds of molybdenum in the measured and indicated categories alone. Development has been blocked by a protracted and politically contentious regulatory process. The EPA issued a Clean Water Act veto in 2023 that effectively barred development, but Northern Dynasty is pursuing removal through active litigation in Alaska Federal Court — where summary judgment briefs were filed in October 2025 alongside the State of Alaska and two Alaska Native village corporations — and direct negotiations with the EPA. A favourable resolution represents the primary near-term value catalyst for the company. US: NAK Canada: NDM.TO $0.75B Pebble Project (Alaska) — 100% owned |
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Key Terms Full Glossary →
Intermediate copper product from ore crushing, grinding, and flotation, containing 20–30% copper plus precious metals and impurities. Concentrate is shipped to smelters for refining; concentrate treatment charges (TC/RC) reflect supply-demand balance and are a key indicator of copper mining profitability.
Pure copper plate (99.99% Cu) produced through electrorefining or SX-EW, representing the primary tradable and deliverable copper product. Copper cathodes are melted for wire rod production or alloying; LME and COMEX cathode specifications standardize global copper trading and pricing.
Copper rod produced directly from molten copper in a continuous process, used as feedstock for wire and cable manufacturing. Continuous casting reduces energy consumption and production costs versus traditional methods; rod quality and diameter consistency are critical for downstream wire drawing operations.
Two-stage copper production process extracting copper from low-grade ores via leaching and solvent extraction, then electrochemical recovery. SX-EW enables economical processing of lower-grade deposits and represents the majority of copper production from oxide ores, particularly in Latin America.
FAQ
The typical electric vehicle uses 53.2kg per vehicle, according to a 2022 IEA report. This is more than double the 22.3kg per vehicle used in a conventional car. Source: IEA — The Role of Critical Minerals in Clean Energy Transitions.
Chile is the leading producer of mined copper, with an estimated 24% of global mine production in 2022. Following Chile are the Democratic Republic of Congo (10%), Peru (10%), China (9%) and the United States (6%). Source: U.S. Geological Survey 2023 Mineral Commodity Summaries.
The Escondida copper mine in northern Chile is the largest copper mine in the world. Located in the Atacama Desert at 10,000 feet above sea level, BHP's 2022 annual report indicates the mine contains 27 billion tonnes of ore at an average grade of 0.52%, targeting average annual production of 1.2 million tonnes. The mine is owned by BHP (57.5%), Rio Tinto (30%) and JECO Corp (12.5%).
Copper is central to the energy transition across three main areas. Electric Vehicles — an EV uses twice as much copper per vehicle as a traditional car. Transmission — the cables and transformers used in electrical grids rely on copper. Renewables — copper is also used to manufacture solar PV cells and wind turbines.
There are widely traded copper futures contracts on both the Chicago Mercantile Exchange (CME) and the London Metal Exchange (LME). The CME contract is quoted in USD per pound with a lot size of 25,000 pounds. The LME is quoted in USD per tonne with a lot size of 25 tonnes (1 tonne = 2,205 pounds).