11 Listed Companies with Copper Projects in the U.S.
Eleven listed companies own interests in U.S. copper mines and projects, from Freeport-McMoRan’s operating portfolio to delayed developments such as Resolution Copper and Pebble.
The United States produced an estimated 1.0 million tonnes of copper in 2025, about 4% of the estimated 23 million tonnes mined globally and behind Chile, the Democratic Republic of the Congo, Peru, China, and Russia. Net U.S. import reliance reached 57% of apparent consumption that year, up sharply from 45% in 2024 as refined imports nearly doubled. On November 7, 2025, the U.S. Geological Survey added copper to the official Critical Minerals List for the first time, formally recognising the strategic importance of expanding domestic supply.1
New copper supply also faces declining ore grades, rising development costs and long lead times. The IEA’s *Global Critical Minerals Outlook 2026* reports that the average global ore grade of copper mines has fallen 40% since 1991. The capital intensity of expanding an existing mine has risen 65% since 2020, approaching greenfield levels, while only 5% of the copper deposits discovered over the past 35 years were found in the most recent decade. Lead times from discovery to production average around 17 years. Based on the current project pipeline, the IEA projects a 25% global copper supply deficit in 2035, compared with the 30% deficit projected a year earlier as capacity advanced in the DRC, Zambia, Peru and Canada. Resolution contributes no U.S. supply in either the base or high-production case because litigation makes the project too uncertain to model.2
This guide profiles 11 publicly traded companies with operating or development-stage copper assets in the United States across U.S., Canadian, U.K., Australian and Japanese listings. Inclusion is based on U.S. copper exposure, which may represent only a small part of a diversified global portfolio. The companies span current producers, operations ramping toward design capacity, development-stage projects and assets delayed by permitting or litigation. Freeport-McMoRan dominates current domestic production; the remaining profiles distinguish operators from non-operating partners and nearer-term developments from long-dated projects.
The comparison table reports attributable mined-copper output for 2025. Sumitomo’s figure represents its 25% share of production at Freeport-operated Morenci. Rio Tinto’s figure represents mined output from Kennecott; its refined-copper output is a separate measure. The basis tags beneath the table distinguish reserves from different classes of resources. These contained-copper figures should not be compared or added across rows.
| Company | U.S. assets | Stage | 2025 U.S. mine output (kt) | Contained Cu (Mt) | Mkt cap |
|---|---|---|---|---|---|
| Freeport-McMoRanFCX | 7 operations, AZ + NM | Operating | 592 | 19.3R | $97B |
| Rio TintoRIO | Kennecott + Resolution (55%) | Op + dev | 125 | 14.7RM* | $165B |
| Sumitomo Metal Mining5713.T | Morenci (25%, passive) | Operating | 78 | 2.0R* | $16B |
| Capstone CopperCS.TO | Pinto Valley | Operating | 42 | 1.0R | $8.7B |
| Trekor MetalsTKO.TO | Florence Copper | Ramping | – | 1.0R | $3.2B |
| BHP GroupBHP | Resolution (45%); Faraday pending | Development | – | 12.1RM* | $228B |
| Hudbay MineralsHBM.TO | Copper World, Cactus, Mason | Development | – | 3.7RM | $12B |
| Ivanhoe ElectricIE | Santa Cruz | Development | – | 1.5R | $1.7B |
| AntofagastaANTO.L | Twin Metals (MN) | Suspended | – | 13M | $54B |
| Teck ResourcesTECK | NewRange (50%) | Permitting | – | 4.75M* | $32B |
| Northern Dynasty MineralsNAK | Pebble (AK) | Blocked | – | 26M | $948M |
R = proven and probable reserves · M = measured and indicated resource (not directly comparable with reserves) · * = attributable share · RM = mixed basis. Figures approximate. Market caps as of August 12, 2026.
Freeport-McMoRan (FCX)
FCX mines more than half of all copper produced in the United States.
Freeport-McMoRan (FCX) mined more than half of the roughly 1.0 million tonnes of copper produced in the United States in 2025.13 It operates seven copper mines across Arizona and New Mexico, while its U.S. refining and rod-mill network processes around 70% of total U.S. refined copper output. Morenci, Bagdad and Safford/Lone Star account for the principal domestic growth plans. Sierrita, Miami, Chino and Tyrone complete the seven-operation portfolio; Miami hosts one of the country’s two operating primary copper smelters, alongside Rio Tinto’s Kennecott.
U.S. Copper Assets
Produced approximately 690 Mlbs of copper in 2025 on a 100% basis (497 Mlbs attributable to FCX at 72%). The largest single contributor to FCX’s leach-recovery growth programme. History at the site dates back to 1881.3
Produced 149 Mlbs in 2025 and holds the longest reserve life of any U.S. asset at over 80 years. The Bagdad 2X expansion targets FID in 2H 2026 at a preliminary capital estimate of approximately $4.5 billion per FCX’s July 2026 update (up from the earlier $3.5 billion figure), adding 200 to 250 Mlbs of annual copper.4
Produced 287 Mlbs in 2025 at 0.40% Cu, among the higher-grade U.S. open-pit operations. A pre-feasibility study is expected in 2026 on a potential expansion adding 300–400 Mlbs/yr of production beginning in the 2030s.3
Current developments
Freeport targets a final investment decision on Bagdad 2X in the second half of 2026. The proposed expansion would more than double concentrator capacity and add an estimated 200 to 250 million pounds of annual copper production. Freeport estimates that construction would take three to four years.4
Freeport’s innovative leach initiative produced 101 million pounds of incremental copper in the first half of 2026. Management targets a 300 Mlbs annual run rate by year-end 2026 and continues to describe approximately 800 Mlbs a year across its U.S. and South American operations as the longer-term potential, with Morenci expected to contribute the largest share.45 Reaching that level depends on testing underway at Morenci and other sites. Pre-feasibility work on a Safford/Lone Star sulphide expansion is also underway.3
Investment angle
Freeport is the largest current U.S. copper producer on this list, and its domestic growth plans centre on existing operations. U.S. mines account for roughly a third of company copper production. Grasberg in Indonesia also remains material to group earnings and cash flow. Following the September 2025 mud rush, Freeport expects production to reach approximately 80% of capacity by mid-2027 and approach full capacity by the end of 2027.4
Rio Tinto (RIO)
Resolution Copper completed its federal land exchange in March 2026 after more than a decade of legal and permitting disputes. The joint venture estimates that the proposed mine could eventually supply up to 25% of U.S. copper demand.6
Rio Tinto’s Kennecott, the historic Bingham Canyon operation in Utah, is a fully integrated mine-smelter-refinery complex and home to one of the two operating primary copper smelters in the United States (Freeport’s Miami smelter is the other). Kennecott produced 133,600 tonnes of refined copper in 2025 (mined production was 125,100 tonnes)7, down 31% from 2024, after planned concentrator and smelter shutdowns in Q3 suppressed output before a Q4 recovery.
Resolution Copper is an Arizona joint venture owned 55% by Rio Tinto and 45% by BHP. It holds one of the world’s largest undeveloped copper deposits. The joint venture completed the federal land exchange in March 2026, securing access needed for further studies and enabling works.6
U.S. Copper Assets
Open-pit copper-gold-silver-molybdenum mine with integrated smelter and refinery; one of only two US copper smelters currently operating. The North Rim Skarn underground extension (first production Q4 2025) is expected to deliver approximately 250,000 tonnes of mined copper over 10 years.8
Undeveloped deep-underground porphyry resource of 1.787 Bt at 1.5% Cu, roughly 27 Mt of contained copper on a mixed measured-and-indicated-plus-inferred basis (Rio’s attributable share ~14.7 Mt). Federal land exchange completed March 16, 2026 following a Ninth Circuit ruling in the JV’s favour.6
Current developments
Following the land exchange, Rio committed approximately $500 million over two years to enabling works at Resolution, including surface drilling, funding for Native American Tribes and local communities, and land-exchange costs.6 Shaft rehabilitation, infrastructure construction and engineering studies remain. GSR therefore expects first ore in the 2030s.
Closer in, the North Rim Skarn extension at Kennecott starts contributing in 2026, and the Nuton bioleaching demonstration at Johnson Camp (Rio technology on Gunnison Copper’s mine) continues toward roughly 30 kt of low-carbon cathode.9
Investment angle
Rio’s U.S. copper interests combine current production at Kennecott with a 55% stake in the undeveloped Resolution project.6 The North Rim Skarn extension supports Rio’s guidance for material production growth at Kennecott from 2025 to 2028.10 Resolution provides substantial resource exposure but is unlikely to contribute near-term production. Both assets sit within a diversified global portfolio that includes Rio’s iron ore operations and Oyu Tolgoi.
BHP Group (BHP)
BHP owns 45% of Resolution Copper but currently produces no copper in the United States.11
BHP’s principal U.S. copper interest is its non-operating 45% stake in Resolution Copper, the Arizona joint venture led and operated by Rio Tinto.11 It also has a pending equity interest in Faraday Copper and an exploration alliance with Ivanhoe Electric, but no current U.S. copper production.1213
In July 2026, BHP agreed to transfer its San Manuel property in Arizona to Faraday Copper in exchange for an equity stake of about 30% on a fully diluted basis.12
BHP’s producing copper assets are outside the United States and led by Escondida in Chile.14 Its U.S. interests remain at the development or exploration stage. Subject to completion of the San Manuel transaction, they will also include an equity stake in Faraday Copper.12
U.S. Copper Assets
BHP’s attributable share of Resolution’s roughly 27 Mt contained-copper resource (mixed measured-and-indicated-plus-inferred basis) is ~12.1 Mt. BHP is the non-operating partner with no independent path to accelerate the project; see the Rio Tinto profile for the project’s status and timeline.6
In July 2026 BHP agreed to transfer San Manuel, adjacent to Faraday Copper’s Copper Creek project north-east of Tucson, to Faraday in exchange for shares equal to about 30% fully diluted, plus offtake and participation rights. Closing is expected in the quarter ending September 30, 2026.12
Current developments
Rio directs Resolution’s post-exchange enabling-works programme, while BHP funds its 45% share of the approximately $500 million two-year commitment.6 Separately, the Ivanhoe Electric exploration alliance covers approximately 3,655 km² across Arizona, New Mexico and Utah. Projects resulting from the alliance would be owned equally by BHP and Ivanhoe Electric.13
Capstone Copper (CS.TO)
Pinto Valley first recorded production in 1975 and is Capstone’s only U.S. operation.15
Capstone Copper is a mid-tier copper producer whose only U.S. operation is Pinto Valley in Arizona’s Globe-Miami mining district. The mine first recorded production in 1975 and has operated under Capstone since 2013.15 Pinto Valley accounted for approximately 19% of Capstone’s 224,764 tonnes of copper production in 2025; Mantoverde and Mantos Blancos in Chile and Cozamin in Mexico produced the balance.16 Pinto Valley is also the basis of Capstone’s district growth study.
U.S. Copper Assets
Open-pit copper-molybdenum mine with the largest mill in Capstone’s portfolio (60,000 tpd design). 2025 production was 42,382 tonnes of copper in concentrate at C1 of $3.72/lb, the highest cost in Capstone’s portfolio. P&P reserves of 954 kt of copper sit on a much larger M&I resource of 3,897 kt at mill grades of roughly 0.28 to 0.32% Cu.1516
Evaluating the inclusion of roughly 1 billion tonnes of M&I resource (not currently in reserve) into the mine plan, potentially extending operations through 2050.15
Current developments
Pinto Valley produced 10,047 tonnes of copper in Q2 2026, broadly in line with Q2 2025, but throughput remained below expectations because of unplanned downtime, continued filter-plant problems and other processing constraints. C1 cash costs rose to $4.17 per pound from $3.89 per pound a year earlier.17 Capstone has scheduled a major maintenance shutdown for September to address the primary-crusher mainframe and filter plant. Separately, its district growth study is assessing potential mill expansion and increased leaching capacity.17
Trekor Metals (TKO.TO)
Florence Copper produced its first cathode in February 2026, the first new copper production from a greenfield U.S. facility since 2008.
Trekor Metals trades as TKO on the TSX and TGB on NYSE American; the company changed its name from Taseko Mines in June 2026.18 It operates the Gibraltar copper-molybdenum mine in British Columbia and is ramping Florence Copper in Pinal County, Arizona. Florence uses in-situ copper recovery (ISCR) and produced its first cathode in February 2026, marking the first new copper production from a greenfield U.S. facility since 2008.19
Florence is now producing at scale: Q2 2026 output was 5.2 million pounds of copper cathode with 5.3 million pounds sold, with 110 production wells feeding the SX/EW plant by quarter-end and the ramp progressing in line with management expectations. 2026 Florence guidance is unchanged at 30 to 35 million pounds.20
U.S. Copper Assets
In-situ copper recovery (ISCR) operation extracting copper from an in-situ wellfield with on-site SX/EW. Design capacity 85 Mlbs per year of LME Grade A cathode at life-of-mine C1 of $1.11 per pound per the March 2023 NI 43-101; P&P reserves of about 1.0 Mt of contained copper over a 22-year mine life.21
Current developments
Trekor targets 2027 for Florence to reach design capacity.20 Its operating performance during the ramp will provide commercial-scale evidence for the project’s ISCR design. Mitsui holds a stream over 2.67% of Florence production and an option to convert that interest into a 10% joint venture.22 A separate royalty held by Taurus Mining Royalty Fund covers 2.05% of gross revenue over the mine life.22
The key risks are ramp execution, reliance on the Gibraltar mine in Canada as the sole cash generator until Florence reaches scale, and roughly C$559 million of net debt with 8.25% senior secured notes due 2030.
Hudbay Minerals (HBM.TO)
Hudbay’s major near-term copper growth projects (Copper World, Cactus, Mason) all sit in Arizona and Nevada, while its operating mines remain in Canada and Peru.
Hudbay Minerals operates Constancia in Peru, Copper Mountain in British Columbia and Snow Lake in Manitoba. All three mines are outside the United States. Its U.S. development portfolio comprises Copper World and Cactus in Arizona and Mason in Nevada.
Mitsubishi completed its $600 million investment in the Copper World joint venture on January 12, 2026.23 Hudbay completed its approximately US$1.48 billion all-stock acquisition of Arizona Sonoran Copper Company on June 24, 2026, adding the Cactus project to its portfolio.2425 Hudbay expects to make a final investment decision on Copper World in the second half of 2026.26
U.S. Copper Assets
Phase I PFS (2023) targets an average 85 kt Cu per year over a 20-year mine life, using 385 Mt of reserves on a much larger ~1.2 Bt M&I base. The Mitsubishi joint venture leaves Hudbay’s residual equity contribution at roughly $200 million, deferred to 2028 at the earliest.23
Per the October 2025 PFS, 465 Mt of reserves at 0.52% Cu with a life-of-mine average of 103 kt Cu per year via conventional open pit, heap leach, and SX/EW cathode. Sits on private land with water rights to 2070 and existing power and rail access. Hudbay intends to update the PFS to its own technical assumptions.25
A 2021 preliminary economic assessment outlined a 27-year mine life and approximately 140 kt of annual copper production over the first ten years. Hudbay began pre-feasibility work in 2026 and expects to complete the study in the second half of 2027.26
Current developments
Hudbay’s July 2026 second-quarter report said engineering for the Copper World definitive feasibility study was 95% complete and that a sanctioning decision remained on schedule for late 2026. The company expects the study to show higher capital costs than the 2023 pre-feasibility study.26 Copper World is designed to produce an average of 85 kt of copper a year during its initial phase, with Mitsubishi holding a 30% interest.23 After completing the Cactus acquisition, Hudbay said annual copper production could exceed 250 kt by 2030 and 350 kt following staged development of Cactus.2425
Investment angle
Hudbay reported $1.04 billion of total liquidity at June 30, 2026, including $890.9 million of cash.26 Mitsubishi’s 30% participation reduces Hudbay’s share of the funding required for Copper World. Integration of Cactus and higher capital costs in the definitive feasibility study remain development risks. Constancia in Peru continues to account for a material share of Hudbay’s current production.
Sumitomo Metal Mining (5713.T)
SMM owns 25% of FCX’s Morenci mine as a passive investor.
Sumitomo Metal Mining is a Tokyo-listed integrated metals company and a non-operating investor in several copper mines. Its principal U.S. interest is a 25% stake in Freeport-McMoRan’s Morenci mine in Arizona, first acquired in 1986 and expanded in 2016.27 Morenci is SMM’s largest copper asset by attributable production.28 Freeport operates the mine and controls its production decisions.
U.S. Copper Assets
Operated by Freeport-McMoRan; see the Freeport profile for the asset itself. SMM’s attributable share of 2025 Morenci production was roughly 78,300 tonnes of copper (25% of ~313,000 t at 100%).3 Per SMM’s 3-Year Business Plan 2027 materials, its Morenci interest holds approximately 1.95 Mt of copper in proven and probable reserves on a 25% attributable basis.29
Current developments
Morenci is the largest contributor to Freeport’s leach-recovery programme. SMM participates economically in incremental Morenci production according to its ownership interest but does not control the programme.285 Outside the United States, SMM agreed in May 2025 to acquire 30% of Rio Tinto’s Winu copper-gold project in Western Australia for up to $430.4 million.30
Antofagasta (ANTO.L)
Antofagasta’s Twin Metals Minnesota project holds 13 million tonnes of copper resource, but federal lease cancellations have it frozen in litigation with no production timeline.
Antofagasta is a UK-listed, Chilean-controlled copper major with a single U.S. asset: Twin Metals Minnesota, blocked since the Biden administration cancelled the federal mineral leases in 2022.31
On April 27, 2026, a congressional joint resolution became law, reversing the 20-year mineral withdrawal that had closed 225,504 acres of the Superior National Forest to new leasing.32 The law reopened the area to new leasing but did not restore Twin Metals’ cancelled leases, which remain in dispute. The project reports a resource of 2,509 Mt at 0.52% copper, equivalent to approximately 13 Mt of contained copper.31
U.S. Copper Assets
Underground copper-nickel-PGM project near Ely in northern Minnesota.31 Resource of 2,509 Mt at 0.52% Cu, equivalent to 13 Mt of contained copper. On legal hold pending litigation over the federal lease cancellations.
Current developments
Twin Metals cannot resume permitting unless its federal leases are restored. It would then require federal and Minnesota state approvals, with environmental opposition likely to remain material. Copper’s addition to the USGS Critical Minerals List in November 2025 does not remove those requirements.1 Antofagasta’s current production remains in Chile, where its four mines produced 653,700 tonnes of copper in 2025.31
Ivanhoe Electric (IE)
Ivanhoe Electric anticipates first copper cathode from Santa Cruz in Q2 2029, a 72 kt-per-year operation that would meaningfully add to U.S. domestic supply.
Ivanhoe Electric is an NYSE American-listed copper developer that owns the Santa Cruz Copper Project in Arizona. The company targets first cathode production in Q2 2029 under the revised schedule announced in May 2026.33 It also operates the Typhoon deep-imaging platform through exploration partnerships with BHP in the southwestern United States, Ma’aden in Saudi Arabia and SQM in Chile.13 Robert Friedland serves as Executive Chairman.
U.S. Copper Assets
Underground copper development on roughly 5,975 acres of company-owned private land between Phoenix and Tucson. Mineral reserves of approximately 1.5 Mt of contained copper at 1.08% Cu. June 2025 PFS: $1.24 billion initial capex34, 23-year mine life, first-15-year average of 72 kt Cu per year, and first-quartile life-of-mine C1 of $1.32/lb. Heap-leach SX/EW produces 99.99% pure cathode on site with no smelting. Following the May 2026 decision to develop the access decline with a tunnel-boring machine33, first cathode is expected in Q2 2029.
Current developments
Ivanhoe received its Site Development Plan approval in March 2026 and says it holds the permits needed to commence initial construction: box-cut excavation is scheduled for Q3 2026, with first oxide ore on the heap-leach pads targeted for Q4 2028.33 Production permits (including the Individual Aquifer Protection Permit for steady-state operation) and project financing close remain the outstanding execution gates. IE closed a $200 million senior secured bridge facility in December 202535 and holds an $825 million Export-Import Bank letter of interest, which is explicitly non-binding.36
Investment angle
Ivanhoe Electric is pre-revenue, and the Santa Cruz pre-feasibility study estimates initial development capital of $1.24 billion.34 The investment outcome depends on securing project financing, obtaining the remaining production permits and executing construction. Tintic in Utah, Hog Heaven in Montana and the company’s exploration alliances provide additional exploration exposure outside Santa Cruz.
Northern Dynasty Minerals (NAK)
The Pebble deposit holds an estimated 26 million tonnes of copper in measured and indicated resources, but the EPA’s 2023 veto effectively blocks the current mine plan.
Northern Dynasty Minerals is a Vancouver-based, single-asset developer whose investment case rests on the Pebble Project in southwest Alaska. Pebble is one of the world’s largest undeveloped copper-gold-molybdenum-rhenium deposits, but it faces two separate federal obstacles: the U.S. Army Corps of Engineers denied the project’s Clean Water Act Section 404 permit in 2020 (a decision Northern Dynasty is still contesting through the appeals process), and the EPA invoked Section 404(c) of the Clean Water Act in January 2023 to effectively veto the current mine plan, citing risks to the Bristol Bay salmon fishery.3738 Northern Dynasty is currently in summary judgment litigation seeking to overturn the EPA veto.3839
Northern Dynasty’s near-term prospects depend principally on the litigation over the EPA determination. A court decision overturning that determination would not make Pebble construction-ready. The company would still need to resolve the separate Corps permit denial, complete feasibility-level engineering, declare reserves, secure financing and a development partner, and address longstanding opposition among commercial-fishing and Alaska Native coastal stakeholders.3837
U.S. Copper Assets
One of the world’s largest undeveloped copper-gold-molybdenum deposits: measured and indicated resources of 6.5 Bt at 0.40% Cu, roughly 26 Mt of contained copper, plus significant gold, molybdenum, and silver. No mineral reserves are declared; the blocked permitting path has kept feasibility-level work from being completed.38
Current developments
The Department of Justice filed a brief supporting the EPA determination on February 17, 2026.40 The Alaska federal district court heard oral argument on June 25, 2026, and its decision remains pending.39 Copper’s addition to the Critical Minerals List in November 2025 has not removed either of Pebble’s federal permitting obstacles.13738
Teck Resources (TECK)
Teck’s U.S. copper exposure is its 50% stake in NewRange, a Minnesota project that has spent more than a decade in permitting and may now be reshaped by the pending Anglo-Teck merger.
Teck Resources holds U.S. copper exposure that is strategically small relative to its Chilean, Peruvian, and Canadian operating portfolio. Its U.S. asset is a 50% stake in NewRange Copper Nickel, the Minnesota joint venture with Glencore that combines the NorthMet (formerly PolyMet) and Mesaba deposits, two large undeveloped polymetallic resources in the Duluth Complex.41
Teck and Anglo American announced their proposed merger of equals on September 9, 2025. They expect the transaction to close between September 2026 and March 2027. The combined company’s capital-allocation decisions could affect the priority assigned to NewRange.4243
U.S. Copper Assets
Two polymetallic copper-nickel-cobalt-PGM deposits: NorthMet, the more advanced project with key permits challenged in litigation and remand, and the earlier-stage Mesaba deposit. Combined 100%-basis measured and indicated resources total approximately 2,993 Mt at an average grade of about 0.32% copper, equivalent to roughly 9.5 Mt of contained copper. Teck’s 50% attributable share is approximately 4.75 Mt.41
Current developments
NorthMet remains subject to permitting proceedings and litigation. On July 29, 2026, NewRange submitted proposed design changes to the Minnesota DNR, including an increase in ore production from approximately 32,000 to 40,000 tons per day, a shorter mine life, a covered conveyor in place of rail transport and in-pit tailings disposal. The DNR is reviewing whether a supplemental environmental impact statement is required.44 Mesaba would require a separate development process. The proposed Anglo-Teck combination would create a top-five global copper producer with more than 70% copper exposure.42 It received Investment Canada Act approval in December 2025 and South Korean approval in Q1 2026.45 Anglo American reported in July 2026 that Chinese antitrust clearance was the final outstanding regulatory approval and retained the September 2026 to March 2027 completion window.43
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Risks
Permitting and litigation affect Resolution Copper, Twin Metals, Pebble and NorthMet. Resolution Copper completed its federal land exchange in March 2026 after more than a decade of legal and permitting disputes but remains many years from production.6 Twin Metals’ federal mineral leases remain cancelled and in dispute.31 Pebble is subject to an EPA Section 404(c) determination, which the Department of Justice supported in a February 2026 court filing.4037 NorthMet remains involved in permitting proceedings and litigation.44 The timing and outcome of each process remain uncertain.
Development timelines for major underground U.S. copper projects vary widely and remain subject to permitting, financing and construction risk. BHP at Resolution, Sumitomo at Morenci and Teck at NewRange cannot independently control development or operating decisions.6112841 Rio operates Resolution and holds the majority interest, so its position differs from those non-operating or equally owned interests.6 The table also includes both reserves and resources. Pebble and Twin Metals report large resources but no mineral reserves, and their resource figures should not be treated as demonstrated mine economics.3138
Refined copper cathode remains outside the current Section 232 copper tariffs. Semi-finished and derivative copper products have been subject to tariffs since August 2025, and the regime was revised in April and June 2026.464748 The 2025 proclamation directed the Commerce Department to report by June 30, 2026 on whether duties of 15% in 2027 and 30% in 2028 should apply to refined copper. No public determination had followed that deadline as of August 12, 2026.464748 Any subsequent change could affect the economics of domestic production and imported refined copper.
The USGS reported an average U.S. producer cathode price of US$4.90 per pound for 2025.1 Higher copper prices during the first half of 2026 supported producer earnings and cash generation and improved project economics for developers.417 Lower prices would reduce operating cash flow and could delay discretionary development spending.
Conclusion
Several near-term decisions will show how quickly the U.S. copper project pipeline can advance. Hudbay and Freeport expect decisions on Copper World and Bagdad 2X in the second half of 2026.264 Ivanhoe Electric has scheduled Santa Cruz box-cut work for 2026, Florence Copper is ramping toward design capacity in 2027, and Resolution’s enabling-works programme extends through 2027.33206
Other projects have less certain development paths. Twin Metals’ leases remain in dispute, the Department of Justice is supporting the EPA determination affecting Pebble, and Resolution remains many years from production.31406 These companies therefore offer materially different combinations of current output, development timing, ownership and legal risk.
Our copper stocks list covers the broader global producer universe. Our copper ETFs list compares U.S.-listed copper funds by assets, fees and holdings.
References
- U.S. Geological Survey, “Mineral Commodity Summaries 2026: Copper,” February 2026.
- International Energy Agency, “Global Critical Minerals Outlook 2026 (Chapter 2, Outlook for copper),” July 2026.
- Freeport-McMoRan, “2025 Annual Report on Form 10-K,” February 2026.
- Freeport-McMoRan, “Freeport Reports Second-Quarter and Six-Month 2026 Results,” 23 July 2026.
- Freeport-McMoRan, “First-Quarter 2026 Investor Presentation,” 23 April 2026.
- Rio Tinto plc, “United States Forest Service and Resolution Copper Complete Land Exchange (Form 6-K),” March 2026.
- Rio Tinto plc, “Q4 2025 Production Results,” January 2026.
- Rio Tinto plc, “Rio Tinto invests $498 million to develop North Rim Skarn underground at Kennecott (~250,000 tonnes of mined copper over 10 years),” 20 June 2023.
- Rio Tinto plc, “Rio Tinto’s Nuton technology produces first copper,” 4 December 2025.
- Rio Tinto plc, “Full Year 2025 Results press release,” 19 February 2026.
- BHP Group, “Resolution Copper Arizona project page,” Accessed May 2026.
- BHP Group, “BHP and Faraday Copper sign definitive San Manuel agreement,” July 2026.
- Ivanhoe Electric / BHP, “Ivanhoe Electric Announces Exploration Alliance with BHP to Accelerate the Search for Copper and Other Critical Minerals in the United States,” May 2024.
- BHP Group, “Operational Review for the Year Ended 30 June 2026,” 16 July 2026.
- Capstone Copper Corp., “Pinto Valley Mine,” Accessed 13 August 2026.
- Capstone Copper Corp., “Capstone Copper Announces Record 2025 Production Results,” 15 January 2026.
- Capstone Copper Corp., “Capstone Copper Reports Second Quarter 2026 Results,” 30 July 2026.
- Trekor Metals Corp., “Taseko announces name change to Trekor Metals Corp.,” June 2026.
- Taseko Mines Limited, “Taseko announces First Cathode Harvest at Florence Copper,” 2 March 2026.
- Trekor Metals Corp., “Trekor Announces 36 Million Pounds of Copper Production from Gibraltar and Florence Copper in the Second Quarter,” 14 July 2026.
- Trekor Metals Corp. (then Taseko Mines), “NI 43-101 Technical Report: Florence Copper Project,” 30 March 2023.
- Trekor Metals Corp. (then Taseko Mines), “2024 Annual Financial Statements: Florence Royalty Obligation,” February 2025.
- Hudbay Minerals Inc., “Closing of $600 Million Strategic Investment from Mitsubishi Corporation for 30% Joint Venture Interest in Copper World,” 12 January 2026.
- Hudbay Minerals Inc., “Hudbay to Acquire Arizona Sonoran Creating the Third Largest Copper District in North America,” 2 March 2026.
- Hudbay Minerals Inc., “Hudbay Completes Acquisition of Arizona Sonoran to Create the Third Largest Copper District in North America,” 24 June 2026.
- Hudbay Minerals, “Hudbay Delivers Strong Second Quarter 2026 Results and Improves Cash Cost Guidance,” 29 July 2026.
- Sumitomo Metal Mining Co., Ltd., “Corporate History,” Accessed 13 August 2026.
- Sumitomo Metal Mining Co., Ltd., “Integrated Report 2025: Total Copper Interests by Mine,” 2025.
- Sumitomo Metal Mining Co., Ltd., “3-Year Business Plan 2027 presentation, slide 63: Metal Volume Under Mineral Resource Interests (1) Copper I (Morenci, 25% attributable, 31 December 2024 data),” May 2025.
- Rio Tinto plc / Sumitomo Metal Mining, “Rio Tinto and Sumitomo Metal Mining sign Definitive Agreement for Winu Project joint venture,” 12 May 2025.
- Antofagasta plc, “Full Year Results for the Year Ended 31 December 2025,” 17 February 2026.
- United States Congress, “Public Law 119-85: Disapproval of the Superior National Forest Mineral Withdrawal,” 27 April 2026.
- Ivanhoe Electric Inc., “Ivanhoe Electric to Acquire Robbins Tunnel Boring Machine for Mine Access Development at Santa Cruz,” 11 May 2026.
- Ivanhoe Electric Inc., “Preliminary Feasibility Study for the Santa Cruz Copper Project,” 23 June 2025.
- Ivanhoe Electric Inc., “Ivanhoe Electric Closes $200 Million Bank Credit Facility to Support Santa Cruz Copper Project Development,” 15 December 2025.
- Ivanhoe Electric Inc., “Indication for Up to $825 Million in Financing from Export-Import Bank of the United States,” April 2025.
- U.S. Environmental Protection Agency, “Final Determination for the Pebble Deposit Area,” Accessed 13 August 2026.
- Northern Dynasty Minerals Ltd., “Management’s Discussion and Analysis for the Three Months Ended March 31, 2026,” May 2026.
- KDLG, “Federal judge hears oral arguments in Pebble mine case; decision pending,” 26 June 2026.
- Northern Dynasty Minerals Ltd., “Response to DOJ Brief,” February 2026.
- Teck Resources Limited, “2025 Annual Information Form,” February 2026.
- Anglo American plc, “Anglo American and Teck shareholders approve merger of equals to form Anglo Teck,” 9 December 2025.
- Anglo American plc, “Q2 2026 Production Report,” 23 July 2026.
- Minnesota Department of Natural Resources, “Minnesota DNR Receives Notice of Proposed Changes to NorthMet Project,” 29 July 2026.
- Teck Resources Limited, “Q1 2026 Results News Release,” 22 April 2026.
- The White House, “Adjusting Imports of Copper into the United States,” 30 July 2025.
- The White House, “Strengthening Actions Taken to Adjust Imports of Aluminum, Steel, and Copper into the United States,” 2 April 2026.
- The White House, “Further Adjusting the Tariff Regimes for Imports of Aluminum, Steel, and Copper into the United States,” 1 June 2026.
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