11 Listed Companies with Copper Projects in the U.S.
Who mines American copper today, who is building the next generation of mines, and which giant deposits remain stuck in permitting.
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
This guide profiles 11 publicly traded companies with operating or development-stage copper assets in the United States. It spans U.S., Canadian, U.K., Australian, and Japanese listings. Companies are included on the strength of their U.S. copper exposure, even where that exposure is a small piece of a much larger global portfolio.
What unifies the 11 is geography rather than business model. The list ranges from the only U.S. copper major still mining at scale (Freeport-McMoRan) through global diversified majors with a single transformational U.S. project (Rio Tinto and BHP at Resolution Copper), pure-play mid-tier operators with a U.S. footprint (Capstone, and Trekor Metals, formerly Taseko Mines), a clean U.S. growth-via-development story (Hudbay across Copper World, Cactus, and Mason), passive equity-stake investors (Sumitomo at Morenci), and permitted-but-blocked or pre-construction developers (Antofagasta at Twin Metals, Ivanhoe Electric at Santa Cruz, Northern Dynasty at Pebble). Teck Resources rounds out the list as a holder of long-dated U.S. optionality at NewRange that the parent has positioned as a footnote relative to its Chilean and Canadian assets.
In the comparison table below, 2025 output figures are mined copper on an attributable basis: Sumitomo’s figure is its 25% share of production at Freeport-operated Morenci, and Rio Tinto’s is Kennecott mined (not refined) output. Contained-copper figures carry the basis tags explained beneath the table and are not directly comparable or summable 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 | $90B |
 Rio TintoRIO |
Kennecott + Resolution (55%) | Op + dev | 125 | 14.7M* | $149B |
 Sumitomo Metal Mining5713.T |
Morenci (25%, passive) | Operating | 78 | 2.0R* | $12B |
 Capstone CopperCS.TO |
Pinto Valley | Operating | 42 | 1.0R | $7B |
 Trekor MetalsTKO.TO |
Florence Copper | Ramping | – | 1.0R | $3B |
 BHP GroupBHP |
Resolution (45%); Faraday pending | Development | – | 12.1M* | $209B |
 Hudbay MineralsHBM.TO |
Copper World, Cactus, Mason | Development | – | 3.7RM | $10B |
 Ivanhoe ElectricIE |
Santa Cruz | Development | – | 1.5R | $1B |
 AntofagastaANTO.L |
Twin Metals (MN) | Suspended | – | 13M | $48B |
 Teck ResourcesTECK |
NewRange (50%) | Permitting | – | 4.6M* | $30B |
 Northern Dynasty MineralsNAK |
Pebble (AK) | Blocked | – | 26M | $870M |
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 July 24, 2026.
Freeport-McMoRan (FCX)
FCX mines more than half of all copper produced in the United States.
Freeport-McMoRan (FCX) is the key player in the U.S. copper industry. Of the roughly 1.0 million tonnes of copper produced in the United States in 2025, Freeport mined more than half of it.12 The company brands itself “America’s Copper Champion” and the math supports the slogan. Seven producing operations across Arizona and New Mexico make FCX the only U.S.-listed copper major with material domestic production. Phoenix is the head office; copper has been the corporate identity since the 2007 Phelps Dodge merger.
Beyond copper mining, FCX operates the Climax and Henderson primary molybdenum mines in Colorado, the El Paso refinery and rod mill, and the Atlantic Copper smelter in Spain. The company’s U.S. Rod & Refining reporting segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills. These operations process copper primarily produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. FCX operations account for ~70% of total U.S. refined copper production.
U.S. Copper Assets
Produced approximately 690 Mlbs of copper in 2025 on a 100% basis (497 Mlbs attributable to FCX at 72%). Centerpiece of FCX’s “innovative leach” growth runway, scaling toward 800 Mlb per year by 2030. History at the site dates back to Phelps Dodge & Company investment in 1881.
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 for roughly $3.5 billion in capex, adding 200 to 250 Mlb of incremental copper.
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 to add 300–400 Mlbs/yr of production beginning in the 2030s.2
Produced 184 Mlbs of copper in 2025; molybdenum is a separately reported by-product at the operation.2
Produced 9 Mlbs in 2025, all from leaching material already placed on stockpiles (the site no longer mines ore). Small but strategically critical as home to one of the two operating primary copper smelters in the United States, alongside Rio Tinto’s Kennecott.
Produced 150 Mlbs in 2025, with the highest reserve grade in the U.S. portfolio at 0.47% Cu.
Produced 32 Mlbs in 2025. Rounds out FCX’s seven-operation U.S. footprint.
What to watch in 2026
The Bagdad 2X FID decision targeted for 2H 2026 is the single largest near-term U.S. copper growth decision across any listed company on this list: a $3.5 billion brownfield expansion adding 200–250 Mlbs/yr over a 3–4 year build at an existing brownfield operation (FCX is advancing tailings and local-infrastructure work ahead of a decision; any remaining permitting steps sit within an operating-site footprint rather than a greenfield process).2 The leach initiative is already delivering: Q4 2025 run-rate hit 240 Mlbs/yr, with management targeting 300–400 Mlbs/yr in 2026–27 en route to 800 Mlbs/yr by ~2030. A large-scale heated-leach pilot is planned at Morenci for 2026. Pre-feasibility work on a potentially significant Safford/Lone Star sulfide expansion is also underway.
Indonesia remains the overhang. The September 2025 mud rush at Grasberg has pushed full ramp-up to mid-to-late 2027, and Grasberg accounts for approximately 28% of FCX’s NAV per a Bank of America analyst estimate (an analyst figure, not company disclosure), meaning the stock’s near-term recovery depends as much on Indonesia as on U.S. copper momentum.
Management view
“We call ourselves America’s copper champion, and we are aggressively pursuing a series of initiatives to enhance our U.S. business through innovation, automation, and investment in expanded facilities. These initiatives are designed to add production at a low incremental cost and improve profitability and resiliency of our valuable U.S. business. In an industry where development lead times can span more than a decade, our U.S. business is strongly positioned with the potential for a 60% increase in copper production over the next several years.”
Kathleen Quirk, President & CEO, Q1 2026 Earnings Call, 23 April 2026
Investment angle
FCX is the largest and most liquid direct U.S. copper play in the public markets (mining more than half of all U.S. copper output) and is positioning itself as America’s Copper Champion at a moment of heightened domestic copper demand. Roughly a third of company copper production comes from U.S. soil; the remainder splits between Cerro Verde in Peru, Grasberg in Indonesia, and El Abra in Chile. For investors targeting U.S. copper exposure, FCX is the dominant, highest-liquidity expression of the thesis.
There are three significant growth catalysts to further increase the company’s U.S. copper production: (1) the Bagdad 2X brownfield expansion decision in 2H 2026, the largest potential new U.S. copper mine construction project in decades, adding 200–250 Mlbs/yr on brownfield ground with a ~$3.5 billion price tag; (2) the innovative leach initiative, which adds hundreds of millions of pounds of production per year at low incremental capital and (3) the Safford/Lone Star district, where pre-feasibility work is progressing toward a large sulfide expansion at one of the higher-grade operating U.S. open-pit mines. The expansion could see an additional 300–400 Mlbs/yr beginning in the 2030s. The counterweight is Indonesia: Grasberg’s delayed ramp-up is a material drag on 2026–27 earnings and free cash flow. For investors specifically interested in U.S. copper exposure, the leach ramp and Bagdad FID are what matter most in 2026. 2025 revenue was approximately $25.9 billion with adjusted EBITDA around $9.9 billion.2
Rio Tinto (RIO)
After more than a decade of federal permitting battles, Resolution Copper’s land exchange closed in March 2026, unlocking a deposit that could supply up to 25% of U.S. copper demand.
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)5, down 31% from 2024, after planned concentrator and smelter shutdowns in Q3 suppressed output to just 13,000 tonnes that quarter before recovering to 38,400 tonnes in Q4.
Resolution Copper, a 55% Rio / 45% BHP joint venture in Arizona, holds one of the largest undeveloped copper deposits in the world. After years of permitting delays, the land exchange enabling access to the orebody was completed in March 2026, the critical gating step before full feasibility and development can begin. Rio has committed $500 million over two years to enabling works.
Oyu Tolgoi in Mongolia, 66% owned and operated by Rio, is a separate Tier-1 asset and the primary global copper growth engine within the portfolio. While not a U.S. project, its ramp-up underpins the group copper production growth story.
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. Produced 133,600 tonnes of refined copper in 2025, down 31% from 2024 after planned concentrator and smelter shutdowns reduced Q3 output to just 13,000 tonnes. Mined production was stable year-on-year at 125,100 tonnes. The North Rim Skarn underground extension (first production in Q4 2025, with a two-year ramp-up) is expected to deliver approximately 250,000 tonnes of mined copper over 10 years.26
Undeveloped deep-underground porphyry resource of 1.787 Bt at 1.5% Cu, equivalent to roughly 27 Mt contained copper (Rio’s attributable share ~14.7 Mt). Federal land exchange completed March 16, 2026 following a Ninth Circuit ruling in Rio and BHP’s favour. Rio describes Resolution as having the potential to satisfy up to 25% of America’s copper demand for decades to come.
Rio’s proprietary bioleaching technology produced first copper in November 20256, with a four-year demonstration targeting roughly 30 kt total cathode. An anticipated mine-to-metal carbon footprint of 0.82 kg CO2-e per kg copper would be the lowest in the United States.
What to watch in 2026
Rio committed approximately $500 million over two years to support enabling works at Resolution following the land exchange, covering surface drilling, funding for Native American Tribes and local communities, and land-exchange costs. Even with access resolved, Resolution is many years from first production: on GSR’s reading, shaft rehabilitation, infrastructure build, and engineering studies likely push first ore into the 2030s.
Closer in, Kennecott underground studies advance and the North Rim Skarn project starts contributing in 2026. The Nuton demonstration at Johnson Camp continues its four-year ramp toward 30 kt of low-carbon cathode.
Management view
“Completing the land exchange is a significant milestone and another positive step forward for the Resolution Copper project, which has the potential to satisfy up to 25% of America’s copper demand for decades to come. It’s expected to add $1 billion a year to Arizona’s economy and create thousands of local jobs in a region where mining has played an important role for more than a century.
As demand for copper continues to grow, projects like Resolution can play an important role in strengthening domestic supply chains. We acknowledge the support of the U.S. Government and its growing recognition of the need for domestic sources of copper and other critical materials.”
Katie Jackson, Chief Executive, Copper, Rio Tinto, March 2026
Investment angle
Rio Tinto offers leveraged exposure to U.S. copper growth without abandoning iron ore’s cash flow. Copper is one of Rio’s growth pillars, but iron ore still dominates earnings; 2025 copper segment EBITDA of $7.4 billion (up 114% year-on-year) and 11% group copper production growth provide ample cash to fund the development pipeline.4
At Kennecott, management has guided to material copper production growth from 2025 to 2028, driven by the North Rim Skarn underground extension and optimisation of the existing circuit.
Resolution Copper is long-dated, high-optionality exposure to one of the world’s largest undeveloped deposits: the land exchange in March 2026 removed the single biggest permitting obstacle. Full development still requires further feasibility work, federal review, and significant capital, making this a decade-scale catalyst rather than a near-term one. For investors already holding Rio for iron ore and Oyu Tolgoi, the Resolution optionality comes close to free, in our view.
BHP Group (BHP)
BHP has spent more than a decade and hundreds of millions on Resolution Copper without producing a single pound of U.S. copper.
BHP’s U.S. copper story is one major project, a pending district investment, and two early-stage exploration plays. The world’s largest mining company by market cap, BHP currently produces zero copper on U.S. soil despite holding 45% of Resolution Copper, the long-delayed Arizona joint venture with Rio Tinto.7
In July 2026, BHP agreed to transfer its San Manuel property in Arizona to Faraday Copper in exchange for shares equal to about 30% of Faraday on a fully diluted basis (roughly 32.5% non-diluted including BHP’s March 2026 private placement). Closing is expected in the quarter ending September 30, 2026, subject to regulatory approval and Faraday shareholder approval.32
BHP’s operating copper portfolio is dominated by Escondida in Chile (57.5%, the world’s largest copper mine), Spence (100%), Olympic Dam in Australia (100%), and a 33.75% non-operated stake in Antamina in Peru. The U.S. position is development optionality plus, pending closing, a strategic equity stake in an emerging Arizona copper district.
U.S. Copper Assets
Undeveloped deep-underground porphyry resource of 1.787 Bt at 1.5% Cu, equivalent to roughly 27 Mt contained copper (BHP’s attributable share ~12.1 Mt). Federal land exchange completed March 16, 2026 following a Ninth Circuit ruling.3 BHP positions Resolution as having the potential to become the largest copper producer in North America.7
In July 2026 BHP agreed to transfer its San Manuel property, adjacent to Faraday Copper’s Copper Creek project north-east of Tucson, to Faraday in exchange for shares equal to about 30% of Faraday on a fully diluted basis, roughly 32.5% non-diluted including BHP’s March 2026 private placement, plus offtake and participation rights. Closing is expected in the quarter ending September 30, 2026, subject to regulatory and Faraday shareholder approval.32
$15 million committed over three years to fund regional exploration with Ivanhoe Electric’s Typhoon geophysical technology.8 Six areas across Arizona, New Mexico, and Utah covering roughly 3,655 km². First deep-penetrating Typhoon surveys commenced in Arizona in late 2024, with 5,600 line-km of airborne magnetic and 1,500 line-km of hyperspectral surveying completed; drilling staged for subsequent phases. Any discoveries become 50/50 joint ventures.
A long-held BHP property near Capstone’s Pinto Valley in the Globe-Miami district. Capstone’s two-year extended exploration access agreement ran to July 2025; a $6.7 million two-phase drill program was completed and, per both companies’ disclosures to date, no acquisition has been announced.9
What to watch in 2026
With Rio Tinto leading the post-exchange enabling-works campaign at Resolution, BHP’s role is largely financial. BHP’s 45% share of the roughly $500 million two-year program implies approximately $225 million on a pro-rata basis (GSR arithmetic; BHP has not disclosed its exact funding share), covering surface drilling, funding for Native American Tribes and local communities, and land-exchange costs. Resolution is still many years from first production; on GSR’s reading, shaft rehabilitation, infrastructure build, and engineering studies likely push first ore into the 2030s.
Closing of the Faraday/San Manuel transaction, expected in the quarter ending September 30, 2026, would convert a long-idle legacy property into a roughly 30% fully diluted stake in Faraday Copper.32 The Ivanhoe Electric Alliance drilling results from the Arizona porphyry targets could be material if successful.8 BHP continues to position copper publicly as a ‘future-facing’ commodity, with copper growth competing internally for capital against iron ore expansion and the Jansen potash project in Canada.
Management view
“Resolution Copper has the potential to be the largest copper mine in the US, and a game changer for US domestic supply for hundreds of industries. It is positioned to be an engine for economic growth in the US — creating thousands of high value local jobs and billions in economic activity nationwide.”
Brandon Craig, President Americas, BHP, March 2026
Capstone Copper (CS.TO)
Pinto Valley first entered production in 1974, making it one of America’s oldest active copper mines and Capstone’s only U.S. asset.
Capstone Copper is, in GSR’s assessment, the cleanest mid-tier pure-play copper company on the list with a U.S. operating asset. Pinto Valley, in Arizona’s Globe-Miami mining district, first produced copper in 1974. Mining and milling were suspended in 1998, restarted briefly in 2007-09, and restarted again in 2012-13;31 production has continued under Capstone since 2013 and today forms about 19% of Capstone’s total copper output.
The other three Capstone mines (Mantoverde and Mantos Blancos in Chile, Cozamin in Mexico) produced roughly 183,000 tonnes of Capstone’s record 224,764 tonnes of copper in 2025, but Pinto Valley is the company’s only U.S. footprint and the platform for a potentially significant district expansion.
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 and AISC of $5.22/lb (the highest in Capstone’s portfolio), generating $441.9 million of revenue. P&P reserves of 954 kt copper sit on a much larger M&I resource of 3,897 kt copper. Mill grade roughly 0.28 to 0.32% Cu, well below the more than 0.50% grades at Capstone’s Chilean operations.
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. Capstone held a two-year extended exploration access agreement on BHP’s Copper Cities deposit (less than 10 km from Pinto Valley) through July 2025; a $6.7 million two-phase drill program is complete and no acquisition has been announced.
What to watch in 2026
Pinto Valley’s biggest issue is operating reliability.10 Q1 2026 throughput was only 35,000 tpd (vs. 49,597 tpd in Q1 2025 and 60,000 tpd design), hit by roughly 12 days of unplanned maintenance from filter plant and concentrate storage roof failures. 2026 guidance is 42 to 48 kt copper at C1 of $3.00 to $3.30 per pound11, modest growth and still well below the mill’s design potential. A planned 10-day shutdown in Q3 2026 to rebuild the primary crusher mainframe is framed as a reliability reset.
The district growth study could be a multi-year catalyst if it converts a meaningful slice of the 1 Bt M&I resource into reserves.
Investment angle
In our view, Capstone is a high-quality mid-tier with a clean copper-only story across the Americas. The U.S. exposure (Pinto Valley) is currently a low-growth, reliable-but-uneven asset that has been overshadowed by the company’s Chilean growth story (Mantoverde Optimized, Santo Domingo development). The district expansion concept could change that, but only if Capstone allocates serious capital to the U.S. asset over the next several years.
For investors who want pure-play copper with a U.S. operational footprint and meaningful Chilean growth, Capstone is the closest fit in this list.
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 (TKO on the TSX, TGB on NYSE American; known as Taseko Mines until its June 2026 name change33) is the smallest, most U.S.-focused producer on this list. The British Columbia-based company runs the Gibraltar copper-molybdenum mine in Canada (its 2025 cash generator) and is ramping up Florence Copper in Pinal County, Arizona, a low-cost in-situ copper recovery (ISCR) operation that produced its first cathode in February 2026, the first new copper production from a greenfield U.S. facility since 2008.1213
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.34
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 (about 38.5 kt) of LME Grade A cathode at LOM C1 of $1.11 per pound per March 2023 NI 43-101. 22-year mine life. P&P reserves of 320 million short tons at 0.36% Cu, about 1.0 Mt of contained copper (2.3 Bn lbs). Total construction cost $274.6 million. Q2 2026 production was 5.2 Mlbs of cathode; 2026 guidance is 30 to 35 Mlbs as the ramp continues, with design capacity of 85 Mlbs targeted in 2027.34
What to watch in 2026
Florence is the most concrete near-term U.S. copper supply growth story on this list.34 30 to 35 Mlbs (14 to 16 kt) of new cathode is incremental to U.S. supply in 2026, with another 50 Mlbs per year at design capacity in 2027. Trekor also has a Mitsui copper stream (2.67% of Florence production, with Mitsui holding the option to convert to a 10% JV) and a separate net smelter royalty obligation that affects realised pricing.
Yellowhead in British Columbia is Trekor’s next development project, with a 178 Mlbs per year (about 80 kt) LOM average production plan per July 2025 NI 43-101 and currently in environmental assessment. It is a Canadian asset, not U.S.
Investment angle
Trekor Metals is a leveraged, smaller-cap copper play with two operating assets (Gibraltar plus newly-ramping Florence), three additional development projects, and exposure to both Canadian and U.S. tailwinds. The Florence ramp itself is the key catalyst: a successful 2026 ramp validates ISCR technology for U.S. domestic copper production and could become a template for similar oxide deposits.
Risks include single-mine operational risk at Gibraltar until Florence is at scale, Florence ramp execution, and roughly C$559 million of net debt with 8.25% senior secured notes due 2030. The April 2026 corporate deck (published under the Taseko name) guides pro-forma EBITDA of about C$800 million at $5.00 per pound copper with both assets running, a tripling of 2025 actuals.
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 is the cleanest “growth via U.S. development” story on this list. The company operates three mines today (Constancia in Peru, Copper Mountain in British Columbia, and Snow Lake in Manitoba), which produced a combined ~118 kt of copper in 2025 and are guided to roughly 147 kt a year across 2026-28. But all three of its near-term development assets are U.S.-located, in Arizona’s porphyry copper belt and Nevada.
Three things converged in 2026 to make Hudbay’s U.S. pipeline real. Mitsubishi closed its $600 million Copper World joint-venture investment on January 12, 2026.14 Hudbay agreed on March 2, 2026 to acquire Arizona Sonoran Copper Company for roughly US$1.48 billion all-stock15, and completed the acquisition on June 24, 202628, folding the Cactus project into the portfolio as a wholly owned asset. And the Copper World final-investment-decision sanction is expected in 2H 2026.
U.S. Copper Assets
Phase I PFS (2023) targets an average 85 kt Cu per year over a 20-year mine life (first-ten-year average ~92 kt), using 385 Mt of reserves on a much larger ~1.2 Bt M&I base (Phase I uses about 30% of M&I). Capital intensity less than $13,000 per tonne. Mitsubishi closed a $600 million JV transaction on January 12, 2026 ($420M at closing + $180M within 18 months) for 30%. Hudbay’s residual equity contribution is now roughly $200 million, deferred to 2028 at the earliest. Sanction decision expected 2H 2026.
Per Arizona Sonoran’s October 2025 PFS, Cactus has 465 Mt of reserves at 0.52% Cu (5,304 Mlbs contained), with a life-of-mine average of 103 kt Cu per year. Conventional open-pit plus heap leach plus SX/EW producing copper cathode. Located on private land with onsite water rights to 2070, existing 69 kV power, and rail/highway access. Hudbay intends to update the PFS to reflect its own technical assumptions.
PEA-stage (2021) with a 27-plus year mine life and 139 kt Cu per year first-decade average production. Pre-feasibility study work to be initiated in 2026.
What to watch in 2026
The Copper World sanction decision in 2H 2026 is the milestone, with the DFS due mid-2026. Sanctioning an 85 kt-per-year mine in Arizona, with Mitsubishi alongside, would mark the first major new U.S. open-pit copper mine sanction in years. The completed Cactus acquisition (closed June 24, 2026) hands Hudbay a second Arizona project at PFS stage.
On closing the acquisition, Hudbay pointed to more than 250 kt of annual copper production by 2030 and over 350 kt with staged Cactus development; combining current production (~147 kt) with Copper World, Cactus, and Mason at their full PFS and PEA cases illustrates a longer-dated path toward roughly 500 kt Cu per year. Hudbay also introduced its first dividend increase ever (C$0.04 annual, paid C$0.01 quarterly) in February 2026, a confidence signal.
Management view
“This strategic partnership will leverage our organizations’ complementary strengths to deliver this world-class project that will increase Hudbay’s consolidated copper production by more than 50% and create significant value for all of our stakeholders. We are ideally positioned to build one of the next major copper mines in the U.S. and produce ‘Made in America’ copper for the U.S. critical minerals supply chain.”
Peter Kukielski, President and CEO, Hudbay Minerals, January 2026
Investment angle
Hudbay offers leveraged exposure to U.S. permitting tailwinds without the multi-decade timeline of Resolution or Pebble. The Mitsubishi partnership de-risks Copper World significantly: per Hudbay’s own analysis, the PFS IRR rises from 19% on a 100% basis to roughly 90% on a per-Hudbay-share basis after the JV and project-level stream (Hudbay’s own presentation of the deal economics).14 Post-JV-close, Hudbay reported adjusted liquidity of approximately $1.4 billion and net debt of approximately zero.14
Risks include Cactus integration and development execution, Copper World capex inflation between PFS and FID, and Peru concentration through Constancia (Pampacancha satellite pit was depleted in December 2025, so 2026 Peru production leans entirely on Constancia ore until the Maria Reyna and Caballito satellites mature).
Sumitomo Metal Mining (5713.T)
SMM owns 25% of FCX’s Morenci mine as a passive investor.
Sumitomo Metal Mining is a uniquely Japanese take on the U.S. copper supply chain. The Tokyo-listed integrated metals company is a passive equity-stake investor in major copper mines rather than an operator; it takes equity stakes in major copper operations alongside dominant operators. Its largest single U.S. exposure is a 25% stake in FCX’s Morenci mine in Arizona, acquired in two tranches (1986, expanded 2016 for roughly $1 billion).
For SMM, Morenci is its single most productive copper asset by attributable tonnes; for FCX, SMM is a long-term silent partner with no operational say. The remaining 3% of the Morenci JV is held by Sumitomo Corporation (a separate listed trading company), bringing the combined Sumitomo Group interest to 28%.
U.S. Copper Assets
Operated by Freeport-McMoRan. SMM’s attributable share of 2025 Morenci production was roughly 78,300 tonnes of copper (25% of ~313,000 t at 100%; derived from FCX’s 690 Mlbs 100%-basis 2025 figure).2 Per SMM’s 3-Year Business Plan 2027 materials (31 December 2024 data, 25% attributable basis), SMM’s Morenci interest holds approximately 1.95 Mt of copper in proven and probable reserves, 2.38 Mt in measured and indicated resources, and 0.50 Mt inferred.36 On a 100% basis, the mine’s total mineralised material is roughly 12.7 billion short tons at 0.23% Cu, a different (in-situ, whole-orebody) basis from the attributable figures above. Morenci has produced copper since 1872.
What to watch in 2026
SMM has no operational levers at Morenci, since production decisions are FCX’s. What SMM gains from is FCX’s “innovative leach” growth runway at Morenci (targeting 800 Mlb/year by 2030); SMM’s 25% share would scale proportionally.
SMM continues to expand its copper portfolio globally.1617 In May 2025 it signed Definitive Agreements with Rio Tinto for 30% of the Winu copper-gold project in Western Australia for up to $430.4 million ($195 million upfront plus up to $235.4 million in deferred milestone payments), its largest recent investment. SMM’s electrolytic copper production guidance for FY2025 was 454,000 tonnes domestically from the Toyo smelter, one of the world’s largest single-line copper smelters.
Investment angle
SMM is a structurally diversified equity-stake play across global copper assets: Morenci (25%), Cerro Verde (16.8%), Quebrada Blanca (25%), Candelaria (16%), Northparkes (13.3%), plus smelting and battery materials businesses. The U.S. exposure (via Morenci) represents roughly a third of SMM’s attributable copper production. Investors get FCX-like Morenci economics with no operating responsibility, but also no operational control and full economic exposure to the mine’s performance. SMM also offers exposure to the Sumitomo Group ecosystem and Japanese industrial policy on critical minerals.
Risks include nickel market oversupply that has historically hurt SMM earnings (FY2024 was weak), and the highly indirect nature of the exposure (investors are betting on someone else’s mine performance). FY2025 (ending March 2026) net income was ¥176.3 billion, up nearly tenfold from the prior year on record copper and gold prices.
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-incorporated, Chilean-controlled copper major listed in London (copper dominates revenue, alongside by-product molybdenum and gold and a Chilean transport division) with a single U.S. asset: Twin Metals Minnesota, blocked since the Biden administration cancelled the federal mineral leases in 2022. Antofagasta acquired control of Twin Metals through its November 2014 purchase of JV partner Duluth Metals, and formally completed 100% interests in all four constituent deposits (Maturi, Maturi Southwest, Birch Lake, and Spruce Road) in October 2025.18
In April 2026, Congress passed a joint resolution overturning the 20-year mineral withdrawal that had closed 225,504 acres of the Superior National Forest to new leasing.35 The reversal removes the area-wide leasing ban but does not by itself reinstate Twin Metals’ cancelled leases, which remain in dispute, and any restored leases would still face a multi-year federal and state permitting process.
The resource is genuinely enormous (2,509 Mt at 0.52% Cu = 13 Mt contained), but the path to production still runs through federal courts and, after that, Minnesota state regulation.
U.S. Copper Assets
Four underground deposits (Maturi, Maturi Southwest, Birch Lake, Spruce Road) near Ely in northern Minnesota. Resource: 2,509 Mt at 0.52% Cu, 0.17% Ni, 0.47 g/t TPM (Pt + Pd + Au), equivalent to 13 Mt of contained copper. Project envisaged: 18,000 tonnes-per-day underground mine, 25-year life, three concentrates (Cu, Ni/Co, PGMs). On legal hold pending litigation over the federal lease cancellations.
What to watch in 2026
The lease dispute is now the binary catalyst. The April 2026 congressional reversal of the Superior National Forest mineral withdrawal removed one layer of the blockade;35 if federal courts or the administration also restore the cancelled Twin Metals leases, the project could re-enter the permitting pipeline, a process that would still take years at both federal and state level, with Minnesota state regulation and expected environmental opposition live variables. The November 2025 USGS critical-mineral designation for copper provides a federal-policy tailwind that did not exist when the leases were originally cancelled.1
Investment angle
Antofagasta is overwhelmingly a Chilean copper story: 100% of operating production comes from four Chilean mines (Los Pelambres, Centinela, Antucoya, Zaldívar) totalling 653,700 tonnes in 2025. Twin Metals is a relatively small piece of resource on the balance sheet but a meaningful piece of optionality. For investors specifically positioning on U.S. critical-minerals policy and judicial or executive-branch reversals of permitting decisions, Antofagasta offers direct exposure to a Minnesota deposit that could be unblocked.
Risks: Twin Metals resource is genuinely on hold with no current production guidance, and Antofagasta’s operating story is entirely Chilean (which carries its own royalty and water-supply risks). 2025 group EBITDA was $5.2 billion at a 60% margin (the cash flow base supports patience), with FY2026 group copper production guided at 650 to 700 kt.19
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 the closest thing to a pure-play U.S. copper development equity in the public markets. Spun out of Robert Friedland’s High Power Exploration in 2021 and listed on NYSE American in 2022, IE owns the Santa Cruz Copper Project in Arizona’s porphyry belt: an advanced-stage underground development targeting first cathode production in Q2 2029 under the revised schedule announced in May 2026.
The company also operates the Typhoon deep-imaging geophysical platform for exploration, partnered with BHP in the southwestern U.S., Ma’aden across roughly 50,000 km² of the Arabian Shield, and SQM on Chilean copper belts. Robert Friedland is Executive Chairman; CEO Taylor Melvin runs day-to-day operations.
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 contained Cu at 1.08% Cu; Indicated resource of 3.1 Mt at 0.95% Cu (inclusive of reserves). June 2025 PFS: $1.24 billion initial capex20; 23-year mine life; first-15-year average 72 kt Cu per year; LOM C1 of $1.32/lb (first quartile globally on a co-product basis). Heap-leach SX/EW produces 99.99% pure cathode with no smelting. Following the May 2026 decision to develop the access decline with a tunnel-boring machine29, first oxide ore is expected on the heap-leach pads in Q4 2028 and first cathode in Q2 2029.
Tintic is an exploration-stage porphyry copper-gold target with ongoing drilling. Hog Heaven is a discovery-stage epithermal/porphyry play with the Battle Butte porphyry system; over 24,400 metres drilled across 22 holes since drilling began.
BHP committed $15 million over three years to fund Alliance exploration across six areas of interest in Arizona, New Mexico, and Utah (roughly 3,655 km²). First Typhoon surveys completed in Arizona and Utah; first drilling commenced in October 2025 at an Arizona porphyry copper target. Any discoveries become 50/50 joint ventures.
What to watch in 2026
Ivanhoe received its Site Development Plan approval in March 2026 and says it holds the permits needed to commence initial construction. Site preparation is under way: box-cut excavation is scheduled for Q3 2026, tunnel-boring-machine decline development for Q3 2027, and first oxide ore on the heap-leach pads for Q4 2028. Production permits (including the Individual Aquifer Protection Permit for steady-state operation) and project financing remain the outstanding execution gates. IE has secured a $200 million bank credit facility (December 2025) and holds an $825 million Export-Import Bank letter of interest, which is explicitly non-binding (April 2025).21
Drilling at the BHP Alliance Arizona targets could deliver discovery results, and the SQM collaboration in Chile (2,000+ km² of mining concessions) could trigger a 50/50 JV on any discovery of at least 1 million tonnes of copper.
Management view
“It was an honor to have our company represented during today’s announcement in the Oval Office of the White House. Project Vault is a major step forward in advancing a resilient, domestic supply of critical minerals for the United States. Ivanhoe Electric is proud to be developing a significant contributor to U.S. copper supply at our modern Santa Cruz Copper Project in Arizona.”
Taylor Melvin, President and CEO, Ivanhoe Electric, February 2026
Investment angle
IE is the highest-beta pure-play U.S. copper developer on this list: small market cap, no producing asset, and pre-revenue; Santa Cruz remains a development-stage project with a high-conviction financing-and-execution thesis. Bull case: Santa Cruz delivers on schedule, becomes operational just as U.S. critical-mineral policy supports new domestic supply, IE becomes a producer; the Tintic and Hog Heaven exploration plays deliver upside; and the Typhoon technology generates partner revenues across the BHP, Ma’aden, and SQM arrangements.
Bear case: permitting slips, financing terms become dilutive, copper price weakens, Santa Cruz becomes a multi-year drag. Risks include 100% pre-revenue status, roughly $173 million of cash on the December 2025 balance sheet (about $373 million of liquidity including the undrawn $200 million credit facility), and execution complexity in delivering a $1.24 billion underground build. Note that IE’s exploration footprint extends well beyond the U.S. (see our coverage of the Ivanhoe Electric and SQM partnership in Chile), so the equity is not a purely U.S.-focused bet. For investors comfortable with developer-stage exposure to U.S. critical minerals, IE is the cleanest expression of that thesis.
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.22
Northern Dynasty is currently in summary judgment litigation seeking to overturn the EPA veto.30
U.S. Copper Assets
Open-pit Cu-Au-Mo-Ag-Re mine 200 miles from Anchorage and 125 miles from Bristol Bay. Mineral resources at 0.3% CuEq cutoff: M&I 6.5 Bt at 0.40% Cu = 57 Blbs (roughly 26 Mt) Cu, 71 Moz Au, 3.4 Blbs Mo, 345 Moz Ag; Inferred 4.5 Bt with proportional metal content. No mineral reserves are declared: declaring reserves requires feasibility-level technical and economic work with modifying factors applied, and Pebble’s blocked permitting path has kept that work from being completed. A royalty investor provided $60 million to Pebble Limited Partnership in five $12 million tranches (final tranche received October 2025) to fund operations, in exchange for future royalty rights on gold and silver production.22
What to watch in 2026
The court case challenging the EPA’s 2023 Final Determination is the binary catalyst. Northern Dynasty filed summary judgment motions in July 2025 and joined plaintiffs (State of Alaska, Iliamna Natives Ltd) in opening briefs in October 2025. The U.S. Department of Justice filed a brief on February 17, 2026 that backed the EPA veto, a setback for Northern Dynasty and a signal that the Trump administration’s posture on Pebble is opposition rather than the settlement openness initially anticipated. Plaintiffs (Northern Dynasty, State of Alaska, and Iliamna Natives Ltd) filed their final reply briefs on April 14, 2026. The Alaska Federal District Court heard oral argument on June 25, 2026, with the administration continuing to defend the EPA determination in court; the decision is pending.
Outside the courts, copper’s November 2025 critical-mineral designation gives the project federal-policy backing that did not previously exist, but it has not translated into executive-branch support for unblocking Pebble.
Investment angle
Northern Dynasty is, in GSR’s assessment, a binary policy bet more than a mining bet. The deposit is real and very large; the EPA veto is the primary current federal obstacle, though reversing it would not by itself unlock the project. Pebble would still need the separate Corps permit denial resolved, feasibility-stage engineering and declared reserves, financing and a development partner, and durable local support in a region where commercial-fishing and Alaska Native coastal stakeholders have long opposed the mine. For investors with conviction that U.S. critical-mineral policy will eventually unlock Pebble (court reversal, EPA settlement, or congressional intervention), NAK offers close to pure-play exposure at a market cap that is a small fraction of the deposit’s in-situ value.
For investors who view the EPA veto as durable (it has bipartisan support among Bristol Bay stakeholders, the commercial fishing industry, and Alaska Native corporations on the coast, and the current administration’s DOJ has now affirmed the veto in court), the equity could spend many years going nowhere.23 Pebble has been an investment story for nearly 20 years. The February 2026 DOJ filing pushed the binary back toward the bear case, but the verdict is still pending.30 The resource size, compared with FCX’s roughly 19.3 Mt of U.S. operating-mine reserves, is a useful frame for the optionality even if the comparison mixes reserves and resources.
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. After exiting steelmaking coal (sold to Glencore in 2024) and oil sands (Fort Hills), Teck is now a pure-play critical minerals company anchored by Quebrada Blanca (Chile, 60%), Highland Valley Copper (BC, 100%), Antamina (Peru, 22.5%), and Carmen de Andacollo (Chile, 90%).
Its U.S. asset is a 50% stake in NewRange Copper Nickel, the Minnesota JV with Glencore that combines the NorthMet (formerly PolyMet) and Mesaba deposits, two large undeveloped polymetallic resources in the Duluth Complex. Teck is also in the middle of a proposed merger of equals with Anglo American (announced September 9, 2025; expected to close between September 2026 and March 2027, pending remaining regulatory approvals).
U.S. Copper Assets
Two deposits: NorthMet (formerly PolyMet) with approximately 702 Mt M&I and 441 Mt Inferred; and Mesaba with approximately 2,207 Mt M&I and 1,423 Mt Inferred.27 Combined 100%-basis M&I resource of roughly 2,909 Mt at approximately 0.31% Cu, equivalent to roughly 9 Mt of contained copper (Teck attributable share approximately 4.6 Mt). Both deposits are polymetallic (Cu-Ni-Co-PGM). NorthMet is the more advanced, previously permitted project, with key permits challenged in litigation and remand; Mesaba is earlier-stage.
One of the world’s largest zinc mines by reserves; it produces zinc and lead concentrates, not copper. Reported as a zinc asset, and approaching the end of its current mine life (2031 under existing plan); Red Dog Mine Life Extension study work continues with C$200 to C$250 million of 2026 capital allocated to district drilling.
What to watch in 2026
NewRange faces both the Anglo-Teck merger overlay (Teck’s strategic priorities post-merger may differ) and continued permitting and litigation around NorthMet. Mesaba is far less advanced and would require a separate development pathway.
The Anglo-Teck transaction is expected to close25 within 12 to 18 months of the September 2025 announcement (between September 2026 and March 2027) and would create a top-five global copper producer (“Anglo Teck plc”) with more than 70% copper exposure. Investment Canada Act approval was received in December 2025 and South Korea approval in Q1 202624; China approval is described as advancing as of Q1 2026.
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Risks
Permitting and legal risk is the single largest variable across this list. Resolution Copper’s federal land exchange closed only after a 12-year court battle, and remains many years from first production. Twin Metals has been on legal hold since the Biden administration cancelled the federal mineral leases in 2022. Pebble remains under an EPA Section 404(c) veto that the U.S. Department of Justice reaffirmed in a court filing on February 17, 2026. NorthMet permitting at the Teck-Glencore NewRange JV continues in active litigation. Any of these may break favourably; none can be timed.
Timelines from final investment decision to first production for major new underground U.S. copper mines run a decade or longer. Resolution Copper will need shaft rehabilitation, infrastructure build, and engineering studies on top of the 2026 enabling-works programme. Pebble would require a permitting reset, a completed feasibility study, and a multi-year construction phase even in the most favourable court outcome. Santa Cruz is closer in (Ivanhoe Electric anticipates first cathode in Q2 2029 under its May 2026 revised schedule) but is contingent on production permits, project financing close, and execution of the box-cut and decline works beginning in 2026. Florence Copper, already producing, is the rare exception in this set.
Trade policy is an open variable. The 2026 USGS Mineral Commodity Summaries flag uncertainty over potential U.S. import tariffs on copper materials as a driver of the record 2025 copper price environment. Refined copper cathode has so far remained outside the Section 232 copper tariff, which has applied to semi-finished copper products since August 2025; the proclamation left the door open to future duties on refined copper following a Commerce Department review of the U.S. copper market due mid-2026, so tariff treatment could shift in either direction37 and would materially affect the economics of new domestic supply versus the 57% of refined consumption currently met by imports (Chile 68%, Canada 16%).
Copper price cyclicality is the macro overlay. 2025 was a record year (U.S. producer cathode at US$4.90/lb, COMEX high-grade first position at US$4.80/lb per USGS Mineral Commodity Summaries 2026), and Q1 2026 spot prices ran in the US$5.50 to US$6.50/lb range, lifting earnings across nearly every name on this list and in many cases generating record EBITDA. Bank consensus published in January 2026 calls for averages near US$5.40/lb in 2026; if Q2 to Q4 2026 reverts toward that forecast, cash flow at the operators would compress from Q1 levels and could push capital-allocation decisions toward more conservative timing across both U.S. and non-U.S. projects.
Conclusion
The November 2025 critical-mineral designation formalised a policy shift that had been building through 2025’s tariff and permitting actions. The next 12 to 24 months will deliver discrete tests of how that support translates into project-level outcomes.
The tests are concrete and dated. Hudbay’s Copper World final investment decision is expected in 2H 2026. Ivanhoe Electric’s Santa Cruz project financing is targeted for close in 2026, with box-cut excavation scheduled for Q3 2026 and first cathode now anticipated in Q2 2029. Florence Copper is ramping from 30 to 35 Mlbs in 2026 toward 85 Mlbs design capacity in 2027. Freeport-McMoRan’s Bagdad 2X FID is targeted for 2H 2026. The Resolution Copper enabling-works programme runs through 2026 and 2027. Each milestone on its own would add meaningful U.S. copper supply or sanction new capacity. Together, they could mark one of the most active U.S. copper development windows in decades.
The harder question is the part of the list where policy alignment has not yet translated into project movement. Twin Metals remains frozen in court. Pebble remains blocked, with the current administration’s DOJ defending the veto. Resolution Copper, even after the March 2026 land exchange, remains on GSR’s reading a decade from production. The structural copper shortage thesis does not pay until those projects move. Whether 2026 marks the inflection or another year of waiting will determine which of the 11 names compound from here, and which continue to sit on optionality.
For the full global producer set beyond these 11 U.S.-focused names, see our copper stocks list; for one-ticket exposure to the theme, our copper ETFs list covers every US-listed copper fund with assets, fees and holdings.
References
- U.S. Geological Survey, “Mineral Commodity Summaries 2026: Copper,” February 2026.
- Freeport-McMoRan, “2025 Annual Report on Form 10-K,” February 2026.
- Rio Tinto plc, “United States Forest Service and Resolution Copper Complete Land Exchange (Form 6-K),” March 2026.
- Rio Tinto plc, “Full Year 2025 Results press release,” 19 February 2026.
- Rio Tinto plc, “Q4 2025 Production Results,” January 2026.
- Rio Tinto plc, “Rio Tinto’s Nuton technology produces first copper,” 4 December 2025.
- BHP Group, “Resolution Copper Arizona project page,” Accessed May 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.
- Capstone Copper Corp., “Capstone Copper Announces Record 2025 Production Results,” 15 January 2026.
- Capstone Copper Corp., “Capstone Copper Reports First Quarter 2026 Results,” 29 April 2026.
- Capstone Copper Corp., “Capstone Copper Announces 2026 Guidance,” 17 February 2026.
- Taseko Mines Limited, “Taseko announces First Cathode Harvest at Florence Copper,” 2 March 2026.
- Trekor Metals Corp. (Taseko Mines), “Florence Copper project website,” Accessed July 2026.
- 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.
- Sumitomo Metal Mining Co., Ltd., “Consolidated Financial Results for the Year Ended March 31, 2026,” 11 May 2026.
- 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.
- Antofagasta plc, “Q1 2026 Production Report,” 15 April 2026.
- Ivanhoe Electric Inc., “Preliminary Feasibility Study for the Santa Cruz Copper Project,” 23 June 2025.
- Ivanhoe Electric Inc., “Indication for Up to $825 Million in Financing from Export-Import Bank of the United States,” April 2025.
- Northern Dynasty Minerals Ltd., “Response to DOJ Brief,” February 2026.
- Anchorage Daily News, “Trump administration defends Biden-era rejection of Pebble mine by EPA,” 25 February 2026.
- Teck Resources Limited, “Q1 2026 Results News Release,” 22 April 2026.
- Anglo American plc, “Anglo American and Teck shareholders approve merger of equals to form Anglo Teck,” 9 December 2025.
- 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.
- Teck Resources / PolyMet, “NewRange Copper Nickel JV launch: NorthMet 702 Mt M&I + Mesaba 2,207 Mt M&I in the Duluth Complex,” February 2023.
- Hudbay Minerals Inc., “Hudbay Completes Acquisition of Arizona Sonoran to Create the Third Largest Copper District in North America,” 24 June 2026.
- Ivanhoe Electric Inc., “Ivanhoe Electric to Acquire Robbins Tunnel Boring Machine for Mine Access Development at Santa Cruz,” 11 May 2026.
- KDLG, “Federal judge hears oral arguments in Pebble mine case; decision pending,” 26 June 2026.
- Capstone Copper Corp., “Annual Information Form (Pinto Valley operating history),” March 2024.
- BHP Group, “BHP and Faraday Copper sign definitive San Manuel agreement,” July 2026.
- Trekor Metals Corp., “Taseko announces name change to Trekor Metals Corp.,” June 2026.
- Trekor Metals Corp., “Trekor Announces 36 Million Pounds of Copper Production from Gibraltar and Florence Copper in the Second Quarter,” 14 July 2026.
- CNBC, “Senate overturns Boundary Waters protections (H.J. Res. 140 reversing the Superior National Forest mineral withdrawal),” 16 April 2026.
- 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.
- Congressional Research Service, “Section 232 National Security Tariffs on Copper Imports (IN12614),” 2026.
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