Copper prices have been volatile in 2025, fueled by economic uncertainty from an ever-changing US trade policy and strong supply and demand fundamentals.
The International Copper Study Group, the leading copper market watcher, reported an apparent refined copper surplus of 94,000 tonnes through the first nine months of 2025, well below its full year 2025 prediction of a 178,000 tonne surplus. For 2026, the group predicts a deficit of 150,000 tonnes.
Demand from the energy transition and increased wealth and urbanization in the global South are expected to stress supply chains over the coming years, with the International Energy Agency anticipating a 30 percent shortfall in copper supply by 2035.
Australian investors wanting to benefit from copper’s positive outlook don’t need to look further than the ASX, which hosts some of the world’s largest copper-mining companies. Learn about the five biggest copper stocks on the ASX by market cap below.
All market cap and share price data was obtained on November 18, 2025, using TradingView’s stock screener.
Market cap: AU$215.7 billion
Share price: AU$40.90
BHP is a global copper producer with operating copper mines in Australia, Chile and Peru, as well as a 45 percent stake in the Resolution copper project in the US. In addition to its copper operations, BHP is a significant producer of a variety of important resources, including iron ore, nickel, metallurgical coal, potash and uranium.
The company’s Australian copper mine is the massive Olympic Dam operation in South Australia, which also produces gold and uranium as by-products. In 2023, BHP acquired South Australia-based OZ Minerals, which owned the Prominent Hill and Carrapateena copper mines, strengthening BHP’s Australian copper portfolio in the state.
In Chile, the company operates the 57.5 percent owned Escondida mine — the world’s largest copper producer — and its wholly owned Pampa Norte operations. BHP also has a non-operating 33.75 percent interest in the Antamina copper-zinc mine in Peru.
In early 2025, BHP Canada and Lundin Mining (TSX:LUN,OTC Pink:LUNMF) jointly acquired Filo Mining for C$4.1 billion, granting each a 50 percent ownership stake in the Filo del Sol copper project in the Vicuña mining district straddling Chile and Argentina. Additionally, BHP agreed to purchase a 50 percent ownership stake in Lundin’s Josemaria project within the same district. The two projects will be managed under the Vicuña joint venture company.
On October 21, BHP released its operational review for its fiscal Q1 2026 ended September 30. The company reported that group copper production increased by 4 percent during the period to 493,600 tonnes, citing record concentrator throughput and improved recoveries at Escondida as a main factor. BHP reiterated fiscal year 2026 guidance of 1.8 million to 2 million tonnes of copper.
Market cap: AU$186.15 billion
Share price: AU$129.08
Rio Tinto is a global producer of many metals, with operating copper mines in the United States, Mongolia and Chile. The company’s portfolio also includes aluminum, iron and lithium.
Its 66 percent owned Oyu Tolgoi mine in South Gobi, Mongolia, is set to become Rio Tinto’s largest operation. Open-pit mining at the site began in 2011, with an underground mine coming online in 2023. The company expects to produce 500,000 tonnes of copper per year upon full ramp-up of underground operations in 2028.
Its Kennecott mine in Utah, which opened in 1903, is one of the oldest operating copper mines in the world. In 2022, Rio Tinto invested US$55 million to begin underground operations at the site, aiming to produce 30,000 tonnes through 2027. A US$498 million investment followed in 2023 to begin development at the North Rim Skarn, which will deliver an additional 25,000 tonnes annually upon full ramp-up.
Rio Tinto is also the majority owner of the Resolution copper mine in Arizona, US, with a 55 percent stake, and a non-managing partner in Chile’s Escondida mine with a 30 percent interest.
In its third-quarter 2025 operational review, released on October 14, Rio Tinto stated that copper production increased by 10 percent year over year to 204,000 tonnes, including 89,000 tonnes from Oyu Tolgoi on a 100 percent basis and 88,000 tonnes of attributable copper from Escondida. The company said it was on track to meet the higher end of its 2025 copper guidance of 780,000 to 850,000 tonnes.
Market cap: AU$10.07 billion
Share price: AU$12.94
Capstone Copper is a mining company with a portfolio of assets located in the US, Mexico and Chile.
Capstone’s 100 percent owned Pinto Valley copper mine in Arizona, US, is fully permitted until 2039. Capstone acquired Pinto Valley from BHP in 2013, and the mine has produced more than 4 billion pounds of copper since it began operating in 1972.
It is also the sole owner of the Cozamin copper-silver mine in Zacatecas, Mexico, which boasts a 1,000 tonne per day throughput and is projected to generate 51,000 to 57,000 tonnes of copper in 2025. Additionally, Capstone has the Mantos Blancos copper mine in Antofagasta, Chile, which underwent an expansion in 2021 to extend its mine life.
Aside from those operations, Capstone owns a 70 percent stake in the Mantoverde mine in the Atacama region of Chile, with the remaining 30 percent owned by Mitsubishi Materials (OTC Pink:MIMTF,TSE:5711).
On August 8, Capstone announced that it had sanctioned the Mantoverde Optimized project for construction, which will increase throughput at the mine from 32,000 tonnes to 45,000 tonnes per day, and increase annual copper output by 20,000 tonnes.
On October 30, Capstone released its Q3 2025 results, reporting it achieved consolidated copper production of 55,380 tonnes during the quarter at a cash cost of US$2.42 per pound. The company also stated that its 2025 copper guidance remained unchanged at 220,000 to 255,000 tonnes.
4. Sandfire Resources (ASX:SFR)
Market cap: AU$7.52 billion
Share price: AU$15.70
Sandfire Resources is a copper mining and development company with a global portfolio of assets.
Its DeGrussa copper-gold operations in Western Australia were depleted in 2022 and entered care and maintenance in 2023, with the company now working to rehabilitate the site. Sandfire’s primary production now comes from its the MATSA copper, lead and zinc mine in the province of Huelva, Spain. The site boasts a processing capacity of 4.7 million tonnes per annum.
Sandfire also owns the Motheo operations in the Kalahari Copper Belt in Botswana. The asset consists of multiple open pits and is currently in the advanced stages of ramping up to production from its A4 open pit and mill.
The company holds an 87 percent interest in its subsidiary Sandfire Resources America (TSXV:SFR,OTCQB:SRAFF), which is advancing the Black Butte copper project in Montana, US. Work on the project stalled in 2021 after a district court revoked a Department of Environmental Quality mining permit for the site. The company subsequently filed a claim against the department, and in February 2024 the Montana Supreme Court overturned the decision, reinstating the permits.
In its Management Discussion and Analysis for the quarter ending September 30, Sandfire America reported no further roadblocks to development and was now working on a pre-feasibility study with updates to capital and cost estimates, a mineral resource estimate with the latest drill information and a mining plan.
In the company’s September 2025 quarterly report released on October 27, it indicated quarterly copper production had slipped 16 percent quarter over quarter to 24,570 tonnes. The lower output is owed to lower grade ore at MATSA impacting flotation recoveries, which Sandfire noted reflects typical variability at the underground complex. Additionally, output at Motheo had not yet returned to normal following flooding of the A4 pit earlier in the year, but as of the report’s publishing, mining in Stage 1 had recommenced.
Market cap: AU$1.1 billion
Share price: AU$3.29
Develop Global is currently ramping up production at its Woodlawn copper-zinc mine in New South Wales, Australia. The company has restarted operations at the mine, which had closed in 1998.
It is also developing two other projects near Port Hedland in Western Australia. The first is its Sulphur Springs project, a near-term volcanogenic massive sulphide project that contains copper, zinc and silver across its Sulphur Springs and Kangaroo Caves deposits. Develop’s final project is the past-producing Whim Creek copper-zinc project, which it owns through a 20/80 joint venture with Anax Metals (ASX:ANX). The site hosts refurbished heap infrastructure for mineral processing.
On the path to funding the restart of production at Woodlawn, in August 2024, Develop entered into a funding and offtake agreement with metals trader Trafigura. The agreement provides Develop with US$65 million through a prepayment facility to aid in the development of Woodlawn, and Trafigura will buy all of Woodlawn’s production for approximately five years. Develop reported the first delivery of 969 tonnes of copper concentrate during the June 2025 quarter.
In the company’s September quarterly report, released on October 28, it said it had increased shipments from Woodlawn to Trafigura. Develop also stated that it mined 130,000 tonnes of development and stope ore during the quarter, an increase of 22 percent from the previous quarter. The company expects to achieve nameplate throughput capacity of 850,000 tonnes of ore per year during the March quarter of 2026.
In addition to advancement at Woodlawn, Develop completed an updated definitive feasibility study for Sulphur Springs, demonstrating project economics with a pre-tax net present value of AU$921 million and an internal rate of return of 59 percent. The company stated its focus is on progressing offtake arrangements, project financing and pre-development activities ahead of a final investment decision.
FAQs for ASX copper stocks
How much is copper worth?
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per tonne.
In 2024, copper saw historically high prices. In Q1 and most of Q2, copper prices on the COMEX ranged between US$4.10 and US$4.89 — an all-time high. For the same time period on the LME, copper moved between US$9,000 and US$10,730.
What are the uses of copper?
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2021, 32 percent of copper globally was used in equipment manufacturing and 28 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
How to invest in copper on the ASX?
Investors have access to a wide variety of Australian copper companies on the ASX, from copper miners to copper explorers. This means that investors can choose what kind of company matches their risk appetite and portfolio.
When looking for a copper company to invest in, be sure to do your due diligence and learn about the company, its team, its finances and the geology of its projects. Once you’ve selected a company or companies to invest in, you can buy copper stocks using trading apps with access to ASX stocks, as well as with the help of stock brokers.
Click here to learn which ASX-listed copper stocks have gained the most year-to-date.
Is there a copper ETF on the ASX?
In November 2022, the ASX welcomed its first copper ETF: the Global X Copper Miners ETF (ASX,ARCA:COPX). It is designed to track the performance of companies that have, or are expected to have, significant exposure to the copper industry.
This is an updated version of an article first published by the Investing News Network in 2018.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Anax Metals is a client of the Investing News Network. This article is not paid-for content.
