AUS
NZ
UK
CA
USA
IND
Highlights
- Global copper demand is expected to grow by 70% by 2050.
- BHP highlights a shortage of new copper projects in its recent report.
- Several smaller copper projects are set to benefit from rising copper prices.
BHP Group (ASX:BHP) has recently released a report forecasting a significant surge in global copper demand. By 2050, copper consumption is expected to increase by 70%, exceeding 50 million tonnes annually. This comes at a time when the supply pipeline faces growing challenges, including a lack of easily accessible copper projects, impacting ASX mining stocks looking to replace existing supply.
According to BHP, future copper supply will likely come from more complex projects, such as lower-grade expansions in established areas or higher-grade new developments in riskier regions. The report notes that these sources will not only be harder to develop but also more costly and time-consuming to bring online.
The copper market appears to be waking up to these realities, as prices recently topped US$10,000 per tonne. Several smaller copper projects are positioned to benefit from this environment.
Develop Global’s (ASX:DVP) Woodlawn Project
Develop Global's Woodlawn project in New South Wales is one of the notable brownfield projects in the copper space. After acquiring the project in 2022, Develop Global restarted underground operations in August 2024, with first ore expected by early 2025. The project is forecasted to produce 12,000 tonnes of copper and 36,000 tonnes of zinc annually over the next decade, with underground reserves totaling 6 million tonnes at 2.6% copper equivalent.
New World Resources (ASX:NWC) and the Antler Project
New World Resources has been advancing its Antler project in Arizona, a historical copper mine that closed in the 1970s due to lower prices. The company released a pre-feasibility study in 2023, outlining plans for a 12-year underground operation. With an average diluted head grade of 3% copper equivalent, the mine is projected to produce 30,100 tonnes of copper equivalent per year. The project is expected to begin production by 2027, following the completion of a definitive feasibility study in 2025.
Orion Minerals’ (ASX:ORN) Okiep and Prieska Projects
Orion Minerals is moving forward with two brownfield copper projects, Okiep and Prieska, both located in South Africa’s Northern Cape. The projects have collectively produced 2.5 million tonnes of copper historically. The Prieska project alone has a resource of 31 million tonnes, with annual targets of 22,000 tonnes of copper and 70,000 tonnes of zinc over a 12-year period. With bankable feasibility studies due soon, Orion Minerals aims to have both projects in production within the next 18 months.
Anax Metals’ (ASX:ANX) Whim Creek Project
Anax Metals holds 80% of the Whim Creek copper mine in Western Australia’s Pilbara region. With production scheduled to restart, the project is projected to produce 55,000 tonnes of concentrate annually, based on reserves of 4.6 million tonnes at 1.36% copper and 2.3% zinc. The project’s pre-production capital costs are estimated at A$71 million, with a projected free cash flow of $410 million over its eight-year lifespan.
Other Copper Projects to Watch
Several other high-grade brownfield copper projects are worth keeping an eye on. FireFly Metals (ASX:FFM) acquired the Green Bay copper project in Newfoundland, Canada, which holds an existing resource of 39.2 million tonnes at 1.83% copper. Carnaby Resources (ASX:CNB) is advancing its Greater Duchess project in Queensland, while Eagle Mountain Mining (ASX:EM2) is progressing its Oracle Ridge copper project in Arizona.
As the demand for copper continues to rise, these emerging projects are well-positioned to capitalize on the growing supply gap, especially as global copper prices continue their upward trend.
