Copper at an All-Time High — and No End in Sight: Lundin Mining, Power Metallic Mines and Ivanhoe Mines Stand to Benefit!

Lundin Mining: Mega Copper Project in Its Sights

Lundin Mining is one of the beneficiaries of this trend. The Canadian-Swedish company, backed by the family of the same name, has established a strong presence in the copper sector. Candelaria in Chile is the company’s most important mining complex, comprising both open-cast and underground operations in the Atacama region. Lundin holds an 80% stake in the mine, where gold and silver have also been mined alongside copper. At Caserones, also in Chile’s Atacama region, it holds a 51% majority stake, which it acquired in 2023. In addition to copper, the site also contains the critical metal molybdenum. Last but not least, the Chapada open-cast mine is operated in Brazil, where gold is also produced alongside copper. These three operations produced a total of 156,811 tonnes of copper in the first half of the year. The full-year figure is expected to be between 300,000 and 325,000 tonnes of copper. However, the guidance had to be reduced by 10,000 tonnes due to the severe winter storms in Chile. This adjustment could, however, be offset by a rise in copper prices. This effect was already evident among some mining companies in the first quarter.

Lundin Mining’s future lies in the major Josemaria development project in the Vicuña district, in the high-Andean border region between the Argentine province of San Juan and Chile. It is an extremely large copper-gold-silver deposit and is regarded as one of the world’s most significant undeveloped mineral deposits for copper, gold and silver. Lundin is developing it in partnership with mining giant BHP as part of a 50/50 joint venture. At peak production, 500,000 tonnes of copper per year are expected to be mined here. In the initial phase, approximately USD 7.1 billion is estimated to be required for the construction of the open-cast mine. The project is so massive that plans even include a dedicated seawater desalination plant. The final investment decision for the first phase is expected as early as this year.

Lundin Mining’s share price has roughly quadrupled since the start of 2025 and is currently in a consolidation phase. With the Josemaria project in the Vicuña district, the company holds the cards for the future. Investors seeking to invest in the copper market for the long term should use price corrections as opportunities to buy.

Power Metallic Mines: In the Spotlight Ahead of Its First Resource Estimate

Power Metallic Mines does not yet produce copper. Rather, the company is a copper explorer that has already taken its first significant steps. The Canadians are developing the NISK polymetallic project in the north of the resource-rich province of Québec. In addition to copper, the property also contains nickel, cobalt, palladium and platinum. As many Western countries are seeking to reduce their dependence on raw material supplies from China or Russia, the project also holds considerable strategic value.

Power Metallic Mines has invested heavily in exploration in recent years. This year alone, more than 100,000 m of drilling is set to be completed. The reported drilling results demonstrate just how great the project’s potential is. For example, drill hole 26-116 returned grades of 2.83% copper equivalent over an impressive length of 36.42 m. Good grades over long lengths are the currency in which copper exploration is measured.

The company is now set to reach what is likely its first milestone in its history. In late summer, the company intends to present the first resource estimate for the project. This study will serve as the basis for the rapid preparation of an initial preliminary economic assessment (PEA) for NISK. This PEA will provide investors with an initial impression of the project’s economic potential. It will include details on capital expenditure, production figures, the likely duration of mining operations and production costs.

Analysts are already seeing significant potential for Power Metallic Mines. The research firm GBC has set a target price of CAD 3; the share is currently trading at CAD 1.33.

Ivanhoe Mines: Copper in the Congo

Just a few years ago, the Andean nations of Chile and Peru dominated the global copper market. Nothing could bypass these two countries. However, the landscape for this brown-red metal is changing, as is the case across the entire commodities sector. In industrialized countries such as those in Europe, new mineral deposits are now virtually non-existent. Here, over 200 years of industrial history have seen much already mined and consumed. The situation is similar in parts of North America and among the established mining powers in the Andes. Much of the focus is shifting to Africa. Here, there are vast expanses and high-grade deposits.

Investors should therefore get used to the fact that, in the long term, more and more mines will be operating in Africa. The Democratic Republic of the Congo is one of the rising stars in the copper market. With a population of 116 million, the country is now number two in Africa. And this also holds true in the global copper market. With copper production of around 3.3 million tonnes and a global market share of approximately 14%, the DR Congo is now the world’s second-largest copper producer.

The country is home to high-grade deposits that are no longer found elsewhere. The start of operations in 2021 at the Kamoa-Kakula mining complex in the Democratic Republic of the Congo also marked the rise of Ivanhoe Mines, which operates the complex in partnership with the Chinese company Zijin Mining. The third phase of expansion at the mine has now begun. Annual production capacity is thus heading towards 600,000 tonnes of copper, making Kamoa-Kakula one of the five largest copper mines in the world. Conversely, the high copper grades enable very low production costs. In the first half of the year, these stood at USD 2.70 per pound. The copper price currently stands at over USD 6 per pound.

Ivanhoe’s share price is not tracking in line with the copper price. In recent years, it has experienced volatile ups and downs. Anyone investing here must therefore have strong nerves and be prepared to invest in a jurisdiction such as the Democratic Republic of the Congo.

With Lundin Mining, investors can back one of the world’s fastest-growing copper producers. Power Metallic Mines is now set to release its first resource estimate, which is likely to move the share price. With Ivanhoe Mines, investors are backing one of the world’s largest copper mines. However, the country risk is higher here.

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