Copper is one of the world’s most vital industrial metals—ranking third in global consumption—thanks to its essential role in the production of everyday goods like electrical wiring, motors, semiconductors, and even door handles. Its demand is expected to surge in the coming years, fueled by its critical use in emerging technologies such as 5G infrastructure, rechargeable batteries, and clean energy systems like solar and wind power.
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In Canada, the copper mining sector is forecasted to grow steadily, with a projected compound annual growth rate (CAGR) of 5.1% between 2023 and 2030. By the end of the decade, the industry is anticipated to generate revenues of approximately US$6.86 billion. This growth is driven by increasing global consumption of refined copper—expected to rise at a CAGR of 2.6% through 2034—particularly in industries tied to the energy transition. Government initiatives to achieve net-zero emissions, coupled with copper’s enduring use across traditional and sustainable sectors, are further propelling the market forward.
- Teck Resources
Based in Vancouver, Teck Resources operates across North and South America, producing steelmaking coal, copper, and zinc. While historically reliant on coal for most of its income, the company is now pivoting toward copper to capitalize on the green energy shift. A central part of this transformation is its QB2 copper mine in Chile, which is currently working through operational challenges as it scales up to full production.
Teck has committed to significantly boosting its copper output, planning to invest up to US$3.9 billion over the next four years. The company aims to produce around 1 million tonnes of copper annually by 2030—positioning itself as a major supplier in the evolving clean energy supply chain.
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- Filo Mining (Now Vicuña Corp.)
In January 2025, BHP and Lundin Mining finalized the acquisition of Filo Corp.—the parent company of Filo Mining—for roughly C$4.1 billion. This led to the creation of a 50/50 joint venture known as Vicuña Corp. The new entity oversees the Filo del Sol and Josemaria copper-gold projects, both located in the promising Vicuña District.
This region is emerging as a key copper-producing area with the potential to become a globally significant mining hub, thanks to its vast mineral resources and strategic importance in meeting future copper demand.
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