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October 16, 2023
Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), releases its Mineral Resource Update (“MRE”) for the combined Cactus, Stockpile and Parks/Salyer deposits, together the “Cactus Project”, located 45 miles south of Phoenix, Arizona (see FIGURES 1-7). The upgraded MRE is expected to form the basis for the ASCU Pre-Feasibility Study (“PFS”), targeting a 45-50 ktpa copper cathode heap leach and SXEW operation, and is on track for release in Q1 2024. The brownfields project is wholly-owned and located on private land in Arizona with ~$30 million of infrastructure onsite, an advanced permitting stage, approved water rights and access to water.
Highlights:
- 445,700 ktons at a Grade of 0.58% CuT for 5.17 Billion Pounds of Copper (M&I), a 221% conversion of pounds from the Inferred category
- 357,600 ktons leachable at a Grade of 0.62% Cu TSol for 4.43 Billion Pounds of Copper (M&I), a 316% conversion of pounds from the inferred category
- Cactus strengthens its position within the top 10 copper development assets in the USA (sourced from S&P copper projects in the USA, August 2023)
The Company will host a webinar tomorrow, Tuesday October 17, at 10:00 am ET by President and CEO, George Ogilvie and Resource Geologist, Anthony Bottrill. Please register to join here.
Table 1: The Cactus Project Mineral Resource Estimate, as of August 31, 2023.
NOTES:
1. Leachable copper grades are reported using sequential assaying to calculate the soluble copper grade. Primary copper grades are reported as total copper, Total category grades reported as weighted average copper grades of soluble copper grades for leachable material and total copper grades for primary material. Tons are reported as short tons.
2. Stockpile resource estimates have an effective date of 1st March, 2022, Cactus resource estimates have an effective date of 29th April, 2022, Parks/Salyer resource estimates have an effective date of 19th May, 2023. All resources use a copper price of US$3.75/lb.
3. Technical and economic parameters defining resource pit shell: mining cost US$2.43/t; G&A US$0.55/t, 10% dilution, and 44°-46° pit slope angle.
4. Technical and economic parameters defining underground resource: mining cost US$27.62/t, G&A US$0.55/t, and 5% dilution,
5. Technical and economic parameters defining processing: Oxide heap leach (HL) processing cost of US$2.24/t assuming 86.3% recoveries, enriched HL processing cost of US$2.13/t assuming 90.5% recoveries, Primary mill processing cost of US$8.50/t assuming 92% recoveries. HL selling cost of US$0.27/lb; Mill selling cost of US$0.62/lb.
6. Royalties of 3.18% and 2.5% apply to the ASCU properties and stateland respectively. No royalties apply to the MainSpring (Parks/Salyer South) property.
7. For Cactus: Variable cutoff grades were reported depending on material type, potential mining method, and potential processing method. Oxide material within resource pit shell = 0.099% TSol; enriched material within resource pit shell = 0.092% TSol; primary material within resource pit shell = 0.226% CuT; oxide underground material outside resource pit shell = 0.549% TSol; enriched underground material outside resource pit shell = 0.522% TSol; primary underground material outside resource pit shell = 0.691% CuT.
8. For Parks/Salyer: Variable cut-off grades were reported depending on material type, associated potential processing method, and applicable royalties. For ASCU properties - Oxide underground material = 0.549% TSol; enriched underground material = 0.522% TSol; primary underground material = 0.691% CuT. For stateland property - Oxide underground material = 0.545% TSol; enriched underground material = 0.518% TSol; primary underground material = 0.686% CuT. For MainSpring (Parks/Salyer South) properties - Oxide underground material = 0.532% TSol; enriched underground material = 0.505% TSol; primary underground material = 0.669% CuT.
9. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant factors.
10. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is uncertain if further exploration will result in upgrading them to an indicated or measured classification.
11. Totals may not add up due to rounding.
Highlights:
- 221% increase of total Measured and Indicated (“M&I”) resources (including primary resources), and a 9% increase of grade, resulting in a 55% decrease of Inferred resources due to upgrading of material
- MRE including Primary Resource Opportunity
- M&I 445.7 Mt @ 0.58% Cu for 5.17 billion pounds of copper
- Inferred 233.8 Mt @ 0.47% Cu for 2.21 billion pounds of copper
- Leachable (Oxide and Enriched) Mineral Resource
- M&I category increases by 316%: 357.6 million tons (“Mt”) at 0.62% Soluble Copper (“Cu TSol”) for 4.43 billion lbs of copper
- Inferred Category decreases by 64%: 107.7 Mt at 0.61% Cu TSol for 1.31 billion lbs of copper due to upgrading of material
- Low discovery cost - $0.005 / lb per pound
- +1.0% Soluble Copper Grades – specifically, Parks/Salyer contains 130Mt @ 1.028% Cu Tsol and Cactus East contains 41.2Mt @ 1.057% Cu TSol within M&I resources reporting to underground resource cutoff grades.
- Continuity confirmed – total drill database includes 526,000 ft (160,420 m) of drilling in 900 holes, resulting in demonstrated consistency of mineralization overall and a significant upgrade of the Parks/Salyer Deposit from the last MRE
- High Quality – first declaration of Measured mineral resources and significant conversion of Inferred mineral resources to the Indicated category which have the potential to be used to declare first reserves in the pending Pre-Feasibility Study expected in Q1 2024
- Location Advantages – set within Casa Grande’s industrial park and connected to nationwide transportation (highway and railroad), a streamlined permitting process, access to Arizona Public Service power, and access to water
- Growth – ongoing drilling will focus on Parks/Salyer southern extensions (Parks/Salyer South property); exposure to a 4 km mine trend with pockets of mineralization known south of Parks/Sayler, in the Gap Zone and NE of Cactus East
- Next Steps – Continue decreasing drill spacings to 125 ft (38 m) for future studies; begin drilling at the MainSpring (Parks/Salyer South) property
George Ogilvie, Arizona Sonoran Copper Company commented, “Our team has completed yet another key milestone in the process of reactivating the Cactus Mine. Driven through textbook infill drilling programs at Parks/Salyer and Cactus, our team readies an already significant copper asset in Arizona, USA for the next step in technical reporting; 3.6 billion pounds of Copper were added and converted to the M&I category for a new M&I mineral resource of 5.2 billion pounds. The leachable Copper M&I category now stands at 4.4 billion pounds of Copper and will act as the foundation for our upcoming PFS. The PFS remains on track and on budget for Q1 2024. I look forward to our team continuing to deliver on key objectives over the next year.”
Drilling programs
The updated MRE is supported by systematic drilling programs targeting the NE end of the 11 km (~7 mi) by 1.6 km (~1 mi) Santa Cruz porphyry copper system, of which ASCU has access to 5.5 km (~3.5 mi). In ground mineral resources were calculated in the Measured category using drill data of 125 ft (38 m) drill spacing, indicated at 250 ft (76 m) and inferred at 500 ft (~152 m). The mineral resource was calculated using 80,715 ft (~24,600 m) of new drilling into the Cactus deposits since May 2021, and new Parks/Salyer drilling totals 57,250 ft (~17,500 m) from July 2022 to March 2023. The 3D models in FIGURE 4 illustrate the exploration success since the initial Cactus MRE was issued in 2021, and reflects the tightly drilled nature of the deposits. Resulting from upgrading the Parks/Salyer resource into the Indicated category, ASCU continues to target a 45-50 ktpa copper cathode operation heap leach and SX/EW operation. A comparison of each deposit is listed below in TABLES 2-5.
Drilling conducted after April 2023 will form the basis of a further mineral resource update in 2024 with the goal of converting indicated resources from early in the mine plan into the measured resource classification for a Feasibility Study expected in Q4 2024. Exploration drill data received from the planned MainSpring (Parks/Salyer South) drilling program is intended for inclusion to the update of mineral resources in 2024.
Geology
The known resource areas within the Cactus Project area are variably sized fragments of the structurally dismembered larger Santa Cruz Porphyry System that has been faulted and displaced by Tertiary extension. The mineralized horst blocks, which can start from surface (e.g. at the discovery outcrop) may be overlain by up to 1,500 ft (460 m) of post-mineral Tertiary conglomerates and a thin veneer of alluvium. Major host rocks at Cactus are Precambrian Oracle granite and Laramide monzonite porphyry. The porphyries intruded older rocks to form mixed and monolithic breccias that occur as large masses, poorly defined dike-like masses, and thin well-defined dikes. The mineralization is structurally complex with intense fracturing, faulting, and both pre-mineral and post-mineral brecciation. The continuity of lithology and alteration/mineralization styles throughout the Project area suggests that the resource areas were once connected. These identifiable trends aid in the exploration for extensions of known resources and the modelling of the resources themselves. All resource areas are terminated at depth by the basement fault, a low angle structure that underlies the project area. All resource areas contain both oxide and enriched (secondary sulphide) copper mineralization, with primary sulphide underlying the secondary, as is typical of these systems.
Cactus Project Resource Modelling
The geological modelling, statistical analysis, and resource estimation were prepared by the ASCU resource team and by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
The Cactus Project resource updates are based upon updated drilling data and interpretations. The Cactus Mineral Resource model was developed in Vulcan. The database used to generate the Mineral Resources comprised 305 drill holes, 309,418.5 ft (94,310.8 m) for Cactus; 77 drillholes, 172,166.3 ft (52,476.3 m) for Parks/Salyer; 518 drillholes, 44,728.2 ft (13,633.2 m) for the stockpile. Drilling data is supported by industry standard quality assurance and quality control programs, with quality control sampling comprising preparation blanks, certified reference materials, and field and pulp duplicate analyses. Review of the QA/QC data indicates it is of a quality suitable for use in resource estimation.
The mineralized domains are consistent with domaining for porphyry copper systems. Mineralized domains represent combinations of rock type and copper mineral zonation associated with secondary copper enrichment weathering processes. The main mineral zones being leached, oxide, enriched, and primary. Mineral zones are determined by logging and the assay attributes of sequential copper analyses.
Physical density measurements have been undertaken across the deposits, both historically by ASARCO, and more recently by ASCU. Density measurements on insitu deposits use the wet / dry weight method and comprise 3,372 samples for Cactus and 147 samples for Parks/Salyer. Due to the unconsolidated nature of the stockpile material, physical bulk density measurements were attained by weight and volume calculations. Four test holes were excavated from which the material removed was dried and weight and the volume of each hole calculated.
Copper grades were estimated using Ordinary Kriging, using 10 ft (3 m) composites and top cutting determined by log normal probability plots on a per domain basis. Grade estimates were validated using visual and statistical methods including statistical distribution comparisons, visual comparison against the drilling data on sections, swath plots comparing block grades trends against de-clustered composites, and by smoothing checks using change of support.
TABLE 2: Parks/Salyer Deposit
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper.
Parks/Salyer’s new total leachable Indicated mineral resource totals 2,677 Mlbs vs an Inferred mineral resource in the 2022 PEA of 2,461Mlbs. The increase to the total Indicated mineral resources are attributed to successful infill drilling performing better than the initial wide spaced Inferred drilling, inclusion of mineral resources under the new 2.5 acre Mineral Exploration Permit (“MEP”) obtained on October 3, 2024, and a minimal natural extension of mineralization onto the MainSpring (Parks/Salyer South) property. As previously stated, the MEP and MainSpring (Parks/Salyer South) properties minimize sterilization of the deposit, due to boundaries.
TABLE 3: Cactus East, Underground Resource outside of Cactus Open Pit Resource
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper.
Measured and Indicated drilling programs at the Cactus Deposits (TABLES 3 and 4) were focused on upgrading Inferred mineral resources from the PEA mine plan to support the PFS. The total M&I leachable resources reported for the Cactus deposits of 156.3Mt @ 0.491% Cu TSol are located within the combined open pit and underground mineral resources. Of this material, Cactus East contains 41.2Mt @ 1.057% Cu TSol of leachable M&I mineral resources when reporting above underground cutoff grades. Reductions of the underground inferred resources reflect additional material incorporated into the open pit indicated resources.
TABLE 4: Cactus Open Pit, inclusive of Cactus West and Cactus East
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper
TABLE 5: Stockpile
NOTES: refer to TABLE 1
As with the Parks/Salyer conversion, the Stockpile conversion from Inferred to Indicated classification was significant. Previously classed entirely as Inferred, drilling converted 217 million pounds at 0.153% Cu TSol into the Indicated category, with 3 million pounds remaining as Inferred mineral resources. This change represents a slight reduction in total pounds as the outer edge of the stockpile was confirmed to have a waste window in parts. The grade increased and the infill drilling confirmed relationships seen in the inferred model with the upper lift containing 52% of the pounds, from 45% of the tons; attributable to higher copper grades present in that lift.
Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2022 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.
Scientific and technical information contained in this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
Links from the Press Release
Register for Townhall: https://www.bigmarker.com/vid-conferences/ASCU-Cactus-Update
September 28, 2022: https://arizonasonoran.com/news-releases/arizona-sonoran-doubles-global-leachable-resource-inventory-and-declares-maiden-mineral-resources-at-parks-salyer-of-2.92/
Figures: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.
About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.
Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the potential of the Cactus Project, timing of economic studies and mineral resource estimates including the PFS, timing of receipt of permits and commencement of construction, the ability to sell marketable materials, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals.
Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Contacts
For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com
ASCU:CA
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17h
Copper Soars to All-Time High as Trump Unveils 50 percent Tariff on Imports
President Donald Trump confirmed Tuesday (July 8) he would impose a 50 percent tariff on all copper imports, a dramatic escalation of his administration’s use of targeted trade restrictions under national security grounds.
“I believe the tariff on copper, we're going to make 50 percent,” Trump said during a White House cabinet meeting.
Though he did not provide a timeline, Commerce Secretary Howard Lutnick said in a subsequent CNBC interview that the tariff could take effect by late July or as early as August 1, with details to be posted on Trump’s Truth Social account.
The announcement triggered immediate market reaction. According to Reuters, copper futures for September delivery surged 13 percent on the day, closing at US$5.6855 per pound—its biggest single-day jump since 1989.
Traders cited fears of a supply crunch and price volatility as buyers scrambled to secure US-bound shipments ahead of the tariff implementation.
The decision marks a culmination of a months-long process that began in February, when Trump signed an executive order instructing the Department of Commerce to investigate whether copper imports posed a national security threat under Section 232 of the Trade Expansion Act of 1962.
The rarely used statute gives the president broad authority to impose tariffs or quotas if imports are deemed harmful to national defense or essential industries.
The copper tariff follows a similar pattern established during Trump’s first term, when the White House used Section 232 to levy tariffs on steel and aluminum.
Since returning to office, Trump has expanded his use of the provision to include automobiles, pharmaceuticals, and critical minerals like rare earths.
Countries in the crosshairs
The brunt of the copper tariff is expected to fall on key US trade partners—most notably Chile, Canada, and Mexico, which collectively accounted for the majority of America’s US$17 billion in copper imports in 2024, according to US Census Bureau data.
Chile alone shipped US$6 billion worth of copper to the US last year.
Officials from Chile, Canada, and Peru, have pushed back against the measure, arguing their exports pose no threat to US national security and citing long-standing free trade agreements.
However, none have been granted exemptions as of Wednesday (July 9), and negotiations remain in limbo.
The looming copper tariff comes on the heels of broader trade actions taken by the Trump administration. On Monday (July 7), the White House imposed stiff tariffs on imports from 14 countries, including Japan, South Korea, Malaysia, South Africa, and Kazakhstan.
These levies—effective August 1—targeted a wide range of sectors, from steel and aluminum to automotive parts and textiles.
Despite its relatively small trade deficit in copper—the US exported US$11.3 billion and imported US$9.6 billion worth of the metal in 2024—the White House argues that the country remains dangerously reliant on foreign refining and processing capacity.
National security as justification
The legal foundation for the copper tariff lies in Section 232, which allows the president to act unilaterally on trade when national security is at stake. Experts say the provision gives Trump more durable legal ground than his recent attempts to use emergency powers to implement broad, country-specific tariffs—some of which are being challenged in federal court.
“Section 232 tariffs are central to President Trump’s tariff strategy,” said Mike Lowell, a trade attorney with ReedSmith, in an interview with CNBC. “They aren’t the target of the pending litigation, and they’re more likely to survive a legal challenge and continue into the next presidential administration.”
The administration’s increasing reliance on Section 232 tariffs reflects a shift toward industrial policy motivated by supply chain security, particularly for materials with dual-use applications in civilian and defense sectors.
Copper is a case in point. Used extensively in electrical wiring, motors, semiconductors, and military-grade communications equipment, the red metal has been classified as critical to US infrastructure and defense capabilities.
Analysts point out that demand for the red metal is set to surge in the coming years due to the ongoing energy transition and growing adoption of electric vehicles.
In April, Trump issued a separate executive order launching a Section 232 investigation into US reliance on imported critical minerals and processed rare earths, calling them “essential for national security and economic resilience.” The order cited specific applications in jet engines, missile guidance, radar systems, and advanced electronics.
As of Wednesday, no formal timeline had been posted on Trump’s Truth Social account, and details around carve-outs or exemptions remained unclear.
For now, however, Trump appears undeterred. The head of state has already threatened that pharmaceuticals may be next in line for potential action.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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08 July
Nobel Resources Announces Additional Results at the Cuprita Project, Atacama Region, Chile
Nobel Resources Corp. (TSX – V: NBLC) (the “Company” or “Nobel”) is pleased to provide an update on its ongoing exploration at the Cuprita Project (the “Project” or “Cuprita”) in Atacama Region, Chile. Following the recent identification by Nobel geologists of a leach cap with characteristics strongly associated with porphyry copper-(gold) deposits in the region at Cuprita, including associated highly anomalous copper in soils and bedrock, the Company has additionally confirmed:
- the existence of an IP chargeability and resistivity anomaly typical of porphyry copper deposits in the region; and
- the presence of highly anomalous copper chip samples from outcrops associated with the leach cap.
The geological features being identified by Nobel field work at Cuprita demonstrates the Project is highly prospective.
According to Vern Arseneau, COO of Nobel, “After only a few short weeks in the field, Nobel Geologists have identified key characteristics of a shallow mineralized porphyry system at Cuprita. The leach cap, IP anomaly, significant copper bearing rock chips and the copper in soil anomaly are all located adjacent to a ground magnetic low. These traits are situated near the intersection of a major north-northeast striking fault structure with numerous northwest striking quartz veins with copper oxides. Intersecting major faults is a common, if not essential, structural control for the emplacement of copper-gold porphyries in the region (Figure 3). This is essentially the complete suite of important indicators used when identifying productive porphyry copper systems, combined with a leach cap in one of the most important porphyry copper belts globally indicate excellent potential for a mineralized porphyry deposit at the Cuprita project.”
The IP survey was carried out by Argali Geophysical SA during November 2018 and consisted of three E-W lines across the area of the recently identified leach cap. Survey parameters were 100m spaced dipoles with an estimated depth penetration of 700m at N=27. The top of the IP anomaly, based on this data, is estimated to be approximately 200meters below surface. (Figure 3; line 7055700N). All three lines exhibit a similar chargeability/resistivity response and the anomaly remains open to the North and South.
The chargeability anomalies from 7 to 9 mV/V are in line with many of the porphyry copper deposits near Inca de Oro which are notoriously low in pyrite and therefore in chargeability. Chargeability of less than 10 mV/V has been observed at many deposits local to Cuprita. Similarly, field observations by Nobel geologists have also confirmed the general lack of pyrite in altered rocks at Cuprita.
Rock chip sampling of mineralized structures associated with the leach cap, anomalous soil samples and the ground magnetic anomalies returned highly anomalous copper values ranging from 0.25 to 3.46% Cu. Many of the rock samples contain remnant copper sulfides, such as Chalcocite, Chalcopyrite and locally Bornite (Figure 1). Additionally, a sample taken 500m to the northeast, where QZ vein stockwork with disseminated chrysocolla outcrops with a grade of 2.06% Cu (Figure 2) signifying the potential for a large extensive system.

Figure 1: Rock sample with Chalcopyrite and Bornite grading 1.36% copper associated with the leach cap.

Figure 2: Sample of copper-rich stockwork of quartz and chrysocolla grading 2.06% copper from 500 meters northeast of previous sample.
According to Larry Guy, CEO, “Nobel geologists believe that this newly identified geological / geochemical evidence along with the geophysical compilation points to potential for a large mineralized porphyry at shallow depth covering the area between the anomalous soil results to the South and extending more than 2 kilometers North to the previously reported ground magnetic lows. (Figures 3 and 4; map and cross section and Figure 5 conceptual geological model).
Geologically, Cuprita is part of the Metallogenic Paleocene Porphyry Copper Belt that hosts several major porphyry copper deposits, such as El Salvador, Cerro Colorado, Spence, Sierra Gorda, Fortuna, as well as several gold deposits. Recent field work at Cuprita has focused the targeting for forthcoming drill programs.

Figure 3: Compilation map showing the location of the extensive leached cap (lithocap) and associated structures, outcrop samples, quartz-copper veins, soil geochemical anomalies, tourmaline breccias associated with a magnetic low, that comprise the key criteria for a mineralized porphyry target.

Figure 4. Schematic Section showing the Conceptual Model of the Porphyry in Cuprita.

Figure 5. Conceptual model for the Cuprita porphyry target (modified after Halley et al., 2015) The key geological components for the classic mineralized Andean porphyry model have been identified at the Cuprita target.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators. Mr. Gower is a consultant of Nobel and is not considered independent of the Company.
About Nobel
Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The Company has a team with a strong background of exploration success.
For further information, please contact:
Lawrence Guy
Chairman and Chief Executive Officer
+1 647-276-0533
Vincent Chen
Investor Relations
vchen@nobel-resources.com
www.nobel-resources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization and prospectivity of the Project, the Company’s ability to explore and develop the Project, the Company’s ability to obtain adequate financing and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/62309a33-4664-4149-92df-4891438fdf87
https://www.globenewswire.com/NewsRoom/AttachmentNg/63eb007a-2863-4dc7-99d8-f47d66583ae8
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f84beb6-2d48-41e4-b0b0-6dca5442321a
https://www.globenewswire.com/NewsRoom/AttachmentNg/b512640a-ae96-4730-9d81-c3ea1ee96e90
https://www.globenewswire.com/NewsRoom/AttachmentNg/066dd95f-6cec-4cdb-ba39-f44238b70ac1
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07 July
Empire Metals Limited Announces Completion of MRE Drilling Campaign
Completion of Major Drilling Campaign Targeting Maiden Mineral Resource Estimate
Empire Metals Limited, the AIM-quoted and OTCQB-traded exploration and development company, is pleased to announce the successful completion of its largest drilling campaign to date at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'). This programme focussed on high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect and is designed to underpin the Company's maiden JORC compliant Mineral Resource Estimate ('MRE').Highlights
- 180 drill holes completed at the Thomas prospect, comprising:
- 140 Air Core ('AC') drill holes for a total of 6,360 metres;
- 40 Reverse Circulation ('RC') drill holes for a total of 3,776 metres;
- Total metres drilled: 10,136
- Drilling was conducted on a systematic 400m by 200m grid covering over 1,352 hectares and was designed to support the initial MRE as well as providing key data for economic evaluation studies.
- The Thomas Prospect was selected as the basis for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation hosted within the broad, in-situ weathered zone.
- This campaign marks a major milestone in the development of Pitfield, laying the foundation for a globally significant MRE and enabling the identification of near-surface, high grade zones to support the development of mine planning and ore scheduling as part of upcoming economic evaluation studies.
Shaun Bunn, Managing Director, said: "We are very pleased to have completed this important drilling campaign on time, on budget and without safety incident. With drilling now complete, our focus turns to resource modelling and progressing Pitfield towards its maiden Mineral Resource Estimate, which is a key milestone as we look to bring this globally significant titanium project to commercialisation, maintaining the ambitious development schedule we have delivered over the past two years."
MRE Drilling Programme
With the completion of the current drill campaign, the largest undertaken by the Company to date, total drilling at Pitfield has now surpassed 32,000m across 382 holes, providing a robust foundation for geological modelling, resource definition (refer Figure 1) and initial economic evaluation work.
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023 Empire has completed 382 drill holes for a total 32,265 metres comprising:
- 17 Diamond drill holes for 2,704 m
- 140 RC drill holes for 18,764 m
- 225 AC drill holes for 10,797 m.
Figure 1. Grey-scale magnetics overlain by airborne gravity data showing RC, AC and diamond drillhole collar locations and JORC Exploration Target areas.
May-June 2025 Campaign
The location and spacing of the current RC and AC drillholes were designed, with the input of mineral resource consultants Snowden-Optiro, to provide the necessary drill assay data density to allow the preparation of an MRE at the Thomas Prospect.
The completed drill campaign consisted of 140 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 45.4m, for a total of 6,360 metres, and 40 RC drillholes within the AC drilling grid, to an average depth of 94.4m, for a total of 3,776 metres. The overall drillhole grid extends 5.2km by 2.6km and totals an area of 1,352 hectares (refer Figure 2).
Figure 2. RC and AC drill hole collar locations within the Thomas Prospect priority area.
During the campaign all drill holes were subsampled on a 2m interval, resulting in over 5,000 drill samples being collected, logged by our on-site team of geologists and then prepared for shipment to Intertek's Perth based analytical laboratory. As of the end of June all drill hole and QA/QC samples have been delivered to Intertek for geochemical analysis and assaying.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 2).
Figure 2. Pitfield Project Location showing theMid-West Region Infrastructure and Services
Competent Person Statement
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com
Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation
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02 July
Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Loyal Metals Limited (ASX:LLM) (Loyal, LLM, or the Company) is pleased to announce that it has acquired a binding option to purchase the Highway Reward Copper Gold Mine in Queensland, Australia, one of the highest-grade copper mines worldwide, with past production totalling 3.65 million tonnes at 5.7% Cu and 260,000 tonnes at 4.5 g/t Au 1-9. This acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper. No exploration has been conducted on the mining leases since mining ceased in July 2005, despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study 3,4. With over $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques11.
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
Click here for the full ASX Release
This article includes content from Loyal Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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25 June
Copper Market Hit by Major Supply Squeeze as LME Inventories Drop
One of the sharpest copper supply crunches in recent memory is rattling global commodities markets, as inventories at the London Metal Exchange (LME) plummet and the spot price soars.
Bloomberg reported that as of Monday (June 23), copper for immediate delivery was trading at a premium of US$345 per metric ton over three month futures, the widest spread since a record squeeze in 2021.
That dramatic price divergence reflects the market’s acute concerns over access to physical copper, with readily available inventories on the LME falling by around 80 percent this year alone.
Available stockpiles now cover less than a single day of global demand, amplifying anxiety across the supply chain.
Historic backwardation signals market distress
Backwardation in metals markets typically suggests that buyers are scrambling to obtain physical supply. In copper’s case, a combination of logistical, geopolitical and structural forces is driving the surge.
LME stockpiles have been rapidly drawn down as traders and manufacturers shift metal to the US in anticipation of potential trade barriers, spurred by US President Donald Trump's tariff moves.
That migration has created acute shortages in Europe and Asia. Chinese smelters, responding to the price premium and slackening domestic demand, have begun exporting surplus copper to global markets. Yet those flows have not kept pace with the drawdowns, and China's own inventories have also dwindled.
The LME had hoped recent regulatory interventions would prevent another disorderly squeeze like the one that disrupted the nickel market in 2022. Last week, the exchange enacted new rules mandating that traders with large front-month positions offer to lend those holdings if they exceed available inventories.
The so-called “front-month lending rule” is meant to discourage hoarding and promote liquidity.
However, recent copper trading data suggest that no single trader is behind the current squeeze. On Monday, the Tom/next spread — a one day lending rate — spiked to US$69 per metric ton.
This would only occur if no one entity held enough copper to trigger lending obligations under the new rules, indicating the tightness is likely the result of broad-based market dynamics rather than manipulation.
LME tightens oversight
As mentioned, the LME has begun cracking down on oversized positions across its metals complex.
In a June 20 statement, the exchange introduced a temporary, market-wide rule to manage large front-month exposures. Under the updated rules, traders holding positions in the front-month contract for a metal that exceed the total available exchange inventories — excluding any stock they already own — must offer to lend those positions at “level,” meaning they are required to roll them over to the next month at the same price.
The rule aims to rein in aggressive moves by commodities trading houses that have made deep inroads into metals markets over the past year. The LME emphasized in its release that recent market interventions are targeted, adding that the newly introduced rule offers a standardized approach.
Still, the unprecedented depth of copper’s backwardation — now extending years into the future — suggests that broader supply/demand dynamics are at play, beyond what position limits alone can control.
For manufacturers and industrial users, the squeeze presents a serious cost and planning risk. Many rely on the LME as a pricing and hedging mechanism. But when exchange inventories drop this low, even large players can face trouble sourcing metal to meet contract obligations. With exchange-based supply nearly exhausted, companies may increasingly turn to off-market deals or bilateral supply agreements — often at higher prices.
This shift weakens the LME’s role as a central clearinghouse for global copper, and raises questions about its ability to handle future shocks, especially as energy transition policies boost long-term demand for the metal.
Market watchers will also be looking to the next moves from Chinese exporters, US trade policy under Trump and the LME’s enforcement of its new regulations.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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24 June
Top 10 Copper-producing Companies
Copper miners with productive assets have much to gain as supply and demand tighten.
In May 2024, the copper price hit a new all-time high of US$10,954 per metric ton (MT) on the London Metal Exchange and US$5.20 per pound on the COMEX on the back of increasing demand and growing supply concerns.
Copper is one of the most important resources for the energy transition. However, in recent years, demand for the red metal has outpaced mining supply. While construction and electrical grids have long been major markets for copper, today the rise in demand for electric vehicles, EV charging infrastructure and energy storage applications are emerging drivers of copper consumption.
Another trend driving future copper demand is the rapid urbanization in the Global South, as rural populations migrate to cities, putting pressure on electricity grids.
Due to the challenges associated with finding, developing, permitting and mining copper deposits, the higher demand is being met by slow growth of new supply. Mines that are in operation tend to be quite large and operate for decades as copper producers concentrate on mine expansions and brownfield projects aimed at extending mine lifetimes.
Given those factors, investors should keep an eye on the world’s top copper miners and their operations.
This list of the 10 largest copper-mining companies in the world is ranked by attributable copper production for 2024.
As companies' reporting methods for copper production differ, the Investing News Network has calculated attributable copper production for the companies below using figures from company reports and data from Mining Data Online in order to provide investors with the most accurate ranking of global copper production by company.
1. BHP (ASX:BHP,NYSE:BHP,LSE:BHP)
Copper production: 1.46 million metric tons
BHP is one of the world’s largest mining companies, and its global portfolio of assets includes significant copper mining operations in Chile, Australia and Peru.
According to the company’s quarterly operational review data, the mining giant reported consolidated copper production of 1.46 million metric tons across the calendar year 2024.
Its most significant copper asset is the Escondida mine, the world’s largest copper mine. BHP holds a 58 percent stake in the Chilean operation, which, according to MDO data, produced 2.04 billion pounds of copper in 2024. The company wholly owns the Pampa Norte operations in Chile, which produced 586 million pounds of copper in 2024.
BHP also owns the Olympic Dam polymetallic mine, the largest mine in Australia. The South Australian mine hosts one of the world’s largest copper deposits as well as the largest uranium deposit. In 2023, BHP expanded its portfolio in the state with its acquisition of OZ Minerals and its Prominent Hill and Carrapateena copper operations.
2. Codelco
Copper production: 1.44 million metric tons
The Chilean state-owned Codelco is the world’s third-largest producer with copper production of 1.44 million metric tons in 2024. According to its 2024 annual report, its copper output increased 1.2 percent from 1.42 million metric tons in 2023.
Its largest asset is the Chuquicamata mine located in Northern Chile, between 2017 and 2021 annual production was in the 700 million to 850 million pound range. However, lower grades in recent years have led to production falling below 600 million pounds. In 2024, Chuquicamata increased slightly to 637 million pounds.
The mine transitioned from an open pit to an underground mine beginning in 2019. In its report, the company stated that phase one of its continuity infrastructure project had reached 73 percent completion and that plans for the second phase were undergoing feasibility studies.
The company’s other significant Chilean mines include El Teniente, Quebrada Blanca and Andina.
3. Freeport-McMoRan (NYSE:FCX)
Copper production: 1.26 million metric tons
Freeport-McMoRan is consistently ranked among the world’s top copper producers, and its share of copper production from its mines totaled 1.26 million metric tons of copper in 2024. The company reported producing 4.21 billion pounds, or 1.9 million metric tons, of the red metal, calculated on a 100 percent basis for all operations except its Morenci joint venture.
The largest contributor to its output is the Grasberg copper-gold mine in Indonesia. The mine itself is a joint venture between Freeport and state-owned Indonesia Asahan Aluminum, with the entities holding interests of 48.76 percent and 51.24 percent respectively. According to MDO, copper output for the mine in 2024 totaled 1.8 billion pounds.
Grasberg has undergone a transition from an open pit to an underground block cave, and expansion work continues at the site. As of the close of 2024, the mine had 469 open drawbells.
Additionally, Freeport holds a 55 percent stake in the Cerro Verde copper-molybdenum complex in Peru. The mine routinely produces between 800 million and 1 billion pounds of copper and is expected to be in operation until 2052.
Its largest US based operation is its 72 percent owned Morenci mine in Arizona, which produced 700 million pounds in 2024. It also owns the Safford and Sierrita mines in the same state.
4. Glencore (LSE:GLEN,OTC Pink:GLCNF)
Copper production: 951,600 metric tons
Mining major Glencore's copper production dipped by 6 percent in 2024 to 951,600 metric tons from the 1.01 million metric tons produced in 2023. The company’s 2024 annual report attributed the decline to lower planned production at its Antapaccay and Collahuasi mines due to factors including lower grades, water constraints and geotechnical challenges.
Located along Chile’s coast, Collahuasi is the company's largest operation, a 44/44/12 joint operation between Glencore, Anglo American (LSE:AAL,OTCQX:NGLOD) and Japan’s Mitsui & Co. (OTC Pink:MITSF,TSE:8031). The mine produced 558,600 metric tons of copper in 2024.
The partners are working to build a large-scale desalination plant designed to help overcome water shortage issues. The plant reached 86 percent completion in 2024 and is expected to begin operating in 2026. Once open, it will provide 1,050 litres of desalinated water per second to the mine via a 194 kilometer pipeline.
Other significant copper-producing assets in the company’s portfolio include Antamina in Peru, Mount Isa in Australia and the Katanga Complex in the Democratic Republic of the Congo.
5. Southern Copper (NYSE:SCCO)
Copper production: 883,462 metric tons
A majority-owned, indirect subsidiary of Grupo Mexico (OTC Pink:GMBXF), Southern Copper recorded 883,462 metric tons of total copper production for 2024, a 6.9 percent increase over 2023. In the company’s 2024 results, the company attributed the increase to higher production across all operations, with a 10.7 percent increase from its Peruvian assets and a 4.3 percent increase from Mexican production.
The company operates major copper mines in Peru and Mexico and has exploration projects in Argentina, Chile, Ecuador, Mexico and Peru.
Its largest copper-producing asset is the Buenavista mine in Northern Mexico, which sits atop one of the world’s largest porphyry copper deposits. According to MDO, the site produces approximately 700 billion to 750 billion pounds of copper per year.
Its other copper operations include the Cuajone and Toquepala mines in Peru and the La Caridad mine in Mexico.
6. Anglo American (LSE:AAL,OTCQX:NGLOD)
Copper production: 772,700 metric tons
British miner Anglo American reported a 6.5 percent decrease in copper production to 772,700 metric tons from 826,200 metric tons in 2023.
The company attributed the decline to lower recovery and grades at the Collahuasi and Los Bronces operations in Chile, noting that the planned closure of the Los Bronces processing plant also impacted production. The company holds a 44 percent stake in Collahuasi and 50 percent in Los Bronces.
In addition to Collahuasi, the company also owns a 60 percent stake in the Quellaveco mine in Peru, with Mitsubishi owning the remaining 40 percent. The open pit mine started operating in 2022 and, according to MDO, produced 675 million pounds of copper in 2024.
It also owns a 50 percent stake in the El Soldado mine in Chile, which it operates in partnership with Mitsui, which holds a 30 percent stake, and Mitsubishi Materials (OTC Pink:MIMTF), which holds the remaining 20 percent. Data from MDO shows that the mine produced 48,200 metric tons of copper in 2024.
7. KGHM Polska Miedz (FWB:KGHA.F)
Copper production: 729,700 metric tons
Poland’s KGHM Polska Miedz Group has operations in Europe, North America and South America, and says that it controls over 40 million metric tons of copper ore resources worldwide. In 2024, KGHM produced 729,700 metric tons of copper, a slight increase from the 710,900 metric tons of copper produced in 2023.
According to MDO, KGHM’s largest operation is the Polkowice-Sieroszowice mine in Western Poland. The mine has been in operation since 1968 and produces approximately 430 million to 440 million pounds of copper annually.
The company’s Polish operations also include the Rudna mine, which produced 338 million pounds of copper last year, and the Lubin mine, which produced 156 million pounds.
Other options under the KGHM banner include the Robinson mine in Nevada, United States, and the 55 percent owned Sierra Gorda mine in Chile.
8. CMOC Group (OTC Pink:CMCLF,HKEX:3993)
Copper production: ~502,600 metric tons
CMOC Group is a new addition to the top 10 after its copper production jumped significantly in 2024, with its share of production from its joint venture copper-cobalt mines in the Democratic Republic of the Congo totaling approximately 502,600 metric tons. On a 100 percent basis, the company reported annual copper production of 650,161 metric tons.
The majority of CMOC's copper production came from its Tenke Fungurume copper-cobalt mine, an 80/20 joint venture with the state-owned mining firm Gecamines. According to MDO data, the mine has experienced significant growth over the past few years, ramping up from 400 million pounds of copper in 2020 to 618 million pounds in 2023. In 2024, Tenke Fungurume's copper production soared to 992 million pounds, or 450,138 metric tons.
Its other DRC mine is Kisanfu, a 71/24/5 joint venture with Chinese battery manufacturer Contemporary Amperex Technology (SZSE:300750) and the DRC government. The mine produced 200,013 metric tons of copper cathode in 2024, up substantially from 114,000 in 2023.
9. Antofagasta (LSE:ANTO)
Copper production: 448,800 metric tons
Antofagasta’s share of copper production from its four joint venture operations in Chile totaled 448,800 metric tons in 2024.
The company's largest operation is its 60 percent owned Los Pelambres mine, a joint venture with Mitsubishi. According to MDO, Los Pelambres’ copper production totaled 320,000 metric tons in 2024, up from 300,000 the previous year.
Its Centinela mine is another significant producer, with 224,000 metric tons of copper mined in 2024. The company is constructing a second concentrator at Centinela that, once it comes online in 2027, should add 144,000 metric tons of copper production annually and extend Centinela’s mine life by 15 years to 2051.
The company's other Chilean joint ventures are the Antucoya and Zaldivar mines.
10. Teck (TSX:TECK.A,TECK.B,NYSE:TECK)
Copper production: 358,910 metric tons
Rounding out the top 10 is Canada’s Teck, which increased consolidated copper production by 50 percent in 2024, reaching 446,000 metric tons. On an attributable basis, the copper company's production totaled 358,910 metric tons in 2024.
Much of the gain came from the ramp-up of the Quebrada Blanca mine in Chile. The mine started production in 2023 and produced just 122 million pounds of copper that year. 2024 saw a significant advancement, with the mine producing 458 million pounds of the red metal.
Teck holds a 60 percent ownership stake in the mine, while Japan’s Sumitomo (OTC Pink:SSUMF,TSE:8053) controls a 30 percent stake and Chile’s state-run Codelco owns the final 10 percent.
Teck also owns the Highland Valley mine in British Columbia, Canada. The mine is one of the largest open pit mines in Canada and produced 226 million pounds of copper in 2024.
Other copper operations in the Teck portfolio include Antamina in Peru and Carmen de Andacollo in Chile.
This is an updated version of an article originally published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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