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AI data centers to worsen copper shortage – BNEF

Staff Writer | August 12, 2025

The rapid buildout of artificial intelligence (AI) data centers risks tightening the global copper market further, potentially pushing the supply shortfall to 6 million tonnes by 2035, according to a new BloombergNEF (BNEF) report.


BNEF analysts said copper demand from the sector will average around 400,000 tonnes annually over the next decade, peaking at 572,000 tonnes in 2028. The cumulative total in use by data centers could top 4.3 million tonnes by 2035. That comes on top of surging demand from other sectors, such as power transmission and wind energy, where copper usage is expected to almost double by 2035.

The AI capacity additions put pressure on a market that is already tight, which is exacerbated by years of underinvestment in new copper supply, the analysts noted.

Meanwhile, the price of copper is in a slump after it plunged 20% at the end of July amid United States President Donald Trump’s tariff announcement on copper. It traded for $4.49 per lb. on Tuesday afternoon.

With demand accelerating and supply growth lagging, BNEF expects copper prices to peak at $13,500 per tonne in 2028. The shortfall is worsened by a projected global copper supply of just 29 million tonnes by 2035, well below the 35 million tonnes needed to meet demand.

Copper-hungry centers

Copper can account for nearly 6% of the capital expenditure of a data center project. Its role is critical in electrical conductivity as it maximizes efficiency in transmitting and distributing electricity and in thermal conductivity due to its support for high-performance heat exchangers, which are vital for cooling servers. The red metal’s ductility and malleability allows it to be shaped into compact components like connectors.

Data centers rely on copper for a wide range of applications, including power cables, busbars, electrical connectors, heat exchangers and sinks, and power distribution strips

Microsoft’s $500 million data center in Chicago alone required 2,177 tonnes of copper during construction.

Meanwhile, North American data center infrastructure alone is expected to grow from a $33 billion business in 2020 to $70 billion in 2030 and $185 billion in 2040.

Marimaca hits fresh 13-year high on copper results

Frédéric Tomesco - The Northern Miner | August 15, 2025


A view of the Pampa Medina project area. Credit: Marimaca Copper.

New drilling at Marimaca Copper’s (TSX: MARI; ASX: MC2) Pampa Medina property in northern Chile has expanded the size of the ore body, the company said. The stock surged to its highest level in more than 13 years.

Hole SMRD-16 cut 70 metres grading 1% copper from 434 metres downhole, including 10 metres of 4.2% copper from 438 metres depth, Marimaca said Friday in a statement. It also extended the high-grade sediment-hosted manto-system by 300 metres to the west from previous drilling. Another hole, SMRD-15, intersected 42 metres of 0.51% copper from 158 metres.

“Today’s results further demonstrate the longer-term potential of Pampa Medina as the company continues to expand the size of the defined area where they see high-grade mineralization,” National Bank Financial mining analyst Andrew Dusome said Friday in a note. He gives an “outperform” rating to Marimaca shares.

Marimaca stock surged about 13% to C$11.23 in early afternoon trading Friday ton the Toronto Stock Exchange, its highest level since April 2012. Marimaca Copper now has a market capitalization of about C$1.2 billion ($87m).

It’s the second time in about six weeks that Marimaca has spurred investor enthusiasm by disclosing high-grade copper hits at Pampa Medina. The project is about 25 km west of the company’s main Marimaca Oxide Deposit (MOD) and 1,250 km north of the Chilean capital Santiago.

The results are part of a 10,000-metre drilling program that the Vancouver-based miner is carrying out with three rigs. As mineralization remains open, extensional drilling will now focus on the north and west, the company said. Crews are targeting mineralized intersections with true widths exceeding 20 metres at an average copper grade of 1% or more, CEO Hayden Locke said.

“We see enormous potential for a large scale, highly economic, underground copper mining opportunity,” Locke said in Friday’s statement.

A definitive feasibility study for MOD, expected for the fourth quarter, should pave the way for the construction of a 50,000-tonne-per-year copper cathode mine “in the near term”, Locke says.

Other drilling highlights released Friday included hole SMRD-13, which cut 6 metres of 12% copper from 594 metres downhole, including 26 metres of 4.1% copper from 580 metres depth. SMRD-13 sits 300 metres west of SMRD-15.

Pampa Medina is located at low altitude in a flat pampa valley within the Atacama Desert. It’s also close to existing powerlines, water pipelines and major ports.

Other nearby projects include Capstone Copper’s (TSX: CS; ASX: CSC) Mantos Blancos project, which is 40 km away; Antofagasta’s (LSE: ANTO) Antucoya project, 54 km away; and BHP’s (ASX, NYSE, LSE: BHP) Spence project, 77 kms away.

Effondrement à la mine El Teniente au Chili: les cinq mineurs retrouvés morts
AFP •04/08/2025

US announces 50% tariff on copper imports
Copper input materials such as ores, concentrates and cathodes are not subject to the tariffs.

July 31, 2025

US President Donald Trump has signed a proclamation imposing a 50% tariff on several categories of copper imports such as copper pipes and wiring.

The move, effective from 1 August, aims to strengthen the US copper industry and address national security concerns.

The tariffs apply to semi-finished copper products and copper-intensive derivative products, a fact sheet released by the White House said.


The proclamation “imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors and electrical components), effective August 1”.

Copper input materials such as ores, concentrates and cathodes, and copper scrap are not subject to the tariffs.

The newly imposed tariffs, known as copper 232 tariffs, target the copper content of products, with non-copper content remaining subject to reciprocal tariffs or other duties.

These tariffs are not cumulative with auto 232 tariffs; in cases where auto tariffs apply, they will take precedence over copper tariffs.

The proclamation also mandates that a quarter of high-quality copper scrap produced in the US must be sold domestically, enhancing access to this critical feedstock for local fabricators and refiners.

Additionally, the Secretary of Commerce is to implement an export licensing requirement for high-quality copper scrap to ensure sufficient domestic supply.

Furthermore, starting in 2027, a mandate will require that 25% of copper input materials produced in the US be sold within the country, with this percentage set to increase in subsequent years.

This measure is intended to boost US refining capacity by securing low-cost inputs for domestic refiners as they expand their operations.

These actions follow the completion of a Section 232 investigation by the Secretary of Commerce, which identified copper as a vital component of the manufacturing foundation essential to US national and economic security.

The investigation highlighted the challenges faced by the US copper industry due to foreign competition and environmental regulations, leading to a “massive” trade deficit and dependence on foreign copper products, the fact sheet added.

The proclamation is part of President Trump’s wider strategy to revitalise domestic industry and reduce trade imbalances, which includes implementing America First Trade Policy, increasing tariffs on steel and aluminium, and imposing 10% additional tariffs on imports from China.

The administration has also taken steps to promote mining, manufacturing and investment within the US through regulatory reductions and the consideration of tariffs against digital service taxes and policies that target US companies.

Cuivre : Koryx sécurise 18 millions $ pour les études techniques du projet Haib en Namibie

Agence Ecofin 01 aout 2025

Avec le marché haussier du cuivre, les opérateurs miniers intensifient les investissements pour faire avancer leurs projets. C’est le cas du canadien Koryx Copper qui poursuit les travaux dans l’objectif de lancer sa première mine de cuivre en Namibie.

Le jeudi 31 juillet, Koryx Copper a annoncé la sécurisation d’un montant de 25 millions de dollars canadiens (environ 18 millions USD) à l’issue d’une série de placement d’actions lancée en début de mois. Selon les détails fournis, ces fonds serviront principalement à financer les études techniques entamées pour le projet de cuivre Haib en Namibie.

« La société a l'intention d'utiliser le produit net de l'offre et du placement pour faire avancer les études techniques sur le projet de cuivre Haib et poursuivre l'exploration de la propriété, le fonds de roulement et les besoins généraux de l'entreprise » lit-on ainsi dans son communiqué.

La compagnie canadienne prépare la finalisation de l’étude économique préliminaire (PEA) d’ici la fin de ce troisième trimestre. Ce document sert notamment à démontrer la faisabilité technique et économique de l’exploitation commerciale d’une future mine. Parallèlement, elle société mène actuellement des travaux d’optimisation des infrastructures du site minier de Haib, incluant notamment la planification des coûts liés à l’eau, à l’électricité et à la logistique.

En finançant ces travaux, Koryx entend progresser dans le développement du projet Haib, dans un contexte haussier pour le marché du cuivre. Selon la Banque mondiale, les cours du métal rouge sont passés d’une moyenne de 9142 USD la tonne en 2024 à un prix moyen de 9515 USD au deuxième trimestre 2025. Une dynamique notamment influencée cette année par la politique commerciale des États-Unis, alors qu’un déficit d’approvisionnement de 40% du métal est prévu d’ici 2035 par l’AIE.

Koryx pourrait aider à réduire ce manque grâce à Haib, dont la capacité de production est actuellement estimée à 35 332 tonnes par an. Cela reste toutefois conditionné à la finalisation des études en cours, à l’obtention des permis miniers auprès des autorités namibiennes, ainsi qu’à la mobilisation du financement nécessaire. Ce montant devrait figurer dans une étude de faisabilité (PFS) que Koryx prévoit de lancer au premier semestre 2026.

La mine de cuivre botswanaise Motheo a atteint sa capacité nominale de 50 000 tonnes

Agence Ecofin 30 juillet 2025

Historiquement dépendant de l’exploitation des diamants, le secteur minier botswanais a vu l’émergence d’une industrie cuprifère ces dernières années. Une dynamique portée par la mine Khoemacau exploitée par le chinois MMG, mais aussi par celle de Motheo, opérée par Sandfire Resources.

Pour son exercice financier 2025 (juillet 2024 à juin 2025), Sandfire Resources a enregistré une production annuelle de 52 284 tonnes de cuivre à sa mine botswanaise Motheo. Cette performance rapportée dans son rapport trimestriel publié le mardi 29 juillet, permet à cet actif de dépasser pour la première fois sa capacité nominale de 50 000 tonnes.

Lors de la mise en service de Motheo en 2023, l’opérateur minier australien s’était fixé comme objectif de porter la capacité de traitement de l’usine du site à 5,2 millions de tonnes de minerai. Un palier qui devait, avait-il indiqué, permettre à la mine de livrer 50 000 t de cuivre par an à partir de l’exercice financier 2025. Les différents objectifs ont ainsi été atteints, l’usine ayant traité 5,4 millions de tonnes de minerai au cours de l’exercice.

Notons que ce niveau de production est aussi supérieur de 27% aux 41 218 tonnes de cuivre déclarées à l’issue de l’exercice financier 2024. Sandfire a malgré tout manqué de peu sa cible de production annuelle fixée à 53 000 tonnes. La compagnie s’attend à une hausse continue de la production pour l’exercice financier 2026 qui a débuté ce mois-ci, avec un objectif pouvant aller jusqu’à 56 000 tonnes.

Une montée en puissance effective de Motheo permettrait à Sandfire de soutenir l’essor de l’industrie cuprifère botswanaise. Rappelons que le chinois MMG qui exploite Khoemacau, l’autre mine de cuivre du pays, prévoit d’investir jusqu’à 190 millions USD pour en augmenter la production à 130 000 tonnes, contre 60 000 t actuellement.

Anglo Asian starts production at new Azerbaijan copper mine

21st July 2025 By: Creamer Media Reporter

London-listed Anglo Asian Mining has started production at its Demirli copper mine in Azerbaijan, becoming the company's second new mine to come on line this year.

Initial commissioning is under way, with output expected to ramp up through year-end.

The company says Demirli will produce about 4 000 t of copper in concentrate in 2025, increasing to 15 000 t/y from 2026. The mine life will be confirmed after further development of the geological and resource model.

Anglo Asian says there is significant potential for additional mineral resources at Demirli, citing extensions to the current pit and other nearby targets. A regional exploration programme is planned.


“I am very proud to announce the commencement of production from Demirli,” said CEO Reza Vaziri on Monday. “It is hard to overstate the achievement of starting production from Demirli in such a short time."

"I would like to thank everybody involved for their efforts including all our employees and contractors. I would like to express further appreciation and thanks to our PSA partner, AzerGold and the government of Azerbaijan, who greatly assisted with permitting and administrative functions to allow the fast-track development of Demirli.

He added that production from Demirli was a significant step in the company transitioning into a multi-asset, midtier mining company focused in Azerbaijan. "The company is a first mover in the mining industry in Azerbaijan and continues to assist the government to develop and grow its minerals extractive industry. Demirli, in particular, will contribute to the renaissance of the Karabakh Economic Region," said Vaziri.

The operation has added about 150 new full-time roles, with 50 experienced staff redeployed from other company sites to support the ramp-up. Contractors are also active under Anglo Asian’s technical oversight.

Glencore to shut Australian copper mines with smelter on brink

23rd July 2025 By: Bloomberg

Glencore is on track to close its last two copper mines in Mt Isa, Queensland, next week, ahead of a decision on whether to also shutter a smelter at the same complex.

A shutdown of the mines – which have been operating for more than six decades – would end Glencore’s upstream copper operations in Australia, according to a spokesperson. The company announced the plan in October 2023 following a review that found they were no longer viable given declining ore grades.

With the closures looming, Glencore has been seeking financial support from the state and federal governments to retain the smelter, which would process third-party ore. Despite a bullish narrative for copper, many smelting facilities across the Western world are on the brink of being closed down amid intense competition from Chinese rivals following a wave of expansion.

Last month, Troy Wilson, COO for Glencore’s Australian metals business, said there was “no longer a level playing field” with China, adding that plants in the Asian country were heavily subsidised. The miner plans to make a decision on the smelter by the end of September.

At present, the smelter at Mt Isa treats more than one-million tons of concentrate a year from miners throughout Australia, including BHP Group, which sends material from its Olympic Dam project in South Australia.

Taseko’s Florence copper project 90% complete

Staff Writer | July 22, 2025

Taseko Mines (NYSE: TGB; TSX: TKO) reported that construction of its Florence Copper mine in Arizona is now over 90% complete.


On Tuesday, the company confirmed that the project remains on track to produce first copper cathode by the end of 2025. The operation is projected to boost Taseko’s total copper production by 120%, based on its 2024 guidance of 110-115 million lb. of the metal.

Taseko said more than 900,000 hours of project work have been completed with no reportable injuries or environmental incidents to date, and the workforce has tapered to roughly 330 on-site personnel.

All planned injection and recovery wells have been drilled, and the 69 kV substation has been energized, marking a significant milestone in the ramp‑up process, it added.

The project is designed to use in-situ recovery, meaning copper-rich solutions are pumped from underground and processed on-site, lowering environmental impact compared to traditional mining.

Shares rose 1% on Tuesday, putting the company’s market capitalization at approximately C$1.4 billion ($1 billion).

“Florence Copper will be the next major US supplier of domestically produced copper cathode,” Taseko CEO Stuart McDonald said in a news release.

“It’s a great time to be bringing on a new US-based copper mine,” he added, citing the potential 50% tariffs on US copper imports, which have driven COMEX copper prices to record levels in recent weeks.

Teck approves $2.4B expansion of Highland Valley Copper

Cecilia Jamasmie | July 24, 2025 |

Teck Resources’ (TSX: TECK.A, TECK.B)(NYSE: TECK) board has approved a C$2.1–C$2.4 billion ($1.6 -$1.8 bn) project to extend the life of its Highland Valley Copper Mine (HVC) in British Columbia, securing operations at Canada’s largest copper mine into the mid-2040s.


HVC is Canada’s largest copper operation

Construction on the mine life extension (MLE) is set to begin in August. The Vancouver-based miner expects the expansion to support average annual production of 137,000 tonnes of copper through the remainder of the mine’s life.

“This extension is foundational to our strategy to double copper production by the end of the decade,” President and CEO Jonathan Price said in a statement.

“Given the strong demand for copper as an energy transition metal, the HVC MLE will generate a robust internal return rate (IRR) and secure access to this critical mineral for the next two decades,” Price said.

The board’s green light follows the province’s approval of the project’s environmental assessment certificate last month.

The project includes a major pushback of the Valley pit to access higher-grade ore, along with infrastructure upgrades: an expanded mine fleet, grinding circuit enhancements, increased tailings capacity, and improved power and water systems.

Teck says the project will create roughly 2,900 construction jobs and support 1,500 ongoing roles once operational. Price also emphasized the project’s role in strengthening Canada’s critical minerals sector and stimulating economic activity in the region.

The fresh capital estimate reflects current construction risks, inflation, potential impact of tariffs, and early procurement of mobile equipment. It includes built-in contingencies and opportunities for cost optimization as work progresses, Teck said.

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Zambie : First Quantum table sur le projet Mumbezhi pour soutenir la mine de cuivre Sentinel

Agence Ecofin 13 juillet 2025

Sentinel et Kansanshi sont les mines exploitées par First Quantum Minerals en Zambie. Ces projets ont représenté à eux deux 93% de la production globale de la société en 2024, avec un total de 402 000 tonnes de cuivre sur la période.

First Quantum Minerals continue d’étudier ses opportunités de croissance dans l’industrie cuprifère en Zambie, dont les plans visant à prolonger la durée de vie de sa mine Sentinel. Un processus dans le cadre duquel le projet Mumbezhi de la junior minière australienne Prospect Resources pourrait avoir un « impact significatif » selon Anthony Mukutuma, le directeur de la filiale zambienne de First Quantum cité par Reuters le vendredi 11 juillet.

Cette sortie survient en effet quelques semaines après l’acquisition par First Quantum d’une participation de 15% dans le capital de Prospect Resources, devenant ainsi son principal actionnaire. L’opération finalisée en avril le lie au projet Mumbezhi en coordonnant avec Prospect son développement dans le cadre d’un « groupe de travail technique » créé à cette fin. Bien que les contours de cette collaboration soient encore peu connus, deux raisons principales peuvent expliquer le caractère stratégique de cet actif pour First Quantum.

La première raison est mentionnée par Anthony Mukutuma, à savoir l’avantage géographique. Les deux sites étant situés à 25 km l’un de l’autre, leur proximité leur permet de partager des caractéristiques géologiques similaires, notamment en ce qui concerne la configuration des minéralisations et la teneur des minerais. À cela, il faut ajouter le profil de Mumbezhi qui est un actif d’exploration déjà doté d’une estimation de ressources.

Selon la mise à jour publiée par Prospect en mars, ce gisement renferme 107,2 millions de tonnes de ressources minérales à teneur en cuivre de 0,5%. La société lui attribue toutefois un potentiel beaucoup plus important, avec un objectif d’exploration compris entre 420 millions et 1,05 milliard de tonnes de minerai, avec une teneur en cuivre entre 0,4% et 0,6%. Ces paramètres pourraient potentiellement servir de levier à First Quantum dans la gestion de Sentinel, dont la durée d’exploitation restante est actuellement de 12 ans.

Une fusion des gisements en vue ?

Le deuxième point concerne une potentielle association des deux gisements. Concrètement, cela permettrait l’acheminement du minerai extrait à Mumbezhi vers les installations de traitement de Sentinel. Il s’agit d’une pratique courante dans l’industrie minière, implémentée notamment par le canadien Ivanhoe Mines pour Kamoa-Kakula, la plus grande mine de cuivre de la République démocratique du Congo. Cela pourrait non seulement favoriser la prolongation de l’exploitation de Sentinel, mais aussi éviter les dépenses que pourrait occasionner le développement de nouvelles installations de traitement.

À ce stade néanmoins, rien ne permet encore de s’avancer en ce sens, d’autant plus que les plans de First Quantum concernant l’avenir de son partenariat avec Prospect Resources restent encore inconnus. On sait par exemple que grâce à son statut d’actionnaire, la société peut notamment augmenter ses parts actuelles dans le capital de Prospect. Il faudra donc suivre l’évolution des dynamiques entre les deux partenaires au cours des prochains mois.

Cuivre : Vedanta veut rénover l’usine de Konkola malgré un contexte financier tendu


Agence Ecofin 18 juillet 2025

La mine de cuivre Konkola est exploitée en Zambie par Vedanta Resources. La compagnie a repris les opérations sur le site en 2024, après environ 4 ans de litige. Elle envisage d’augmenter sa production à 300 000 tonnes d’ici 2030.

Un an après y avoir relancé les opérations, Vedanta Resources envisage de rénover l’usine de traitement de sa mine de cuivre Konkola en Zambie. Selon les détails fournis par Bloomberg le jeudi 17 juillet, l’initiative devrait s’inscrire dans un plan plus large destiné à porter la production du site de 70 000 à 300 000 tonnes d’ici la prochaine décennie. Elle survient toutefois dans un contexte financier délicat pour le groupe.

En 2024, Vedanta avait en effet annoncé un plan visant à réduire de 3 milliards USD sa dette en trois ans, notamment à travers une restructuration complète de son portefeuille. Dans une mise à jour financière publiée le lundi 23 juin, la société a déclaré une dette nette actuelle d’environ 11,1 milliards USD, tout en assurant que sa situation financière s’est renforcée. Une observation qui tranche avec celle du groupe de recherche américain Viceroy Research, lequel juge la structure du groupe « financièrement insoutenable ».

Si Vedanta n’a pas encore répondu à ces allégations, elle ne précise pas non plus l’investissement prévu pour la rénovation de l’usine de Konkola. Il en est de même pour le calendrier du projet, alors qu’on apprend que les travaux prévus devraient entraîner une fermeture temporaire de l’usine.

En attendant des précisions sur les options de financement, une amélioration effective de la capacité de production de Konkola pourrait conforter la Zambie dans son objectif visant à porter la production nationale à 3 millions de tonnes d’ici 2031, contre 820 670 t en 2024. Pour rappel, l’État zambien contrôle 20% du capital du projet, contre 80% pour Vedanta.

Capstone wins key permit for $150M Mantoverde expansion

Cecilia Jamasmie | July 9, 2025

Capstone Copper (TSX: CS) (ASX: CSC) has secured environmental approval from authorities in Chile’s Atacama region for its $150-million Mantoverde Optimized (MV-O) project.

The green light extends the mine’s life from 19 to 25 years and marks a key step in Capstone’s broader plans to create a major copper-cobalt district in northern Chile.


Mantoverde development project. (Image courtesy of Capstone | Verify.)

The permit, granted as part of a national evaluation led by Chile’s environmental review agency SEA, paves the way for increased production at the Mantoverde mine. Once MV-O is operational, annual copper equivalent output is expected to rise to 125,000–135,000 tonnes, up from the current 97,000–112,000 tonnes.

The expansion will also boost concentrator throughput from 32,000 to 45,000 tonnes per day and add roughly 20,000 tonnes of copper per year.
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energy_isere a écrit : ↑

10 juil. 2025, 12:28

Question à Copilot : de quels pays du monde les etats unis importent ils le cuivre ?

Réponse :

Rio Tinto wants to invest more in US copper under tariffs

Bloomberg News | July 11, 2025

Rio Tinto Plc says it has a “strong desire” to invest in US copper mining following President Donald Trump’s plans to levy imports of the critical metal.

“There is increasing recognition by the US government of the need for domestic sources of copper and other critical materials to support manufacturing and to power the country’s energy future,” the company’s copper head Katie Jackson said in an emailed statement. “We have a strong desire to invest more in American copper and we see significant opportunities to grow our business in the United States.”

Trump’s plans to slap 50% tariffs on copper imports are expected to raise costs across a broad section of the US economy that relies on the metal for consumer electronics, automobiles, home construction and more. The levies are aimed at supporting a robust domestic supply chain for the commodity, though analysts warn that permitting obstacles and litigation still stand in the way of building mines quickly.

Rio Tinto declined to comment on the size of possible investments.

The company, one of the world’s largest mining firms, has expressed optimism over the White House’s push to boost critical mineral production domestically. Its proposed Resolution underground copper mine, owned 55% by Rio and 45% by BHP Group, has gotten a boost from a favorable Supreme Court decision that allows it to advance the long-stalled project.

The Resolution project has the potential to become the biggest copper mine in North America.

Rio also operates one of two operating copper smelters in the US from its Kennecott operations in Utah.