If you’re looking for the next great investment theme, don’t look at the shiny new gadgets; look at the stuff that makes them run: copper. It’s the indispensable element of the global energy transition, having earned the nickname “metal of electrification,” and for good reason.
From the wiring in your new electric vehicle (EV) to the solar panels on the roof and the modernized grid that powers it all, copper is critical. Global refined copper demand is projected to reach 49 million metric tons (MMt) by 2035, nearly double what it was in 2021, according to S&P Global research. This isn’t a slow burn; it’s a massive, accelerating surge driven by the rapid, large-scale deployment of green technologies. In fact, S&P Global claims that between 2022 and 2050, the world will need more copper than all of the metal that was consumed between 1900 and 2021.
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The problem is that supply likely won’t be able to keep up. The International Energy Agency projects there will be a potential 30% shortfall in copper supply by 2025. While this shortfall might spell bad news for net-zero-emissions goals, it can spell opportunity for savvy investors. The companies best positioned to mine, process and deliver this critical metal could be in high demand in the years to come.
The following list of seven top copper stocks could make smart additions to any portfolio focused on the energy transition:
| Stock | Market capitalization |
| BHP Group Ltd. (ticker: BHP) | $140.4 billion |
| Rio Tinto PLC (RIO) | $114.4 billion |
| Ero Copper Corp. (ERO) | $2.1 billion |
| Teck Resources Ltd. (TECK) | $20.3 billion |
| Freeport-McMoRan Inc. (FCX) | $57.1 billion |
| Southern Copper Corp. (SCCO) | $107.7 billion |
| First Quantum Minerals Ltd. (OTC: FQVLF) | $16.7 billion |
BHP Group Ltd. (BHP)
When hunting for a copper investment, you can chase a small, pure-play stock, or you can anchor your position with a diversified, $140 billion giant like BHP Group. Think of BHP as the ultimate blue-chip cornerstone of the mining world. The company’s revenue streams are diverse, spanning iron ore, steelmaking coal and nickel, but its copper division is not just big; it’s a best-in-class, moat-generating asset.
BHP operates some of the world’s most critical copper mines, including the massive Escondida mine in Chile and the high-quality Antamina mine in Peru, which together position the company in the low-cost quartile of the industry. This means BHP can withstand market volatility better than its smaller, higher-cost rivals and remain highly profitable throughout the inevitable commodity cycle swings.
BHP’s strategy isn’t just about digging up rocks: It’s about scale, cost efficiency and smart resource allocation. As the global demand for copper accelerates, driven by EVs and grid modernization, BHP has the financial muscle to execute incremental, capital-efficient expansions to meet that demand. This resilience and ability to generate superior returns, meaning its return on invested capital (ROIC) is comfortably above its cost of capital, is what defines its competitive advantage. For an investor looking to capture the “metal of electrification” trend without the stomach-churning volatility of smaller miners, BHP offers a powerful blend of commodity exposure, financial strength and market leadership.
Rio Tinto PLC (RIO)
Another behemoth in the copper industry is Rio Tinto. While BHP might get the edge for low-cost stability, Rio Tinto is arguably the biggest, boldest growth story in the copper space right now, fundamentally shifting its profile to meet the electrification demand.
The company is in the middle of a massive, multi-year transformation that is seeing copper strategically prioritized alongside iron ore. The crown jewel of this shift is the Oyu Tolgoi underground mine in Mongolia, which is on track to become the fourth-largest copper mine in the world by 2030. By the time Oyu Tolgoi hits its peak average production, it will produce enough copper for more than 6 million electric vehicles per year, the company says.
Beyond Mongolia, Rio is also strengthening its domestic copper supply in the U.S. at its Kennecott operation in Utah, one of the only two operating copper smelters in the country. It’s extending the mine’s life to 2032 through a $1.5 billion investment, with the potential to extend its life as far as 2040 through another expansion.
This simultaneous focus on global mega-projects (Oyu Tolgoi) and domestic high-tech growth (Kennecott) shows why Rio Tinto is more than just a multi-commodity miner. It’s a dedicated, future-facing copper producer making the massive capital investments necessary to deliver the copper that the world desperately needs.
Ero Copper Corp. (ERO)
Ero Copper owns a high-quality portfolio of mines in Brazil that primarily produce copper concentrate. This $2.1 billion company is well positioned to take advantage of the high and growing global demand for copper.
Ero’s key asset is a 99.6% mineral interest in Mineração Caraíba S.A., which primarily produces copper concentrate. After facing initial challenges, the game-changing Tucumã Operation (Pará, Brazil) achieved commercial production on July 1. This project is the key to massive growth for Ero, as it’s expected to eventually boost the company’s total copper production to between 85,000 and 95,000 metric tons per year. As this new mine stabilizes and reaches its design capacity, it promises a substantial inflection point in free cash flow, making Ero one of the most exciting pure-play copper growth stories on the market.
Teck Resources Ltd. (TECK)
Teck Resources has fully evolved into a pure-play energy transition metals company following the completion of the $7.3 billion sale of its steelmaking coal business in July 2024. The company is now solely focused on maximizing value from its world-class copper and zinc assets.
Copper is the core growth driver, spearheaded by the massive Quebrada Blanca Phase 2 (QB2) mine in Chile, one of the world’s largest undeveloped copper resources. QB2 achieved initial production in 2023 and is ramping up, expected to significantly increase Teck’s copper output to approximately 316,000 metric tons per year at full capacity. While ramp-up challenges have reduced the estimated 2025 production by 40,000 tons, the long-term strategic focus remains on benefiting from secular trends like global electrification and the accelerating demand for critical minerals. Teck aims to further increase production to 800,000 tonnes per year by the end of the decade.
Freeport-McMoRan Inc. (FCX)
Freeport-McMoRan stands as one of the world’s largest and most diversified publicly traded copper producers, offering investors significant exposure to the U.S. market while maintaining a world-class global footprint.
Headquartered in Phoenix, FCX is a crucial supplier to the North American market. Its crown jewel remains the half-owned Grasberg mine complex in Indonesia, a copper resource powerhouse that provides massive gold and silver by-product credits. These credits are critical, as they substantially reduce the net cash cost of copper production, insulating FCX from market volatility and making it one of the most profitable miners in the industry.
With strong cash flow generation and a commitment to returning capital to shareholders, FCX is a foundational stock for any serious copper investment portfolio.
Southern Copper Corp. (SCCO)
With primary operations centered in Peru and Mexico, Southern Copper commands one of the most cost-efficient operational platforms in the copper industry, giving it substantial margin advantage even when commodity prices experience cyclical downturns. The company also claims the largest copper reserves among all publicly listed miners, which provides a resource runway that will stretch for decades.
This vast resource base forms the foundation of its aggressive growth strategy. The company has multiple expansion projects approved and planned, which collectively aim to significantly boost annual copper production volumes through 2032. While its geographic concentration in Latin America exposes it to specific regional regulatory and geopolitical risks, the long life and scale of its mines make it an essential holding for investors seeking maximum exposure to rising copper demand over the long term.
First Quantum Minerals Ltd. (OTC: FQVLF)
First Quantum Minerals offers investors a focused high-volume, growth-oriented opportunity with a distinct geographic risk profile. The Canada-based minerals producer has mines in Zambia, Panama, Peru, Spain and Australia, providing crucial diversification away from the concentrated South American copper belt.
A key near-term catalyst for the company is the successful ramp-up of the Kansanshi S3 Expansion project. This project is expected to deliver a significant boost to copper and gold production in the coming years, enhancing the company’s operating profile and cash flow generation. While First Quantum’s stock can exhibit higher volatility, its commitment to aggressive production growth and strategic investments in large-scale, long-life assets make it an excellent high-beta option for investors looking to benefit from the unfolding copper supercycle.
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The 7 Best Copper Stocks to Buy Today originally appeared on usnews.com
Update 11/04/25: This story was previously published at an earlier date and has been updated with new information.
