Research brief / Copper
Copper One has real discovery torque at Majuba Hill. The value case still has to be drilled.
Copper One Resources has assembled a broad copper-exploration portfolio for a company with a roughly C$22 million basic market…
Electrification, assets & execution
Copper
Understanding the copper market through operating assets, project economics and the capital required to bring new supply to market.
The United States imported 57% of the refined copper it consumed in 2025, up from 45% a year earlier; Canada supplied about 16% of those imports over 2021–24, second only to Chile [1]. A necessary metal is not automatically an attractive investment, though. The research question is which companies can turn relevance into durable cash flow.
Research in this theme
Research brief / Copper
Copper: beyond the headline.
America imports more than half of the refined copper it uses, and Canada is its second-largest supplier.
Research brief / Copper
A Canadian listing is an address, not a jurisdiction.
Ivanhoe Mines trades in Toronto, files in Vancouver and mines in the Democratic Republic of Congo.
Relevant company profiles
Copper One Resources is a British Columbia-incorporated copper explorer, renamed from Giant Mining in April 2026 with a 10-for-1 share consolidation.
- Basic shares outstanding
- 46,368,949Oct 8, 2026 (CSE profile)
- Special warrants outstanding
- 19,889,750Closed Sep 29, 2026; convert to shares plus half-warrants
- Listed warrants (CEXY.WT)
- 6,250,000Jun 24, 2026 financing; C$0.70 exercise to Jun 24, 2027
Canadian dollars unless noted. Financing proceeds are gross announced figures, not current cash; no post-transaction balance sheet has been published.
British Columbia, Canada
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Teck is a Canadian producer of copper and zinc whose operating footprint includes Highland Valley Copper in British Columbia and Quebrada Blanca in…
Financial figures appear when they are tied to a dated filing.
Vancouver, British Columbia
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Hudbay is a copper-focused Canadian miner with gold as a significant by-product. Its disclosed operating portfolio includes Constancia in Peru, Snow…
Financial figures appear when they are tied to a dated filing.
Toronto, Ontario
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Copper, zinc and platinum-group metals / Operating producer · ramp-up and recovery
Ivanhoe Mines
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Ivanhoe Mines is a Canadian-listed company whose mines are in southern Africa. Its registered office is in Vancouver, it keeps an executive office in…
- Kamoa-Kakula copper production (100% basis, fiscal 2025)
- 388,838 tYear ended Dec 31, 2025
- Kamoa-Kakula copper production (100% basis, latest quarter)
- 64,328 tQuarter ended Jun 30, 2026
- Kamoa-Kakula cash cost (C1, non-IFRS)
- US$2.84/lbQuarter ended Jun 30, 2026
All figures in U.S. dollars, the company's reporting currency. Kamoa-Kakula, Kipushi and Platreef figures are on a 100% basis unless marked attributable; Ivanhoe's economic share is 39.6%, 62% and 64% respectively. Quarterly figures are for the three months ended June 30, 2026 from the July 29, 2026 release; annual figures from the January 15 and February 18, 2026 releases. EBITDA, adjusted EBITDA and C1 cash cost are management's non-IFRS measures. Blank means not yet verified, never zero.
Vancouver, British Columbia
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The record
Desk notes in this theme
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Market / Copper
LME three-month copper closes at US$14,438.50 a tonne, above every June-quarter realized price
The London Metal Exchange's copper page showed a three-month closing price of US$14,438.50 a tonne for the end of September, a level above the 2025 U.S. average of 490 cents a pound and the US$6.05 and US$5.99 a pound that Teck and Kamoa-Kakula realized in the June quarter.
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Deal / Copper
Anglo American says China is the last approval outstanding for the Teck merger
With its interim results, Anglo American said it still expects to complete the Teck merger within the original September 2026 to March 2027 window, and that Chinese approval is the final regulatory milestone.
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Results / Copper
Ivanhoe tightens Kamoa-Kakula guidance and moves Kakula stoping to the second half of 2027
Second-quarter copper production of 64,328 tonnes at a cash cost of US$2.84 a pound came with a narrower 2026 range and a later restart of production mining at Kakula than the March study had set.
Data & documents
Go to the primary source.
Use the current releases linked below. We do not display live market data, and a source directory is never a verified data snapshot.
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1
Copper — Mineral Commodity Summaries 2026
U.S. production, consumption, import reliance and import sources. Figures for 2025 are USGS estimates.
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2
Copper facts
Canadian production, trade and uses. No current price is implied.