Copper
November 19, 2024
3 min
Copper
Over the past three decades, the copper mining industry has experienced a significant shift in its approach to resource development and acquisition. The number of large copper discoveries has seen a sharp decline, while mergers and acquisitions (M&A) transactions have increased. This evolving dynamic highlights the industry's shift from exploration-driven growth to strategic consolidation in order to meet rising demand.
Decline in Large Copper Discoveries
The 1990s were a period of prolific copper discoveries. From 1990 to 1999, the industry recorded between 8 and 18 large copper discoveries annually, peaking in 1997 with 18 significant finds. The early 2000s also saw a steady pace, with between 7 and 15 discoveries annually until 2008.
However, the rate of new discoveries began to fall dramatically after 2010. By 2018, no large discoveries were made, and in the following years, discoveries dropped to a trickle, with only 1 or 2 annually between 2019 and 2023. In 2023, the industry recorded no new large copper discoveries at all.
This decline can be attributed to several factors, including the depletion of easy-to-find copper resources, increased exploration costs, and the growing complexity of discovering large, economically viable deposits. Furthermore, many of the world’s most prospective areas are already under exploration or extraction, leaving fewer untapped regions.
Rise in Large Copper M&A Transactions
As the number of large copper discoveries declined, the industry witnessed a growing trend in large copper M&A transactions. From 1990 to 2009, these transactions were sporadic, with many years seeing zero or only one large M&A deal.
However, starting in the 2010s, the industry began to shift its focus from exploration to acquisition. M&A transactions increased significantly, peaking in 2023 with 7 large transactions and continuing into 2024 with 3 so far. Companies are increasingly using M&A as a strategy to secure copper assets as new discoveries dwindle and the global demand for copper rises, driven by its critical role in renewable energy technologies and electric vehicles.
Industry Implications
The growing reliance on M&A transactions rather than new discoveries reflects a changing landscape in the copper industry. As the world transitions to a low-carbon economy, copper remains a critical material for renewable energy infrastructure, such as solar panels, wind turbines, and electric vehicles. The scarcity of new discoveries forces companies to look for growth through acquisition, driving up the value of existing copper assets.
This trend may also lead to increased consolidation within the industry, as larger mining companies acquire smaller players to gain access to their copper reserves. Additionally, the increased competition for high-quality copper assets could spur innovation in exploration technologies and push companies to explore more challenging, underexplored regions.
Sponsored by:
Arras Minerals is a mining exploration company focused on copper and gold projects in northeast Kazakhstan, with key assets including Elemes, Tay, and Beskauga. The company also partners with Teck Resources on a 1,900 sq km exploration area funded by Teck. Arras aims to expand exploration in Kazakhstan's prolific mineral belts, leveraging untapped potential through drilling and geological surveys to define resources and grow its portfolio.
Learn more about Arras Minerals at https://www.arrasminerals.com/
Source: Major Copper Discoveries S&P Global Commodity Insights, M&A transactions, RED METAL IN THE BLUE PLANET: The history of copper and the outlook for the future by Dr. James Michael Wise (Author)
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.
Explore More
View All
Ranked: The World's Largest Copper Mines (2025)
Ranked: The World's Largest Copper Mines (2025)
Copper has spent 2026 setting records, touching an intraday COMEX high of $6.71 per pound on May 13 amid AI-driven demand and supply shocks, against a backdrop where the ICSG now forecasts a 150,000-tonne deficit for 2026. In a market this tight, where the deficit thesis turns on lost tonnes, the question of where the world's copper actually comes from carries unusual weight.
Copper on Track for Its Highest Monthly Close on Record: A Look at the Drivers
Copper on Track for Its Highest Monthly Close on Record: A Look at the Drivers
Copper has spent most of 2026 doing something it had not done in a quarter century: setting fresh records every few weeks. The COMEX contract printed an intraday all-time high of $6.71 per pound on May 13, and the May monthly close looks set to land at the top of the historical chart. In London, copper traded above $14,000 per tonne in mid-May, touching $14,196.50, within reach of the LME's January 29 record of $14,527.50.
The Cost of Mining Copper: A 2024–2025 Update
The Cost of Mining Copper: A 2024–2025 Update
Copper futures touched an all-time high above $6.58 per pound on May 12, 2026, capping a 40.86% gain over the prior twelve months as supply tightness collided with structural demand from grid build-out, electric vehicles, and AI data centers. Earlier in the year, the LME benchmark rallied 22% to a record $13,387 per tonne on January 6, 2026. Behind the price action lies a less-discussed story: what it actually costs the world's largest miners to pull a pound of copper out of the ground.
Copper Production Q4 2025
Copper Production Q4 2025
As power-hungry AI data centers drive a projected 2-million-ton surge in global copper demand by 2030, market attention remains fixated on the supply side. Fourth-quarter 2025 metrics provide a definitive look at how the world's top miners closed out the year. While overall volumes remain heavily concentrated among a few historic industry giants, the true Q4 narratives emerged further down the list, as mid-tier producers leveraged flagship asset expansions to hit multi-year highs and offset the sector's ongoing struggle with declining ore grades.
