With copper demand expected to surge by 70 per cent by 2050, which Australian mining and exploration companies are positioning themselves to meet this need?
South Australia
BHP’s Oak Dam deposit, located southeast of Olympic Dam, is shaping up as a significant iron oxide copper-gold (IOCG) mineralised system.
“Exploration undertaken to date has indicated the presence of high-grade copper and associated minerals that may be economically viable to mine,” BHP said.
Another major development is the Hillside project, recently acquired by MACH Metals Australia, which is situated on the York Peninsula. Hillside holds a resource of 1.9 million tonnes of copper and 1.5 million ounces of gold.
“We are excited to acquire and continue the development of the Hillside project, which aligns with our strategy to diversify our asset portfolio,” MACH managing director Ferdian Purnamasidi said.
Coda Minerals’ Elizabeth Creek project, located in the Olympic Dam province, is another promising venture. A February 2024 scoping study increased its net present value (NPV) by $165 million to $735 million, with expectations of producing 25,400 tonnes of copper per year.
Meanwhile, Havilah Resources’ Kalkaroo project boasts 1.1 million tonnes of copper resources, positioning it among Australia’s largest undeveloped open-pit copper deposits.
Kalkaroo also contains 3.1 million ounces of gold and 23,200 tonnes of cobalt resources.
Western Australia
Cyprium Metals is redeveloping the Nifty copper project, forming an alliance with Macmahon Holdings to advance feasibility studies and restart production.
“The strategic alliance with Macmahon represents a significant step forward in enhancing our operational and execution capacity,” Cyprium executive chair Matt Fifield said.
The Sulphur Springs project, a joint venture between Develop Global and Anax Metals, is set to boost WA’s copper output, while Caravel Minerals is developing the state’s largest undeveloped copper resource, containing over 1.43 million tonnes of copper.
Queensland
True North Copper is drilling at its Cloncurry and Mt Oxide projects, aiming to expand its resource base.
True North managing director Bevan Jones believes these deposits could “aggregate into a significantly larger resource base than previously envisioned”.
Meanwhile, Harmony Gold is developing its Eva copper mine, expected to create 450 jobs and further strengthen Queensland’s copper industry.
With these next-generation projects, Australia is well-positioned to become a leader in the global copper supply chain, fuelling the transition to a low-carbon future.
