Copper prices remained volatile through 2025 and into early 2026, driven by shifting U.S. trade policy and tightening supply–demand fundamentals. The International Copper Study Group reported a refined copper surplus of 206,000t for the first 11 months of 2025, with a deficit of 150,000t forecast for 2026. Longer‑term projections, including those from the International Energy Agency, indicate potential structural shortages as global electrification accelerates.
Australian investors looking for exposure to copper’s growth outlook continue to find significant opportunities on the ASX. Below are the five largest ASX‑listed copper companies by market capitalisation as of 17 February 2026.
1. BHP (ASX: BHP)
Market cap: AU$255.74B
Share price: AU$52.74
BHP produces copper from operations in Australia, Chile, and Peru, alongside its global iron ore, nickel, potash, and uranium businesses. In South Australia, the company operates Olympic Dam and, following the 2023 acquisition of OZ Minerals, now owns Prominent Hill and Carrapateena. BHP also holds interests in Escondida (57.5%) in Chile and Antamina (33.75%) in Peru.
In early 2025, BHP and Lundin Mining jointly acquired Filo Mining for C$4.1B, sharing ownership of the Filo del Sol project, and BHP agreed to acquire a 50% interest in Lundin’s Josemaria project.
For H1 FY2026, BHP reported 984,100t of copper production and raised its full‑year guidance range to 1.9–2.0Mt.
2. Rio Tinto (ASX: RIO)
Market cap: AU$232.45B
Share price: AU$163.03
Rio Tinto’s global copper portfolio includes operations in the U.S., Mongolia, and Chile. Its 66%‑owned Oyu Tolgoi mine in Mongolia is expected to reach 500,000t of annual copper output by 2028. In the U.S., the Kennecott mine continues underground expansion, while the North Rim Skarn project began production in December 2025.
Rio Tinto also holds a 55% interest in the Resolution project in Arizona and a 30% non‑operating stake in Escondida.
The company produced 883,000t of copper in 2025, an 11% year‑on‑year increase.
3. Capstone Copper (ASX: CSC)
Market cap: AU$12.56B
Share price: AU$15.63
Capstone operates the Pinto Valley mine in Arizona, the Cozamin mine in Mexico, and the Mantos Blancos mine in Chile. The company also owns 70% of the Mantoverde mine in Chile’s Atacama region.
In 2025, Capstone sanctioned the Mantoverde Optimized Project, expanding throughput to 45,000tpd.
Capstone delivered record 2025 production of 224,764t of copper, driven by ramp‑up at Mantoverde and strong performance at Mantos Blancos.
4. Sandfire Resources (ASX: SFR)
Market cap: AU$8.73B
Share price: AU$18.82
Sandfire’s primary production now comes from the MATSA copper‑lead‑zinc operations in Spain. The company is also advancing the Motheo project in Botswana’s Kalahari Copper Belt, ramping up production from multiple open pits.
In the U.S., subsidiary Sandfire Resources America is progressing the Black Butte copper project in Montana following reinstatement of its mining permits by the Montana Supreme Court in 2024. A 2025 pre‑feasibility study confirmed potential for a low‑risk underground mine.
Sandfire reported December‑quarter copper output of 24,074t, slightly lower due to accelerated maintenance at Motheo.
5. Develop Global (ASX: DVP)
Market cap: AU$1.65B
Share price: AU$4.88
Develop Global is ramping up production at the Woodlawn copper‑zinc mine in New South Wales, supported by a US$65M funding and offtake deal with Trafigura. In the December quarter, Woodlawn produced 3,568t of copper concentrate, a 36% increase over the prior quarter.
The company is also advancing the Sulphur Springs copper‑zinc‑silver project in Western Australia, with an updated DFS reporting a pre‑tax NPV of AU$921M and a 59% IRR.
Develop’s third project, Whim Creek, remains in development through a JV with Anax Metals.
