Copper is a major industrial metal (the third most consumed in the world) that’s used to manufacture many everyday products we’ve come to depend on, such as electrical wires, motors, microchips, and doorknobs. Because of its use in semiconductors, 5G telecommunications cables, rechargeable batteries, and renewable energy sources, many experts expect demand for copper to explode over the next decade.
The copper mining industry in Canada is projected to grow at a CAGR of 5.1% from 2023 to 2030, reaching an estimated revenue of US$6,862.1 million by 2030, driven by rising demand for refined copper, which is expected to grow at a CAGR of 2.6% by 2034 due to increased consumption in energy transition industries such as electric vehicles, solar energy, and wind power, while government support for net-zero emission goals further boosts market growth alongside copper’s use in both conventional applications and sustainable energy sectors.
With nearly every market sector demanding more copper, this metal could be a worthwhile long-term investment. Below we’ll help you understand how you can profit from this growing industry.
What are copper stocks?
Copper stocks are companies involved in all stages of copper mining, from exploring and extracting to developing and producing.
As with other mining stocks, copper companies can be broken down into two groups: majors and juniors. As the name suggests, major companies are seasoned veterans that have been mining copper for decades. They typically have a proven mining method and consistent output, and you’ll often find these companies have the largest copper reserves ready to be exploited.
In contrast, juniors are smaller companies looking to expand into majors. Like growth stocks, junior copper companies could offer Canadian investors an opportunity to profit off immense upward growth. These companies, however, are often risky investments, as they may not have the financial or copper reserves of major companies.
Top Canadian copper stocks
Canada is renowned for its mining stocks, and the quality of its copper companies is no different. Below are a few top Canadian copper stocks you may want to consider.
| Copper Stocks | Description |
| Teck Resources (TSX:TECK.B) | Diversified mining company with operations in Canada, |
| Filo Mining (TSX:FIL) | Canadian-based mineral exploration company with |
1. Teck Resources
Teck Resources is a Vancouver-based company that mines steelmaking coal, copper, and zinc in parts of North and South America.
While the company has traditionally made most of its revenues from steel-making coal, Teck Resources is currently transitioning to a copper-heavy diet. Its newly built “Quebrada Blanca 2,” or “QB2” copper mine continues to face challenges as it ramps up to full production capacity.
Teck Resources has announced a strategic focus on expanding its copper production, aiming to invest up to US$3.9 billion over the next four years to increase output to approximately 1 million tonnes annually by 2030. This initiative aligns with the growing demand for copper driven by the global energy transition.
2. Filo Mining
Update: In January 2025, BHP and Lundin Mining completed the acquisition of Filo Corp., the parent company of Filo Mining, for approximately C$4.1 billion. This acquisition led to the formation of a 50/50 joint venture, Vicuña Corp., which now oversees both the Filo del Sol and Josemaria projects. The Vicuña District is recognized as an emerging copper region with the potential to support a globally significant mining complex.
Investing in foreign copper markets
While the Toronto Stock Exchange has highly valued copper stocks, many of the largest copper stocks in the world trade on foreign exchanges. If you’re interested in buying international stocks, here are three of the biggest names in the global copper market.
| International Copper Stocks | Description |
| BHP Group | Large Australian mining company with ambitious plans to |
| Rio Tinto | Global mining company based in the United |
| Southern Copper | Mexican mining company that holds the largest copper |
Are copper stocks a good investment?
Traditionally, copper stocks have benefited investors because the metal is used in so many different products.
Copper conducts both heat and electricity very well, so it’s ideal for both everyday household items (such as kitchen sinks, air conditioners, dishwashers, table tops, door knobs, railings, and tools) and electrical equipment (wires, cables, motors, circuit boards, microchips, photovoltaic cells, semiconductors, and wind turbines). Copper also is used to strengthen the gold and silver in jewelry.
Like other materials and metals, however, copper stocks are considered cyclical stocks, meaning they’re vulnerable to economic ups and downs. During certain periods, like the one we’re experiencing now, copper demand can skyrocket, but it won’t always be that way. Global demand can cool, especially during tough economic times, and copper companies may find themselves extracting more metal than they can sell.
Another factor affecting volatility is mining expenses. Building mines and digging for metals is expensive, and those costs only get worse if a company experiences a mild setback or delay. Likewise, because mining companies can cause grave damage to local environments, they might leave a larger footprint than investors are willing to stomach
As you’re looking at copper mining stocks, pay close attention to the company’s finances, especially their revenues, cash flow, and debt; and its copper reserves. The best copper companies have massive copper reserves with strong cash flow and low-cost mining operations.
Are copper stocks right for you?
Given that major market sectors will likely continue purchasing heavy amounts of copper over the next decade or so, copper stocks could present some attractive gains for Canadian investors.
Because of their volatility, however, you might want to keep your copper holdings low, perhaps only 5% of your overall portfolio. Buying safe and low volatility stocks with copper investments could help stabilize your overall holdings, especially during economic downturns.
Of course, if you’re not interested in handpicking your own copper stocks, you could also buy shares in a copper-focused exchange-traded fund (ETF).
Three of the biggest copper ETFs include:
- Global X Copper Miners ETF
- United States Copper Index Fund
- iPath Series B Bloomberg Copper Subindex Total Return ETN