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Cuivre : Méga fusion à venir entre les géants miniers Anglo American et Teck

Les géants miniers Anglo American et Teck ont annoncé, mardi 9 septembre dans la matinée, une «fusion entre égaux» visant à créer l'un des plus grands producteurs de minerai de cuivre du monde. L'opération vient après de nombreuses tentatives de giga-rachat dans le secteur sur fond de ruée vers le métal rouge, star de la transition énergétique.

09 septembre 2025

abonnés

Anglo American, Teck Resources to merge in second-largest mining deal ever

By Clara Denina September 9, 2025

London-listed miner Anglo American (AAL.L), opens new tab and Canada's Teck Resources (TECKb.TO), opens new tab plan to merge, the two companies said on Tuesday, marking the sector's second-biggest M&A deal ever and forging a new global copper-focused heavyweight.
Under the proposed deal, which will require regulatory approvals, Anglo American shareholders would own 62.4% of new company Anglo Teck, while shareholders in Teck would hold 37.6%.
Anglo Teck will be headquartered in Canada but have a primary stock listing in London, said the two companies, whose combined market capitalisation exceeds $53 billion.

The deal to form the world's fifth-largest copper company is also a big bet on copper by Anglo. Glencore's (GLEN.L), opens new tab $90 billion merger with Xstrata in 2013 remains the largest mining deal in history.
Copper, used in the power and construction sectors, is set to benefit from burgeoning demand spurred by electric vehicles and artificial intelligence.
Miners have raced to develop new projects and there have been a flurry of takeover bids, though no major acquisition has so far succeeded.
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BHP awards Olympic Dam expansion contract

Olivia Thomson February 3, 2025

BHP has awarded a contract worth approximately $40 million to support the proposed expansion of its Olympic Dam copper smelter and refinery facilities in South Australia.


A joint venture between Fluor Australia and Hatch have been granted the engineering, procurement and construction management (EPCM) contract following engagement with BHP’s major projects, procurement, commercial and Copper South Australia teams.

The contract will be executed in stages as BHP progresses towards a final investment decision on the smelter and refinery expansion, which is expected in the first half of the 2026–27 financial year (FY27).

“Fluor and Hatch are experienced global EPCM partners with significant shared experience in delivering mega projects, who will bring the right level of scale and expertise to help BHP progress its copper growth plans in South Australia,” BHP Group procurement officer Rashpal Bhatti said.

“The growth potential for Copper SA is exciting and this first stage of EPCM works will be key as we progress the proposal for an expanded copper smelter and refinery at the heart of South Australia’s growing copper province towards a final investment decision.”

Last September, BHP outlined how it plans to potentially double its copper production in South Australia over the next decade.

The Big Australian would introduce a phased approach to increase refined copper cathode production to 500,000 tonnes (t) annually by the early 2030s, with a possible boost to 650,000t by the mid-2030s. This would be a significant jump from the approximately 322,000t produced in FY24.

Phase one of the strategy would involve upgrading the existing copper smelter and refinery at Olympic Dam to a two-stage smelter and extension of refinery facilities, with a capacity to produce more than 500,000t per year.

“It is critical that we prudently manage our spending to achieve the vision that BHP shares with many others to grow copper production in South Australia, and we have worked closely with Fluor and Hatch on a contract structure that supports this,” Bhatti said.

BHP’s Copper South Australia business comprises Olympic Dam, the Carrapateena and Prominent Hill mines, and the Oak Dam deposit, the latter of which has 13 rigs currently carrying out exploration in a bid to advance its studies.

“BHP is building momentum in South Australia, and this is another step forward in our strategy to increase the production of SA’s high-quality copper resources to support the global energy transition,” BHP asset president Copper SA Anna Wiley said.

“BHP has established a world-scale copper province in South Australia and we are working at pace to progress our plans to lift production further over the coming decade.”

Koryx Copper estime à 1,56 milliard $ le coût d’une future mine de cuivre à Haib en Namibie

Agence Ecofin 05 sept 2025

Fin juillet, Koryx Copper annoncait avoir sécurisé un financement de 18 millions $ pour progresser dans la mise en œuvre des études techniques de son projet de cuivre Haib en Namibie. Le gisement affichait jusqu’alors une capacité de production estimée à 35 332 tonnes par an.

La construction d’une mine de cuivre sur le projet namibien Haib devrait nécessiter un investissement initial de 1,559 milliard USD, selon une étude d’évaluation économique préliminaire (PEA) publiée par son opérateur Koryx Copper le jeudi 4 septembre. Ce financement devrait, apprend-on, couvrir le développement d’un actif capable de produire annuellement 88 000 tonnes de cuivre sur une durée de vie de 23 ans.

La société estime que l’investissement peut être récupéré 3,9 ans après l’entrée en production de Haib. Sur la base d’un prix consensuel du cuivre à 4,31 USD la livre, le projet affiche un taux de rentabilité interne (TRI) après impôts de 20,1%, avec une valeur actuelle nette (VAN) de 1,35 milliard USD. Aucune information n’a néanmoins filtré sur le calendrier de développement et les mécanismes de financement du projet.

La publication de cette étude préliminaire répond à l’objectif de Koryx d’optimiser les paramètres de ce projet qu’il a récupéré en 2024. Le coût initial et les objectifs de production dévoilés peuvent encore être revus dans le cadre d’une étude de faisabilité définitive (DFS) dont la finalisation est attendue au second semestre 2026. Cette dernière devrait notamment intégrer les nouveaux résultats enregistrés lors des travaux d’exploration et des tests métallurgiques en cours sur le site.

En attendant, Koryx Copper compte aussi progresser dans les démarches pour obtenir auprès des autorités namibiennes le permis minier de Haib. Cette étape nécessaire au développement d’une nouvelle mine, sera à l’instar de la mobilisation du capital initial du projet, déterminante pour avancer vers une décision finale d’investissement (FID). Un partenariat avec un nouvel investisseur est également une possibilité évoquée par la société pour concrétiser le potentiel de Haib.

Le développement effectif d’une nouvelle mine de cuivre sur le site pourrait renforcer la position de la Namibie dans le rang des fournisseurs africains, sur un marché sous tension. Alors qu’une croissance de la demande mondiale est attendue dans les prochaines années sous l’effet de la transition énergétique, l’offre peine à suivre avec des délais de développement relativement longs. Dans un rapport paru en mai, l’AIE estime qu’il faut en moyenne 17 ans entre la découverte d’un gisement et le début de la production.

Texas factory gives Chinese copper firm an edge in tariff war

Reuters | August 25, 2025 |

Chinese copper flat wire manufacturer Wellascent’s decision early last year to build a factory in Texas was a hedge against geopolitical risks. Now the investment is paying off as US import tariffs boost demand for its locally produced goods.


The company’s plant in Grand Prairie will begin production later this year and expects to produce 3,000 metric tons of copper flat wire annually by 2028, serving clients such as automaker Stellantis, from behind the safety of Donald Trump’s tariff wall.

The factory shields US customers from the 50% tariff imposed on copper wire imports, along with other semi-finished copper products like tubes, although refined copper – the base ingredient – is exempt from tariffs.

“A few prospective clients in the United States were hesitating about buying our products at the very beginning, as they were concerned Sino-US trade tensions would make stable supply uncertain,” Hazel Zhu, a board member at Wellascent Electronic, told Reuters during a tour of their factory in mid-August.

“A factory in the US means the copper tariffs have in turn become a golden opportunity for us,” she added.

Wellascent plans to invest in three years $100 million in the US plant, which is expected to generate more than half of the company’s overseas revenue within three years.

Wellascent’s investment highlights a rare case where a Chinese company has benefited despite US tariffs designed to counter China’s perceived industrial dominance. But while the investment achieves one of Washington’s stated aims of bringing industry to the United States, it underscores ambivalence among US policymakers about whether to welcome Chinese companies.
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Column: A quiet revolution is unfolding in the mining sector

Reuters | August 29, 2025 |

The world is going to need a lot of copper and other critical metals if it is going to pivot away from fossil fuels. But can the mining industry deliver?


The challenges are huge. Ore grades at existing copper mines are steadily falling, big new discoveries are becoming rarer and development times can stretch up to a decade.

Part of the solution is to increase the efficiency of the mining process, which has historically been both highly polluting and wasteful.

Back to the future

The world dug up 650 million metric tons of copper between 1910 and 2010 but 100 million tons never made it to market, according to a 2020 research paper by Germany’s Fraunhofer Institute.

All that metal is still there lying in tailings ponds, a potentially massive resource awaiting the right technology to unlock it.

Rio Tinto has already successfully separated critical metals such as scandium and tellurium from waste streams at existing operations.

Others are now looking at ways to extract value from the vast legacy of past mining activity.

Hudbay Minerals, for example, is evaluating the potential for re-mining tailings at the Flin Flon site in Canada’s Manitoba. The mine closed in 2022, leaving nearly a century’s worth of minerals-rich waste.

Australia’s Cobalt Blue Holdings, which has been collaborating on the Flin Flon project, has also signed an agreement with the Mount Isa city council in Queensland to explore re-working pyrite tailings as a potential alternative source of sulphur once the town’s copper smelter closes.

These and many similar projects are still only at conceptual or pilot stage but India’s Hindustan Zinc is scaling up with a $438 million commitment to process 10 million tons per year of tailings at its Rampura Agucha mine, the world’s largest zinc mine.

Less waste

While miners are collectively reassessing the value of legacy waste, they are also working out how to produce less waste in the first place.

This comes with both economic and environmental upside. The mining industry currently generates over seven billion tons of tailings per year and the amount is rising as ore grades fall.

Much of the work in this area is incremental in nature. Glencore Technology, for example, has been steadily improving its ISAMill grinder to handle increasingly coarser particle sizes. The aim is to reduce the amount of ore grinding to save water and reduce tailings waste.

The company’s Albion Process for leaching can lift copper recovery rates to over 99% and reduce operating costs by up to a third, allowing development of complex ore-bodies that wouldn’t be viable with traditional technologies.

Others such as Allonnia, which describes itself as a bio-ingenuity company, are pioneering more revolutionary approaches.

The company’s D-Solve technology uses microbes to selectively extract impurities such as magnesium from concentrates.

Allonnia has just partnered with the Eagle nickel mine in the United States for an onsite unit to pilot technology that in laboratory tests can improve nickel grades by 18% and cut magnesium impurities by 40%.

Big tech meets old tech

The new overarching technology that can bind all these innovations together is artificial intelligence (AI).

Majors such as Rio Tinto and BHP are already using AI in autonomous haulage systems and to predict maintenance downtime rather than reacting to equipment failures.

Generative AI is the next big leap forward. BHP uses it in combination with “digital twin” technology, a real-time virtual replica of the mining process, at its South Australian copper mine and the giant Escondida mine in Chile.

GenAI models at Escondida “inform ore blasting and blending strategies, identify mine areas with challenging ore characteristics, and support the implementation of SAG mill model predictive control,” according to BHP.

US copper producer Freeport-McMoRan has partnered with consultancy group McKinsey to use AI to boost production at its North American operations, which were facing declining output due to mature mines and aging process technology.

Integrating traditional mining with data engineering allows for real-time adjustments to processing rates to handle variable ores. When AI was trialled at the Baghdad mine in Arizona, it led to a 5%-10% increase in copper production.

Rolling it out across the company’s other American operations is projected to lift output by 90,000 tons each year.

That’s equivalent to a new processing plant, which would come at a cost of over $1.5 billion and a timeline of eight to ten years for planning, construction and commissioning.

Future mining

Mining, it is often said, is a dirty business.

The proof lies in the billions of tons of sludge sitting in tailings ponds around the world. The consequence is public antipathy to new mine projects, which is one of the reasons it takes so long to build and commission a new one.

Mining has also been a highly inefficient business in the past. Too much mineral value has been either discarded as waste or simply left in the ground because the technology didn’t exist to treat such low-grade ore.

That’s changing as one of the world’s oldest industries rapidly modernizes, combining innovations in traditional processing with new technologies such as bio-engineering and AI.

This is a quiet revolution playing out in multiple laboratories, pilot plants and data centres around the world.

But the promise is one of a much cleaner and more efficient sector, which may just mean the world isn’t going to run out of copper after all.

Le britannique Galileo lance des forages pour trouver de nouveaux gisements de cuivre au Botswana

Agence Ecofin 27 aout 2025

Galileo Resources est notamment active sur le gisement cuprifère zambien Luansobe, son projet le plus avancé où de premières ressources ont été identifiées en 2023. Un succès qu’elle veut rééditer au Botswana avec la campagne d’exploration nouvellement entamée.

Le mardi 26 août, Galileo Resources a annoncé le lancement d’un programme de forage à circulation inverse (RC) sur sa licence d’exploration de cuivre PL253 au Botswana. Cette initiative dont les contours financiers restent encore à préciser, s’inscrit dans la stratégie de la compagnie britannique pour découvrir de nouveaux gisements de cuivre dans le pays d’Afrique australe.

Galileo envisage de réaliser au total quatre forages RC au cours de cette campagne, l’objectif étant de tester des cibles d’exploration préalablement identifiées lors de récentes analyses sur la licence PL253. Cette dernière est, apprend-on, située dans la ceinture de cuivre du Kalahari (KCB), une zone stratégique qui abrite également le prospect de cuivre Kitlanya West de Cobre.

« Notre programme de forage actuellement en cours sur la PL253 se déroule dans une zone à fort potentiel. L'engagement significatif de BHP et d'autres acteurs en matière d'exploration a mis en lumière ce flanc nord-ouest sous-exploré du KCB et constitue un encouragement considérable pour notre programme », a déclaré Colin Bird, PDG de Galileo Resources.

Malgré cet optimisme, notons que les chances pour Galileo de découvrir des gisements majeurs sur PL253 demeurent incertaines. Compte tenu de la baisse de la teneur moyenne des mines (40% depuis 1991), les découvertes de cuivre sont en effet devenues de plus en plus rares. Sur 239 gisements découverts entre 1990 et 2023, seuls 14 ont débouché sur des projets d’exploitation au cours de la dernière décennie selon l’AIE.

Aldebaran plans $1.5 billion capex for Argentina copper project

Reuters | August 22, 2025


Aldebaran Resources owns an 80% interest in the Altar copper-gold project in mining-friendly San Juan province, Argentina. (Image courtesy of Regulus Resources.)

Canada’s Aldebaran Resources will require at least $1.5 billion to develop its Altar copper project in northern Argentina, country manager Javier Robeto said in an interview.

The company plans to include the figure in its preliminary economic assessment in September, which will show that Altar holds about 32 billion pounds of copper resources and 6.7 million ounces of gold resources, Robeto said.

Aldebaran is unsure it will be ready to deploy the spending in time to qualify for a government incentives program known as RIGI, which offers lengthy tax breaks and access to international dispute courts for investments exceeding $200 million.

The scheme will accept applications through July 2026, with a potential one-year extension.

“It’s not certain we’ll make it. It’s a challenge because if the RIGI is cut off, what happens next? The tax burden automatically returns to 54%,” Robeto said.

So far only two mining projects, both in lithium, have been approved for RIGI, which went into effect in October under President Javier Milei.

Among other copper projects in the works, miners Glencore and McEwen Mining are also applying for the program.

Robeto did not provide a potential timeline for construction and production at Altar, which has an estimated lifespan of 20 to 25 years. The economic assessment will include two scenarios for copper production, either in concentrate or cathode form.

“The idea would be to conduct a trade-off analysis, looking at the pros and cons,” Robeto said.

Blue Moon Metals gains up to $140m backing for Nussir Copper Project
The financing package includes a $50m senior secured term loan, a $70m precious metals stream, and a $20m equity investment.

Swagath Bandhakavi 20th Aug 2025

Blue Moon Metals has secured financing of up to $140m from Hartree Partners and funds managed by Oaktree Capital Management for the Nussir Copper Project in Norway.
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Established in 2005 and incorporated under Norwegian law, Nussir focuses on developing copper-silver-gold resources in Finnmark. Historical open-pit mining occurred nearby in the 1970s.

The company continues to advance its sedimentary-hosted copper deposit through extensive analysis and regulatory compliance over two decades.
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In June 2025, the European Union recognised the Nussir project as a Strategic Critical Raw Material Project under the 2023 EU Critical Raw Materials Act. This designation supports diversifying critical mineral supplies and reducing reliance on China.

Objectif 3 millions de tonnes de cuivre : la Zambie inaugure un projet de 1,25 milliard $

Agence Ecofin 20 aout 2025

En 2024, la Zambie a produit plus de 800 000 tonnes de cuivre et ambitionne d’en produire 3 millions de tonnes d’ici 2031. Parmi les moteurs de cette croissance figurent l’agrandissement de mines comme Kansanshi, qui a livré 171 000 tonnes en 2024.

Le canadien First Quantum Minerals a inauguré le mardi 19 août 2025, un projet de 1,25 milliard $ à sa mine de cuivre Kansanshi en Zambie. Au-delà de la portée symbolique de la cérémonie, présidée par le chef de l’Etat, Hakainde Hichilema, ce projet vient participer à l’objectif du pays de produire 3 millions de tonnes de cuivre d’ici 2031.

Baptisé S3, ce projet prévoit une nouvelle usine de traitement qui double quasiment la capacité de broyage du minerai et augmente de 25% la capacité de la fonderie. Avec cet investissement, le premier d’une telle envergure dans le secteur cuprifère zambien depuis près d’une décennie, Kansanshi devrait produire en moyenne 250 000 tonnes de cuivre par an jusqu’en 2044.

Cela correspondrait à une hausse de 46% par rapport aux 171 000 tonnes produites en 2024. La même année, la Zambie a produit 820 670 tonnes de cuivre, soit une hausse de 12% en glissement annuel. Cette progression s’explique par la hausse de la production de First Quantum, mais aussi par la reprise des opérations de Vedanta à Konkola Copper Mines et la relance de Mopani sous le contrôle d’International Resources Holding.

Ces facteurs devraient continuer de soutenir la production nationale dans les prochaines années. Barrick, par exemple, a lancé en octobre 2024 un projet similaire de 2 milliards de dollars pour doubler la production annuelle de cuivre à 240 000 tonnes.

Si les autorités prévoient une production de 1 million de tonnes de cuivre d’ici 2026, l’objectif des 3 millions de tonnes nécessitera une poursuite des initiatives actuelles : maximiser les capacités des mines existantes et attirer de nouveaux capitaux pour en développer de nouvelles.

« Ceux qui s'opposent à une mine de cuivre en Arizona sont antiaméricains » : Trump sort les crocs pour défendre l'industrie minière
Donald Trump s'attaque aux blocages autour de la mine de cuivre « Resolution » en Arizona. Ce projet, porté par Rio Tinto et BHP, pourrait couvrir un quart des besoins américains en cuivre pendant quarante ans.

Par Étienne Goetz Publié le 21 août 2025 lesechos.fr

L'opération de lobbying auprès du président Donald Trump a fonctionné à merveille. En début de semaine, les patrons de BHP et de Rio Tinto, les deux plus grandes compagnies minières au monde, se sont entretenus avec le locataire de la Maison-Blanche et Doug Burgum, secrétaire à l'Intérieur. Ils ont discuté de l'approvisionnement en métaux critiques des Etats-Unis en général, mais aussi plus particulièrement d'un vaste projet de mine de cuivre en Arizona, qui peine à voir le jour.

Ce projet, Resolution Copper, est bloqué depuis des décennies pour des raisons environnementales et liées aux droits des communautés autochtones. Il enchaîne les procédures et les litiges. Certains activistes redoutent que la mine souterraine ne détruise un site sacré de la tribu Apache. Lundi encore, un recours judiciaire a suspendu un échange de terrains, opération préalable au lancement des travaux. .... (abonnés)

AI data centers to worsen copper shortage – BNEF

Staff Writer | August 12, 2025

The rapid buildout of artificial intelligence (AI) data centers risks tightening the global copper market further, potentially pushing the supply shortfall to 6 million tonnes by 2035, according to a new BloombergNEF (BNEF) report.


BNEF analysts said copper demand from the sector will average around 400,000 tonnes annually over the next decade, peaking at 572,000 tonnes in 2028. The cumulative total in use by data centers could top 4.3 million tonnes by 2035. That comes on top of surging demand from other sectors, such as power transmission and wind energy, where copper usage is expected to almost double by 2035.

The AI capacity additions put pressure on a market that is already tight, which is exacerbated by years of underinvestment in new copper supply, the analysts noted.

Meanwhile, the price of copper is in a slump after it plunged 20% at the end of July amid United States President Donald Trump’s tariff announcement on copper. It traded for $4.49 per lb. on Tuesday afternoon.

With demand accelerating and supply growth lagging, BNEF expects copper prices to peak at $13,500 per tonne in 2028. The shortfall is worsened by a projected global copper supply of just 29 million tonnes by 2035, well below the 35 million tonnes needed to meet demand.

Copper-hungry centers

Copper can account for nearly 6% of the capital expenditure of a data center project. Its role is critical in electrical conductivity as it maximizes efficiency in transmitting and distributing electricity and in thermal conductivity due to its support for high-performance heat exchangers, which are vital for cooling servers. The red metal’s ductility and malleability allows it to be shaped into compact components like connectors.

Data centers rely on copper for a wide range of applications, including power cables, busbars, electrical connectors, heat exchangers and sinks, and power distribution strips

Microsoft’s $500 million data center in Chicago alone required 2,177 tonnes of copper during construction.

Meanwhile, North American data center infrastructure alone is expected to grow from a $33 billion business in 2020 to $70 billion in 2030 and $185 billion in 2040.

Marimaca hits fresh 13-year high on copper results

Frédéric Tomesco - The Northern Miner | August 15, 2025


A view of the Pampa Medina project area. Credit: Marimaca Copper.

New drilling at Marimaca Copper’s (TSX: MARI; ASX: MC2) Pampa Medina property in northern Chile has expanded the size of the ore body, the company said. The stock surged to its highest level in more than 13 years.

Hole SMRD-16 cut 70 metres grading 1% copper from 434 metres downhole, including 10 metres of 4.2% copper from 438 metres depth, Marimaca said Friday in a statement. It also extended the high-grade sediment-hosted manto-system by 300 metres to the west from previous drilling. Another hole, SMRD-15, intersected 42 metres of 0.51% copper from 158 metres.

“Today’s results further demonstrate the longer-term potential of Pampa Medina as the company continues to expand the size of the defined area where they see high-grade mineralization,” National Bank Financial mining analyst Andrew Dusome said Friday in a note. He gives an “outperform” rating to Marimaca shares.

Marimaca stock surged about 13% to C$11.23 in early afternoon trading Friday ton the Toronto Stock Exchange, its highest level since April 2012. Marimaca Copper now has a market capitalization of about C$1.2 billion ($87m).

It’s the second time in about six weeks that Marimaca has spurred investor enthusiasm by disclosing high-grade copper hits at Pampa Medina. The project is about 25 km west of the company’s main Marimaca Oxide Deposit (MOD) and 1,250 km north of the Chilean capital Santiago.

The results are part of a 10,000-metre drilling program that the Vancouver-based miner is carrying out with three rigs. As mineralization remains open, extensional drilling will now focus on the north and west, the company said. Crews are targeting mineralized intersections with true widths exceeding 20 metres at an average copper grade of 1% or more, CEO Hayden Locke said.

“We see enormous potential for a large scale, highly economic, underground copper mining opportunity,” Locke said in Friday’s statement.

A definitive feasibility study for MOD, expected for the fourth quarter, should pave the way for the construction of a 50,000-tonne-per-year copper cathode mine “in the near term”, Locke says.

Other drilling highlights released Friday included hole SMRD-13, which cut 6 metres of 12% copper from 594 metres downhole, including 26 metres of 4.1% copper from 580 metres depth. SMRD-13 sits 300 metres west of SMRD-15.

Pampa Medina is located at low altitude in a flat pampa valley within the Atacama Desert. It’s also close to existing powerlines, water pipelines and major ports.

Other nearby projects include Capstone Copper’s (TSX: CS; ASX: CSC) Mantos Blancos project, which is 40 km away; Antofagasta’s (LSE: ANTO) Antucoya project, 54 km away; and BHP’s (ASX, NYSE, LSE: BHP) Spence project, 77 kms away.