Australian miners bet big on copper as AI and power grids drive demand surge
Australia's biggest miners are shifting to copper. Demand for the metal is surging because of AI data centres and power grid expansion.
Australia's mining stocks are rising as BHP, Rio Tinto and other major operators shift toward copper. Copper now accounts for more than half of BHP's full-year revenue for the first time.
Prices have hit record highs. The shift is driven by growing demand from AI data centres, electrification and expanding power grids worldwide.
At the same time, iron ore demand is weakening. China's property market has not recovered from its pandemic downturn.
Analysts say the shift away from iron ore will speed up as miners look for growth elsewhere. Investors looking for pure-copper options may have few large-scale, low-cost choices on the ASX.
Some are being pushed toward Canadian alternatives.
Why it mattersCopper's surge offers Australian mining stocks a new growth engine independent of China's property market. This lifts returns for investors and the economy.
AustraliaHigher copper prices benefit Australian miners and their shareholders, though some investors may need to look overseas to get direct copper-focused exposure.
✓ Claims checked against the source. checked 2 h ago
Open this story in InSnip →
