{"slug": "the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production", "title": "The ASX copper juniors positioning to ride copper’s record prices into production", "summary": "Copper prices are at record highs above US$14,150/t on the London Metals Exchange, driven by surging demand from AI, electrification, and tight supply, with Benchmark Mineral Intelligence reporting treatment and refining charges fell to a record low of USD -172.92/t. ASX juniors like QMines (ASX:QML) and CuFe (ASX:CUF) are positioning to capitalize on the rally, with QMines exec chair Andrew Sparke noting that development-ready projects in established jurisdictions are becoming increasingly valuable.", "body_md": "# The ASX copper juniors positioning to ride copper’s record prices into production\n\n**Copper demand is surging on AI and electrification****Tight supply and ageing mines could drive prices higher****Advanced Australian projects are gaining fresh attention**\n\nCopper demand is poised to explode due to the massive appetite for the red metal from ongoing electrification and the rapid growth of AI.\n\nBoth the US and China are increasing imports, which points to a likely rally that could power prices to new highs.\n\nIt certainly doesn’t help that many major existing mines are ageing with declining grades and increasing costs.\n\nNew discoveries are also fewer with the timelines for development potentially taking more than a decade to complete.\n\nThe benchmark London Metals Exchange has copper trading at a little above the US$14,150/t mark and there is every expectation that prices will swing past the record US$14,500/t level it reached at the end of January 2026.\n\nAccording to Benchmark Mineral Intelligence analysts, cash copper is at a record high, reflecting the desperation of buyers for metal for current delivery. One of the best barometers for physical market tightness – treatment and refining charges – is also flashing red.\n\nSmelters, which used to make their margin from charging traders to refine their copper concentrate into metal, are now paying those traders for the privilege, with only by-product credits keeping them profitable.\n\n“Copper concentrate TC/RCs hit another all-time low last week, falling below USD -170/t for the first time, to USD -172.92/t from USD -159.67/t,” Benchmark’s copper experts said.\n\n“The market is uncertain why TCs have fallen so fast. One view is a shift in psychology, with Chinese smelters buying as long as they stay profitable. Others point to China’s growing concentrate-smelter imbalance, making material genuinely hard to source.\n\n“A third factor may be an unusual index-linked pricing mechanism: traders increasingly sell material on a spot basis against future index levels – for example, agreeing in June to price an August cargo at “index minus USD 20/t” on the loading date.”\n\nAn arbitrage in the US market has pricing even higher there, with traders paying US$600/t above LME prices ahead of a decision on potential tariffs.\n\n## Long-term love\n\nBut it’s the long-term demand picture which really excites ASX developers.\n\n[ QMines (ASX:QML)](https://stockhead.com.au/company/qmines-qml/) exec chair Andrew Sparke told Stockhead the company thinks copper is entering one of its most compelling periods in decades.\n\n“Demand continues to grow from traditional uses such as construction and infrastructure, while electrification, renewables, grid investment, EVs and increasingly data centres and AI are adding entirely new sources of demand,” he said.\n\n“At the same time, the supply response has been relatively muted.\n\n“Copper projects are becoming larger, more capital intensive and more difficult to permit and develop, while declining grades at many existing operations mean more material needs to be mined just to maintain production.\n\n“The result is a market where demand is growing faster than the industry’s ability to bring new supply online.\n\n“That is why we believe quality, development-ready copper projects in established mining jurisdictions are becoming increasingly valuable.”\n\nSparke added that projects which are already advanced, permitted or moving rapidly through development are the ones that would be increasingly important as the market tightens.\n\n“That creates a very attractive backdrop for companies like QMines that already have established resources and are actively advancing projects towards production,” he noted.\n\nHighlighting just how bullish the copper market has become, [ CuFe (ASX:CUF)](https://stockhead.com.au/company/cufe-cuf/) executive director Mark Hancock said that rather than having to spend time convincing investors on the need to be exposed to copper, there is already widespread understanding in the role it plays in electrification.\n\n“With data centres and electric vehicles accelerating the rate of electrification, it is meaning investors are saying copper is something they want more exposure to,” he added.\n\nCuFe is progressing assets in the Tennant Creek region of the Northern Territory to a potential restart in a much higher copper price environment, aided by major investment in the region by large caps like CuFe investor [ Pan African Resources (ASX:PAF)](https://stockhead.com.au/company/pan-african-resources-paf/).\n\n## Australia’s copper future\n\nSparke says while Australia had enormous geological potential for copper, Queensland stood out in particular to QMines.\n\n“Queensland already has a long history of copper production, established infrastructure, a skilled mining workforce and access to ports and processing capability,” he said.\n\n“Central Queensland is particularly interesting. It has historically received less attention for copper than some of Australia’s better-known copper provinces, yet it has excellent infrastructure and a long mining history.\n\n“We believe there is an opportunity to establish a significant new copper production hub in Central Queensland, and that is exactly what QMines is working towards.”\n\nHe added the company was seeing strong recognition from the Queensland Government that critical minerals projects need to be supported and brought into production.\n\nMeanwhile, Hancock drew attention to the Northern Territory as a mining friendly area where several projects are well progressed towards starting or restarting.\n\n“The Tennant Creek region has recently seen large South African based gold miner Pan African Resources investing into CuFe and it also hosts the Warrego copper project which is near-by to us,” he said.\n\n“When combined with groups like KGL completing their project funding and Castile progressing studies it means a number of new projects could be coming on line over the next few years.”\n\nOther notable areas include the Lachlan Fold Belt in New South Wales, the world-class Gawler Craton and Curnamona province in South Australia and the Paterson Province in Western Australia.\n\n## Emerging projects\n\nQMines itself is developing a portfolio of copper and gold projects in Central Queensland headlined by its flagship Mt Chalmers copper-gold project near Rockhampton.\n\nMt Chalmers is a historical high-grade mine that shut more than 40 years ago.\n\n“Our strategy is to initially develop Mt Chalmers and establish processing infrastructure there, before potentially bringing additional ore from our broader project portfolio into a centralised processing hub,” Sparke said.\n\n“We have significantly expanded the resource since listing and delivered a pre-feasibility study and maiden ore reserve.\n\n“We are now completing the definitive feasibility study, which is fully-funded following a $15m strategic investment from the State Government through Queensland Investment Corporation’s Critical Minerals and Battery Technology Fund.”\n\nSparke adds the support speaks volumes about the strategic importance of what the company is trying to build in Central Queensland.\n\nQmines also holds the Develin Creek copper-zinc project and Mt Mackenzie gold-silver project that provide it with a substantial regional resource base and the potential to build a longer-life, multi-asset operation.\n\nOver the next 12 months, the company expects to complete the Mt Chalmers DFS, continue environmental approvals and mining lease work, and further resource and reserve growth drilling at Mt Chalmers.\n\nIt is also advancing the engineering and development pathway towards a final investment decision.\n\nActive exploration and development programs across the broader portfolio are underway at Develin Creek and Mt Mackenzie, which provide additional opportunities for resource growth and ultimately feed into our longer-term multi-project production hub strategy.\n\n## Restarting production\n\nMeanwhile, CuFe is progressing its Tennant Creek projects towards a potential restart.\n\n“Gecko and Orlando are in the Tennant Creek region, and have both been mined previously, most recently by Normandy in the 1990’s and were shut down for economic reasons when gold and copper prices were circa US$300/oz and US$2500/t respectively, which is obviously well below current levels,” Hancock sai.\n\n“There is a substantial remaining JORC resource with good grade and considerable exploration potential, so we think that’s an exciting combination.”\n\nThe company recently updated resources at its 55%-owned Gecko project, increasing the higher confidence indicated tonnes from just 4% of the overall resource to a hefty 66% through the sourcing of historical data and creation of a geological model.\n\nGecko now hosts an indicated resource of 11.73Mt grading 2.43% copper equivalent and a further inferred resource of 6.05Mt at 2.78% CuEq.\n\nOrlando has a separate indicated and inferred resource of 5.68Mt at 1.11% copper and 1.73g/t gold.\n\nHancock notes the company is currently completing a PFS for a new processing plant in the Tennant Creek region in conjunction with its partners in the Tennant Creek Copper Alliance, which has received government funding.\n\n“We also have a scoping study underway across the full project and given the attractive economics demonstrated by the Orlando project standalone, our expectation is incorporating the bigger Gecko project should improve things further,” he added.\n\n“While that’s underway we will also be conducting a significant drilling program to provide further technical data, add to resource definition and test greenfield targets so exciting times ahead!\n\nBesides QMines and CuFe, here are some other companies advancing Australian copper projects.\n\n**Caravel Minerals (ASX:CVV)**\n\n**Caravel Minerals (ASX:CVV)**\n\nCaravel Minerals is approaching completion of the DFS for its namesake copper project in Western Australia’s Wheatbelt region.\n\nThis consolidates improvements underpinned by extensive technical, environmental and commercial workstreams that were completed since the 2022 pre-feasibility study.\n\nDFS work has confirmed a conventional open pit truck and shovel operation developing\n\nBindi deposit in stages followed by the Dasher deposit.\n\nEnvironmental review document finalisation has been substantially completed with a targeted submission to the Environmental Protection Authority in Q4 2026.\n\nThe water supply pathway is being progressed while power supply has been de-risked by a grid connection access offer from Western Power and commercial offer from an independent power provider for renewable generation adjacent to the project.\n\nBindi and Dasher will be mined using conventional open pit methods comprising drilling, blasting, and loading and hauling with an ultra-class fleet of 300t haul trucks and 600t plus shovels.\n\nMine planning also allows for a future transition to autonomous haulage once equipment and technology providers are finalised.\n\nCaravel is within trucking distance of Perth and is connected to existing sealed roads, power infrastructure and skilled labour pools, avoiding many of the issues faced by more remote developments.\n\nIt currently has a resource of 1.28Bt grading 0.24% copper with an ore reserve of 597Mt at 0.24% copper that makes it one of the world’s largest undeveloped copper deposits.\n\nThe DFS is due for completion in September 2026.\n\n**Coda Minerals (ASX:COD)**\n\n**Coda Minerals (ASX:COD)**\n\nCoda operates the Elizabeth Creek project in the Gawler Craton, South Australia, that hosts the MG14, Windabout and Emmie Bluff copper, cobalt and silver deposits.\n\nEmmie Bluff in particular has been identified as one of the largest deposits of its kind in Australia.\n\nCollectively, these deposits have a combined resource of 65.5Mt with contained metal of 705,800t copper, 33,000t cobalt, 28Moz silver and 75,000t zinc.\n\nDuring the June 2026 quarter, the company advanced resource definition, integrated mine planning and processing pathway selection for the project.\n\nThe company defined an approvals pathway after the final scoping report gazetted after the quarter fixed the project-specific work program towards a mining lease application.\n\nEnvironmental baselines have also been advanced with surveys finding no groundwater-dependent ecosystems likely to be affected.\n\nIn late July, Coda started a six-hole hydrogeological drilling program totalling about 1400m to inform geotechnical design, mine dewatering, environmental approvals and water-supply planning for future construction and operations.\n\nOnce this is completed, the rig will move to the Oakden prospect to carry out exploration drilling.\n\n**Cyprium Metals (ASX:CYM)**\n\n**Cyprium Metals (ASX:CYM)**\n\nCyprium is progressing a phased restart of copper cathode and concentrate production at its Nifty copper complex in WA’s Paterson region about 350km southeast of Port Hedland.\n\nNifty was first discovered in 1981 by WMC and started operations in 1993 as an open pit oxide copper mine with processing via heap leaching and solvent extraction-electrowinning (SXEW) recovery to produce copper cathode.\n\nOperations transitioned to an underground sulphide mine that produced copper concentrate using standard flotation from 2006.\n\nBetween the start of production and November 26, 2019, when the mine was placed into care and maintenance, Nifty produced more than 700,000t of copper metal.\n\nCyprium acquired the Nifty copper complex in March 2021 and has been driving it towards a restart since.\n\nThe company currently expects to update reserves in Q3 to includes oxides and pit resequencing.\n\nIts phased restart strategy will initially leach existing pads and restart the SXEW plant to produce 6000tpa of copper cathode while expanding plant capacity to match copper recovery.\n\nThe second phase will restart the open pit and expand SWEX operations while Phase 3 will seek to access sulphide material by restarting the mill.\n\n**KGL Resources (ASX:KGL)**\n\n**KGL Resources (ASX:KGL)**\n\nDuring the June 2026 quarter, KGL secured full funding to take its Jervois copper-silver-gold project in the Northern Territory straight through to production.\n\nIt reached a US$300m silver and gold precious metal purchase agreement with Wheaton Precious Metals in early April and tapped the first US$16m tranche in June to secure long lead items, engineering and procurement.\n\nThe company also completed a $180m conditional placement and $120m entitlement offer, finalising the funding needed for Jervois.\n\nKGL has advanced process plant engineering and contracting activities, early works and long-lead item procurement activities while progressing the open pit mining tender and selection process.\n\nA final investment decision and construction commencement is targeted for Q3 2026.\n\nJervois is expected to deliver post-tax NPV and IRR of $839m and 30% respectively.\n\nOver the initial 10-year mine life, it is expected to produce 276,000t of contained copper, 10.5Moz silver and 87,000oz gold in concentrate.\n\n**True North Copper (ASX:TNC)**\n\n**True North Copper (ASX:TNC)**\n\nTrue North Copper holds the high-grade Mt Oxide copper-cobalt-silver project and Cloncurry copper project in Central Queensland.\n\nMt Oxide has a contained resource of 220,000t copper, 5.13Moz silver and 21,200t cobalt.\n\nIt has established infrastructure, including an exploration camp, and proximity to a processing plant and power grid.\n\nRecent drilling at Aquila extended the high-grade mineralisation by 100m to ~300m below surface, strengthening confidence in the continuity of the northern high-grade shoot and the discovery’s scale potential.\n\nThis returned notable intercepts such as 130m grading 0.67% Cu including 16m at 3.67% and 74m at 0.73% Cu including 11m at 1.65% to date.\n\nMeanwhile, Cloncurry has contained resources of 128,000t copper and 152,000oz gold as well as extensive existing infrastructure including a wholly-owned refurbished Solvent Extraction (SX) plant, flotation plant, crusher, heap leach and tailing facilities (currently in care and maintenance).\n\nExploration to date has already identified previously undrilled and newly defined large-scale geophysical anomalies.\n\nWork is underway on a refreshed pre-feasibility study that will outline a low-capital intensity pathway to production for Cloncurry.\n\nEarly in August 2026, a scoping study identified a potential low-cost production opportunity at the Wynberg deposit within Cloncurry.\n\n*At Stockhead, we tell it like it is. While QMines, Caravel Minerals, CuFe and True North Copper are Stockhead advertisers, they did not sponsor this article.*\n\n## Related Topics\n\n### UNLOCK INSIGHTS\n\nDiscover the untold stories of emerging ASX stocks.\n\nDaily news and expert analysis, it's free to subscribe.\n\nBy proceeding, you confirm you understand that we handle personal information in accordance with our\n[Privacy Policy](https://stockhead.com.au/privacy-policy/).", "url": "https://wpnews.pro/news/the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production", "canonical_source": "https://stockhead.com.au/resources/the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production/", "published_at": "2026-08-16 20:20:27+00:00", "updated_at": "2026-08-16 21:12:13.572412+00:00", "lang": "en", "topics": ["artificial-intelligence"], "entities": ["QMines", "CuFe", "Andrew Sparke", "Mark Hancock", "Benchmark Mineral Intelligence", "London Metals Exchange"], "alternates": {"html": "https://wpnews.pro/news/the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production", "markdown": "https://wpnews.pro/news/the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production.md", "text": "https://wpnews.pro/news/the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production.txt", "jsonld": "https://wpnews.pro/news/the-asx-copper-juniors-positioning-to-ride-coppers-record-prices-into-production.jsonld"}}