Australian mining firms pivot to copper amid rising global demand

Major Australian mining companies are shifting their strategic focus toward copper to meet rising demand driven by electrification, renewable energy, and the expansion of data centers. BHP has seen its copper business contribute more than half of its adjusted EBITDA in fiscal year 2026, totaling approximately $18 billion USD. Similarly, Rio Tinto is expanding its copper activities as the market moves away from a historical reliance on iron ore, which faces headwinds from a weak Chinese property market.

In the mid-tier sector, QMines is advancing its Mt Chalmers copper-gold project through a definitive feasibility study (DFS) expected to conclude by the end of 2026. East Coast Research has set a 24c price target for QMines, citing the project's 9.6Mt ore reserve and potential for regional expansion. The company has doubled its drilling program to 20,000m and is working with BurnVoir Corporate Finance to arrange development financing.