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It’s safe to say that in the middle of a hectic time on global markets, copper is in a good place. The red metal rose to an all-time high of US$168.72 in March 2025, following an upwards trajectory which has made it an investor favourite in recent years.
Unsurprisingly, many Australian-based mining companies have turned their attentions to the commodity, going in search of copper (and sometimes copper-gold) projects of varying mineralisation styles across the globe.
Let’s consider a handful of mid-range copper players trading (or who have recently traded) on the ASX – Celsius Resources (and its MCB project in the Philippines), Hot Chili (which is seeking the red metal at its Costa Fuego project in Chile), Xanadu Mines (and its Kharmagtai project in Mongolia), Rex Minerals (with South Australian project Hillside), and Sunstone Metals (and its Bramaderos project in Ecuador).
While all are operating in different jurisdictions, there are some commonalities between them – not least the fact that most are focused on porphyry copper mineralisation, with gold often associated with this.
Celsius Resources (ASX:CLA)
Celsius Resources, for example, is progressing through the advanced Maalinao-Caigutan-Biyog (MCB) project 320 kilometres north of Manila, which has a mineral resource estimate of 338 million tonnes (Mt), with grades of 0.47% copper (Cu) and 0.12 grams per tonne (g/t) gold (Au) defined as porphyry mineralisation.
Crucially, it also boasts a high-grade sub vertical core, representing approximately 28% of the MRE. This amounts to 49 Mt at 0.85% Cu and 0.41g/t Au – all in the indicated resource category – and is the focal point for Celsius’ optimised mine plan.
One important component in development of this project – which has progressed through a scoping study, feasibility study and metallurgical work – is support from the Philippines’ government.
This was underscored in February this year, when Celsius told investors it was set to receive a bridge loan facility worth US$76.4 million from Maharlika Investment Corporation – the Philippines’ sovereign wealth fund – to progress development work on MCB.
With strong numbers coming in from metallurgical work – which showed potential for copper recoveries of 94% and gold recovery of 79% through flotation processing – together with the granting of a 25-year mining permit, and the finalisation of the mine plan, the project is moving through to the early works stage, supported by the government’s financial support.
This work will include an update to the feasibility study and front-end engineering design, plus construction of a main access road.
Celsius’ MCB Project has strong government and community support plus it’s fully permitted and shovel ready. With the Philippines Sovereign Wealth expected to fully fund the project, this project has a clear path to near term production in 2027.
Xanadu Mines (ASX:XAM)
In Mongolia, Xanadu Mines Ltd (ASX:XAM) has been progressing its 2.2 billion tonne Kharmagtai project through a series of development milestones, guided by its strategic partnership with Zijin Mining Group Co. Ltd, which kicked off in April 2022.
Kharmagtai is located in Mongolia’s South Gobi porphyry copper province – where the massive Oyu Tolgoi copper-gold operations are also found, 120 kilometres to the south – and it is also well into the thick of development milestones.
The most significant of these was a prefeasibility study (PFS) completed in October 2024, which confirmed the project as a globally significant, long life, low cost, low risk future copper-gold mine, with a projected mine life of 29 years and production ranges of 60-80ktpa copper and 165-170kozpa gold production during the first and second stages of expansion.
Achievement of the PFS and a maiden ore reserve – comprised of 1.6Mt copper (Cu) and 4.0Moz gold (Au) in the indicated category – also enabled Zijin to take over ownership of the project under the JV, with this company now being the main operator, set to push Kharmagtai through to the next stages, culminating in a final investment decision (FID). The ownership transition also vesting of two 6-month options at Xanadu’s sole discretion.
The next big milestone on the agenda is a bankable feasibility study, which is anticipated for completion in the second quarter of 2026.
Hot Chilli (ASX:HCH)
When it comes to copper, Latin American countries have also been the focus of attention, and Hot Chili Ltd (ASX:HCH) is diving into this region with its Costa Fuego project – located in in Chile’s northern Atacam region – which holds an MRE of 927 million tonnes (at 0.379% Cu and 0.1g/t Au).
In March 2025, the company announced completion of a PFS which revealed strong production metrics over an expected mine life of 20 years, with increased yield from both metals during that time.
The company is expecting average annual production of 116,000 tonnes per annum (tpa) of copper equivalent, including 95,000 tonnes of copper and 48,000 ounces (oz) of gold during the primary production period of 14 years from Costa Fuego.
Financial metrics were also strong according to the PFS, including a life-of-mine C1 cash cost of US$1.38 per pound and an all-in-sustaining cost of US$1.85/lb (both estimated net of by-product credits).
Sunstone Metals (ASX:STM)
Moving elsewhere in the South American continent, we find yet another porphyry copper-gold project – this time Sunstone Metals’ (ASX:STM) Bramaderos play, which is located in southern Ecuador.
This country is a ‘rapidly emerging mining jurisdiction’, according to Sunstone, and Bramaderos itself is a top discovery in both the red and yellow metal, providing the company with several pathways to develop a mining centre producing more than 10 million ounces of gold equivalent (AuEq).
Sunstone wants to begin through the establishment of a high-grade gold-silver mine built around the Limon epithermal system, which was first discovered through drilling in early 2023, with a discovery hole which intersected 176.7 metres at 1.1g/t AuEq (0.97g/t gold and 10.1g/t silver).
However, a second key stage will revolve around development of the advanced Brama-Alba porphyry target, which holds a resource of156Mt at 0.53g/t AuEq, producing 2.7Moz AuEq overall.
This is augmented by an exploration target of between 3.3Moz and 8.6Moz AuEq within 255Mt to 360Mt at a grade between 0.40 and 0.74g/t AuEq.
Sunstone is engaging in discussions with various entities to consider partnership options for development of Bramaderos, although timeframes are as yet unknown.
Rex Minerals (De-listed)
Finally, closer to home is the Hillside project in South Australia’s Gawler Craton, defined as one of the country’s largest undeveloped copper projects with a MRE of 1.9Mt Cu and 1.5Moz Au, developed around Iron Oxide Copper Gold (IOCG) mineralisation.
This was being developed by Rex Minerals, which delisted in October 2024 after the company was acquired in July by Indonesian outfit MACH Metals Australia, in a deal worth $393 million.
Hillside is often described as ‘shovel-ready’, with the state government approving a program for environment protection and rehabilitation (PEPR) for Stage One of the project in July 2020.
The project is expected to develop around the processing and shipping of ore from an open pit mine, with the latter expected to last for 11 years.
