Markets and commodities react

Canadian equity markets were positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) was in record territory, closing the week up 1.44 percent to set at another all-time high of 28,333.13. The S&P/TSX Venture Composite Index (INDEXTSI:JX) did even better, climbing 2.45 percent to finish Friday at 803.61. The CSE Composite Index (CSE:CSECOMP) slumped mid-week but recovered on Friday to post a slight gain of 0.48 percent to 158.82.

US equity markets were mixed this week, but strong gains on Friday following Powell’s comments kept them in record high territory. The S&P 500 (INDEXSP:INX) was up 1.52 percent on Friday, but down by 0.16 percent over the past five days to 6,466.92, while the Nasdaq 100 (INDEXNASDAQ:NDX) rose 1.51 percent on Friday, but sank 1.33 percent on the week to 23,497.83 on Wednesday. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) was the sole weekly gainer, rising 1.89 percent on Friday and 1.04 percent on the week to post a new record high of 45,631.73.

The gold price was largely flat this week, but also surged on Friday after Powell hinted at a near-term rate cut, rising 1.11 percent on the week to US$3,373.21 per ounce by 4:00 p.m. EDT on Friday.

Silver saw similar movements, but ended the week with a more significant gain of 2.62 percent US$38.90 per ounce.

Copper saw little change again this week, posting a 0.22 percent decrease to US$4.52 per pound. The S&P GSCI (INDEXSP:SPGSCI) commodities index posted an increase of 1.92 percent by close on Friday, finishing at 545.11.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. StrategX Elements (CSE:STGX)

Weekly gain: 63.64 percent
Market cap: C$11.57 million
Share price: C$0.18

StrategX Elements is advancing a portfolio of projects in the Northwest Territories and Nunavut, Canada.

Its most recent focus has been its Nagvaak project in Nunavut, which hosts a 6 kilometer mineralized zone with deposits of nickel, vanadium, cobalt, copper, silver and platinum-group metals.

On March 3, the company discovered a wide zone of high-grade graphite mineralization at Nagvaak, with one assay returning an average of 15 percent graphitic carbon over 32 meters, including an intersection of 22 percent graphitic carbon over 17 meters. StrategX said the hole also returned encouraging concentrations of other minerals, including nickel, copper and silver, supporting potential for a multi-mineral system.

The most recent news from the project came on July 30, when the company announced it was in the process of mobilizing for a 2025 drill program intended to delineate and validate the discoveries.

On Tuesday, the company completed a non-brokered private placement for 3.71 million shares, raising gross proceeds of C$296,960. It announced the placement on August 7 and said funds would be used for general working capital.

2. Max Resource (TSXV:MAX)

Weekly gain: 62.5 percent
Market cap: C$12.59 million
Share price: C$0.065

Max Resource is an explorer working to advance a portfolio of projects in Colombia.

Its Sierra Azul property is a district-scale copper and silver project consisting of 20 mining concessions covering an area of 188 square kilometers in northeastern Colombia.

The asset is covered by a May 2024 earn-in agreement with Freeport-McMoRan (NYSE:FCX), in which Freeport can receive up to an 80 percent stake by funding of C$50 million over 10 years. The site hosts multiple target areas with high-grade copper and silver mineralization, including a 20 kilometer red-bed style copper system at the AM district.

Max also owns the Florália hematite direct-shipping ore iron project located in the Minas Gerais region. The company completed the acquisition of the property in October 2024 from Jaguar Mining (TSX:JAG,OTCQX:JAGGF) for total cash considerations of US$1 million and 4 million performance share units, contingent upon reaching certain milestones. The site hosts hematite deposits with grades over 60 percent iron. Max intends to use a direct-shipping ore process to mine, crush and screen the ore before exporting the material directly to steel mills.

The company’s most recent announcement came this past Tuesday, when it secured the right to acquire Mora title, which lies adjacent to Aris Mining’s (TSX:ARIS,NYSEAMERICAN:ARMN) Marmato mine. The property hosts 40 historic workings with five active mines, with reserves with grades of 3.2 grams per metric ton (g/t) gold from 31.3 million metric tons and a resource of 9 million ounces of gold grading 3 g/t from 61.5 million metric tons.

3. Maple Gold Mines (TSXV:MGM)

Weekly gain: 50 percent
Market cap: C$45.6 million
Share price: C$0.105

Maple Gold Mines is a gold exploration company focused on the advancement of its Douay and Joutel projects located in the Abitibi greenstone belt in Québec, Canada.

The Douay project covers an area of 357 square kilometers. In a 2022 technical report, the company said the site hosts an indicated resource of 511,000 ounces of gold from 10 million metric tons with an average grade of 1.59 g/t gold, with an additional inferred resource of 2.53 million ounces from 76.7 million metric tons at 1.02 g/t.

Joutel is located directly south of Douay. The company announced on May 5 that it had staked an additional 128 mining claims, bringing the total land area at the property to 111 square kilometers from the original 39. The site hosts Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) past-producing Eagle-Telbel gold mine, which operated from 1974 to 1993. To date, the company has used 250,000 meters of historic drill results to create 3D models to aid in current exploration efforts.

The most recent news from Maple came on Wednesday when it announced a C$5 million non-brokered private placement led by strategic investor Michael Gentile. Additionally, the company reported that Agnico Eagle has indicated it intends to participate in the offering to maintain its pro rata ownership interest in Maple Gold.

The release also said that it has appointed Marc Legault and Chris Adams to the board of directors.

4. Capitan Silver (TSXV:CAPT)

Weekly gain: 40.45 percent
Market cap: C$113.2 million
Share price: C$1.25

Capitan Silver is an explorer focused on advancing silver and gold projects in Durango, Mexico.

The company’s flagship asset is the 100 percent owned Cruz de Plata project, in the heart of Mexico’s historic Penoles Mining District. The district is known for hosting significant silver mineralization and historic mining.

The Cruz de Plata project encompasses two historic silver mines — Jesus Maria and San Rafael — and the El Capitan oxide gold prospect, all within a 22.9 square kilometer land package.

To date, the company has completed 86 diamond drill holes totaling over 11,550 meters.

A 2020 technical report demonstratesd an inferred resource of 16.99 million ounces of contained silver and 331,000 ounces of contained gold from 28.3 million metric tons of ore with grades of 18.7 g/t silver and 0.36 g/t gold.

The most recent news from Capitan came on Friday, when it announced it executed a definitive agreement to acquire a strategic land package at its Cruz de Plata property from Fresnillo (LSE:FRES,OTC Pink:FNLPF) for total cash considerations of US$4 million. The transaction was initially announced in June.

The new parcel consists of seven mineral concessions covering an area of 2,171.4 hectares and increases its total holdings in the area by 85 percent and the surface expression of the silver and gold trend by 1.2 kilometers to the east.

5. District Metals (TSXV:DMX)

Weekly gain: 36.9 percent
Market cap: C$163.98 million
Share price: C$1.15

District Metals is a uranium exploration company focused on advancing a portfolio of assets in Sweden.

Its flagship Viken property covers an area of 38,657 hectares in Jämtland County and in addition to uranium hosts mineral deposits of vanadium, molybdenum, nickel, copper and zinc.

On June 13, District filed a technical report for the project’s updated mineral resource estimate. It shows an indicated resource of 176 million pounds of U3O8 from 456 million metric tons of ore with a grade of 175 parts per million (ppm) U3O8 and an inferred resource of 1.54 billion pounds of U3O8 from 4.3 billion metric tons with a grade of 161 ppm.

The company has also been advancing its Tomtebo-Stollberg zinc project in South-Central Sweden. The project is part of an October 2023 definitive agreement in which Boliden (STO:BOL) can earn an 85 percent interest in the property by spending C$10 million over four years and District can earn a 15 percent stake in Boliden’s Stollberg property.

Tomtebo covers an area of 5,144 hectares and hosts the historic Tomtebo and Lovas mines, while Stollberg covers an area of 5,180 hectares and is located near Boliden’s Garpengerg mine.

The most recent update from Tomtebo came on July 29, when District released assays from a five hole, 2,485 meter drill program conducted between February and April. One highlighted drill hole recorded multiple zones of silver and base metals mineralization, including 88 g/t silver, 3 percent zinc and 1.9 percent lead over 7.85 meters.

The company has not released any news since.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

1. Softbank to invest US$2 billion in Intel

Intel’s (NASDAQ:INTC) share price got a boost this week after a series of major announcements, beginning with SoftBank Group’s (TSE:9984) Monday (August 18) announcement that it plans invest US$2 billion in the company.

“Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation,’ said Masayoshi Son, chairman and CEO of SoftBank, in a press release.

‘This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role,” he added.

Following that news, sources confirmed last week’s reports that the US government was seeking an equity stake in Intel in exchange for Biden-era Chips Act funding. Then, on Friday (August 22), US Secretary of Commerce Howard Lutnick announced that Intel had agreed to sell an 8.9 percent stake to the federal government, a move that will convert billions of dollars in previously awarded grants into a passive ownership stake.

Intel performance, July 28 to August 18, 2025.

Chart via Google Finance.

These developments have sent Intel’s market value soaring, with its share price increasing over 28 percent from the start of the month. Shares of Intel closed up on Friday at US$24.80.

2. Figure files for Nasdaq IPO

Figure Technology filed for an initial public offering (IPO) on the Nasdaq on Monday under the ticker symbol FIGR, joining a growing list of crypto-related companies looking to access public markets following the successful debut of stablecoin issuer Circle Internet Group (NYSE:CRCL).

Figure leverages blockchain to streamline financial services. The company’s filing reveals a strong financial performance, with profit reaching US$29 million in the first half of 2025, compared to a US$13 million loss in the same period last year. Its revenue for the first half of the year was US$191 million.

Goldman Sachs (NYSE:GS), Jefferies Financial Group (NYSE:JEF) and Bank of America Securities are acting as lead underwriters for the offering. The number of shares and price ranges are yet to be confirmed.

3. Google unveils new Pixel and more

Google (NASDAQ:GOOGL) made headlines this week with several new developments spanning its business lines.

The week kicked off with the tech giant announcing it has increased its stake in data center operator and Bitcoin miner TeraWulf (NASDAQ:WULF) to roughly 14 percent, worth US$3.2 billion.

The company also revealed a partnership with advanced nuclear startup Kairos Power and the Tennessee Valley Authority to power its data centers in Tennessee and Alabama using a new nuclear reactor.

On Wednesday (August 20), Google unveiled its latest Pixel smartphone, the Pixel 10, and accessories, with upgrades including a health coach powered by artificial intelligence (AI).

The week culminated with reports of a US$10 billion cloud computing agreement with Meta Platforms (NASDAQ:META) to provide the necessary servers and infrastructure for Meta’s expanding AI operations. The news sent Google’s share price up by over 3 percent and Meta’s up by over 2 percent.

4. NVIDIA tumbles amid China tension and chip sales

NVIDIA (NASDAQ:NVDA) experienced a volatile week, with its share price slipping in early trading on Monday following reports of renewed tensions with China. The downturn was triggered by news that Beijing will move to restrict sales of the H20 AI chip, the company’s most advanced product approved for the Chinese market.

China’s internet and telecom regulator, as well as the state planning agency, issued informal guidance to major tech companies, instructing them to halt new orders of the H20 chips, citing security concerns.

According to unnamed officials who spoke to the Financial Times, the decision was also influenced by “insulting” remarks from US Secretary of Commerce Howard Lutnick.

In response to the Chinese directive, NVIDIA has reportedly instructed its component suppliers, including Foxconn Technology (TPE:2354), Samsung Electronics (KRX:005930) and Amkor Technolgy (NASDAQ:AMKR), to suspend production of the H20 chip; the company also said it is working on a new AI chip for China.

Alphabet, NVIDIA, Palo Alto Networks and Meta Platforms performance, August 19 to 22, 2025.

Chart via Google Finance.

NVIDIA saw the greatest losses midweek, falling over 4 percent between Tuesday and Thursday. The company recovered some of its losses during Friday’s rally, but finished the week over one percent lower.

5. Palo Alto Networks rises on strong forecast

Palo Alto Networks (NASDAQ:PANW) surged over 7 percent on Tuesday after the cybersecurity company forecast that revenue and profit for its 2026 financial year will come in above estimates.

The company gave a strong performance in its 2025 fiscal year, with total revenue increasing 15 percent year-on-year to US$9.2 billion, fueled by an increase in revenue from newer, cloud-based security products. This growth occurred alongside a 24 percent rise in its future contracted business to US$15.8 billion.

The company also surpassed a US$10 billion revenue run rate while maintaining its “Rule-of-50” status — a measure of the balance between growth and profitability — for the fifth consecutive year.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$116,546, a 3.9 percent increase in 24 hours. Its lowest valuation of the day was US$112,019, and its highest was US$117,310.

Bitcoin price performance, August 22, 2025.

Chart via TradingView.

The crypto market rallied after US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium offered clues that the Fed may be preparing to lower interest rates in September.

Bitcoin jumped from US$112,000 to US$116,000 in just over an hour. The current situation with inflation and the labor market, Powell said, “may warrant adjusting” the Fed’s monetary policy stance.

Powell cited a “curious balance” in the labor market, with reduced worker supply and demand increasing employment risks, while also noting that tariffs’ visible impact on consumer prices is likely to be short-lived.

However, he signaled that the central bank remains cautious of potential lasting inflation, emphasizing the need to balance its dual mandates when goals conflict.

The Fed also revised its monetary policy, stating that low unemployment alone will not trigger rate hikes. They removed language suggesting tolerance for inflation above 2 percent to offset past undershoots and no longer described low interest rates as a “defining feature” of the economy, offering greater flexibility in a volatile post-pandemic economy.

According to the CME Group Fedwatch tool, the probability of an interest rate cut at the September 17 FOMC meeting has surged to over 83 percent, up from 75 percent just yesterday.

Likewise, Ether (ETH) gained over 10 percent following Powell’s remarks, rising above the week-long US$4,600 resistance and forming a bull flag pattern, with analysts projecting potential highs around US$6,000.

ETH was priced at US$4,843.61, up by 14.5 percent over the past 24 hours, and its highest valuation of the day. Its lowest valuation was US$4,254.24.

Altcoin price update

• Solana (SOL) was priced at US$199.01, up by 10.5 percent over 24 hours to its highest valuation of the day. Its lowest was US$178.52.

• XRP was trading for US$3.09, up by 7.9 percent in the past 24 hours, and its highest valuation of the day. Its lowest was US$282.

• Sui (SUI) was trading at US$3.74, up by 9.5 percent over the past 24 hours, following market trends by reaching its highest valuation as the markets wrapped. Its lowest valuation of the day was US$3.33.

• Cardano (ADA) was also trading at its highest valuation on Friday at US$0.9334, up by 9.5 percent over 24 hours. Its lowest valuation for the day was US$0.8332.

Today’s crypto news to know

Coinbase approves Trump-backed stablecoin

Coinbase Global (NASDAQ:COIN) has listed USD1, a stablecoin issued by World Liberty Financial, the crypto project linked to US President Donald Trump and his sons. The exchange announced the move on Thursday (August 21), while Eric Trump reposted the news on X and hinted that additional updates on the project are coming soon.

With the addition, Coinbase now offers US users a wide range of stablecoins, including USDT, USDC, PYUSD, DAI and others. World Liberty launched USD1 earlier this year as part of its push into decentralized finance, positioning the token for use in a forthcoming platform built on Ethereum with Aave technology.

The platform is not yet live, but the company has said it will eventually support lending and borrowing services.

The listing comes as the US stablecoin sector gains momentum following the passage of the GENIUS Act, which set national standards for stablecoin issuance and trading.

Still, World Liberty’s political connections remain controversial, especially after reports linked USD1 to a multibillion-dollar investment in Binance from an Abu Dhabi sovereign fund.

House moves to prohibit Fed from issuing CBDC

The US House of Representatives has added a provision to a defense policy bill for the 2026 fiscal year that would ban the Fed from issuing a central bank digital currency (CBDC). On Thursday, the House Rules Committee released a revised version of HR 3838, the House’s rendition of a bill enacting the National Defense Authorization Act.

It incorporates extensive wording that prohibits the Fed from researching or developing digital currency.

In July, the House narrowly passed the Republican-backed Anti-CBDC Surveillance State Act, which aims to prevent the Fed from issuing a digital currency, with a vote of 219 to 210. Its fate in the Senate remains uncertain.

The National Defense Authorization Act and its associated appropriations bills are considered essential national security legislation. They detail the military’s funding and budget allocation. Adding this provision from the anti-CBDC bill is a strategic maneuver by supporters of the CBDC ban to increase the likelihood of it passing into law.

CFTC seeks public input on spot crypto trading regulations

Caroline D. Pham, acting chair of the Commodity Futures Trading Commission (CFTC), is calling for public input from crypto market participants on how the agency can better regulate spot crypto trading.

“The public feedback will assist the CFTC in carefully considering relevant issues for leveraged, margined or financed retail trading on a CFTC-registered exchange as we implement the President’s directive,” Pham said on Thursday.

Comments may be submitted via the commission’s website until October 20.

This marks the second leg of the CFTC’s “crypto sprint,” an initiative to fast track the implementation of a new regulatory framework for cryptocurrencies and other digital assets in the US. Last month, the agency announced that it would explore enabling the trading of spot crypto asset contracts on CFTC-registered futures exchanges.

Ripple, SBI to bring RLUSD to Japan

Ripple and SBI Holdings (TSE:8473) unveiled plans on Thursday to bring Ripple USD (RLUSD) to Japan.

Their aim is to launch the stablecoin in early 2026. The rollout will be handled by SBI VCTrade, a licensed digital payments provider, under Japan’s new regulatory framework for stablecoins.

RLUSD, first introduced in December 2024, is backed by dollar deposits, short-term US treasuries and cash equivalents, with monthly attestations from an independent firm. Ripple says this design ensures regulatory clarity and sets the coin apart as an institutional-grade product. SBI executives described the partnership as a milestone for Japan’s financial system, stressing that the stablecoin will enhance trust and convenience for users.

Ripple officials framed RLUSD as a bridge between traditional finance and decentralized networks, particularly just days after Japan approved its first yen-based stablecoin.

ECB explores public blockchains for digital euro

The European Central Bank (ECB) is reportedly exploring major public blockchain networks, including Ethereum and Solana, in connection with its digital euro design.

Sources familiar with the matter told the Financial Times that EU officials are accelerating plans for a digital euro after the passage of the GENIUS Act deepened concerns regarding the competitive viability of a European digital currency.

Sources familiar with the matter told the news outlet that while a private blockchain was widely expected for the digital euro, a public option is now being considered more seriously.

Meanwhile, the ECB informed the Financial Times that it is exploring both centralized and decentralized technologies, including distributed ledger technologies, in the lead up to a final decision.

Austrac directs Binance to appoint external auditor

Binance is facing renewed scrutiny in Australia after the country’s financial watchdog directed it to appoint an external auditor. AUSTRAC said the exchange has failed to meet standards for anti-money laundering and counter-terrorism financing controls, citing gaps in oversight and risk management. The agency also pointed to Binance’s high staff turnover and limited senior management presence in Australia as red flags.

AUSTRAC Chief Brendan Thomas warned that global crypto exchanges must adapt to local compliance requirements, regardless of their size. The action adds to a growing list of regulatory challenges for Binance worldwide, including a record US$4.3 billion fine in the US last year for failing to block illicit users.

The company’s founder, Changpeng Zhao, is serving a four month prison sentence related to those violations. Meanwhile, in Nigeria, Binance is still battling tax evasion and illegal foreign exchange allegations, with a court trial pushed back to October.

Top 5 copper reserves by country

The countries with the largest copper reserves are Chile, Australia, Peru, the Democratic Republic of Congo (DRC) and Russia. These five countries hold more than 55 percent of the world’s total copper reserves and will be critical to a world with soaring demand for copper.

Read on to learn about these copper kingpins.

1. Chile

Copper reserves: 190 million metric tons

Chile holds the largest copper reserves globally at 190 million metric tons, nearly as much as Australia and Peru hold combined. Additionally, Chile is also the world’s top copper producer, with its 5.3 million metric tons of copper in 2024 representing nearly a quarter of global output.

The mining industry is essential to the Chilean economy, making up more than 50 percent of the country’s exports and contributing US$40 billion of its GDP in 2023. Copper alone accounting for more than US$29 billion of that total.

Due to the sheer quantity of copper in the country, it should come as no surprise that Chile is home to the world’s largest copper mine, Escondida. According to MDO, Escondida produced 927,000 metric tons of copper in concentrate in 2024 and sits atop proven and probable copper reserves of 37.62 million metric tons. The mine is a 57.5/30/12.5 joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Japan’s JECO.

2. Australia

Copper reserves: 100 million metric tons

Australian copper reserves are pegged at 100 million metric tons, tying it for the second largest country by copper reserves. The resource industry is an essential sector in Australia, contributing AU$385 billion during the 2024/2025 fiscal year. Of that, copper was the sixth largest contributor with AU$13.2 billion, a AU$1.8 billion increase over 2023/2024.

While Australia hosts significant copper reserves, it lags the other countries on the list with similarly sized reserves in terms of production at 800,000 metric tons in 2024. More than a quarter of that came from BHP’s Olympic Dam mine in South Australia, which produced 216,000 metric tons of copper cathode. The polymetallic mine contains substantial proven and probable copper reserves totaling 10.68 million metric tons.

Another significant operation in Australia is Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Cadia Valley mine, which hosts probable reserves of 3.1 million metric tons of contained copper. Cadia Valley produced 87,000 metric tons of copper in concentrate in 2024.

2. Peru

Copper reserves: 100 million metric tons

Copper reserves in Peru stand at 100 million metric tons, tying it with Australia for the second largest copper country. Much like its neighbor Chile, copper is an essential part of Peru’s economy, accounting for 49 percent of the value of its US$47.7 billion in mining exports.

Peru is home to some of the world’s biggest mining operations, and produced 2.6 million metric tons of copper last year. Two mines accounted for a third of the country’s total output.

The top producer in the country is the Cerro Verde Complex, a 55/21/19.6 venture with Freeport-McMoRan (NYSE:FCX), Sumitomo Metal Mining (TSE:5713) and Minas Buenaventura (NYSE:BVN). Cerro Verde hosts hosts proven and probable reserves of 11.45 million metric tons of copper and produced 949 million pounds of copper metal in concentrate in 2024.

Not to be outdone, the second highest is Antamina, a 33.75/33.75/22.5/10 joint venture between BHP, Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck Resources (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). Last year, output at the mine fell just short of Cerro Verde’s at 941 million pounds of copper in concentrate. Antamina hosts a proven and probable reserve of 4.53 million metric tons of contained copper.

The mine with the largest copper reserves in Peru is Southern Copper’s (NYSE:SCCO) Toquepala mine, home to 13.79 million metric tons of copper in proven and probable reserves. The mine produced 496 million pounds of copper in concentrate last year.

4. Democratic Republic of Congo

Copper reserves: 80 million metric tons

Copper reserves in the Democratic Republic of Congo stood at 80 million metric tons in 2024, making it the fourth largest country by copper reserves. The DRC’s economic copper reserves have seen a staggering rise in recent years, climbing from an estimated 19 million metric tons in 2019.

The mining sector has been critical to GDP growth in the DRC, with copper being the largest contributor. World Bank reports that the extraction sector has outpaced other segments of the DRC’s economy, increasing 12.8 percent in 2024, while non-mining sectors grew by only 3.2 percent.

According to data from the United Nations, in 2023 the DRC exported US$17 billion in refined copper and unwrought alloys, a large jump from US$7.34 billion in 2019. The country’s copper ore exports contributed US$2.16 billion in 2023, nearly double the US$1.11 billion four years prior.

Among the contributing factors in the rise in mining and export activity has been the development of the Lobito Corridor, which connects mineral-rich regions in Zambia, the DRC and Angola to the port at Lobito in Angola.

This link allows greater access for large-scale operations like Ivanhoe Mines (TSX:IVN) and Zijin Mining’s (HKEX:2899,SHA:601899) Kamoa-Kakula complex in the Southern DRC. One of the largest copper operations in the world, Kamoa-Kakula hosts a probable reserve of 17.69 million metric tons of contained copper and produced 964 million pounds of copper in concentrate in 2024.

4. Russia

Copper reserves: 80 million metric tons

Russia’s copper reserves are estimated to be 80 million metric tons, tying it with the DRC. While commodities are important to the Russian economy, contributing US$417 billion in 2024, the metals sector represented 15 percent of that total at US$60 billion.

Russia has been under significant sanctions since it invaded Ukraine in February 2022. According to the UN Comtrade Database, Russia’s copper exports from in 2021 were valued at US$5.98 billion.

In 2024, Russia produced 930,000 metric tons of copper, an increase from the 890,000 metric tons produced in 2023. Among the main contributing factors was a ramp-up in production at Udokan Copper’s Udokan mine in Siberia, which was expected to produce 135,000 metric tons in 2024 and, according to the mine’s website, hosts a JORC-compliant copper resource of 26.7 million metric tons.