With the aim of obtaining a broad look at the future copper supply chain, the company Mining Intelligence conducted a survey from which a list of the 10 largest undeveloped copper projects was obtained. In addition, they classified them according to the copper content in the measured, indicated, and inferred categories.
This list does not include large projects such as the Udokan Copper deposit in Russia and the Oyu Tolgoi joint venture in Mongolia, which have moved to construction and start-up phases.
You may also be interested in: These are the 7 companies that BHP has selected to financially support in accelerating exploration
#1 Pebble
Development status: Preliminary Economic Assessment. Geology: Porphyry, supergene copper
Located near the Bristol Bay region in Alaska, this Northern Dynasty project takes the lead with 37.18 million tonnes of copper and an estimated net value of US$2.1 billion. However, the project has been noted for various controversies, delays, and strong environmental opposition. Its future is still in jeopardy due to the proposed Biden administration ban on waste disposal in the project area.
#2 Resolution
Development status: Feasibility. Geology: Porphyry
In second place, we have this copper project jointly owned by Rio Tinto and BHP. It is being developed in Arizona and has 27.27 million tonnes of copper. To develop this project, US$2 billion has been spent and it has not been free of opposition from local communities and environmentalists.
#3 Kerr-Sulphuets-Mitchell (KSM)
Development status: Pre-feasibility. Geology: Porphyry, skarn
Third place is the Kerr-Sulphurets Mitchell (KSM) project of Seabridge Gold in British Columbia. With almost 25 million tonnes of copper, the project hosts four mineral deposits that will be developed as a combined open-pit and underground mine.
#4 Reko Diq
Development status: Feasibility. Geology: Porphyry, supergene copper
This massive deposit located in Pakistan occupies the number 4 spot after Barrick Gold resolved a long-standing dispute with its Pakistani partners last year. The Toronto-based gold giant owns 50% of the project and plans to invest US$10 billion in it, hoping it will have a lifespan of over 40 years.
#5 La Granga
Development status: Advanced exploration. Geology: Porphyry
This Rio Tinto project located in Peru is in fifth place. It contains 22.06 million tonnes of copper. Rio Tinto acquired La Granja more than 12 years ago but renewed the concession in 2019 and paid $5 million to continue exploring.
#6 El Arco
Development status: Feasibility. Geology: Porphyry
Located in the central part of the Baja California peninsula in Mexico, with a total copper resource of 17.68 million tonnes, this Southern Copper project is laying the groundwork for an environmental permit application.
#7 Hu’u Onto
Development status: Advanced exploration. Geology: Porphyry
This project, located in West Nusa Tenggara province, Indonesia, comprises 17.16 million tonnes of copper resources. It is owned by a joint venture between Vale (80%) and Indonesian mining company ANTAM (20%), which has been exploring the Hu’u property since 2010.
#8 Nueva Unión
Development status: Prefeasibility // Geology: Porphyry
This project, located in the Atacama Region, Chile and developed by a joint venture between Teck and Newmont, ranks eighth with 16.69 million tons of copper resources. The estimated annual copper production is 224,000 tons during the first five years of production.
#9 El Pachon
Development status: Advanced exploration // Geology: Porphyry
The ninth place is taken by this copper and silver project located in the province of San Juan, Argentina, with 15.46 million tons. It involves an estimated investment of US$ 5.6 billion and a production of 400,000 tons per year, considering a 25-year mine life.
#10 Tampakan
Development status: Feasibility // Geology: Porphyry
With 15.25 million tons of copper, the deposit located on the Philippine island of Mindanao ranks tenth. Sagittarius Mines is seeking local approval for this mine, whose production is estimated to reach an annual average of 375,000 tons of copper, considering a mine life of 17 years.
