Investment thesis
    Power & grid · Construction & facilities

    Grid & power metals

    The tonnage trade: copper, aluminum and transformer steel that connect every new AI campus to the grid.

    Most of the metal in an AI data center by weight is copper: busbars, cabling, transformers, switchgear and the transmission lines that feed the site. Power, not chips, has become the binding constraint on new capacity, and that pulls grid metals into the AI story.

    This is the most liquid, investable part of the theme. Large copper miners trade like macro assets, so you get AI-driven demand on top of electrification and grid replacement, but also global-growth sensitivity.

    Context: Resources Policy (2026) — Mineral demand from AI data centers · IEA Global Critical Minerals Outlook 2026 — Executive summary

    Bull case

    • Long mine lead times mean new supply responds slowly to price.
    • Grain-oriented electrical steel and transformers have few domestic producers, which gives pricing power to the ones that exist.
    • Demand comes from three directions at once: AI, grid replacement and EVs.

    Bear case

    • Copper prices are tied to China's construction cycle and global GDP, not only AI.
    • High prices invite substitution (aluminum for copper) and recycling.
    • Mine-level political risk (Panama, DRC, Peru, Chile royalties) can hit individual names hard.
    The basket

    20 stocks and funds in this bucket

    Grouped from diversified majors to developers and funds. Market data as of October 6, 2026.

    BHPDiversified major

    BHP Group

    HQ: Australia

    The world's largest listed miner. Copper is its main growth engine alongside iron ore.

    Price
    $87
    Mkt cap
    $221B
    1 yr
    +56.8%
    YTD
    +40.6%
    RIODiversified major

    Rio Tinto

    HQ: United Kingdom

    Iron-ore major that has built out copper, aluminum and, since buying Arcadium, lithium.

    Price
    $95.89
    Mkt cap
    $156B
    1 yr
    +45.0%
    YTD
    +16.6%
    GLEN.LDiversified major

    Glencore

    HQ: Switzerland

    Swiss miner-trader with large copper and cobalt output in the DRC and a global trading arm. It is diversified, but battery and grid metals are central.

    Price
    573.5p
    Mkt cap
    $89B
    1 yr
    +64.9%
    YTD
    +45.4%
    AAL.LDiversified major

    Anglo American

    HQ: United Kingdom

    London-listed miner reshaping itself around copper, with platinum-group metals and iron ore.

    Price
    4,152p
    Mkt cap
    $59B
    1 yr
    +47.6%
    YTD
    +37.8%
    SCCOProducer

    Southern Copper

    HQ: United States

    Copper miner and smelter in Mexico and Peru, controlled by Grupo México. It is one of the purest large-cap copper stocks and also produces molybdenum.

    Price
    $204.26
    Mkt cap
    $170B
    1 yr
    +61.1%
    YTD
    +38.2%
    601899.SSProducer

    Zijin Mining

    HQ: China

    China's largest listed miner, with copper and gold mines across Africa, Latin America and Asia, and a growing lithium business. It shows how much mine output Chinese companies control outside China.

    Price
    ¥29.79
    Mkt cap
    $118B
    1 yr
    +1.2%
    YTD
    -13.6%
    FCXProducer

    Freeport-McMoRan

    HQ: United States

    One of the largest listed copper miners, with mines in the Americas and Indonesia's Grasberg. Copper is most of what it sells, making it a liquid way to own the wire-and-busbar side of AI build-outs.

    Price
    $72.57
    Mkt cap
    $104B
    1 yr
    +82.9%
    YTD
    +36.8%
    603993.SSUS: CMCLFProducer

    CMOC Group

    HQ: China

    Chinese miner that became the world's largest cobalt producer through its DRC mines (Tenke Fungurume, Kisanfu). It also produces molybdenum, tungsten and niobium.

    Price
    ¥16.88
    Mkt cap
    $54B
    1 yr
    +7.5%
    YTD
    -15.6%
    ANTO.LUS: ANFGFProducer

    Antofagasta

    HQ: United Kingdom

    Chile-based copper miner listed in London and controlled by the Luksic family. Almost all its revenue is copper, so it tracks the copper price closely.

    Price
    3,829p
    Mkt cap
    $50B
    1 yr
    +41.0%
    YTD
    +18.8%
    FQVLFProducer

    First Quantum Minerals

    HQ: Canada

    Copper-focused miner with large operations in Zambia and Panama. Its Cobre Panamá mine restarted copper production in Q2 2026 after a 2023 shutdown, so the company carries both copper-price and Panama political risk.

    Price
    $28.08
    Mkt cap
    $23B
    1 yr
    +21.2%
    YTD
    +3.2%
    600362.SSProducer

    Jiangxi Copper

    HQ: China

    Chinese state-backed copper miner and one of the world's largest copper smelters and refiners.

    Price
    ¥41.8
    Mkt cap
    $22B
    1 yr
    +17.8%
    YTD
    -23.9%
    HBMProducer

    Hudbay Minerals

    HQ: Canada

    Mid-sized copper miner in Canada, Peru and the US, with a copper project in Arizona that could add domestic US supply.

    Price
    $26.95
    Mkt cap
    $12B
    1 yr
    +71.2%
    YTD
    +33.3%
    IVN.TOUS: IVPAFProducer

    Ivanhoe Mines

    HQ: Canada

    Africa-focused miner behind the Kamoa-Kakula copper complex in the DRC. Its restarted Kipushi zinc mine also carries germanium, a possible future supply source outside China.

    Price
    C$11.91
    Mkt cap
    $12B
    1 yr
    -20.8%
    YTD
    -23.9%
    CENXProducer

    Century Aluminum

    HQ: United States

    The largest US primary aluminum producer, with smelters in the US and Iceland. Aluminum goes into data-center racks, cabling and cooling.

    Price
    $37.18
    Mkt cap
    $3.7B
    1 yr
    +24.5%
    YTD
    -7.5%
    COPXETF

    Global X Copper Miners ETF

    HQ: United States

    ETF holding a broad basket of copper mining stocks. A simple one-ticker way to own copper miners.

    Price
    $86.28
    Fund size
    $8.0B
    1 yr
    +39.2%
    YTD
    +14.0%
    COPPETF

    Sprott Copper Miners ETF

    HQ: United States

    Copper-miner ETF from Sprott that weights toward companies with the most copper revenue. Much smaller and less liquid than COPX.

    Price
    $42.62
    Fund size
    $52M
    1 yr
    +46.5%
    YTD
    +18.5%
    CPERCommodity fund

    United States Copper Index Fund

    HQ: United States

    Fund that tracks copper futures rather than mining stocks, so returns follow the metal price without mining-company operating risk.

    Price
    $40.03
    Fund size
    $254M
    1 yr
    +27.8%
    YTD
    +11.8%
    Compare

    Side-by-side

    Company / fundMineralsTypeHQ12 mo
    BHP
    BHP Group
    CuFeKNiDiversified majorAU$221B+56.8%+40.6%
    SCCO
    Southern Copper
    CuMoAgZnProducerUS$170B+61.1%+38.2%
    RIO
    Rio Tinto
    FeCuAlLiDiversified majorGB$156B+45.0%+16.6%
    601899.SS
    Zijin Mining
    CuAuZnLiProducerCN$118B+1.2%-13.6%
    FCX
    Freeport-McMoRan
    CuMoAuProducerUS$104B+82.9%+36.8%
    GLEN.L
    Glencore
    CuCoNiZnDiversified majorCH$89B+64.9%+45.4%
    AAL.L
    Anglo American
    CuFePtPdDiversified majorGB$59B+47.6%+37.8%
    603993.SS
    CMCLF
    CMOC Group
    CoCuMoW+1ProducerCN$54B+7.5%-15.6%
    ANTO.L
    ANFGF
    Antofagasta
    CuMoAuProducerGB$50B+41.0%+18.8%
    TECK
    Teck Resources
    CuZnGeInProducerCA$32B+55.2%+40.3%
    FQVLF
    First Quantum Minerals
    CuNiAuProducerCA$23B+21.2%+3.2%
    600362.SS
    Jiangxi Copper
    CuAuProducerCN$22B+17.8%-23.9%
    HBM
    Hudbay Minerals
    CuZnAuProducerCA$12B+71.2%+33.3%
    IVN.TO
    IVPAF
    Ivanhoe Mines
    CuZnGePtProducerCA$12B-20.8%-23.9%
    AA
    Alcoa
    AlGaProducerUS$11B+25.1%-20.4%
    COPX
    Global X Copper Miners ETF
    CuETFUS$8.0B+39.2%+14.0%
    CLF
    Cleveland-Cliffs
    GOESFeRefiner / processorUS$7.0B-3.9%-11.4%
    CENX
    Century Aluminum
    AlProducerUS$3.7B+24.5%-7.5%
    CPER
    United States Copper Index Fund
    CuCommodity fundUS$254M+27.8%+11.8%
    COPP
    Sprott Copper Miners ETF
    CuETFUS$52M+46.5%+18.5%
    20 of 20 shown. Size is market cap for companies and net assets for funds, in USD.

    Not investment advice. Critical-Minerals.si is an independent research site. Baskets and model allocations are illustrative frameworks for exploring exposure, not recommendations to buy or sell any security. Mining and commodity equities are volatile, and many names listed here are small, foreign-listed or pre-revenue. Do your own research and consider a licensed adviser. Market data as of the date shown; prices change constantly.