June 29th, 2026 | 06:55 CEST
No copper, no AI! Freeport McMoran, Power Metallic Mines, and Lundin Mining in Focus
The whole world is focused on AI stocks like Nvidia, Broadcom, and Micron Technologies. Behind the scenes, however, demand for raw materials like copper is also growing massively. An AI data center requires enormous amounts of the red metal per megawatt of installed capacity—primarily for power distribution, grounding, and transformers. The demand for copper in AI-optimized data centers is estimated at 30 to 40 metric tonnes per megawatt. Added to this is network infrastructure, where, for example, Nvidia relies on a custom-designed copper cabling system for the internal cabling of its latest NVL72 server architecture. A single AI server rack contains kilometres of copper cabling, as copper offers lower latency and lower power consumption over very short distances compared to alternative materials. And behind the scenes, power grids must be upgraded and expanded. The CRU Group therefore forecasts that global copper demand from data centers and AI alone will rise from around 500,000 metric tonnes today to as much as 2 million metric tonnes annually by 2030. BHP expects global copper demand to increase by an additional 3.4 million metric tonnes by 2030. And this is where the problem comes in. Copper supply cannot grow that quickly, which is why copper prices are also rising steadily. Today, we are looking at the stocks of Freeport-McMoRan, Power Metallic Mines, and Lundin Mining.
time to read: 4 minutes
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Author:
Tarik Dede
ISIN:
POWER METALLIC MINES INC. | CA73929R1055 | TSXV: PNPN , OTCBB: PNPNF , FREEPORT-MCMORAN INC. | US35671D8570 , LUNDIN MINING CORP. | CA5503721063
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Author
Tarik Dede
Even as a high school student in northern Germany, he developed a strong interest in the “Neuer Markt” and the dynamics of the equity markets. Small- and mid-cap companies were at the center of his focus from the very beginning. After completing his training as a certified bank clerk, he deepened his economic expertise through formal studies in economics as well as through various positions within Frankfurt’s financial sector. Today, he has been actively involved in the capital markets for more than 25 years, both professionally and as a private investor.
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Freeport-McMoRan: The Heavyweight in the Copper Market
Anyone looking to position themselves in the copper market can hardly ignore Freeport-McMoRan. The US company, headquartered in Phoenix, is one of the world's largest publicly traded copper producers. Freeport operates a portfolio of long-life, geographically diversified, and high-grade copper assets. The Grasberg mine in Indonesia is not just a focus of media attention; it is one of the world's largest copper and gold mines. Here, Freeport will be able to continue mining copper for decades to come and meet the growing global demand. Thanks to the gold byproduct, costs are extremely low. In addition, the company operates mines primarily in North and South America. From a financial standpoint, Freeport is working to consistently pay its base dividend. At the same time, the high price of copper is enabling the company to reduce its debt.
To minimize the arduous search for new deposits, Freeport relies primarily on state-of-the-art technology such as copper ore leaching. Furthermore, the company is considered an industry leader in the further development of such processes using data analysis and artificial intelligence. For example, copper is extracted from old waste rock piles—a process that was previously considered unprofitable without this technology. The company aims to extract up to an additional 800 million pounds of copper annually without opening any new mines. Freeport's stock has been on a steep upward trend since last summer. Currently, the stock is consolidating at a high level.
Power Metallic Mines: Anticipation Ahead of the New Resource Estimate
Power Metallic Mines is one of the most attractive developer stocks in the copper sector. Through NISK, the company is developing a polymetallic project in central Canada, located in the James Bay region in northern Québec. In addition to copper, NISK also contains nickel, cobalt, palladium, and platinum. Exploration of the project is currently being aggressively pursued. A drilling program covering more than 100,000 m has already been launched for this year. While infill drilling was primarily carried out in the high-grade Lion Zone this spring, other parts of the property will also be drilled during the summer. The results so far speak for themselves. Most recently, drill hole 26-105 intersected an 8.45% copper equivalent (CuEq) interval over a length of 5.26 m.
CEO Terry Lynch presented his plans for Power Metallic Mines at the most recent IIF.
https://www.youtube.com/watch?v=jpf05nGtB3s
Things will get exciting for shareholders and investors in the third quarter. That is when Power Metallic Mines plans to incorporate the new drilling data into an updated resource estimate. As soon as this study is published, an initial, preliminary economic assessment (PEA) is also set to be released. It will provide insight into the economic viability of mining copper and other metals there. Analysts at GBC Research see significant potential and confirm a price target of CAD 3 per share. The stock is currently trading at around CAD 1.04, which, according to analysts, suggests it could roughly triple in value.** The stock recently fell significantly amid market volatility, offering long-term investors an opportunity to accumulate shares. As a shareholder, you would be in good company. Three industry heavyweights, billionaire resource entrepreneurs Gina Reinhart, Robert Friedland, and Rob McEwen, are all on board. In addition, the family of CEO Terry Lynch holds about one in every seven shares.
Lundin Mining: The Unknown Giant
The Canadian-Swedish Lundin family is one of the biggest players in the global mining industry. The company's founders and the younger generation now at the helm have built, partially sold, or brought several companies into production themselves. Lundin Mining is considered the copper powerhouse within the corporate empire. On its home exchange in Toronto, it has a market capitalization of approximately CAD 29 billion.
Lundin Mining combines significant production growth with mines in politically stable regions. Driven by strategic acquisitions and operational progress, the company has delivered spectacular growth rates so far this year. Copper production in the first quarter rose by 35% compared to the previous year. The main driver was the Caserones copper-molybdenum mine in Chile. Lundin acquired a majority stake there last year, and the mine is now operating at full capacity. The company's other mines are located in the US, Chile, Sweden, and Portugal. It is well-positioned to meet the growing demand for copper in the coming years. Lundin Mining has an organic project pipeline that is the envy of the industry. It controls some of the world's largest undeveloped deposits. For example, it is responsible for the Josemaria project in Argentina, which is considered one of the largest copper-gold projects. Lundin is currently in advanced talks with potential strategic partners to finance the multi-billion-dollar construction project without diluting its own shareholders. Lundin Mining's stock experienced a strong surge, particularly in 2025. It is currently in a volatile sideways trend.
Freeport-McMoRan is the market leader. Low costs from massive copper mines are driving the American company's profits. Power Metallic Mines offers high copper grades in a secure jurisdiction. The stock's pullback presents a buying opportunity. Lundin Mining consistently delivers strong production growth and has a golden pipeline of new copper mines.
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