Yesterday we explored why copper is the most important metal of the next decade. Today, let’s talk about the companies positioned to benefit the most.
If you’ve followed my research for any length of time, you know that I love investing at the intersection of booming demand + constrained supply + undeniable megatrends.
That’s exactly why copper is setting up for a powerful multi-year run — and why the right copper stocks could dramatically outperform the commodity itself.
Today we’re diving into three copper miners that stand out for 2026 and beyond.
They each offer a different angle: one is a North American growth story, one is a low-cost global powerhouse, and one is a high-margin up-and-comer with serious leverage.
You can watch the full episode by clicking the thumbnail below:
1. Hudbay Minerals (HBM)
The North American Copper Growth Engine
Hudbay is quietly becoming one of the most important copper producers in the Western Hemisphere. The catalyst?
Copper World — a massive copper deposit in Arizona that could reshape the U.S. domestic copper supply story.
Source: Copper World AZ
This is the kind of long-life, large-scale project the U.S. desperately needs as demand from AI data centers, EVs, and grid expansion skyrockets. In addition to Copper World, Hudbay has strong operating mines in Peru and Canada—and recently integrated the Copper Mountain mine, which immediately expanded production.
Why I like it: Hudbay offers growth, geopolitically safe assets, and a pipeline that could make it one of North America’s major copper suppliers before the decade is over.
📅 2026 Market Outlook LIVE – December 16th
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2. Antofagasta (ANFGF)
A Low-Cost Chilean Giant With Enormous Reserves
Antofagasta Minerals
If you want stability, scale, and incredible long-term leverage to copper, this is your stock. Antofagasta owns some of Chile’s most productive copper mines—operations with decades of reserves and some of the lowest production costs in the world.
In a market heading into structural copper deficits, low-cost producers win. And Antofagasta’s massive expansion potential gives it significant upside if copper prices stay in the $5–$6/lb. range, which many analysts now expect over the next few years.
Why I like it: Ultra-long mine life, low operating costs, strong balance sheet, and leverage to higher copper prices.
3. Ero Copper (ERO)
High-Margin Copper Growth With Big Upside
Ero is the “fast horse” of the group. It’s a smaller, faster-growing copper company operating in Brazil with industry-leading margins — and it’s building a major new clean-energy copper project in Arizona.
This combination of high margins + production growth + North American expansion gives Ero some of the best upside potential among mid-cap copper miners. If copper prices break out, Ero is the type of stock that doesn’t just move — it surges.
Why I like it: Pure-play copper exposure, exceptional margins, and one of the strongest growth profiles in the copper sector.
The Bottom Line
Copper is entering a multi-year bull phase — and these three stocks each offer a different but powerful way to participate:
HBM — U.S. copper growth + long-life projects
ANFGF — Global scale + low-cost production
ERO — High-margin growth + big upside
Tomorrow, in Day 9, we’ll zoom out again and cover the broader battery-metal opportunity — including lithium, nickel, and the critical minerals powering the AI and electrification revolution.
Talk soon,
Matt McCall
Founder, NXT Wave Research
