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British mining titan Anglo American plc (LSE: AAL) made headlines late last week by unveiling plans to merge with Canadian counterpart Teck Resources Ltd Class B (NYSE: TECK).
This proposed A$85 billion tie-up has now cast a spotlight on copper and its key role in the modern-day global economy.
In essence, the marriage between Anglo and Teck could create the world’s fifth-largest copper producer.
It appears to reinforce the bullish outlook for copper as the duo position themselves for the metal’s projected future demand growth.
This trend could also carry significant implications for ASX 200 mining stocks that have copper central to their operations.
Copper is a cornerstone of the global economy thanks to its broad industrial applications.
It is used everywhere – from residential and commercial construction to power grids, transportation networks, household goods, and consumer electronics.
Copper is also emerging as a pivotal metal in the global energy transition with significant utilisation in electric vehicles (EVs) and associated infrastructure.
Furthermore, the metal is extensively used in AI data centres due to its high electrical conductivity and role in power distribution and cooling systems.
Such traits underscore the potential for significant long-term growth in global copper consumption.
Recent research by the International Energy Forum concluded that the world’s copper output will need to more than double in the next three decades to meet business-as-usual trends.
And electrifying the global vehicle fleet could require 55% more copper mines than would otherwise be needed.
Such projections point to a bright future for copper, and news of Anglo and Teck merger adds further weight to this narrative.
With that in mind, let’s explore three ASX 200 mining stocks with copper at the core of their operations.
BHP has ramped up its copper exposure in recent years through a series of deals and acquisitions.
These moves added to the group’s already vast portfolio of copper mines spanning Chile, Peru, South Australia, and Arizona.
BHP now claims to be the world’s largest producer of the metal after growing its copper output by 28% over the past three years.
It delivered a record 2 million tonnes of copper in FY25.
The metal made up 45% of the group’s underlying operating earnings (EBITDA) for the year, up by 29% from FY24.
Sandfire Resources Ltd (ASX: SFR)
Sandfire is a copper-focused miner with two producing assets.
In FY25, the company produced 94,000 tonnes of copper equivalent at its MATSA operations in Spain.
It also delivered a production record at its Motheo mine in Botswana with 58,000 tonnes of copper equivalent. This marks a 29% jump in output from the previous year.
Overall, Sandfire reported a 12% increase in copper equivalent production in FY25.
Management noted that the production ramp-up at Motheo has facilitated a 63% lift in total copper output over the past two years.
It believes that MATSA and Motheo now provide a stable platform to boost future copper output.
Since the start of the year, shares in this ASX 200 mining stock have lifted by 34% to $12.47 per share at Friday’s close.
Capstone Copper Corp (ASX: CSC)
Capstone is a Canadian-based copper producer with a diverse portfolio of assets in the Americas. It operates two copper mines in Chile, one in Arizona, and another in Mexico.
The ASX 200 miner also owns the fully permitted Santo Domingo project in Chile, which could elevate the group’s copper output once in production.
Furthermore, Capstone is exploring the potential of boosting production from its existing mining operations, including its Mantoverde asset in Chile.
In early August, the company unveiled its results for the second quarter of 2025.
Here, production of about 57,000 tonnes of copper jumped by 40% from the previous corresponding period to a new quarterly record.
In turn, adjusted operating earnings (EBITDA) surged by 75%.
Management expects production for 2025 to range between 220,000 and 255,000 tonnes of copper.
Leading broker Macquarie Group Ltd (ASX: MQG) recently placed a 12-month target price for Capstone of $12.50 per share.
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