In May 2024, the European Critical Raw Materials Act (CRMA) came into force that provides for increasing the production of critical raw materials in EU countries. The CRMA contains two lists, namely, lists of strategic and critical raw materials with copper included in both of them. Copper is widely used in the electric power generation industry, including renewable energy sources, as well as in the manufacturing of electric vehicles and in other ‘green’ technologies. Copper is currently mined in a number of countries in the EU and in Europe as a whole, for example, in Poland, Sweden, Finland, Spain, Portugal, Serbia, North Macedonia, etc., but for most countries, this industry became history. The new law is designed to promote the revival of the mining industry and the expansion of existing mining capacities, but is it realistic to achieve this in European countries? Let’s consider specific examples of the implementation of copper exploration and development projects in European countries.
Sweden
In Sweden, the bulk of copper ore mining, processing and smelting is carried out by Swedish Boliden Group. Several Sweden’s and foreign companies implement copper ore exploration and development projects in the country.
The Swedish Bluelake Mineral miner implements the Stekenjokk - Levi project in the province of Västerbotten through its subsidiary Vilhelmina Mineral AB. The Stekenjokk copper pyrite deposit was developed by Boliden company from 1976 to 1988, and about 7 mn tons of ore were mined during this period. According to a resource assessment carried out in 2021, the inferred resources of the Stekenjokk and adjacent Levi deposits were estimated at 11.8 mn tons of ore with an average copper grade of 0.9% (about 106,000 tons of copper); the ores also contain polymetals, gold, and silver. Vilhelmina Mineral AB has applied for a development license. The plans are to mine deposit underground and transport the extracted ore to the Joma mine in Norway for ore concentration and further processing.
Sweden’s Viscaria mining company plans to resume the development of the previously operated deposit of the same name (Viscaria) (in the 1980s - 1990s) near the town of Kiruna in northern Sweden, in an area with well-developed infrastructure. Measured, indicated and inferred resources of the deposit, taking into account concentration tailings as of September 2024, are estimated at 105.7 mn tons of ore containing 851.9 thousand tons of copper and 30.6 thousand tons of zinc, as well as 0.8 tons of gold. In May 2024, the company received the necessary environmental permits, and the plans are to start mining in 2026. The deposit will be mined by a combined (open and underground) method, using underground workings previously completed. To process the ore, the plans are to build a concentration plant with an annual capacity of 30,000 tons of copper concentrate. The resulting copper concentrate is expected to be supplied to the country’s smelters.
In addition, Viscaria conducts geological exploration under the Arvidsjaur project, the exploration for polymetallic mineralization in the area of this project began back in the 1920s. Based on the results of the company’s drilling program, the project’s indicated and inferred resources of ore were estimated at 34.1 mn tons, including 129.6 thousand tons of copper, 171 thousand tons of zinc, and 8.5 tons of gold.
Australia’s Alicanto Minerals company holds a license for a subsoil area that includes the Falun gold-copper deposit that was developed until 1992. During the mining period, a total of 28 mn tons of ore were produced at the mine with an average content of 4% copper (1.12 mn tons of copper), 4 g/t gold, as well as silver, zinc, and lead.
In 2022, Alicanto Minerals conducted a drilling program that revealed several mineralization zones with a grade of up to 1.9% copper, 0.65 g/t gold, and 744 g/t silver. In 2023, drilling was continued; in addition, the company studied the data from previous drilling campaigns and, based on all the available information, identified a number of promising areas for a further more detailed study.
Norway
Norwegian Joma Gruver AS, jointly with Swedish Vilhelmina Mineral, owns the subsoil rights to the Joma deposit in the Namdal region. The deposit was developed between 1972 and 1998, and 11.5 mn tons of ore were mined during this period, with an average content of 1.49% copper and 1.45% zinc. As of December 2021, the indicated and inferred resources of the Joma deposit were estimated at 7.2 mn tons of ore, containing 75 thousand tons of copper and 108.6 thousand tons of zinc. According to the SRK Consulting estimates, the deposit is profitable for development, with copper prices of $9,100 per ton and zinc prices of $2,800 per ton, taking into account the remaining internal infrastructure facilities. The commissioning date of the mine is not specified, and the final products are expected to be copper and zinc concentrates.
Norwegian Nussir ASA carries out the exploration of the Ulveryggen and Nussir copper ore deposits in the north of the country. The Ulveriggen deposit has been known since the early 20th century and was developed in the 1970s; total production amounted to about 20.5 thousand tons of copper. Copper mineralization at the Nussir deposit was discovered in 1979, but remained unexplored. Nussir ASA carried out a drilling program at the deposits, and the reserves were estimated based on its results in 2022. The proven and probable reserves of the Nussir deposit were estimated at 23.3 mn tons of ore with an average copper grade of 0.76% (177 thousand tons of copper), the probable reserves of the Ulveriggen deposit were estimated at 1.1 mn tons of ore with an average copper grade of 0.68% (7.5 thousand tons of copper); the ores also contain gold and silver. The company plans to continue drilling to increase copper reserves. Nussir ASA considers the ores of the Ulveriggen and Nussir deposits to be among the most ‘environmentally attractive’ in the world, since they contain virtually no chalcopyrite and pyrite (copper mineralization is represented by chalcocite and bornite), and no sulfuric acid will be released during the concentration process. The copper concentrate to be obtained in the future is expected to be ‘especially pure’ due to very low arsenic and bismuth contents. In addition, the future underground mine could become the first fully electrified mining enterprise in the world, and Nussir plans to use renewable energy only and no diesel-powered equipment. The company does not indicate the date of commissioning the ‘green’ mine, and does not provide economic indicators.
Australia’s Kuniko exploration company implements a number of projects in central Norway to identify deposits of ‘battery’ metals like copper, nickel, and cobalt. The most studied is the Ertelien target with sulphide copper-nickel mineralization located in the Ringerike municipality northwest of Oslo. In April 2024, Kuniko completed the assessment of the inferred resources of Ertelien based on the results of the drilling program; they were estimated at 23.26 mn tons of ore with an average grade of 0.21% Ni (48.8 thousand tons of nickel), 0.16% Cu (37.2 thousand tons of copper), and 0.014% Co (3.3 thousand tons of cobalt). The ore bodies consisting mainly of pyrrhotine and chalcopyrite are at a depth of 250 m, which allows to carry out open-pit mining.
In 2022, Canada’s Capella Minerals company acquired the rights to use the subsoil plots in the Hessjøgruva-Kjøli and Kongensgruve districts in central Norway. In the 1970s, exploration was carried out in Hessjøgruva-Kjøli, including 12 thousand linear meters of core drilling. As a result, copper pyrite ores were discovered, containing zinc and cobalt, as well as gold and silver in addition to copper. In 2023, the company initiated its own drilling program with a volume of 4 thousand linear meters to carry out Mineral Resource Estimate (MRE). Exploration core drilling is also in progress at the Kongensgruve asset where a copper mine with a concentration plant previously operated. The Hessjögruva-Kjøli and Kongensgruve districts are characterized by a high degree of development as there is a highway, a railway line, and an access to the power grid.
In addition, in January 2024, Norway received a parliamentary majority to begin commercial deep-sea mining of minerals (including copper) in an area of the Arctic seabed. According to media reports, copper resources for deep-sea mining are estimated at 38 mn tons.
Finland
In Finland, a junior exploration company FinnCobalt Oy (a subsidiary of Swedish Eurobattery Minerals) develops the Hautalampi Co-Ni-Cu deposit near Outokumpu where a copper deposit was developed from 1910 to 1989. In 2023, the company completed the Pre-Feasibility Study for the project. Proved and probable reserves of the deposit are estimated at 4.6 mn tons of ore containing 13.7 thousand tons of nickel, 11 thousand tons of copper, and 3.5 thousand tons of cobalt. Measured and indicated resources of the deposit, including reserves, are estimated at 9.3 mn tons of ore (26.1 thousand tons of nickel, 17.7 thousand tons of copper, and 6.2 thousand tons of cobalt). Inferred resources are estimated at 216 thousand tons of ore (450 tons of nickel, 260 tons of copper, and 40 tons of cobalt). FinnCobalt plans to develop the deposit using underground mining for 12 years. A concentration plant with an annual capacity of 500 thousand tons is set to be built, and its end products will be copper and nickel-cobalt flotation concentrates in the quantity of 5 thousand tons per year and 21 thousand tons per year, respectively. The Bankable Feasibility Study is scheduled to be completed by September 2025, and the plant is expected to be put into operation in 2027. The deposit is located in an area with well-developed infrastructure.
The early-stage prospecting and exploration for copper mineralization are also carried out in Finland by Canadian Capella Minerals (Northern Finland Gold-Copper Project) and Swedish Arctic Minerals AB (Peräpohja project); copper resources at these projects have not yet been estimated.
Greenland
In Greenland, a number of companies are conducting early-stage exploration for copper and associated metals.
Canada’s Amaroq Minerals Ltd. has been carrying out the research in the Sava licensed area since 2021. Based on the results of drilling in 2022, porphyry copper-molybdenum mineralization was identified with copper grades at ore intersections ranging from 0.1% to 1.9%, and molybdenum grades ranging from 0.03% to 0.036%. In 2023–2024, the company continued the work on the project.
Australia’s Greenfields Exploration Ltd. owns several projects in Greenland, the most promising of which is the Arctic Rift Copper (ARC) project. According to the company, the project area is located within the world’s youngest metallogenic belt - Kiffaanngissuseq, which means ‘freedom’ in Greenlandic. Sulfide copper-silver mineralization was discovered on the project area, copper was also found in native state. According to geochemical testing, the copper grade was estimated at 2.15% and silver grade - at 35.5 g/t. In some samples, the content is much higher, the maximum contents were 53.8% Cu and 2,480 g/t Ag. Drilling work on the project has not yet been carried out. In 2021, Greenfields Exploration entered into an agreement with Australian GreenX Metals Ltd. (formerly Prairie Mining Limited), according to which GreenX Metals Ltd. may obtain up to 80% of the project through providing financing of up to 10 mn Australian dollars.
Poland
Poland is one of the world’s major copper producers. Copper is mined by the transnational KGHM Polska Miedź S. A. miner at the Lubin, Polkowice-Sieroszowice, and Rudna mines. In addition, the company is building the Głogów Głęboki underground mine to develop deep horizons.
In 2014-2015, Canada’s Miedzi Copper Corporation discovered a copper and silver deposit near Zielona Góra. According to media reports, mineralization was discovered at a depth of 1,900 m, and the deposit’s resources are estimated at $60 bn. The company planned to start the development in 2024-2025, but there is no updated information on the work progress. It was reported that the ore bodies were located directly under the city of Zielona Góra, which was probably the reason of ‘freezing’ the project.
Germany
Germany’s Kupferschiefer Lausitz GmbH (KSL) implements a project to develop the Spremberg-Graustein-Schleife copper deposit located in the historical region of Lusatia (now the territories of the German states of Saxony and Brandenburg and of southwestern Poland). According to the company, the geological resources of the deposit are estimated at 130 mn tons of ore, containing about 1.5 mn tons of copper. The process of approval by local authorities on possible launching the development of the deposit has been going since 2012 and is complicated by the deposit’s location in a populated area. However, KSL has not lost hope of building the mine and putting it into operation in the 2030s.
Spain
In Spain, where First Quantum Minerals produces the bulk of the country’s copper, several copper projects are underway.
Canada’s Denarius Metals Corp. acquired a 50% stake in the Aguablanca project in the Extremadura region of southern Spain from Spanish Rio Narcea Recursos in 2023. The Aguablanca copper-nickel deposit was developed using open pit mining from 2005 to 2015; and from 2007 to 2015, the mine was owned by Canada’s Lundin Mining company that closed it due to low copper and nickel prices. The project to develop the deposit by an underground method was approved by local authorities back in 2017. The mine still has a functioning concentration plant with a capacity of 5 thousand tons per day, as well as other internal infrastructure facilities.
In 2024, Denarius Metals completed an estimation of the deposit’s reserves and resources based on historical drilling data and completed a Preliminary Feasibility Study for the project. The proven and probable reserves of the deposit are estimated at 4.7 mn tons of ore (27.8 thousand tons of copper and 31.6 thousand tons of nickel), measured and indicated resources, including reserves, are estimated at 5.3 mn tons of ore (31 thousand tons of copper and 34.6 thousand tons of nickel), and inferred resources are estimated at 4 mn tons (24.4 thousand tons of copper and 26.8 thousand tons of nickel). The ores also contain other components, from which gold, platinum, and palladium are expected to be recovered. The expected mine life is 6 years, the payback period will be 1.2 years. The NPV (net present value) after taxes is estimated at $83.1 mn (at a discount rate of 5%), IRR (internal rate of return) is 213%. The project is scheduled to be launched in 2025.
Denarius Metals implements another copper project - Lomero - in Andalusia. It was acquired in 2021 and is wholly owned by the company. The deposit was developed intermittently between 1905 and 1990, including underground mining. Denarius studied the core obtained from previously drilled holes and, based on this data, estimated resources in September 2023. The indicated and inferred resources for open-pit and underground mining were estimated at 11.18 mn tons of ore containing 61.1 thousand tons of copper, as well as gold, silver, lead, and zinc. The company plans to make exploration beyond the identified ore bodies in the future.
Atalaya Mining Plc (registered in Cyprus) develops the Touro deposit in the Spanish region of Galicia. Atalaya currently holds a 10% stake in the project jointly with Spanish Cobre San Rafael, S.L., but it can increase it to 80%, according to the agreement. In 2018, Atalaya completed the Pre-Feasibility Study for the project to carry out open-pit mining for 12 years and process the ores to produce copper concentrates. The proven and probable reserves of the deposit are estimated at 90.9 mn tons of ore (390 thousand tons of copper), measured and indicated resources make another 129.9 mn tons of ore (510 thousand tons of copper), and inferred resources are expected to be 46.5 mn tons (170 thousand tons of copper). The ore contains silver as a by-product. Total capital expenditures were estimated at $260 mn. The project is currently at the stage of obtaining an extraction permit (mining permit). In June 2024, it was included by local authorities in the list of strategic industrial projects.
Canada’s Pan Global Resources company owns several exploration projects in Spain, with the Escacena project in Andalusia being the most studied and located 12 km away from the operating Las Cruces copper mine. The project covers 5.7 thousand hectares and is focused on the La Romana asset that has identified silver-tin-copper mineralization. Drilling at La Romana commenced in 2019, and 180 holes were drilled by 2024, 99% of which have intersected ore mineralization. The company does not publish resource estimates for the project, but reports successful metallurgical tests conducted in 2024 that showed the potential recovery of 88% of copper to produce copper concentrate containing 32.5% copper, as well as silver. In addition, the ores allow the production of tin concentrate containing 63.2% tin with a recovery level of 58.1%.
Portugal
Portugal develops Neves Corvo, one of the largest copper-zinc deposits in Europe, and also implements several exploration projects.
Canada’s Ibero Mining Corp. implements a number of copper-gold projects located within two licensed areas - Barrancos and Borba 2. The Barrancos area includes the Aparis copper mine that was operational until 1975. According to historical data, the copper grade at the ore intersections is up to 3.09%. The company planned to conduct its own drilling program at the deposit.
In the Borba 2 area, the Miguel Vacas copper mine put to care and maintenance in 1986 is located, with its historical non-compliant in-house resource estimated at 5.6 mn tons of ore containing about 70 thousand tons of copper. The previously developed gold-copper deposits of Mostardeira and Bugalho are also located here. Research is required to be carried out at all deposits.
France
In the spring of 2024, the French government announced the plans to revive copper mining in the country, more than 20 years after it ceased. However, the country’s former copper mines are unlikely to be ready for a restart.
The Pioch Farrus copper mine in the south of France in the Occitanie region, near Cabrières commune is one of the oldest in the country, known since the late Neolithic era (about 3 thousand years B.C.). The mine was discovered in 1983, and in 2010, it became the property of Cabrières; archaeological excavations were carried out in its area.
Another ancient copper mine is located in the Occitania region - Goutil - near the town of Les Atiels, La Bastide-de-Sérou commune; mining was carried out at Goutil in ancient times. Copper mineralization at the Goutil deposit is represented by chalcopyrite and is of a stockwork nature.
There is a museum currently at the Cap Garonne mine in the Le Pradet commune in the Provence-Alpes-Côte d’Azur region, that was operational from 1857 to 1917. According to historical information, the mine was not always profitable even during operation due to the low copper content in the ores, so restoring mining operations at this mine is unlikely to be economically expedient.
In the 19th century, copper was mined in the La Croix-sur-Roudoule commune, also located in the Provence-Alpes-Côte d’Azur region.
The Les Hautes mine in the Le Thillot commune in the Grand Est region of northeastern France produced copper from 1560 to 1761; it also houses a museum now.
Greece
In Greece, the Canadian company Eldorado Gold makes preparations for launching the Skouries porphyry copper gold deposit located on the Halkidiki peninsula. As of September 2023, the proven and probable reserves of the deposit were estimated at 147.1 mn tons of ore containing 740 thousand tons of copper (with an average copper grade of 0.5%) and 3.6 mn troy ounces of gold. The deposit is planned to be developed by open-pit and underground mining for 20 years. The design annual capacity for copper concentrate production is 30.4 thousand tons, and it is 140 thousand troy ounces for gold production. Initial capital expenditures are estimated at $845 mn, IRR (after taxes) - at 19%, payback period is expected to be 4 years. Commissioning of the enterprise is scheduled for the third quarter of 2025, and it is expected to reach full production capacity by the end of 2025.
Serbia
In Serbia, the main copper mining is carried out at the Bor and Čukaru Peki porphyry copper deposits by the Chinese company Zijin Mining Group Co.
Australian company Apollo Minerals Limited operates the Belgrade Copper Project that includes four licensed areas like Studena, Donja Mutnica, Kopaska Reka, and Lisa. The first three areas are located in the east of Serbia within the Ridanj-Krepoljin metallogenic zone that also includes the large porphyry copper deposits Bor and Čukaru Peki that are under development now. The Lisa area is located in the west of the country, within the Serbo-Macedonian Metallogenic Province. Surface testing conducted by Apollo Minerals yielded samples with copper grades of up to 6.5% and silver grades of up to 155 g/t. In October 2023, the company started field work to identify promising drilling targets.
North Macedonia
In North Macedonia, two copper deposits are ready for development - Ilovica-Shtuka and Kazandol, but the companies cannot put them into operation due to protests by local residents; copper mining is carried out at the operating mines in the country.
The rights to the Ilovica-Shtuka porphyry copper gold deposit belong to Canada’s Euromax Resources. The company carried out a range of geological exploration work at the deposit and completed the Feasibility Study for an open-pit mining project in 2016. The proven and probable reserves of the deposit are estimated at 198 mn tons of ore containing 408 thousand tons of copper and 2 mn troy ounces of gold; measured and indicated resources are 279 mn tons of ore (about 540 thousand tons of copper). Euromax Resources planned to develop the deposit for 30 years, concentrate the ores to produce gold-copper concentrate, and annually obtain 16 thousand tons of copper and 83 thousand troy ounces of gold. In 2014, the EIA (Environmental Impact Assessment) of the project was approved. Construction of the mine has not yet begun due to numerous protests by local residents fearing the possible negative impact on the environment.
A similar situation is with the Kazandol project in the southeast of the country implemented by Sardich MC (a subsidiary of Copper Investments JSC, COPIN). The company planned to develop the Kazandol oxidized copper ore deposit by means of open pit mining with ore processing by Solvent extraction and electrowinning (SX/EW) method and obtaining 4,400 tons of copper cathodes annually. In 2016, the construction of the mine started, and €35 mn of investments were expected. Due to protests by residents of three municipalities where the project area is located, the work was suspended. In addition, the Serbian authorities launched an investigation into possible illegal financing of the project.
In general, it can be noted that most of the projects under implementation in European countries are based on previously developed deposits and mineralization. This is quite reasonable because modern deposit exploration and development technologies can ensure much more efficient use of the subsoil. In addition, almost all deposits are located in the areas with well-developed infrastructure, which makes their development economically viable. At the same time, this advantage also has a negative aspect as the developed infrastructure implies the presence of settlements, which can significantly complicate the construction of new enterprises due to concerns about the negative impact on the environment. Another negative point for potential miners is that most new projects involve underground mining (including due to environmental aspects), which also increases the production costs. It is also important to consider that almost all deposits are small-scale as for copper reserves and resources. Thus, even if new projects for mining copper and associated metals are successfully launched, European countries will not be able to refuse imports or even reduce them significantly. An exception may be the start of full-scale deep-sea ore mining by Norway, but the likelihood of implementing this project in the foreseeable future is low.
Anastasia Smolnikova for Rough&Polished
Produced and published as part of the project "Best practices have a voice"
