Copper, the "Red Gold": Three Canadian Miners Leading the 2026 Resource Boom
Industry experts dub copper "red gold" for its immense economic value. As the construction of AI data centers and related infrastructure accelerates, coupled with surging demand for large-scale upgrades to global power grids, a resource boom centered on this "red gold" is sweeping the global mining market in 2026.
Amid this boom, three Canadian mining companies have become the market’s focus thanks to their strategic layouts and strong performance. $HudBay Minerals(HBM)$ and Capstone Copper (TSX:CS) have delivered substantial returns to investors over the past year, while Teck Resources (TSX:TECK.B) has also seen a notable share price surge since late 2025.
The Cornerstone of Industrial Development
In 2026, gold and silver prices have hit record highs amid escalating geopolitical tensions and lingering economic uncertainty. Meanwhile, copper is benefiting from the soaring demand for AI data centers and the modernization of global power grids. This reddish-orange metal has evolved from a traditional commodity into the cornerstone of modern industrial development. In November 2025, the U.S. Geological Survey added copper to its list of critical minerals, a move the European Commission had already made back in March 2023. Currently, the red metal is trading at approximately $12,500 per tonne, and market analysts believe persistent supply shortages could drive its price even higher.
Hudbay Minerals: A Resilient Copper Producer $HudBay Minerals(HBM)$
Hudbay Minerals is a copper-focused mining company with long-life copper mine projects and a robust pipeline of undeveloped projects across Canada, Peru and the United States. The company states that copper is one of the most consumed metals in the world, with demand set for sustained growth in the years ahead. Its key growth catalyst stems from the Copper World project in Arizona. In terms of performance, Hudbay has seen a strong share price run, rising 31.2% year to date. As of the latest trading day, its shares were priced at CAD 35.74, boasting a price return of an impressive 254.4% over the past year and a staggering total three-year return of 451.8%.
Capstone Copper: A Record-Breaking Copper Producer $Capstone Copper Corp(CSC.AU)$
Capstone Copper achieved a record copper production of 224,764 tonnes last year, laying a solid foundation for its 2026 growth. This pure-play copper miner operates multiple mines in Chile (two sites), Mexico and the United States. In the first three quarters of 2025, the company’s adjusted net profit soared 103% year over year to $85 million. As of the latest trading day, Capstone’s shares traded at CAD 13.75, delivering a 68% return to investors over the past year.
Teck Resources $Teck Resources Ltd(TECK)$
For Teck Resources, a diversified natural resources company, its copper business—not zinc—has emerged as its primary profit driver. Jonathan Price, the company’s President and Chief Executive Officer, stated that fueled by higher copper prices, Teck’s quarterly profit jumped 41% sequentially to CAD 544 million in the fourth quarter of 2025. Overall, Teck posted a profit of CAD 1.4 billion in 2025, a dramatic turnaround from a net loss of CAD 467 million in 2024. Teck Resources’ shares currently stand at CAD 81.02, rising 23% since late 2025. Market analysts have set a 12-month high target price of CAD 104 for the stock. The copper miner also offers a modest dividend, with a dividend yield of 0.61%.
A Strong Tailwind
As a critical component of emerging technologies, the growing global demand and inherent scarcity of "red gold" are providing a strong tailwind for Hudbay Minerals, Capstone Copper and Teck Resources in 2026. For investors, putting money into these companies means participating directly in the core element that underpins the operation of modern society.
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