The mining sector is experiencing a remarkable turnaround, with major producers posting record earnings as copper prices reach levels not seen in years. According to Bloomberg, BHP's bumper copper profits are offsetting weakness in China's iron ore market, while Reuters reported that Antofagasta's profit jumped 52% on record copper prices.
The surge reflects a fundamental shift in demand drivers. Meta's massive expansion of its AI infrastructure is playing a key role—according to CNBC, Meta expanded its Nvidia partnership in a deal likely worth tens of billions, deploying millions of GPUs and new standalone CPUs in AI data centers. That kind of infrastructure buildout requires enormous quantities of copper for wiring, transformers, and electrical systems, creating a tailwind for miners just as geopolitical tensions and supply chain concerns have tightened global markets.
"US Agencies Have Developed Critical Minerals Price Floor System," Bloomberg reported on February 17, signaling that Washington is taking mineral security seriously. This comes as the Trump administration has been actively working to secure supply chains—Bloomberg noted on February 2 that Trump plans to launch a $12 billion critical mineral stockpile to blunt reliance on China, while the administration announced a critical minerals trade bloc aimed at countering Beijing's dominance.
The Geopolitical Dimension
The timing of these mining gains matters. According to a Wall Street Journal headline from February 17, Antofagasta booked record earnings driven by higher metal prices, but the company and others face an increasingly complex global landscape. Reuters reported on February 11 that the US is turning multilateral in its search for critical mineral security, suggesting Washington recognizes it cannot secure these supplies alone.
The EU is also moving. According to Bloomberg, the European Union is offering the US a critical minerals partnership to check China's influence—a sign that Western powers are coordinating on what they view as a strategic vulnerability.
Data Centers Drive New Demand
Beyond copper, the AI boom is reshaping energy demand patterns. Energy Transfer LP has begun deliveries of natural gas to Oracle Corp.'s massive Texas data center, according to Natural Gas Intel on February 17, marking what the company hopes could be "a rippling wave of demand for Permian Basin and Haynesville Shale natural gas." This suggests that critical minerals and energy are moving in tandem as companies race to build out AI infrastructure.
The broader picture shows mining companies positioned at the intersection of multiple tailwinds: AI-driven industrial demand, government efforts to secure supply chains away from China, and record commodity prices. Whether this momentum can be sustained depends partly on whether the infrastructure buildout continues and whether geopolitical tensions—particularly around critical minerals sourcing—can be managed through the multilateral frameworks now being constructed.
For investors and policymakers alike, the message is clear: critical minerals are no longer a niche concern. They're central to the AI revolution and to national security strategies being debated at the highest levels of government.
Reporting based on coverage from Bloomberg, Reuters, CNBC, Wall Street Journal, Financial Times, and Natural Gas Intel.