The world’s largest miner, BHP, has now tried twice to take over Anglo American – and both times, the motivation was the same…
Not diamonds, not PGMs, not coal. Copper. The metal that sits behind everything from EVs and renewable energy to AI data centres and upgraded power grids.
This time, BHP made another approach in late November (reports emerged on 24 November), just weeks before Anglo and Teck shareholders vote on creating a $60-billion copper powerhouse.
It was a last-minute attempt to break up the planned merger and grab Anglo’s highly coveted copper portfolio. Anglo rejected the offer, and BHP walked away. But the meaning behind the move is impossible to miss.
Copper is the most strategically important mineral on earth right now – and miners are scrambling to secure supply.
Why everyone wants and needs copper
Copper isn’t just another industrial metal anymore. It’s the wiring inside everything the future needs.
Every EV requires up to four times more of it than a normal car. Renewable power systems rely on it. AI data centres require staggering amounts of electrical infrastructure.
Even traditional grids – many of them 40 to 60 years old – are being rebuilt for a world of electrification. And they need copper.
Yet supply isn’t expanding fast enough. Not even close.
Interestingly, that’s the backdrop against which small JSE-listed miner, Jubilee Metals (JSE: JBL), is reshaping its entire business.
And it’s why their aggressive pivot toward copper could be one of the smartest most underappreciated strategies unfolding in the small-cap mining space today.
The latest numbers show a surge in copper production…
Jubilee has spent the past couple of years transforming itself into a primarily Zambia-focused copper producer. After a rough start and some challenges, the company’s Q1 FY2026 shows a strong turnaround.
Copper production surged 65% quarter-on-quarter, reaching 938 tonnes, with the Roan concentrator contributing the bulk of the material.
Importantly, the company’s dedicated power supply agreements meant that, unlike past seasons, Jubilee suffered no material power outages – a critical factor in the much-improved performance.
Two major growth drivers for copper emerged this quarter:
• Roan reached stable production, improving throughput and concentrate quality.
• The Molefe open-pit mine returned to action, delivering its first batches of high-grade ore to the Sable refinery in September.
What makes this update compelling is how specific and measurable the next milestones are…
By Q2 FY2026 – Molefe ore deliveries rise from 3,500tpm in October to 4,500tpm in November.
By Q3 FY2026 – A further lift to 8,500tpm of high-grade ore. Roan expands filtering capacity by 30%, unlocking around 65tpm of additional copper in fine concentrates.
By Q4 FY2026 – Molefe operates a full quarter at 8,500tpm. Roan lifts throughput from 30,000tpm to 40,000tpm – a 33% expansion.
And in the background sits something much bigger.
The 240-million-tonne wildcard…
Jubilee’s Large Waste Project, a 240-million-tonne surface copper stockpile, is progressing through independent resource review and engineering design. External project leaders are in place, with partner discussions advancing.
This project has the potential to turn Jubilee into a long-life, scale copper producer – without needing to develop a traditional mine.
Simply put – when copper is in structural shortage and giants like BHP are fighting billion-dollar takeover battles just to secure more of it, companies that can bring new units to market quickly, modularly, and at lower cost become extremely valuable.
Jubilee is doing exactly that. Q1 FY2026 shows a copper business stabilising, scaling, and preparing for a substantial lift in production – with FY2026 guidance raised to 4,500–5,100 tonnes, more than double last year.
Yet the share price tells a completely different story…Down 22% year-to-date and down 38% over the past 12 months.
However, if Jubilee can continue its strong production trajectory, a share price rebound in 2026 is far from out of the question.
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