Utah copper mine reopens after laying dormant for years — what could it mean for other struggling rural towns?
Closed in 2019, the Utah copper mine was a victim of a commodity slump that prompted low copper prices.
SEATTLE (Scrap Monster): A long-dormant copper mine in Beaver County, Utah, resumed operations earlier this year under new ownership — and Canadian investors need to pay attention.
At the mid-point of 2025 and copper's global demand, as a commodity, is soaring. From green energy to electric vehicles to consumer electronics, copper is one of the components helping to power what some experts are calling the next industrial revolution. As prices for copper hit record highs and supply shortages loom the copper reserves across North America — and the companies mining them — could see a surge in value.
One sign of this resource resurgance is the reawakening of a long-dormant copper mine in Utah. Closed in 2019, the mine just roared back to life under new ownership — reflecting the rising global appetite for this critical mineral.
Here's why Canadian investors need to pay attention.
Why demand for copper is surging
According to the International Energy Agency (IEA), global copper demand is expected to accelerate sharply as countries expand electricity networks and electrification efforts. Under current project pipelines, the IEA estimates a significant supply gap could emerge by the mid-2030s unless investment in new mines accelerates — with shortfalls ranging from roughly 20% to more than 30% depending on policy outcomes (1). In other words, demand is expected to far outpace supply.
Then there are global factors. In July, the price of copper reached record highs after current American President Donald Trump announced a 50% tariff on copper imports beginning August 1, 2025. Given that copper is the “metal of electrification” and whether it’s used for wire, plumbing, electronics or electric cars, copper is critical in almost all products. The introduction of the copper tariff will only help to increase the cost of the metal and add to the cost of clean energy, communication, data centre infrastructure, to name a few.
Copper prices have remained elevated and volatile through 2024 and into 2025, driven by tight global supply, rising electrification demand and renewed infrastructure spending. While prices surged at several points, they remain below inflation-adjusted record highs set in 2022, underscoring copper’s cyclical — and often unpredictable — nature.
Re-opening the Utah mine is just the start
Closed in 2019, the Utah copper mine was a victim of a commodity slump that prompted low copper prices. But in 2023, Milford Mining acquired it and began hiring workers, according to a recent Fox 13 report (2). This year, the company struck a deal to sell its copper to Rio Tinto Kennecott, the operator of the Bingham Canyon mine and the Magna smelter. The contract is a strong signal that the price of copper isn't expected to drop anytime soon.
As this small mining town in Utah grows and prospers from copper's resurgence, it's a good reminder that additional mines across North America could also prosper from this metal's valuation growth.
Courtesy: www.ca.finance.yahoo.com