Can South Australia become a copper superpower in the energy transition?

As global industries accelerate toward net-zero goals, the spotlight is shifting toward copper—the metal that powers everything from electric vehicles and solar farms to battery storage systems and grid expansion. While Chile and Peru remain the world’s dominant producers, South Australia is steadily emerging as a compelling alternative in the global copper supply equation. With deep mineral endowment, active exploration, and strong infrastructure, the state is now vying to become Australia’s premier copper province and a serious contender in the global energy transition.

South Australia’s copper narrative is anchored by major producers like BHP Group Ltd (ASX: BHP), which controls tier-one assets including Olympic Dam and Carrapateena. But a growing cohort of agile ASX-listed developers—such as Lincoln Minerals Ltd (ASX: LML), Coda Minerals Ltd (ASX: COD), and Havilah Resources Ltd (ASX: HAV)—are now advancing projects that span the spectrum from near-term production to high-impact discovery. Their momentum, combined with state-backed policy support and geological scale, is pushing South Australia into the copper supercycle conversation.

Why Is South Australia So Geologically Well-Positioned for Copper?

Much of South Australia’s copper lies within two prolific mineral provinces: the Gawler Craton and the Curnamona Province. These regions host a variety of deposit styles—from iron oxide copper-gold (IOCG) systems like Olympic Dam to sediment-hosted and skarn-type mineralisation. This geological diversity supports a pipeline of both large-scale and high-grade exploration targets. The Olympic Domain, in particular, remains underexplored relative to its potential. While Olympic Dam and Carrapateena have already validated the IOCG model, emerging projects such as Elizabeth Creek operated by Coda Minerals and the Murdie Project operated by Argonaut Resources Ltd (ASX: ARE) are demonstrating that the broader domain still holds high-impact upside.

Which ASX Copper Companies Are Advancing Projects in South Australia?

Lincoln Minerals Ltd (ASX: LML) is gaining attention following the rediscovery of multi-phase sulphide mineralisation at its 100%-owned Minbrie Project on the Eyre Peninsula. The company’s re-logging of 2011-era drill core revealed bornite, chalcopyrite, galena, and sphalerite across a 7km stratigraphic corridor. Re-assays from discovery hole BUDD192 returned 12 metres at 1.4% copper, 12.4% zinc, and 2.0% lead from a depth of 139 metres. Follow-up drilling is slated to begin in the second half of 2025, with 224 mineralised intervals currently in lab for assay. The momentum surrounding the project signals Lincoln’s strategic re-entry into the South Australian copper landscape.

Coda Minerals Ltd (ASX: COD) is progressing its Elizabeth Creek Project, which is located near BHP’s IOCG belt. It targets dual-style mineralisation: Zambian-style copper-cobalt at shallow depth and deeper IOCG systems. With funding secured, technical de-risking complete, and consistent drilling updates over the past year, Coda has emerged as one of the most technically mature junior players in the state’s copper ecosystem.

Havilah Resources Ltd (ASX: HAV) continues to develop the Kalkaroo deposit, which contains over 1.1 million tonnes of copper and 3.3 million ounces of gold. With strategic backing from the GFG Alliance and proximity to the Whyalla industrial zone, the company is also progressing copper-cobalt synergies at Mutooroo. Kalkaroo’s pre-development status and relevance to regional steelmaking make it a cornerstone of South Australia’s long-term copper strategy.

Hillgrove Resources Ltd (ASX: HGO) is preparing to restart underground production at its Kanmantoo copper-gold project. Following a successful history of open-pit operations, Hillgrove has transitioned toward underground development, with copper grades confirmed and development funding secured. This positions the company as one of the few Australian juniors capable of returning to production in the short term.

Rex Minerals Ltd (ASX: RXM) is advancing its Hillside Project on the Yorke Peninsula, which is a shovel-ready open-pit development with all major permits in place. With significant resource scale and existing infrastructure close to port, Rex expects to commence construction as early as late 2025, making it a credible near-term supplier to global markets.

Argonaut Resources Ltd (ASX: ARE) is focused on the Murdie Project, located in the heart of the Olympic Domain. The company is conducting geophysical targeting and multi-hole drill programs aimed at uncovering new IOCG systems. With proximity to Olympic Dam and strong geological analogues, Murdie remains a project of high speculative interest.

What Policy and Infrastructure Advantages Does SA Offer?

South Australia offers several strategic advantages beyond geology. The state is widely regarded as one of Australia’s most transparent and stable mining jurisdictions, with efficient permitting systems underpinned by clear regulatory frameworks. The government has signaled strong support for critical minerals through its Green Iron and Steel Action Plan and broader Critical Minerals Strategy, positioning the state as a future hub for decarbonised industrial activity. Access to port infrastructure at Whyalla and Port Pirie further enhances South Australia’s appeal. Developers can also tap into renewable-powered grid electricity, giving them a head start in aligning with ESG mandates and investor demands for low-emission copper production. This combination of logistical readiness and policy alignment makes South Australia uniquely positioned to serve as a reliable, long-term source of clean copper.

Can South Australia Compete Globally in the Copper Supercycle?

While South Australia cannot yet match Chile or Peru in volume, its jurisdictional advantages, clean-energy credentials, and diversified project portfolio are increasingly valuable in a world facing geopolitical risks and copper supply bottlenecks. As governments and corporations seek to “de-risk” supply chains and move away from politically volatile producers, Australia is becoming a preferred source of strategic minerals. Within Australia, South Australia’s track record of discovery, development efficiency, and ESG compliance make it a standout. The state’s ability to produce “green copper”—that is, copper extracted and processed with a minimal carbon footprint—is gaining attention from offtake partners, automakers, and global clean energy manufacturers looking to secure compliant supply for their long-term needs.

What Are Investors Watching in 2025?

Investor interest in South Australian copper stocks has intensified in recent months, driven by a combination of rising copper prices, assay results, and drilling updates. Market participants are closely monitoring Lincoln Minerals’ upcoming assay batches and 3D geological model due later this month. Coda Minerals continues to attract attention for its dual-target strategy and ongoing expansion of IOCG potential at depth. Hillgrove Resources’ timeline to first underground production is seen as a rare short-term revenue catalyst in a junior market dominated by longer-lead projects. Havilah Resources’ progress on financing and downstream integration at Kalkaroo could significantly re-rate the stock if formalised. Rex Minerals, with its shovel-ready status, is drawing institutional attention for its scalability and port access. Collectively, these developments are positioning South Australia’s copper players as major contributors to Australia’s emerging role in the global energy transition.