ASX explorers join rush for Africa’s copper riches

• Africa’s copper production is surging, with the DRC and Zambia leading the pack
• Investment in copper exploration across the continent has rocketed
• ASX explorers chasing new discoveries, with Botswana and Namibia potential hotspots

Copper has emerged as one of the most important commodities of the modern era.

It has long been used across industrial applications spanning construction, manufacturing and electronics.

However, in recent years, uses have expanded to EVs and related charging infrastructure, renewable energy and AI data centres, where its superior conductivity supports efficient power distribution and cooling.

These structural drivers are expected to support long-term demand growth, prompting majors such as BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Glencore (ASX:GLC) to expand their supply profiles.

Copper production is typically associated with South America, with Chile leading global output thanks to giant porphyry deposits across the Atacama Desert and the northern Andes.

But across the Atlantic, Africa has blossomed into another significant copper region thanks to production from the Central African Copperbelt.

This geological domain hosts some of the world’s largest and highest-grade sediment-hosted copper deposits, helping propel the DRC and Zambia onto the global copper stage.

Combined, the two nations account for about 18% of total production.

Africa’s geological potential is also prompting resources companies to target less-explored parts of the continent in search of new discoveries.

Since 2016, investment in greenfield critical mineral projects across Africa has more than doubled according to the International Energy Agency, surpassing US$7 billion in 2024.

Copper accounted for more than 90% of that growth, reflecting the metal’s importance and Africa’s potential for hosting copper riches hidden beneath the ground.

That interest is also apparent on the ASX, as a host of explorers hunt for new discoveries across Botswana and Namibia.

Africa emerges from the shadow

Africa has grown into a global copper force over the past couple of decades.

Since 2000, its share of output has risen from less than 5% to around 20%, mainly thanks to the rapid expansion of production in the DRC and Zambia.

Chile remains the world’s largest producer with about 23% of the total in 2025, according to the US Geological Survey.

The DRC contributed about 14% to take second place, with Zambia coming in seventh at 4%.

The Central African Copperbelt remains the continent’s dominant copper-producing region and an active exploration hub for companies such as Prospect Resources (ASX:PSC).

However, Africa’s geological potential has seen interest expand into other parts of the continent.

In Botswana, Chinese outfit MMG and established ASX copper producer Sandfire Resources (ASX:SFR) mine the metal within the Kalahari Copper Belt.

MMG plans to spend about US$400 million this year to expand its Khoemacau operations.

BHP has also agreed to spend up to A$40m on exploration at Cobre’s (ASX:CBE) nearby Kitlanya projects, in exchange for the right to acquire a 75% interest.

“The money is following the geology,” said Patrick Volpe, a director at Verity Resources (ASX:VRL) which is exploring for copper in Botswana.

“Copper accounts for more than 90% of the growth in new critical mineral project investment in Africa,” he said.

“Much of the continent is under-explored compared with Chile or Australia, and a lot of it sits under shallow cover that modern geophysics is only now letting us see through.

“I think more major discoveries are coming, including in belts that get less attention, like the Limpopo Mobile Belt where Verity is advancing multiple high-grade copper-silver prospects over 2868km2.”

Flurry of ASX activity

Alongside the established producers, a flock of ASX explorers is hunting for copper across Botswana and Namibia.

Verity has identified 23 prospective VTEM anomalies that are yet to be drilled within its vast landholding in eastern Botswana.

The company’s established prospects include the Airstrip and Dibete discoveries.

Historical drilling at Airstrip returned several high-grade intercepts, with mineralisation open at depth and along strike.

One hole returned 11m at 7.63% Cu and 462g/t Ag from 52m, including 3m at 22.74% Cu.

About 5km away at Dibete, standout strikes included 25m at 2.17% Cu and 77g/t Ag from 27m.

Vantage Metals (ASX:VAN) recently launched a drill program targeting sediment-hosted copper-silver mineralisation at its Kalahari Copper Belt tenure.

The program comprises up to 10,000m of diamond drilling, initially testing three priority areas defined via aeromagnetic interpretation and airborne electromagnetic inversion.

Talonx Resources (ASX:TXR) has identified copper potential within its 1000km2 Kihabe project in Botswana’s northeastern extension of the Damara Orogenic Belt.

Historical drilling at Kihabe returned several encouraging hits, including 7m at 1.04% Cu.

Talonx is now advancing the project towards drilling after identifying multiple priority targets through a review of historical datasets.

Jacaranda Natural Resources (ASX:JRL) has also built an exploration portfolio in Botswana ahead of its planned ASX listing this month.

Its combined 2580km2 tenure includes the Nkwe copper-nickel project and the Motloutse copper-nickel and gold project.

Across the border in Namibia, Kaoko Metals (ASX:KAO) recently expanded drilling at its Chalkos project to at least 15,000m.

Early results from the Otniel prospect included 37.1m at 1.23% Cu and 48m at 1.02% Cu.

Chalkos lies near Midas Minerals’ (ASX:MM1) Otavi project, which hosts a resource of 10.5Mt at 1.6% Cu.

Sultan Resources (ASX:SLZ) has also moved to acquire the 171.2km2 Kaalkop copper-gold project in Namibia.

Turning potential into production

The exploration push across Africa reflects a broader global search for new sources of copper as demand strengthens and established mines face mounting supply pressures.

The International Energy Agency has cautioned that the current project pipeline could leave the copper market facing a supply deficit of around 25% by 2035.

Volpe said the need to replenish resources was prompting major miners to increase exposure to copper.

“You can’t electrify anything without copper, whether it’s grids, EVs, renewables or data centres,” he said.

“The real pressure is on supply.

“The big mines were found decades ago, grades are falling, and new discoveries take more than 10 years to reach production.

“That’s why the majors are buying growth instead of waiting for it.”

Volpe believes that established producers like BHP and MMG are helping open the door for junior explorers in Botswana, where the geological and operational environment may still be underappreciated by investors.

“Africa has world-class belts that have seen a fraction of the exploration spend per square kilometre that Chile, Peru or Australia have,” he said.

“But many investors still treat the continent as a risk category.

“Botswana was ranked first in Africa and top globally for mining policy and investment attractiveness, yet it gets discounted alongside jurisdictions that are nothing like it.

“The majors such as BHP and MMG have already done their homework there and making large investments, and generalist investors are a step behind.

“That gap is the opportunity for juniors.”

Verity is running a first-pass soil sampling program across an 800km2 tenement within its landholding, with results to guide follow-up geophysics and potential maiden drilling.

It also plans to conduct bulk sampling and trenching at Airstrip and Dibete to assess the strike extent of the mineralised systems.

At Stockhead, we tell it like it is. While Verity Resources, Vantage Metals, Talonx Resources, Kaoko Metals, Jacaranda Natural Resources and Sultan Resources are Stockhead advertisers, they did not sponsor this article.

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