Idaho's Copper Belt: The Next Major U.S. Mining District?

Major exploration companies are advancing projects in Idaho's emerging copper district, with geological mapping, drilling programs, and strategic partnerships positioning the region as America's next significant copper production hub.

Idaho is rich in a variety of mineral resources, including gold, silver, phosphate rock, and molybdenum. While copper mining began in the West in the late 1870s, there are currently no dedicated copper producers operating in Idaho. Most of the current activity revolves around exploration and development, suggesting that the next copper mine in the U.S. might emerge in Idaho, Investing News Network reported. Known copper-rich areas in the Gem State include Lemhi, Washington, Shoshone, and Custer counties.

Idaho generally supports mining, ranking 25th out of 86 for policy perception and 20th out of 86 for investment attractiveness in the Fraser Institute's Annual Survey of Mining Companies in 2023, the latest year for which these data are publicly available.

The state has laws and regulations that promote responsible mineral development and supportive government policies. For instance, at the beginning of this year, Gov. Brad Little signed the Strategic Permitting, Efficiency and Economic Development (SPEED) Act, aimed at expediting permit reviews and enhancing collaboration with project proponents, as reported by the Canadian Mining Journal.

"Idaho leads the nation in streamlining regulations and promoting good government, but there is always more we can do to improve," Little stated during the announcement of the Executive Order. "With President Trump's return to the White House, there is a renewed focus on efficiency in government at the federal level. In that same spirit, here in Idaho, we are going to take even more steps to make sure state government does not get in the way of projects that support our economy."

Robert Sinn of Goldfinger Capital, writing on his premium Substack on August 22, noted that "after two years of steady progress," the "Idaho Copper Belt (ICB) is entering a phase of accelerating growth."

"Since May, Hercules has been aggressively drilling (including expanding from two rigs to five rigs) utilizing its new 3D geological model based on 2023/24 drilling," Sinn wrote. "In July, neighbor IDEX commenced drilling at its nearby Kismet Target, targeting a deeper porphyry source beneath a tourmaline breccia pipe."

He continued, "In the last couple of weeks, IDEX shares have jumped from CA.42toahighofCA.42 to a high of CA .42toahighofCA.79 in anticipation of the first drill results of the 2025 drill program."

A Disrupted Copper Inventory

In the first half of 2025, there has been a significant surge in U.S. copper imports, driven by the anticipation of potential tariffs, according to a research article by J.P. Morgan on July 24. By May, U.S. refined copper imports had increased by 129% compared to the previous year, leading to an unprecedented inventory build-up. Concurrently, Chinese demand was stronger than expected.

After a full-year growth of about 4.4% in 2024, China's apparent copper demand grew by approximately 10% year-over-year through May. Although the pace of Chinese demand growth has slowed since April, it remains stronger than anticipated.

"Copper supply remains constrained overall. But rather than being exceptionally tight globally, visible copper inventory is significantly dislocated and imbalanced," noted Gregory Shearer, head of Base and Precious Metals Strategy at J.P. Morgan. "Fundamentals have been tightened by U.S. imports and front-loaded Chinese demand."

As the U.S. reduces its copper imports, there will be a sudden shift in trade flows. "Copper will be diverted away from the U.S. and back to the rest of the world, helping to replenish LME inventories, loosening LME spreads and bringing about a stiffer headwind for LME copper prices over the balance of the year," Shearer added.

The firm maintained a cautious outlook for copper prices in the coming months. The combination of tariff-induced market adjustments and the unwinding of inventory build-up is anticipated to exert downward pressure on prices.

"We expect the hangover following the combined front-loading of U.S. imports and Chinese demand will weigh modestly on copper prices over the second half of the year. Nonetheless, absent a significant downturn in the macroeconomy, we still see prices being largely supported at or just above US$9,000/mt (metric tonne)," Shearer added.

One of Our Most Crucial Metals

Copper is a highly adaptable and recyclable material, often considered one of humanity's most crucial metals, according to a report by Minerals Make Life.

Its use dates back thousands of years, and its unique properties have made it indispensable for modern society. Notably, copper is one of the few metals with antibacterial qualities, making it ideal for medical applications. Its recyclability also makes it an environmentally friendly option, as it can be reused multiple times. Copper's malleability allows it to be shaped into thin wires without breaking, and its excellent electrical and thermal conductivity makes it vital for electrical components across various industries worldwide.

Applications such as smart devices (including the one you're using now), building wiring, telecommunications, and electronics account for about three-quarters of global copper consumption.

What has recently captured attention and what experts predict could lead to a supply shortage is copper's critical role in our energy future. The United States, European Union, and many other governments have set net-zero emissions targets, aiming to achieve them by 2050 with technologies that rely heavily on copper. Electric vehicles and their batteries, along with solar and wind power, depend on this basic metal of electrification. While internal combustion engines use about 23 kilograms of copper, hybrid vehicles require double that amount, and all-electric vehicles nearly quadruple it. According to S&P Global's "The Future of Copper" report, copper demand is projected to double by 2035 and continue to rise thereafter.

Between this year and 2030, the U.S. copper market is forecasted to expand at a 6% compound annual growth rate, according to Grand View Research. Specifically, revenue is projected to reach US$19.7 billion (US$19.7B) by 2030, up from US$14.4B in 2024.

Hercules Metals Corp.

Hercules Metals Corp. (BADEF:OTCMKTS; BIG:TSXV) is advancing its flagship Hercules Copper Project in the promising copper belt in western Idaho. The project spans approximately 4,246 hectares and includes the historical Hercules Adit, part of a larger trend that was mined for high-grade silver in the early 1900s. The company is now utilizing modern exploration techniques to define large-scale porphyry copper and skarn-style systems across multiple mineralized zones.

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Hercules Metals Corp. (BADEF:OTCMKTS;BIG:TSXV)

Hercules announced August 27 that its inaugural ground-based magnetotelluric (MT) survey successfully identified a significant conductive anomaly at the Leviathan porphyry system, located on its Hercules Property in western Idaho.

Conducted by Moombarriga USA Ltd., the expansive +100 km? MT survey extended well beyond the previous 12 km? 3D induced polarization (IP) survey, increasing the depth of geophysical investigation from 800 meters to over 6 kilometers.

The MT survey results align exceptionally well with the southeast-dipping copper mineralization at Leviathan and, importantly, indicate the potential for a substantial expansion to the south, the company noted. Here, the anomaly intensifies and forms a high conductivity ring (to