The price of gold has been booming over the last year, up nearly 40% to about US$3,320 per ounce.

And investors in gold stocks have been reaping the rewards as many share prices soared.

Newmont Corporation CDI (ASX: NEM) (NYSE: NEM) – the world's largest gold miner – has seen its shares rise 38% in the last twelve months to around $90.

ASX 200 powerhouse Northern Star Resources Ltd (ASX: NST) also impressed with its shares up 28% to $16.57 at the time of writing.

But there's another metal making headlines – and major miners are taking notice.

That metal is copper, which rocketed to record highs this week after President Trump proposed a 50% tariff on US copper imports.

The red metal

Copper is one of the oldest metals known to humanity – and still one of the most important.

It boasts mass industrial applications due to its ductility, malleability, resistance to corrosion, and its thermal and electrical conductivity.

In a nutshell, copper is everywhere – from residential and commercial construction to power grids, transportation, household appliances, and consumer electronics such as smartphones.

And in the era of electrification, its strategic significance could be poised to grow further.

It plays a vital role in electric vehicles (EVs) and the infrastructure that supports them.

To illustrate this point, EVs use about four times more copper than traditional internal combustion engine vehicles.

Bright future ahead?

Copper's widespread industrial use and its vital role in electrification could see demand skyrocket.

According to research by the International Energy Forum (IEF), 115% more copper will need to be mined over the next 30 years than has been extracted in all of history.

And that's just to meet business-as-usual trends.

Electrifying the global vehicle fleet may require 55% more copper mines than would otherwise be needed.

Such forecasts paint a bullish picture for copper miners, and ASX mining giant BHP Group Ltd (ASX: BHP) is paying attention.

Scaling up copper production

BHP has significantly ramped up its copper exposure in the last couple of years, headlined by its A$10 billion acquisition of Oz Minerals (ASX: OZL).

It also invested A$3.2 billion to acquire Canadian group Filo Corp (TSE: FIL) and its flagship Argentinian project through a joint venture with Lundin Mining Corp (TSE: LUN).

These strategic moves add to BHP's already vast portfolio of copper mines spanning Chile, Peru, South Australia, and Arizona.

And its crown jewel is Escondida – the world's largest copper mine and majority-owned asset.

BHP claims that it now holds the largest copper resource base globally – and with demand projected to boom, the timing couldn't be better.