Abstract: As the strategic importance of copper resources in the global economy continues to rise, countries are strengthening their position in the copper resources sector through investment and mergers and acquisitions. Traditionally, direct shareholdings in listed companies have been the primary means of increasing influence. However, in recent years, indirect shareholdings have emerged, making the distribution of benefits and effective control more complex and opaquer. Therefore, this paper aims to parse this shift and identify countries that occupy key positions in the global copper industry. The study employs the methodology of complex network analysis to systematically analyze information on major shareholder holdings from the OSIRIS database. This not only includes data on direct shareholding percentages, but also covers the tracking of indirect shareholding paths, thus providing a comprehensive understanding of the roles of different countries in the global copper industry. The study shows that the growth of indirect shareholding relationships has weakened the traditional influence of geographic and political factors, resulting in a more internationalized shareholder background. The United States maintains a leading position in direct shareholdings, while Italy and Singapore show significant influence in the area of indirect shareholdings. Resource-rich countries tend to consolidate their mineral power through direct shareholdings, while non-resource countries are more likely to adopt indirect shareholding strategies to enhance their market position. The study sheds light on the implied power dynamics within the global copper industry, whereby non-resource countries have increased their influence in the global market through indirect shareholdings, while resource countries continue to rely on direct shareholdings to maintain their dominance. This finding has important implications for understanding the emerging patterns of international capital flows and provides policymakers with valuable insights to encourage them to take measures to promote investment in the copper industry and thereby enhance the competitiveness of their respective countries in the global copper market. In addition, the study highlights the potential application of complex network analysis methodology in exploring hidden linkages among multinational firms, providing a new framework for similar studies in the future.