As climate change and economic growth increasingly impact global water security, the proper assessment and management of water risk exposures becomes more critical. This study contributes to the literature by presenting a case study that explores how to measure financial water risk in a specific industry: Copper mining. To assess the overall vulnerability to water-related challenges, this chapter first applies the Aqueduct water risk framework to a sample of 16 major copper mines worldwide. Second, the study proposes an approach to model a specific financial implication of water risk exposure for the copper business through a regression analysis of the production-weighted precipitation levels at water-stressed locations of copper mines and the market price of copper. The results demonstrate that copper has a medium to high water risk exposure, particularly stemming from quantitative physical risk. In addition, we find that low precipitation patterns exhibit an inverse relationship with copper prices. These findings are meaningful in their ability to impact integrated risk management strategies of companies and investors.