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Top 5 ASX Copper Stocks (Updated February 2024)
Copper prices hit record a record high in 2022, but are facing headwinds in 2024. Here are the best-performing copper stocks on the ASX so far this year.
Copper prices have traded at record highs in recent years, and although the red metal is facing strong headwinds in 2024, experts have positive expectations for the market in the years ahead.
Prices for the base metal pulled back to three month lows in mid-February, dampened by continued lagging economic indicators in China. However, in the long term, many market watchers see tight supply and higher consumption from sectors like the electric vehicle industry creating a robust outlook for copper.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances. The list below outlines the top gainers, and was generated on February 13, 2024, using TradingView’s stock screener; all copper stocks listed had market caps above AU$50 million at that time. Read on to learn more about them.
1. Xanadu Mines (ASX:XAM)
Yearly gain: 56.67 percent; market cap: AU$79.94 million; current share price: AU$0.047
Xanadu Mines is a copper and gold exploration company with several advanced exploration projects in Mongolia. The company’s flagship project is the Kharmagtai copper-gold project.
In the last quarter of 2023, the company released an upgraded resource estimate for Kharmagtai as part of its work toward completing a prefeasibility study for the project. The new resource estimate stands at 1.3 billion tonnes containing 3.4 million tonnes copper and 8.5 million ounces of gold, which represents a 15 percent increase in contained copper metal and a 9 percent increase in contained gold metal. Xanadu is on track to complete the prefeasibility study and a maiden ore reserve estimate for Kharmagtai by Q3 of this year.
2. Encounter Resources (ASX:ENR)
Yearly gain: 48.48 percent; market cap: AU$100.56 million; current share price: AU$0.24
Encounter Resources is targeting major copper projects in Australia. The company holds a 100 percent interest in a large portfolio of copper assets in Western Australia and the Northern Territory. It is also advancing numerous large-scale copper projects in partnership and funded through farm-in agreements with BHP (ASX:BHP,NYSE:BHP,LSE:BHP), South32 (ASX:S32,LSE:S32,OTC Pink:SHTLF) and IGO (ASX:IGO,OTC Pink:IPGDF).
In 2024, the company plans to release assay results from exploration work completed at its copper projects. This will include results from activities conducted at both the Sandover copper and Jessica copper-zinc projects located in the Northern Territory, and from work finished in the late fall at the Yeneena copper-cobalt project in Western Australia, which is part of Encounter's agreement with IGO.
3. Bougainville Copper (ASX:BOC)
Yearly gain: 28.79 percent; market cap: AU$182.48 million; current share price: AU$0.42
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989. Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for the island. The Autonomous Bougainville Government holds a 36.5 percent share in the company.
In early February 2024, after much deliberation, Bougainville Copper was granted a five year extension to its Panguna mining licence, which will open the door for advanced stage prefeasibility- and feasibility-stage exploration activities.
4. Hillgrove Resources (ASX:HGO)
Yearly gain: 26.23 percent; market cap: AU$145.31 million; current share price: AU$0.08
Australian mining company Hillgrove Resourcesrecommenced operations at the Kanmantoo copper-gold mine in South Australia last year. Mining was previously carried out in open pits between 2010 and 2020, producing a total of around 137,000 tonnes of copper and 55,000 ounces of gold. Over the past few years, Hillgrove has worked to bring the mine back into production, including a 3.6 million tonne per year processing plant. The company started mining in May 2023, and announced first copper concentrate production in mid-February of this year.
“First copper production from the Kanmantoo underground operation, and the transition to cashflow generation, is a watershed moment for the Company. Over the next few months, the mine output and copper production are expected to ramp up as the planned additional work areas are established underground," Hillgrove CEO and Managing Director Lachlan Wallace said in a press release.
5. Hot Chili (ASX:HCH)
Yearly gain: 16.02 percent; market cap: AU$127.81 million; current share price: AU$1.05
Hot Chili is focused on advancing its Costa Fuego copper-gold project in the Atacama region of Chile. Costa Fuego has an indicated resource of 2.8 million tonnes of copper, 2.6 million ounces of gold and 67,000 tonnes of molybdenum; its inferred resource stands at 0.6 million tonnes of copper, 1.2 million ounces of gold and 13,000 tonnes of molybdenum.
In June 2023, Hot Chili published a preliminary economic assessment( PEA) for Costa Fuego showcasing strong economics with a low startup capital requirement and a projected 16 year mine life.
"The Costa Fuego PEA cements Hot Chili’s position as the largest copper developer listed on the ASX by both resource size and potential scale of copper production," Managing Director Christian Easterday commented.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
- ASX Copper Stocks: 5 Biggest Companies ›
- Copper Stocks in Queensland - Investing News Australia ›
- Copper Stocks in South Australia | INN - Investing News Australia ›
- Copper Stocks in New South Wales | INN - Investing News Australia ›
- Copper Stocks in Western Australia | INN - Investing News Australia ›
Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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