Copper

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What are the best copper stocks on the TSX so far this year? These five companies have seen the biggest gains year-to-date.

Click here to read the latest best TSX copper stocks article.

After a strong 2021 that saw copper hit an all-time high in the year's second quarter, the red metal has put on an even stronger performance so far in 2022.

Coming into the year, the market watchers the Investing News Network spoke to expected elevated prices would continue, partially on the back of the growing electric vehicle story.

However, at the time experts couldn't have predicted what has become a major driver of metals prices: Russia's invasion of Ukraine, and the subsequent sanctions placed on the country. On March 4, copper's price per tonne for delivery in May reached US$10,910, a new all-time high.


Many copper companies are also seeing tailwinds from these strong market conditions, as shown on the list below. The list was generated on March 7, 2022, using TradingView’s stock screener, and only TSX copper companies with market capitalizations greater than C$50 million at that time are included.

1. Lundin Mining (TSX:LUN)

Year-to-date gain: 28.64 percent; current share price: C$12.71

Lundin Mining is a base metals miner with operations in five countries — Brazil, Chile, Portugal, Sweden and the US — producing copper, zinc, gold and nickel. The company produces the majority of its copper at its Candelaria copper-mining complex in Chile and its Chapada open-pit copper-gold mine in Brazil.

Lundin’s share price started 2022 at C$9.91 before growing to a year-to-date high of C$13.01 on March 1. The company’s first news of the year came when it achieved its production guidance for all metals in 2021. Then, in mid-February, Lundin shared its new Saúva copper-gold discovery at Chapada. A week later, the company released its fourth quarter and full-year 2021 results. They include record net earnings of nearly US$880 million, as well as total copper production of 262,884 tonnes, with 151,719 tonnes coming from Candelaria.

2. Capstone Mining (TSX:CS)

Year-to-date gain: 26.52 percent; current share price: C$7.06

Capstone Mining owns two producing copper mines: the open-pit Pinto Valley copper mine in Arizona, US, and the underground Cozamin copper-silver mine in Zacatecas, Mexico. The company also owns Santo Domingo, a fully permitted copper project that will produce by-product gold, iron and potentially battery-grade cobalt sulfate.

Capstone Mining skyrocketed in late February on the announcement that its shareholders had approved an acquisition by Mantos Copper, with 99.95 percent of votes approving the transaction. The resultant entity will be named Capstone Copper and will continue to trade under the same ticker symbol as Capstone Mining.

3. Imperial Metals (TSX:III)

Year-to-date gain: 26.5 percent; current share price: C$4.01

Imperial Metals is a base metals mining company operating in BC, Canada. In BC, the company has 100 percent interests in the Mount Polley and Huckleberry mines, and a 30 percent interest in the Red Chris copper-gold mine alongside Newcrest Mining (TSX:NCM,ASX:NCM,OTC Pink:NCMGF). The former two mines are both under care and maintenance, but the company is working on restart plans.

On January 27, Imperial released 2021 production results for Red Chris, reporting 65.4 million pounds of copper and 60,200 ounces of gold. Imperial’s share of production was 19.6 million pounds of copper and 18,000 ounces of gold. Shares hit a year-to-date high of C$4.24 on March 4; however, no news was released near that time.

4. Amerigo Resources (TSX:ARG)

Year-to-date gain: 23.29 percent; current share price: C$1.80

Amerigo Resources is a copper producer operating its MVC project in Chile. The firm produces copper and a molybdenum by-product using fresh and historic tailings from Codelco’s El Teniente mine. It is focused on environmental, social and governance protocols, and as of 2020 all its electricity was from renewable sources.

Amerigo’s share price has been slowly ascending throughout 2022. The company started the year with the release of its 2021 production results and 2022 guidance; its copper production for 2021 came in 4 percent over guidance at 63.4 million pounds. Then, on February 24, the company announced it had achieved record revenue in 2021 of US$199.6 million, up from its 2020 revenue of US$126.4 million.

5. First Quantum Minerals (TSX:FM)

Year-to-date gain: 21.61 percent; current share price: C$36.81

First Quantum Minerals is a copper-mining company that employs over 20,000 people globally. It has has seven copper operations across Europe, Asia, Africa and North America, as well as a nickel mine in Australia. According to the company, it is one of the top 10 copper producers in the world. In addition to copper and nickel, First Quantum also produces gold, zinc and cobalt.

The company’s share price has seen multiple peaks so far in 2022. The first came in the days before the January 17 release of its 2021 preliminary production data, 2022 to 2024 outlook, climate change policy and financial policy. As part of its climate change policy, the company has set out a path to achieve a 50 percent reduction in greenhouse gas emissions by 2030. In mid-February, First Quantum released its 2021 fourth quarter and year-end results, including its highest-ever copper production of 816,000 tonnes.

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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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