Copper Stocks in Western Australia

Western Australia is best known for its iron and gold output, but copper stocks in the state are making moves as well.

Western Australia is viewed as the engine room of Australia's mining industry, but it's not a major player when it comes to copper production and known resources — that crown sits firmly atop South Australia.

Nevertheless, while Western Australia is best known for its iron and gold output, two sectors it has cornered in Australia, it's also home to many base metals mines and exploration projects. At least eight individual base metals projects and operations have been identified by Geoscience Australia, with copper featured in each of them.

Being home to such a large gold- and iron-mining industry, Western Australia hosts some of the largest mining companies in the world and attracts many prospective exploration and development companies.

That means investors looking at copper in the state have a healthy selection of investment opportunities, ranging from the likes of giants Newcrest Mining (ASX:NCM,OTC Pink:NCMGF) to smaller companies like Cyprium Metals (ASX:CYM) and Cannindah Resources (ASX:CAE)

These companies are accessible through the Australian Securities Exchange (ASX) — and you can click here for a convenient guide on how to invest on the exchange.

We'll get back to the companies themselves shortly. First, more on copper in Western Australia. The state is one of the premier mining investment jurisdictions in the world, accounting for some 57 percent of all mining investment in the country, according to its Department of Mines, Industry Regulation and Safety (DMIRS).

In the 2018-2019 fiscal year, almost AU$17 billion in investment was dumped into the state, as per the WA Mining Club, with that investment yielding healthy returns in the same year of AU$107 billion in sales. According to a 2020-2021 economic profile from the Western Australian government, the mining sector contributed almost 47 percent (AU$169.6 billion) to the state’s GSP.

The industry is also very healthy. At the end of 2020, DMIRS reported that the mining of minerals and petroleum yielded AU$174 billion in sales for the state — 94.32 percent of all exports in that year.

Base metals (under which the DMIRS includes copper, zinc and lead) accounted for AU$1.4 billion of that total.

Furthermore, Western Australia currently ranks first in the Fraser Institute's annual survey of mining companies. The state is the top Australian jurisdiction for investment attractiveness, which considers “both mineral and policy perception.”

Below is a list of ASX-listed companies operating in Western Australia’s copper mining industry. All data, gathered from TradingView’s stock screener, was current as of October 5, 2022, and all stocks listed had market caps above AU$6 million at that time.

1. Newcrest Mining

Market cap: AU$15.78 billion; current share price: AU$17.78

Newcrest Mining (ASX:NCM) is an Australia-based mining major player in Western Australian copper and gold. The company’s Telfer gold-copper mine in the Pilbara region is a fully owned project with both open-pit and underground operations.

In its FY22 report, the company announced that it produced 121,000 tonnes of copper and in its 2022 Annual Mineral Resources and Ore Reserves statement, the group ore reserves have an estimated 11 million tonnes of copper.

2. Sandfire Resources

Market cap: AU$1.61 billion; current share price: AU$4.06

Sandfire Resources (ASX:SFR) is an international copper ores mining company based in Australia. The company has several mining, development and exploration projects in Australia, Spain, Botswana and the US. Its DeGrussa operations, completed in 2013, are located 900 kilometers northeast of Perth; the company has made great progress since the project's initial discovery in 2009 and even set a precedent for resource development in Western Australia. The DeGrussa operations includes both the DeGrussa copper-gold mine as well as the Monty copper-gold mine.

In early October, the company extracted the final stope of ore from its DeGrussa mine, and the company is now beginning ramp down of the mine.

3. Cannindah Resources

Market cap: AU$114.93 million; current share price: AU$0.23

Cannindah Resources (ASX:CAE) is a Queensland-based gold and copper exploration and development company. The company’s Mt Cannindah project in New South Wales is located 100 kilometers south of Gladstone, Queensland.

In a recent report from August 2022, Cannindah Resources shared that it raised AU$2 million to continue drilling at its Mt Cannindah project, through 9.3 million shares for a price of AU$0.13 per share.

4. Cyprium Metals

Market cap: AU$49.65 million; current share price: AU$0.07

Cyprium Metals (ASX:CYM) is an Australian copper developer and the owner of the Nifty copper operation, which it bought from Metals X (ASX:MLX,OTC Pink:MLXEF) in March 2021, along with the rest of Metals X's copper assets. Collectively known as the Paterson exploration project by Cyprium, the assets are located in the famed Pilbara region. The Nifty mine produced 700,000 tonnes of copper between the time that it opened in 1993 and when it was placed into care and maintenance in 2019.

In October, the company released an update that the Nifty copper project restart is in a position to complete the financing stage of the process and move into construction. The project’s restart study was completed in March 2022 and is in the first phase of a projected 20 year life span.

5. Recharge Metals

Market cap: AU$7.52 million; current share price: AU$0.17

Recharge Metals (ASX:REC) is an Australian copper explorer and developer. The company has three fully owned copper projects in Western Australia including its flagstone Brandy Hill South project, and its two exploration projects Tampa East and Bohemia. The Brandy Hill South project is located in the Murchison Region where drilling began immediately after listing.

In September the company announced that the Brandy Hill South project has resumed drilling with its Reverse Circulation drilling program. West Core Drilling, a Western Australian drilling company, has been contracted to complete the diamond drilling program next.

This is an updated version of an article first published by the Investing News Network in October 2021.

Don't forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Marlee John, currently hold no direct investment interest in any company mentioned in this article.

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Marlee John

Originally from a smaller town just outside of Toronto, Marlee has a BA in English from York University. Marlee is comfortable writing about various topics and has a passion for journalism and current events. Outside of writing she loves reading, music and peanut butter on a spoon.

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Copper Stocks in Western Australia

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