What are the best copper stocks on the TSX so far this year? These five companies have seen the biggest gains year-to-date.
Last year was tough for copper and experts expected this trend to continue in 2016. But the red metal has been on the rise this year, reaching year highs, due to optimism over China’s demand and the US infrastructure spending plans.
At the end of the first quarter, copper prices were up, gaining 17% compared to the beginning of the year. This upward trend continued during the first nine months thanks to a weaker dollar and increased manufacturing activities in China.
After the recent US election copper prices jumped, climbing to a 16-month high last week, when US President elect Trump announced his infrastructure spending plan.
Some of the best copper stocks of 2016 on the TSX reached over 600 percent year-to-date gains. You can find them in the list below. This list was generated using The Globe and Mail’s market data filter, and does not include companies with a market cap of less than $50 million.
1. Coro Mining (TSX:COP)
Current price: $0.145; year-to-date gain: 625 percent
Coro Mining is engaged in the exploration and development of base and precious metal projects in Latin America. The Company’s assets include 65% interest in SCM Berta including the Berta and Salvadora deposits; the Marimaca drill stage project from which the company reports earning a 75 percent interest; the Planta Prat project; the Llancahue prospect; and a royalty on the San Jorge copper-gold project located in Argentina.
2. Ivanhoe Mines (TSX:IVN)
Current price: $2.42; year-to-date gain: 296.72 percent
Ivanhoe Mines explores and develops mineral properties in South Africa and the Democratic Republic of Congo. Its projects include the exploration and development of the Kamoa Copper Project, the mine development at the Platreef platinum-palladium-gold-nickel-copper discovery and the upgrading of the zinc-copper-lead-germanium Kipushi mine.
3. Western Copper and Gold (TSX:WRN)
Current price: $1.20; year-to-date gain: 215.79 percent
Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier Copper-Gold mine in the Yukon Territory. The company reports that the mine could produce an estimated 8.9 million ounces of gold and 4.5 billion pounds of copper over a 22-year mine life.
In July 2016, Goldman Sachs ranked Casino number one economic copper project.
4. First Quantum Minerals (TSX:FM)
Current price: $15.74; year-to-date gain: 203.86 percent
The metals and mining company produces mainly copper, gold, nickel and zinc. The Company’s assets are located in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2015, First Quantum produced 428,229 tonnes of copper, 223,914 ounces of gold, 35,472 tonnes of nickel, 41,139 tonnes of zinc, and 57,095 ounces of platinum-group elements. The company’s latest report shows that in the third quarter of 2016 their copper production was 142,721 tonnes with sales of 136,051 tonnes.
5. Euromax Resources (TSX:EOX)
Current price: $0.64; year-to-date gain: 45.45 percent
Last but not least in the best copper stocks of 2016 on the TSX is Canada-based Euromax Resources. A mining company focused in identifying, acquiring and developing mineral resources in Southeastern Europe. The company is focused on building and operating the Ilovica-Shtuka copper/gold project in Macedonia and also has an exploration services company in Bulgaria.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Western Copper and Gold and Euromax Resources are clients of the Investing News Network. This article is not paid-for content.