ASX Copper Mining Stocks: 5 Biggest Companies in 2024

Market cap: AU$217 billion
Share price: AU$42.60

BHP is a global copper producer with operating copper mines in Australia, Chile and Peru, as well as the Resolution copper project in the US. In addition to its copper operations, BHP is a significant producer of a variety of important resources, including iron ore, nickel, metallurgical coal, potash and uranium.

The company’s Australian copper mine is the massive Olympic Dam operation in South Australia, which also produces gold and uranium as by-products. In 2023, BHP acquired South Australia-based OZ Minerals, which owned the Prominent Hill and Carrapateena copper mines, strengthening BHP's Australian copper portfolio.

In Chile, the company operates the 57.5 percent owned Escondida mine — the world’s largest copper producer — and its wholly owned Pampa Norte operations. BHP also has a non-operating 33.75 percent interest in the Antamina copper-zinc mine in Peru.

BHP announced on July 30 that it had entered into an agreement with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) to jointly acquire Filo (TSX:FIL,OTCQX:FLMMF) for C$4.1 billion. The acquisition will grant BHP and Lundin a 50 percent ownership stake each in the Filo del Sol copper project in Chile. Additionally, BHP has agreed to purchase a 50 percent ownership stake in Lundin's Josemaria project in the Vicuña mining district on the border between Argentina and Chile. The two projects will be managed under the same joint venture entity.

The giant has made three unsuccessful takeover attempts on rival Anglo American (LSE:AAL,OTCQX:AAUKF), with the most recent, a failed US$39 billion bid, taking place in May 2024. On October 30, news sites began to report that BHP had decided to move on from its acquisition of Anglo American following remarks made at BHP's annual general meeting.

However, the company stated in a release the next day that this was not a statement of intention not to make an offer, and thus is in compliance with Rule 2.8 of the UK City Code on Takeovers and Mergers, which applies for six months following its last attempt. It remains to be seen if BHP will make future bids for Anglo.

Market cap: AU$8.1 billion
Share price: AU$10.82

Newly listed on the ASX in February of this year, Capstone Copper is a mining company with a portfolio of assets located in the US, Mexico and Chile. The company is also listed in Canada on the TSX.

Capstone's 100 percent owned Pinto Valley copper mine in Arizona, US, is fully permitted until 2039 and is expected to produce 58,000 to 64,000 tonnes of copper in 2024. Capstone acquired Pinto Valley from BHP in 2013, and the mine has produced more than 4 billion pounds of copper since it began operating in 1972.

It is also the sole owner of the Cozamin copper-silver mine in Zacatecas, Mexico, which boasts a 1,000 tonne per day throughput and is projected to generate 22,000 to 24,000 tonnes of copper in 2024. Additionally, Capstone has the Mantos Blancos copper mine in Antofagasta, Chile, which underwent an expansion in 2021 to extend its mine life.

Aside from those operations, Capstone owns a 70 percent stake in the Mantoverde mine in the Atacama region of Chile, with the remaining 30 percent owned by Mitsubishi Materials (OTC Pink:MIMTF,TSE:5711). In Capstone's Q3 2024 results and updates released on October 31, the company reported that the Mantoverde mine achieved commercial production in September and continues to ramp up to full production levels.

Capstone's production for the quarter totalled 47,460 tonnes of copper, with 17,481 tonnes coming from Mantoverde, 13,980 tonnes from Pinto Valley, 9,974 tonnes from Mantos Blancos and 6,025 tonnes from Cozamin.

Market cap: AU$4.79 billion
Share price: AU$10.33

Sandfire Resources is a copper mining and development company with a global portfolio of assets.

Its DeGrussa copper-gold operations in Western Australia were depleted in 2022 and entered care and maintenance in 2023, with the company now working to rehabilitate the site. Sandfire's primary production now comes from its the MATSA copper, lead and zinc mine in the province of Huelva, Spain. The site boasts a processing capacity of 4.7 million tonnes per annum, and in the June quarter produced 120,888 tonnes of copper concentrate.

Sandfire also owns the Motheo operations in the Kalahari Copper Belt in Botswana. The asset consists of multiple open pits and is currently in the advanced stages of ramping up to production from its A4 open pit and mill. In the June quarter, Motheo produced 45,664 tonnes of copper concentrate and achieved a mill rate of 1.18 million tonnes of ore.

In addition to its producing assets, Sandfire also has been working to advance its Black Butte project in Montana, US. Work on the project stalled in 2021 after a district court revoked a Department of Environmental Quality mining permit for the site. The company subsequently filed a claim against the department, and on February 26 of this year, it announced the decision was overturned by the Montana Supreme Court; permits for the site were reinstated.

In Sandfire's fiscal Q1 2025 report released on October 29, the company stated that it had received environmental approval for a new tailings facility at MATSA and expects construction to commence in Q4 of its fiscal 2025. It also said that copper equivalent production at the mine had increased by 4 percent quarter over quarter.

So far in its fiscal 2025, the company has produced 27,012 tonnes of copper, a year-over-year increase of 18 percent.

Market cap: AU$1.4 billion
Share price: AU$18.80

Another newcomer to this list of the biggest ASX copper companies, Metals Acquisition is focused on acquisitions in the metals and mining industry for assets that are critical to the energy transition.

The company dual listed on the ASX via an oversubscribed initial public offering that closed in February. The AU$325 million raised by the IPO was the highest for a mining company on the ASX since July 2021.

As for its operations, Metals Acquisition's first acquisition came in June 2023, when it purchased the CSA copper mine in New South Wales from Glencore (LSE:GLEN,OTC Pink:GLCNF). The mine is one of the oldest operating copper mines in Australia with production dating back more than 150 years, and it is one of the deepest at 1.9 kilometres.

In the company’s September quarter update released on October 22, Metals Acquisitions highlighted copper production of 10,159 tonnes at the CSA copper mine during the quarter. This was the second strongest performance for the CSA mine under the company's ownership, only below the previous quarter's 10,864 tonnes.

Metals Acquisition said it was on track to produce 40,500 tonnes during its fiscal year, the midpoint for its annual guidance. By 2026, it is aiming to increase production by 25 percent to 50,000 tonnes per year.

Market cap: AU$684 million
Share price: AU$2.46

Unlike the other companies on this list, Develop Global is not yet a producer of copper; instead, it is developing its three copper projects in Australia with the goal of supplying the clean energy transition.

Develop is working toward a potential mine restart for its past-producing Woodlawn zinc-copper project in New South Wales, which closed in 1998. In August 2023, the company reported the discovery of significant high-grade mineralisation at the site, saying it will be incorporated into an updated resource estimate slated for release in the first quarter of 2024. The updated resource estimate will inform the final mine plan.

Its two other projects are located near Port Hedland, Western Australia. The first is its Sulphur Springs project, a near-term volcanogenic massive sulphide project that contains copper, zinc and silver across its Sulphur Springs and Kangaroo Caves deposits. Develop's final project is the past-producing Whim Creek copper-zinc project, which it owns through a 20/80 joint venture with Anax Metals (ASX:ANX). The site hosts refurbished heap infrastructure for mineral processing.

On August 2, Develop announced it had entered into a funding and offtake agreement with Trafigura that will provide Develop US$65 million through a prepayment facility that will aid in the development of Woodlawn. Additionally, Trafigura will buy all of Woodlawn's production for approximately five years. The company said the financing will put Woodlawn on track to begin production in mid-2025.

In the company's most recent quarterly report released on October 28, Develop Global said underground development at Woodlawn was ahead of schedule and is on track for its first production in the March 2025 quarter.

Develop Global also provided an update from Sulphur Springs, noting that reconnaissance mapping and rock-chip sampling were completed at several targets and results would be incorporated into models for future exploration programs. The company is now working on optimization studies, such as an early access mine plan and processing plant design.