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Top 5 ASX Copper Stocks (Updated February 2022)
Feb. 09, 2022 01:55PM PST
Copper hit a record high in 2021, boosting copper companies even into 2022. Here are the best copper stocks on the ASX so far this year.
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Click here to read the latest top ASX copper stocks article.
The copper price hit a record high in 2021, and analysts expect prices for the red metal to remain high. This strong copper market has been a boon for ASX copper stocks.
Copper prices rallied to above US$10,700 per tonne during the second quarter of last year on higher demand as the economy began opening back up following strict COVID-19 restrictions.
Although the copper outlook is tainted by a slowing real estate sector in China, demand for electric vehicles and renewable energy is expected to boost copper use in China and globally in 2022.
Several Australian copper stocks are performing well in this copper price environment.
Here the Investing News Network looks at the best ASX copper stocks of 2022 by year-to-date share price performance. The best ASX copper stocks list below was generated on February 9, 2022, using TradingView’s stock screener, and all copper stocks listed had market caps above AU$30 million at that time.
1. Alara Resources
Year-to-date gain: 233.33 percent; current share price: AU$0.08
First on this list of best ASX copper stocks is base and precious metals explorer and developer Alara Resources (ASX:AUQ). The company has projects in the Middle East, including the Al Washi-hi Majaza copper-gold project in Oman and the Khnaiguiyah zinc-copper project in Saudi Arabia.
Alara owns a 51 percent equity interest in Al Washi-hi Majaza, where initial mining activities, including pre-stripping of waste, began in early February. Ore mining is expected to start at the asset in the June quarter, with consistent ore recovery following toward the end of the year.
2. Critical Resources
Year-to-date gain: 189.47 percent; current share price: AU$0.11
Base metals-focused Critical Resources (ASX:CRR) has properties in Oman and Australia. The company's Sohar copper project in Oman has a JORC resource of 819,000 tonnes at 3.4 percent copper, equivalent to 28,000 tonnes of copper metal, and zinc and other base metals were historically mined at its Halls Peak project in New South Wales. Aside from those assets, Critical Resources holds lithium projects in Canada.
In early February, Critical Resources reported zinc, copper, lead and silver assay results from two extensional holes completed at Halls Peak's Gibsons prospect.
3. Cannindah Resources
Year-to-date gain: 82.35 percent; current share price: AU$0.31
With a focus on copper and gold, Cannindah Resources (ASX:CAE) is reviewing strategies for its New South Wales-based Mount Cannindah project, which holds a large porphyry-style copper-molybdenum-gold mineralised system. The company is also looking to move forward with exploration at its Piccadilly gold project in Queensland.
In late January, Cannindah Resources shared results from a vertical hole in the northern part of Mount Cannindah. Results include 81 metres at 0.3 percent copper, 0.6 grams per tonne gold and 22.5 grams per tonne silver.
4. Celsius Resources
Year-to-date gain: 50 percent; current share price: AU$0.03
Exploration and development company Celsius Resources (ASX:CLA) has a portfolio of copper and gold assets located in the Philippines, Namibia and Australia.
At its Maalinao-Caigutan-Biyog copper-gold project in the Philippines, the company completed a positive scoping study in December 2021 showing a 25 year mine life, a payback period of 2.7 years and a pre-tax internal rate of return of 35 percent. Drilling is also underway at Celsius’ other Philippines property, the Sagay copper-gold project.
5. Bougainville Copper
Year-to-date gain: 29.51 percent; current share price: AU$0.395
Bougainville Copper (ASX:BOC) states that its main goal is to work with communities in Papua New Guinea and the country's government to resume copper, gold and silver mining and exploration at the Panguna mine.
Panguna has been inactive since 1989, and while it was important to the nation's economy it has also been a source of controversy. There hasn't been any news from the company so far in 2022.
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Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
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