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Top 5 ASX Iron Stocks of 2022
Here's a brief overview of the top iron stocks of 2022 with year-to-date gains.
Iron ore, which is largely used for steel production, is necessary for the maintenance of a robust industrial base. Australia dominates the global iron market, producing over one-third of iron ore worldwide, making Australian iron mining companies a solid pick for investors.
Though steels stocks were in decline throughout the past year, iron miners nevertheless continued to gain ground. In March 2022, Australian mining stocks hit a seven-month peak, with iron ore production continuing to climb. Iron ore remains Australia’s number one export and can mostly be found in Western Australia.
Read on to learn more about the top five Australian iron companies on the ASX, ranked by year-to-date gains. All market cap and share price information was obtained on April 19, 2022, from TradingView.
Year-to-date gain: 270 percent; current share price: AU$0.56
Hawsons Iron is the majority owner of the New South Wales-based Hawsons iron project. According to a 2017 feasibility study, this project contains the world’s highest-grade iron ore, at 70 percent iron. The company was previously known as Carpentaria Resources, with its name change officially taking effect in August 2021.
Hawsons Iron is currently undergoing a bankable feasibility study, after which it intends to procure a mining lease. Production of iron ore at its flagship iron project is set to commence by mid 2024. In April 2022, the Australian federal government renewed Hawsons Iron’s “major project” status for the next three years, praising its strong production and economic potential.
Year-to-date gain: 60 percent; current share price: AU$0.67
Mount Gibson Iron is an Australian-based iron ore miner, with projects in the Kimberly and Mid West regions. Its flagship project, Koolan Island, was formerly owned by BHP (ASX:BHP,LSE:BHP,NYSE:BHP) and boasts reserves that are over 65 percent iron. The project is guiding between 1.5 and 1.7 million wet metric tonnes for fiscal 2022 and is set to complete its overburden stripping program. This program aims to lower the waste-to-ore ration at Koolan Island to about 6:1, significantly down from 17:1 last year.
Year-to-date gain: 40.91 percent; current share price: AU$0.03
Legacy Iron Ore is a Perth-based mining and exploration company that focuses on iron ore, base metals and gold production. Its projects include the Western Australia-based Mount Bevan iron ore project, which it co-owns with Hawthorn resources. Legacy Iron Ore is set to become the majority owner of this project, pending a $3.5 million investment put toward securing pre-feasibility status for the project.
Year-to-date gain: 40.99 percent; current share price: AU$7.67
Champion Iron is a Canadian-based iron mining company, with flagship projects across Newfoundland and Quebec. In January 2022, the company reported its fiscal third-quarter financial and operational results. This included the announcement of an inaugural dividend of $0.10 per share, payable on March 1, 2022, as well as of the advancement of phase-two expansion project at Bloom Lake.
Champion Iron additionally reported revenue of $1,129.4 million for the last nine months of 2021, a year-to-date increase from $885.1 million in 2020. In total, the company reported net income of $120.8 million during these nine months, as well as net cash flow of $0.92 per share.
Year-to-date gain: 36.36 percent; current share price: AU$0.48
Macarthur Minerals is an exploration and development company, with iron ore and lithium projects located across Australia and the US. Its Australian-based iron ore projects include the Treppo Grande iron ore project, the Moonshine magnetite project and the Ularrite hematite project.
The company is focused on iron ore exploration in Western Australia and in particular, is dedicated to expanding production at its Lake Giles iron project. In April 2022, the company announced the results of the feasibility study for this project, which included an estimated annual production capacity of 3 million tonnes of high-grade magnetite concentrate across a 25-year mine life.
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Securities Disclosure: I, Isabel Armiento, hold no direct investment interest in any company mentioned in this article.