Are these the best ASX copper stocks? [2024]

Discover the top Australian copper miners on the ASX

Data as at 11 June 2024. Source: Stake, ASX.

*The list of stocks mentioned is ranked by market capitalisation. When deciding what stocks to feature, we analyse the company's financials, recent news, advancement in their timeline, and whether or not they are actively traded on Stake.

Add these ASX copper stocks to your watchlist

1. Sandfire Resources Limited ($SFR)

Market Capitalisation: $4.13b

Stock price (as of 11/06/2024): $8.91

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 57% / 43%

Sandfire Resources is one of the largest pure-play ASX copper stocks. They experienced significant success with their discoveries at the earlier DeGrussa and Monty Copper Gold Mines in Western Australia. The company is currently focused on the three underground mines at their MATSA Copper Operations in Spain and developing the Motheo asset in Botswana's Kalahari Copper Belt. Sandfires hopes these new assets and other potential growth opportunities will help them recover their position as one the ASX's top copper producers.

2. Metals Acquisition Limited ($MAC)

Market Capitalisation: $711m

Stock price (as of 11/06/2024): $21.50

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 71% / 29%

Metals Acquisition Limited plans to develop and operate mines that produce metals used in the energy transition. The company is currently responsible for the CSA Copper Mine in Cobar, New South Wales, which they acquired from Glencore ($GLNCY) in June 2023.  Metals Acquisition has worked on updating mine plans and its potential operating life, with the intention of expanding the existing project. The firm is also trying to deleverage their balance sheet by repaying liabilities and creating a simpler structure since the takeover of CSA.

3. Capstone Copper Corp. ($CSC)

Market Capitalisation: $571m

Stock price (as of 11/06/2024): $10.37

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 69% / 31%

Capstone Copper has a portfolio of projects across the Americas which produce copper, as well as smaller amounts of zinc, silver, iron and cobalt. The Pinto Valley Mine is an open pit operation in Arizona and the Cozamin underground mine is in Mexico. The company has two projects in production in Chile, Mantos Blancos and MantoVerde, with the latter undergoing an expansion that could significantly increase its output. Capstone also owns the Santo Domingo Project, which has received its permits for production. The team is undertaking studies to assess the next plans for the potential mine at this site. The three Chilean mines are within proximity of each other and could integrate some services as part of a larger project in the future. 

4. Develop Global Limited ($DVP)

Market Capitalisation: $539m

Stock price (as of 11/06/2024): $2.13

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 65% / 35%

Develop Global is focusing on mining projects that could produce the metals required by renewable energy technologies. They own a previously operating copper mine, the Woodlawn Copper Zinc Project in New South Wales and the team is completing studies to assess the feasibility of restarting the mine. They are also working on developing the earlier stage Sulphur Springs Copper Zinc Project near Port Hedland in the Pilbara region of Western Australia. The business has a joint venture with Anax Metals Limited ($ANX) for a stake in another asset in the area, known as the Whim Creek Copper-Zinc Project.

5. 29Metals Limited ($29M)

Market Capitalisation: $372m

Stock price (as of 11/06/2024): $0.50

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 51% / 49%

29Metals operates the multi-commodity Golden Grove Mine in Western Australia. The team is working on extending the mine life of the copper, zinc and precious metals project. The firm also produces the copper and silver at the Capricorn Copper Mine in Queensland. There are studies underway to assess whether cobalt could also be recovered from the mine. 29Metals is also assessing other sites near these assets. The Redhill Project in Chile could add to their collection of copper mines, with studies underway for copper, silver and gold deposits at the location.

6. AIC Mines Limited ($A1M)

Market Capitalisation: $277m

Stock price (as of 11/06/2024): $0.46

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 72% / 28%

AIC Mines plans to build a portfolio of gold and copper projects throughout Australia. They currently operate the underground Eloise Copper Mine, located near Mount Isa in northern Queensland. The Eloise Mine has produced 339,000 tonnes of copper and 167,000 tonnes of gold over its mine life since 1996. AIC has two exploration stage assets in Western Australia, Marymia and Lamil, which is held in a 50% joint venture with Rumble Resources ($RTR). Marymia is in close proximity to Sandfire's  ($SFR) old DeGrussa Copper Mine and Lamil lies immediately west of Newmont's ($NEM) Telfer Gold-Copper Mine.

💡Related: Discover some of the top gold mining companies in Australia→

7. Aeris Resources Limited ($AIS)

Market Capitalisation: $242m

Stock price (as of 11/06/2024): $0.24

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 44% / 56%

Copper is the main product from Aeris Resources' four operational mining assets in Australia. Their flagship copper producer is the Tritton Operations in the Cobar region of Central New South Wales. In November 2022 they acquired additional copper operations in North Queensland. Aeris Resources is also mining the gold deposits at their Cracow Operations in Queensland and produces zinc, copper and silver from its Jaguar Project in the Eastern Goldfields region of Western Australia. The team's developing another copper and zinc project in Victoria named Stockman.

8. Hillgrove Resources Limited ($HGO)

Market Capitalisation: $157m

Stock price (as of 11/06/2024): $0.073

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 70% / 30%

Hillgrove Resources owns the Kanmantoo Copper Gold Mine in South Australia, which lies around 55 km from Adelaide. The team has funding and permitting in place for the first stage of the development. As a previously operating open pit mine, Kanmantoo benefits from existing infrastructure, as well as a processing plant and tailings storage facility. Production from the new underground mine commenced in Q1 2024 and the company intends to increase its outputs in the near term.

9. Hot Chili Limited ($HCH)

Market Capitalisation: $151m

Stock price (as of 11/06/2024): $0.96

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 60% / 40%

Hot Chili is advancing its Costa Fuego Copper Project towards production. The asset is located at a low elevation near the coast in northern Chile, the world's largest copper producing country. The team intends to develop three deposits in close proximity to each other as part of one mining hub. They are known as Cortadera, Productora, and El Fuego. The Project also contains gold and molybdenum, which could potentially be extracted as byproducts. The team's working on studies to further the mine plans, increase the resource and extend the potential life of the project to over 20 years.

10. Caravel Minerals Limited ($CVV)

Market Capitalisation: $121m

Stock price (as of 11/06/2024): $0.22

Stake Platform Bought / Sold (1 Jan 2024 - 31 May 2024): 66% / 34%

Caravel is developing its flagship copper project of the same name in Western Australia. The Caravel asset lies around 150 km from Perth and is one the largest copper deposits discovered in the nation’s recent history.  The team is currently working on a definitive feasibility study, which will shape the details of mine plans ahead of seeking financing and potentially starting construction in 2025. They expect to produce around 65 kilo tonnes of copper concentrate annually over the mine’s 25 year life, as well as smaller amounts of molybdenum. 

Is it smart to invest in copper now?

As seen with the relatively volatile performance of many commodities, the copper price tends to fluctuate over the short term. The movements of 'Dr. Copper' are often said to be related to general levels of economic activity due to its uses across various sectors. This will likely impact the stock market returns for many copper miners, but there are multiple factors that will determine the fate of a specific company. For example, whether the firm can achieve its goals in the expected timeframe could make it more attractive to investors. The ASX stocks that predominantly produce copper are likely to be more exposed to changes in the red metal’s price compared to more diversified miners. Many see its longer term outlook as very positive, as copper’s characteristics of high conductivity and ductility mean it’s most often used as wiring. As the growth of renewables and EVs will require more electrical components, these trends could drive the demand for copper significantly higher in the future.

How to invest in copper in Australia?

The main way of investing in copper is through copper mining companies listed in Australia, using an online investment platform.

1. Open a stock investing account

To invest in copper stocks and ETFs, you'll need to sign up to an investing platform with access to the ASX and Cboe Australia. Lucky for you Stake has access to both stock exchanges.

2. Fund your account

Complete an application with your personal and financial details. Fund your account with a bank transfer, debit card or even Apple/Google Pay.

3. Search for copper shares or ETFs

Find the asset by searching for the name or ticker symbol. Do your own research to ensure it is the right investment product for your own circumstances.

4. Choose an order type and buy the asset

Buy on any trading day with a market, limit or stop order. Look into dollar cost averaging to spread out your risk, which smooths out buying at consistent intervals.

5. Monitor your investment

Optimise your portfolio by tracking how the security performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights that affect your shares.

What is copper used for?

Copper is mainly used as wiring in electronics and electrical equipment, the building and construction industry, as well as industrial machinery and equipment. The ‘metal of electrification’ is expected to play an important role in the energy transition. Renewable energy systems need over 12 times the amount of copper compared to fossil fuel-based systems, and most EV’s require two to three times more copper than internal combustion engine cars. S&P Global forecasts that copper demand could double by 2035.

There are concerns about the future levels of copper supply because many new projects have been delayed, new deposits are becoming harder to find and more expensive to develop due to lower average grades of copper. Analysis from S&P Global reveals that a market deficit could emerge as early as 2025 and grow to the end of the decade. Recycling amounted to roughly 17% of global refined copper supply in 2022, but is not expected to be enough to cover forecasted demand growth.

Copper stocks FAQs

The information contained above does not constitute financial product advice nor a recommendation to invest in any of the securities listed. Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation and particular needs. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

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