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Copper has had a bright start of 2021, with prices rallying to hit a more than 10 year high in the first quarter of the year.
Unlike the first three months of 2020, the trend in
copper prices
was upward for most of the first quarter of 2021, with the red metal hitting US$9,614.50 per tonne.
Despite not being able to hold that level, copper continues to trade around the US$9,000 mark, with many analysts and companies expecting copper to boom in the coming years, with electrification and electric vehicles growing in popularity and subsequently increasing the world’s appetite for copper.
What caused Copper’s sharp rebound?
Read INN’s 2021 report today for stocks, expert interviews and more
Some of the top copper stocks on the TSX have seen X over percent year-to-date gains, which you can find on the list below. This list was generated on March 31, 2021 using TradingView’s
stock screener
, and only companies with market capitalizations greater than C$50 million are included.
1. Northern Dynasty Minerals (TSX:
NDM
)
Current price: C$0.81, year-to-date gain: 97.56 percent
Northern Dynasty Minerals is focused on developing the Pebble project in Alaska, where according to the company, the world’s largest undeveloped copper-gold-molybdenum-silver resource is located.
The company has had plenty of news since the start of 2021. In January, both Northern Dynasty and the State of Alaska decided to
appeal
the US Army Corps of Engineers’ (USACE)
denial
of a key federal permit for the Pebble project.
The USACE accepted the Pebble Partnership’s request for appeal in February, and has appointed a review officer to oversee the administrative appeal process. While federal guidelines suggest the appeal should
conclude
within 90 days, the company said the USACE has indicated the complexity of issues and volume of materials associated with Pebble’s case means the review will likely take additional time.
2. Xanadu Mines (TSX:
XAM
)
Current price: C$0.06, year-to-date gain: 85.71 percent
ASX- and TSX-listed Xanadu Mines is a copper and gold exploration company with several advanced exploration projects in Mongolia.
The company kicked off 2021 restarting a
drilling program
at its Red Mountain joint venture. In March, the company started
releasing
drilling results for its Stockwork Hill deposit on the company’s Kharmagtai porphyry copper and gold project in the South Gobi.
3. Capstone Mining (TSX:
CS
)
Current price: C$4.14, year-to-date gain: 73.95 percent
Capstone Mining is a base metals-focused company, with two producing copper mines: Pinto Valley in the US and Cozamin in Mexico. In addition, Capstone has the large scale 70 percent owned copper-
iron
Santo Domingo development project in Region III, Chile, in partnership with Korea Resources Corporation and a portfolio of exploration properties.
During Q1, the company
released
its 2020 results. Capstone exceeded both production and cost guidance last year; finishing the year at 156.9 million pounds of copper production above the guidance range of 140 to 155 million pounds, at consolidated C1 cash costs of $1.84 per payable pound of copper, below the guidance range of US$1.85 to US$2 per pound.
In 2021, Capstone
expects
to produce between 175 and 190 million pounds of copper at C1 cash costs1 of between US$1.75 and US$1.90 per pound payable copper produced.
4. Copper Mountain Mining (TSX:
CMMC
)
Current price: C$3.11, year-to-date gain: 71.82 percent
Copper Mountain’s flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton, with a production of approximately 100 million pounds of copper equivalent per year.
Last year, Copper Mountain’s production was 77.6 million pounds of copper,
exceeding guidance
of 70 to 75 million pounds. C1 cash cost was US$1.53 per copper pound, AISC was US$1.69, and AIC was US$1.90, meeting the mid-point of improved and revised AIC guidance of US$1.80 to US$2.
The company released its
2021 guidance
in January, saying production is expected to increase up to a range of 85 to 95 million pounds of copper. All-in cost in 2021 expected to be in the range of US$1.80 to US$2 per pound.
5. Marimaca Copper (TSX:
MARI
)
Current price: C$4.30, year-to-date gain: 32.31 percent
Marimaca’s company name aligns with its flagship development asset in Chile, the Marimaca project, which is one of the largest copper discoveries in northern Chile.
In January, the company began the
mobilization
of drilling contractors, the construction of the first drill pads and the construction of the infrastructure and support facilities for the 2021 exploration program across the Marimaca copper district.
In February, the company started to release results from an
induced polarization survey
completed at Marimaca; a recently
completed
rock geochemistry and reconnaissance mapping program at the Cindy target; and the
results
of induced polarization surveys completed at the Mercedes and Cindy targets.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
What caused Copper’s sharp rebound?
Read INN’s 2021 report today for stocks, expert interviews and more