AXMIN Inc (TSXV: AXM)
AXMIN Inc. (TSXV:AXM) is a Canadian-based exploration and development company with a strong focus on central and West Africa.
Copper prices soared in mid-May and hit an all-time high of $5.20 per pound or $11,464 per metric tonne, led by growing demand in areas such as energy sector transformation and artificial intelligence data centres.
Although the price recently retreated to near US$4.37 per pound or US$10,296 per metric tonne, it is still well above 2023 levels.
Against the backdrop of strong commodity prices, some of the shares of copper mining companies listed on the Toronto Stock Exchange have also performed well. As of the close of trading on Oct. 16, the three stocks below have all generated more than 70 per cent gains in 2024 for investors.
Year-to-date gain: 80.16 percent
Market cap: C$970.99 million
Share price: C$3.32
Taseko Mines is a copper producer and developer with a portfolio of assets in British Columbia, Canada and Arizona, U.S.A. Its principal asset is the Gibraltar Copper Mine located in central British Columbia, which is the second-largest open pit copper mine in Canada behind Teck Resources’ Highland Valley Copper Mine, with an average processing capacity of 85, 000 metric tonnes per day. The mine produced 123 million pounds of copper in 2023.
On 25 March, Taseko announced it had entered into an agreement with Dowa Metals and Mining and Furukawa to purchase the remaining 12.5% interest in Gibraltar and now owns 100% of the mine.
As a result of an 18-day disruption to mine operations due to a unionised workers’ strike in the second quarter, Gibraltar produced a total of 20.2 million pounds of copper in the quarter, 8% less than in the second quarter of 2023, Taseko said in an update to its financial and operating results for the second quarter of its fiscal year 2024, which was released on 31 July. Total production for the first two quarters was 49.9 million pounds, down 3.2 per cent from 53.1 million pounds in the same period in 2023.
The latest development of Taseko’s Florence copper project is progressing well, with all key commercial production permits now in place for construction to begin. The company expects the project to be in first production in the fourth quarter of 2025, with annual copper production of 85 million pounds.
On 21 May, Taseko shares reached a yearly high of C$4.12.
Year-to-date gain: 74.66 percent
Market cap: C$4.86 billion
Share price: C$12.68
Hudbay Minerals is a copper production and development company with producing mines in Peru and Canada, and other exploration-stage copper projects in Peru and the United States. The company produced 19,217 tonnes of copper from its Constancia copper mine in Peru and the neighbouring Pampacancha mine in the three months to June 30.
In Canada, Hudbay produced 6,719 metric tonnes of copper at its Copper Mountain copper mine in British Columbia and 2,429 metric tonnes at its wholly-owned Snow Lake copper mine in Manitoba. Both mines also produce gold and silver, and Snow Lake produces zinc as well.
The company is also advancing its Copper World project in Arizona, U.S. Hudbay noted in its quarterly report that it is continuing to work towards obtaining final state permits for the mine, which it expects to receive during 2024. The Copper World project has proven and probable reserves and resources of 385 million tonnes at an average grade of 0.54%, according to the annual reserves and resources update released in March.
The company is also developing the Mason project in Nevada, USA, with an estimated mine life of 27 years. The resource estimate shows that the project has measured and indicated resources of 2.22 billion metric tonnes at an average grade of 0.29 per cent, and inferred resources of 237 million metric tonnes at a grade of 0.24 per cent.
The company received a $402.5 million funding round in May this year, which is planned to be used for near-term growth plans and to accelerate the development of Copper Mountain.
Hudbay’s stock reached a yearly high of C$14.15 on 21 May.
Year-to-date gain: 72.22 percent
Market cap: C$53.89 million
Share price: C$0.62
Alta Copper, a copper exploration company, is working to advance its flagship Cañariaco project in northern Peru, including the Cañariaco Norte and Cañariaco Sur deposits and the Quebrada Verde prospect.
On 15 May, the company released an optimised preliminary economic assessment. In the report, the company noted that the underlying pre-tax net present value of the project was $4.1 billion, based on a copper price of $4 per pound and all-in sustaining costs of $1.96 per pound, with an internal rate of return of 32.4 per cent.
In terms of production, Alta reported an expected mine life of 27 years, with average annual production of 347 million pounds of copper, 70,000 ounces of gold and 1.5 million ounces of silver over the first 10 years.
Alta announced that the Peruvian Ministry of Energy and Mines has approved a drilling licence application allowing the company to begin drilling 42,400 metres in phases of 10,000 metres each by the second quarter of 2025.
Alta’s stock reached a yearly high of C$0.79 on 21 May.
