The Canadian copper stocks we’ve unearthed have seen impressive price appreciation in 2019
SmallCapPower | April 11, 2019: The copper price has rallied ~15% since the beginning of the year, currently sitting at US$2.93/pound, up from US$2.57/pound at the beginning of January. The price increase has been fueled by the U.S.-China trade dispute. With a shortage of copper and a disagreement between the two countries, the trade deal could further push copper prices higher to potentially US$3.10/pound in the upcoming months. Today we’ve dug up four Canadian copper stocks that have seen strong price and volume momentum since the beginning of 2019. Price and volume momentum indicate bullishness, as increased share prices on higher volumes show heightened investor interest in a stock.
*Share prices as at close April 9, 2019, data obtained from S&P Capital IQ
Coro Mining Corp. (TSX:COP) – $0.105
Coro Mining engages in the acquisition, exploration, and exploitation of mineral properties and projects in Latin America. The Company focuses is efforts primarily on the exploration of copper, iron ore, and other base and precious metals. Coro Mining holds a 51% interest in the Marimaca copper oxide project in northern Chile. On February 19, the Company announced it has sold the Berta mining operation to Santiago Metals Proyecto 4 Limitada, a Chilean Company, for US$8.5M.
- Market Cap: $152.8 Million
- YTD Return: +110.0%
- 30-Day Average Volume: 397,000
- 90-Day Average Volume: 285,000
Copper Mountain Mining Corporation (TSX:CMMC) – $1.04
Copper Mountain Mining explores copper, gold, and silver deposits. The Company’s flagship asset is its 75% owned Copper Mountain Mine located in southern British Columbia. The mine produces 100 million pounds of copper equivalent per year. Copper Mountain Mining has permitted the development-stage Eva Copper Project in Queensland, Australia, and a 397,000 hectare prospective land package in Mount Isa. On February 15, 2019, the Company announced its Q4/18 and year-end results, highlighting a 9.7% production increase in Q4 from the year prior to 24.5 million pounds of copper equivalent. Copper Mountain Mining also released it has met its full-year 2018 production guidance, with a production increase of 4.6% from the year prior to 92.4 million pounds of copper equivalent.
- Market Cap: $195.7 Million
- YTD Return: +44.4%
- 30-Day Average Volume: 258,000
- 90-Day Average Volume: 312,000
Ero Copper Corp. (TSX:ERO) – $16.30
Ero Copper is a base metals producer focused on its Vale do Curaçá Property, located in Bahia, Brazil, which has been in production for 39 years. The Company mines copper from four mines on the property: the Pilar underground mine, the Surubim open pit mine, the R22W open pit mine, and the Vermelhos underground mine. Ero Copper also owns the Boa Esperanҫa development project, an IOCG-type copper project located in Pará, Brazil, and the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil. The Company reported Q3/18 results on November 8, 2018. EPS was $0.12, which beat consensus estimates of $0.03. Revenues were $48.9M, slightly lower than estimates of $52.5M. Management has provided production guidance for F2019E, in which the Company is expecting to process ~2,050 kt of ore at a copper grade of 2.0%, with a projected cost of between US$1.00-$1.10/pound.
- Market Cap: $1.4 Billion
- YTD Return: +66.2%
- 30-Day Average Volume: 372,000
- 90-Day Average Volume: 301,000
Hudbay Minerals Inc. (TSX:HBM) – $9.96
Hudbay Minerals is an integrated mining company that engages in the production of copper concentrate, molybdenum concentrate, and zinc metals. The Company has assets in North and South America, and is focused on the discovery, production, and marketing of base and precious metals. The Company owns three polymetallic mines, four ore concentrators, copper projects, and a zinc production. On February 19, the Company announced 2018 year-end results, reporting net revenue of $1.4M, a 5% increase from the previous year.
- Market Cap: $2.6 Billion
- YTD Return: 54.2%
- 30-Day Average Volume: 1,309,000
- 90-Day Average Volume: 1,397,000
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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