As we look ahead to 2023, the copper market looks as promising as ever. With the surge in demand for digital technology worldwide, the demand for copper is exceeding supply. This has seen the price of copper soar over the past few years, with some expecting it to continue rising into the future.
The Toronto Stock Exchange (TSX) is home to many of the world’s leading copper mining stocks. With new copper mines being developed and the potential for more discovery, there may be some lucrative new investments in the copper sector.
Here are the top five copper stocks to consider on the TSX in 2023.
1. First Quantum Minerals Ltd. (TSX: FM): This Vancouver-based copper miner has been in operation since 1996. Currently, the company operates five copper mines, with a sixth set to be brought into production by 2021. The firm is focused on developing a balanced asset portfolio, and currently manages copper assets in South America, Africa and Europe.
2. Nevsun Resources Ltd. (TSX: NSU): This Toronto-based copper miner is focused on developing primary copper assets in the East African countries of Eritrea and Ethiopia. The company’s main asset is the Bisha copper-zinc mine in Eritrea, which has an estimated life span until 2022.
3. Lundin Mining Corp. (TSX: LUN): This Canadian copper miner operates mines in Europe, South America and the United States. It also has a 20% interest in the world’s largest copper mine, the giant Freeport-McMoRan Grasberg mine in Indonesia. The company is expanding its copper operations with the development of its other projects in Europe and South America.
4. HudBay Minerals Inc. (TSX: HBM): This miner is engaged in copper mining, as well as zinc mining and exploration projects. The company’s main copper assets include the Constancia mine in Peru and the Reed mine in Manitoba, Canada.
5. Teck Resources Ltd. (TSX: TECK.B): This Vancouver-based mining and minerals exploration giant has a strong copper portfolio, with assets in Canada, Chile and Peru. Teck is currently well positioned to benefit from the demand for copper, and is developing projects to increase its copper production.
Investing in copper stocks is a risky endeavor and should be done with much caution. However, with increasing demand for copper, and a market that is expected to remain strong for the next five years, these five TSX stocks offer a range of growth potential. Research each one to determine the company’s assets, production potential and overall outlook before investing.
