ASX Copper Stocks: 5 Biggest Companies in 2023

1. BHP

Market cap: AU$240.217 billion; current share price: AU$47.84

BHP (ASX:BHP) is a global copper producer with operating copper mines in Australia and Chile, as well as a copper project in the US. In addition to its copper operations, BHP mines iron ore, nickel, metallurgical coal and potash.

The company’s Australian copper mine is the massive Olympic Dam operation in South Australia, which also produces gold and uranium as by-products. In Chile, the company has the 57.5 percent owned Escondida mine — the world’s largest copper producer — and the wholly owned Pampa Norte operations.

In August 2022, BHP made an unsolicited offer to acquire OZ Minerals for AU$25 per share. OZ rejected that offer, but BHP's next proposal of AU$28.25 per share was supported by OZ, and BHP subsequently acquired 100 percent of the company through a scheme implementation deed that closed in May 2023.

"Bringing together the copper assets from OZ Minerals with OIympic Dam will create a Tier 1 copper province in South Australia," BHP said in the annual report for its 2023 fiscal year. In the document, the company reported guidance of 310,000 to 340,000 tonnes of copper for its 2024 fiscal year.

2. Sandfire Resources

Market cap: AU$2.87 billion; current share price: AU$6.26

Sandfire Resources (ASX:SFR) has multiple copper mines. Its MATSA copper operations are in Spain, while its DeGrussa copper-gold operations are in Western Australia and its Motheo copper mine is in Botswana. The company also has multiple projects in the development and study phases.

Sandfire has been winding down output at DeGrussa, most recently processing oxide stockpiles to produce copper and gold. However, as the stockpiles became increasingly low margin and the economics worsened, the company decided to transition the operations to care and maintenance. The mine produced 27,502 tonnes of copper in Sandfire's 2023 fiscal year, with only 1,457 tonnes of that coming in Q4.

Sandfire acquired the MATSA mining complex in February 2022 for US$1.87 billion, and it has become a major producer for the company, outputting 55,737 tonnes of contained copper in the 2023 fiscal year.

In August, Sandfire announced the opening of its Motheo copper mine in Botswana, which had been in development since 2020. As Motheo ramps up, the company is now focused on expanding production; it ultimately is aiming to produce 50,000 tonnes of contained copper per year by 2025.

In its 2023 fiscal year, Sandfire reported production of 84,056 tonnes of contained copper. The company anticipates combined production from MATSA and Motheo to fall between 110,000 to 120,000 tonnes in its 2024 fiscal year.

3. Develop Global

Market cap: AU$730.039 million; current share price: AU$3.08

Unlike the other companies on this list, Develop Global (ASX:DVP) is not a producer of copper; instead, it is developing its three copper projects in Australia with the goal of supplying the clean energy transition.

The Sulphur Springs project, which is comprised of the Sulphur Springs and Kangaroo Caves deposits, is a near-term volcanogenic massive sulphide project that contains copper, zinc and silver. Develop is also working on a potential mine restart for its past-producing Woodlawn zinc-copper project in New South Wales, which closed in 1998. In August, the company reported the discovery of significant high-grade mineralisation which will be incorporated into an updated resource estimate slated for release in the first quarter of 2024. The updated mineral resource estimate will inform the final mine plan.

Lastly, the company has a 20/80 joint venture with Anax Metals (ASX:ANX) for the past-producing Whim Creek copper-zinc project. In July, Anax identified spodumene in pegmatites at Whim Creek, giving the project lithium potential as well.

4. 29Metals

Market cap: AU$371.668 million; current share price: AU$0.515

29Metals (ASX:29M) has both of its copper operations in Australia, and its primary exploration asset in Chile. Golden Grove in Western Australia is a copper, zinc and precious metals mine, and the Capricorn Copper mine in Queensland produces copper and silver. In Chile, 29Metals owns Redhill, which includes the Cutters Cove copper-gold-silver project.

During the half year ended on June 30, 29Metals produced 10,000 tonnes of copper, down 51 percent year-on-year due to extreme flooding at Capricorn Copper, which took the mine out of commission until August 1. A phased restart is now underway at Capricorn Copper, but the mine won't be back to full capacity until the first half of 2024.

5. Aeris Resources

Market cap: AU$104.17 million; current share price: AU$0.155

Aeris Resources (ASX:AIS) has four assets in Australia spanning four states, three of which are copper primary: the Tritton operations, the North Queensland operations, the Jaguar zinc-copper operations and the Stockman project.

In Aeris' 2023 fiscal year, which ended on June 30, the company produced 51,500 tonnes of copper. Going forward into the company's 2024 fiscal year, Aeris will be putting Jaguar into care and maintenance for the time being due to operational challenges and low zinc prices. However, the company's copper operations are expected to perform strongly, with increased production at Tritton. Aeris has announced copper guidance of 40,000 to 50,000 tonnes for the year.

Ongoing development work at Tritton resulted in an updated mineral resource estimate for the Avoca Tank deposit in September, and increased confidence in the mineral resource estimate for the Constellation deposit in November.

FAQs for ASX copper stocks