Canada is a country that is rich in natural resources. As a result, the Toronto Stock Exchange is full of great commodity companies to invest in.
Copper often goes overlooked as an investment and is overshadowed by other precious metals like gold and silver.
The Canadian copper industry is set to boom in the future. Copper is a crucial component in technology like computers, smartphones, and even electric vehicles.
When evaluating copper stocks, look for key indicators like revenue growth, earnings per share (EPS), dividend growth rate, price to earnings (P/E), and the overall sustainability of its business.
In this article, we will review 10 of the best copper stocks in Canada for 2025.
What Are Copper Stocks?
Copper stocks in Canada provide investors with an opportunity to invest in companies that operate in the copper industry.
These companies can include copper miners and copper refiners that operate both in Canada and around the world.
While copper does not have the same allure as gold in terms of physical value, it has more utility in the manufacturing and production of goods and technology.
Best Copper Stocks in Canada
Here are the 10 best Canadian copper stocks we will be reviewing in this article:
- First Quantum Minerals Ltd.
- Teck Resources
- Ivanhoe Mines Ltd
- Lundin Mining Corp.
- Hudbay Minerals, Inc.
- Capstone Mining Corp
- Ero Copper Corp
- Foran Mining Corp
- Filo Mining
- Seabridge Gold
All of these facts and figures are as of April 2024.
1. First Quantum Minerals Ltd.
- Symbol: FM.TO
- 52-Week Trading Range: $15.05-16.27
- Dividend Yield: 1.57%
- PE Ratio: N/A
- Market Cap: $13.413 billion
First Quantum Minerals was established in 1983 and headquartered in Toronto, Ontario. It trades on the Toronto Stock Exchange.
It is the world’s sixth-largest copper producer and one of the largest in Canada. The company operates in nine countries across Australia, Africa, Europe, and South America.
The company reported a total copper production of 707,678t in 2023, down 9% from the previous year, in part due to illegal blockades around their mining operations in Panama.
2. Teck Resources Ltd.
- Symbol: TECK.B.TO
- 52-Week Trading Range: $47.47 – 69.41
- Dividend Yield: 0.77%
- PE Ratio: 14.17
- Market Cap: $34.064 billion
Teck Resources established roots in Vancouver, BC, as early as 1906. It trades on the Toronto Stock Exchange and is a component of the S&P/TSX 60.
Teck Resources operates in several different industries. Copper makes up just 23% of its portfolio, which also includes energy, zinc, and steelmaking coal.
Teck Resources has an annualized dividend yield of 0.77% and a relatively low P/E Ratio of 14.17.
Teck is a top 20 copper producer worldwide and plans to expand production capacity to 1 million tonnes annually by 2030.
Related: Best Gold Stocks in Canada.
3. Ivanhoe Mines Ltd
- Symbol: IVN.TO
- 52-Week Trading Range: $9.89 – 19.73
- Dividend Yield: N/A
- PE Ratio: 53.78
- Market Cap: $134.57 billion
Ivanhoe Mines is based in Vancouver, BC, and trades on the Toronto Stock Exchange.
Its Kamoa-Kakula site in the Democratic Republic of Congo is a key part of the company’s growth strategy. The project is a joint venture with the Government of DRC and other mining companies, with Ivanhoe owning 39.6% of the project.
Notably, the project has full government backing and is expected to contribute 4% to the country’s GDP.
Kamoa-Kakula is one of Ivanhoe’s three main projects in the South of Africa. Ivanhoe is also involved in mining other resources like zinc and platinum.
4. Lundin Mining Corp.
- Symbol: LUN.TO
- 52-Week Trading Range: $8.18 – 16.51
- Dividend Yield: 2.30
- PE Ratio: 37.33
- Market Cap: $12.442 billion
Lundin Mining was founded in 1994 and is headquartered in Toronto, Ontario. The stock trades on the Toronto Stock Exchange.
The company operates six copper mining projects across the US, Sweden, Portugal, Chile, Brazil, and Argentina.
Copper consists of 75% of Lundin’s resource portfolio. The other parts are gold, nickel, zing, and a few other precious metals.
In the fourth quarter of 2023, Lundin Mining reported a record 103,337 kT of copper production.
5. Hudbay Minerals Ltd
- Symbol: HBM.TO
- 52-Week Trading Range: $5.46 – 11.05
- Dividend Yield: 0.19%
- PE Ratio: 36.17
- Market Cap: $3.809 billion
Hudbay Minerals was originally founded in 1927 and is headquartered in Toronto, Ontario. Hudbay Minerals is dual-listed on the Toronto Stock Exchange and the New York Stock Exchange.
Hudbay Minerals has several projects in operations and several more in exploration across the United States, Canada, and Peru.
The company also has several early-stage projects across North America. Once these are fully operational, it is estimated that copper production will be tripled by the end of this decade.
The company has 62% of its revenues and 74% of its reserves in copper. Hudbay is also involved in gold, silver, zinc, and molybdenum.
Related: Best Canadian Penny Stocks.
6. Capstone Mining Inc.
- Symbol: CS.TO
- 52-Week Trading Range: $4.40 – 9.80
- Dividend Yield: N/A
- PE Ratio: N/A
- Market Cap: $47.27 billion
Capstone Mining was established in 1987 and is headquartered out of Vancouver, British Columbia. The stock trades on the Toronto Stock Exchange.
Capstone has five project locations, with three of them in Chile, one in the US, and one in Mexico.
With the construction of one additional project in Chile expected to occur over the next five years, the company expects to produce 380kT of copper annually by 2030.
7. Ero Copper
- Symbol: ERO.TO
- 52-Week Trading Range: $15.72 – 32.12
- Dividend Yield: N/A
- PE Ratio: 20.73
- Market Cap: $2.876 billion
Ero Copper Corp is a Canadian copper mining company founded in 2016.
This copper miner operates entirely in Brazil, with its global headquarters located in Vancouver, British Columbia.
The company is on pace to double its copper mining capacity by 2025. This includes owning stakes in mines already producing copper with another project currently in development.
Their Tucuma project is expected to begin production in April 2024. It will produce an estimated 20,000 tonnes of copper this year before scaling up to 55,000 tonnes in 2025.
8. Foran Mining Corporation
- Symbol: FOM.TO
- 52-Week Trading Range: $3.02 – 4.56
- Dividend Yield: N/A
- PE Ratio: N/A
- Market Cap: $1.419 billion
Foran Mining Corporation differentiates itself from the competition by focusing efforts on becoming a net-zero carbon copper producer.
The company’s main pillar is its McIlvenna Bay project. Located in Saskatchewan, the project has already received environmental permits and is considered a late-stage development project ready to break ground.
Through carbon capture technology and the use of hydroelectricity, the company plans on producing copper at this location with net-zero carbon emissions.
Related: Best Metaverse Stocks in Canada.
9. Filo Mining
- Symbol: FIL.TO
- 52-Week Trading Range: $16.42 – 26.50
- Dividend Yield: N/A
- PE Ratio: N/A
- Market Cap: $3.191 billion
Filo Mining Corp is a Vancouver-based mining company that was founded in 2016.
As of April 2024, Filo recorded a current indicated resource of 3.2 billion lbs of copper in its advanced exploration.
The company’s operations are centred around its Filo del Sol project, located on the border of Chile and Argentina. The project is currently still in its exploration phase, with 11 targeted zones identified.
Filo’s stock does not pay a dividend but has returned a staggering 774% over the past five years of trading.
10. Seabridge Gold Inc.
- Symbol: SEA.TO
- 52-Week Trading Range: $12.62 – 23.00
- Dividend Yield: N/A
- PE Ratio: N/A
- Market Cap: $1.81 billion
Despite its name, Seabridge Gold does a lot more than mine gold. The company boasts a total proven and probable reserve of 7.3 billion lbs of copper across its projects.
The majority of this copper is in the KSM project, located in British Columbia. This project is projected to be the world’s largest undeveloped gold and copper project. So far, $444 million has been spent on early site construction activities, and an envinronmental assessment certificate has been issued by British Columbia.
Once fully operational, it is estimated that this mine will be able to produce 178 million pounds of copper a year.
How To Buy Copper Stocks in Canada in 2025
Here are some of the best discount brokerages to buy copper stocks for Canadian investors.
Questrade
Questrade is a low-cost brokerage alternative for Canadian investors that has been around since 1999. It is currently Canada’s largest discount brokerage.
This trading platform offers trading with stock trading fees as low as $0.01 per share with a minimum of $4.95. It also offers free ETF purchases and $4.95 fees for selling those ETFs.
Questrade
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Get $50 trade credit with $250 funding
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Transfer fees waived
Qtrade
Qtrade offers competitive trading fees and various investment products, including stocks, ETFs, bonds, mutual funds, and GICs. It is also reputed for excellent customer service.
Qtrade
Up to 5% bonus cashback
Trade stocks, ETFs, options, bonds, etc.
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Are Copper Stocks a Good Investment?
The copper industry is forecasted to grow rapidly over the next few decades. This is due to copper being a core component of computer chips, as well as the manufacturing of technology.
Other industries that use copper include the electric vehicle industry and smartphones.
Copper supply is also falling as a lack of new copper mines being discovered has forced the price of the precious metal to rise.
Downsides and Risks of Copper Stocks
Investing in stocks that rely on a single output is always a bit riskier than a well-diversified business.
Copper does not have the same stability as gold or silver, although its use cases are far more diverse in terms of production and manufacturing. Economic downturns that result in lower manufacturing output may negatively impact the price of copper.
Compared To other precious metals and commodities, copper stocks do not pay a great dividend.
Investing in Copper ETFs as an Alternative
If you can’t decide on which copper stock to invest in, there are copper industry ETFs that hold a basket of copper companies.
Horizons just launched Canada’s first Copper ETF in March of 2022 under the ticker symbol TSE:COPP.
You can also buy copper bullion, but it’s not as popular a way to invest in this particular metal. Most investors prefer to hold copper stocks or ETFs instead.
Finally, you can invest in copper futures contracts similar to other commodities like gold or oil.
Copper Stocks FAQs
There are plenty of great Canadian copper stocks on the TSX to invest in. In terms of great business performance, revenue growth, and dividend yield, Teck Resources, and Lundin Mining stand out as two of the better copper stocks to own.
Teck Resources and First Quantum Minerals are at the top of the list of Canadian copper producers. These are also two of the best copper stocks for Canadian investors to own.
Yes, there is a new Horizons ETF for copper stocks, and it trades under the ticker symbol COPP on the TSX. Not only is this the best Canadian copper ETF, but it is also the only one right now. There is plenty of US-domiciled copper ETFs to own as well.
