A: Thanks for the question.

If you are looking at a “pure play” exposure to copper, Oz Minerals (OZL) is probably the largest producer. If is forecast to produce 120,000 to 145,000 tonnes of copper in FY21. Sandfire Resources (SFR) is another – it is forecasting production of around 70,000 tonnes.

Many of the copper mines also produce gold. With Oz Minerals, the revenue split between copper and gold is approx. 80%/20%. Newcrest Mining (NCM), Australia’s leading gold miner, also produces copper

Of course, Australia’s largest ASX listed producer of copper is BHP. Copper contributes approximately 20% of revenue, and tends to be overshadowed by the company’s exposure to iron ore and to a lesser extent, oil.