8 Best Copper Stocks To Buy According to Hedge Funds

3. Barrick Gold Corporation (NYSE:GOLD) 

Number of Hedge Fund Holders: 42

Barrick Gold Corporation (NYSE:GOLD) is a major mining company based in Canada that primarily focuses on producing gold and copper. The company operates in 13 countries including copper mines in Chile, Saudi Arabia, and Zambia. In 2023, it produced approximately 4.05 million ounces of gold and 420 million pounds of copper.

The company has faced challenges in 2024 but continues to show progress, particularly concerning its copper operations. During the fiscal third quarter of 2024, Barrick Gold Corporation (NYSE:GOLD) reported a 12% increase in copper production compared to the previous quarter. Management attributed the growth to improved operational efficiencies and cost reductions across its copper mines, particularly at Lumwana in Zambia. Management expects that its cost of producing copper will further decrease as production ramps up throughout the year.

To ramp up its copper production, Barrick Gold Corporation’s (NYSE:GOLD) feasibility studies for Lumwana and Reko Diq are expected to be completed by the end of the year. Lumwana mine is one of the most significant copper assets for the company. Whereas, it is also developing the Reko Diq project in Pakistan, which is one of the largest undeveloped copper-gold projects globally. The project aims to produce high-quality copper and gold concentrate. The expected lifespan of the project is at least 40 years. Management has planned construction in two phases, with initial production targeted for 2028. Considering the current progress and prospects of the company, it ranks as one of the best copper stocks to buy according to hedge funds.

Ariel Focus Fund stated the following regarding Barrick Gold Corporation (NYSE:GOLD) in its first quarter 2024 investor letter:

“Lastly, gold mining company, Barrick Gold Corporation (NYSE:GOLD) fell in the period. Although GOLD delivered in-line earnings results, as higher prices offset lower gold and copper volumes as well as increased costs, investors were disappointed with management’s outlook for full year 2024. GOLD guided to flat production year-over-year driven by lower-than-expected output due to a delayed permit at the Nevada Gold Mines and mechanical issues at Pueblo Viejo. Management remains laser focused on upgrading its mining operations and broadly improving efficiencies amid today’s rising prices for precious metals. The company also continues to prioritize capital returns to shareholders via dividends and a recently announced share repurchase program.”