In 2022, the Australian minerals sector contributed eight percent of the gross domestic product (GDP) and it is among the top five producers of key mineral commodities across the world. It was equally the fourth largest producer of Copper Ore in 2022 with $4.89 billion worth of exports after Chile ($22.8B), Peru ($13.5B), and Indonesia ($8.89B). Over the next two years, Copper demand is forecast to outstrip supply, coupled with mining supply disruptions. Rising demand for the metal to power the green transition and a weaker U.S. dollar in 2024 will support copper prices. 

As a major producer and exporter of Copper, we take a look at five mining stocks to watch in 2024. We select stocks with potential, whose share price will likely rise over the coming months, and have bright investment prospects due to value-for-money projects, allowing investors to benefit from a rally. 

Top 5 ASX Mining Stocks of 2024

Demand for copper and other minerals to power the renewable energy transition creates a unique opportunity for stocks such as Cobre Ltd: (ASX: $CBE), Galan Lithium Limited (ASX: $GLN), Power Minerals (ASX: $PNN),  Magnum Mining and Exploration (ASX: $MGU) and Fuse Minerals whose IPO listing will take place on the ASX soon. 

Cobre Ltd. is an exploration company, Fuse Minerals is an IPO candidate while Power Minerals is an exploration company that focuses on Lithium in Australia and Argentina. 

COBRE Limited (ASX: $CBE) 

Company Profile: Cobre Ltd. is a resources exploration growth company with projects in both Botswana and Western Australia. Cobre’s enriched, high-grade copper discoveries and development pipelines will underpin Australian copper’s future in the growth of electric vehicles and the renewable energy sector. Cobre is creating shareholder value through exploration and the development of high grade copper. They are invested in both Africa (Botswana and Gabon) and Western Australia, creating better access to Asian and European Industrial sectors. 

Leadership Team: Cobre’s leadership team of Adam Wooldridge (CEO) and Martin Holland (Executive Chairman) have a combined experience of 35 years in the mining industry across Africa, Australia, and the Middle East. Mr. Holland has equally raised over $200M+ towards future metal-focused greenfield exploration on assets across the globe. They are well-placed to support the company’s long-term growth potential.

Cobre Limited Technical Analysis and Share Price: 

Cobre Ltd (ASX: $CBE) witnessed a significant market movement, initially marking a low of 0.650 AUD on August 29, 2022. After a brief retracement, the stock appears to be eyeing some upside driven in part by higher trading volumes that average 1.3 - 2.1 million shares on average, announcements of new development sites, and innovative techniques will support medium-term revenues. The stock will likely test the next resistance level in the coming weeks, which makes Cobre a good buying opportunity. 

Fuse Minerals Limited 

Company Profile: Fuse Minerals Limited is an exploration company in copper and gold in Western Australia and Queensland.

Leadership Team: The leadership team at Fuse cumulatively has over 50 years of industry-relevant experience. The exploration company is led by a group of experienced geologists and supported by members who bring extensive governance and corporate experience. The team includes Mr Todd Axford – Managing Director, Mr Warren Mundine AO – Non-Executive Chairman, and Mr Vernon Tidy – Non-Executive Director. A strong team is a boon for prospects. 

Share Price 

Although Fuse Minerals is not yet listed on the ASX, its 50,000,000 fully paid ordinary shares (Shares) at $0.20 are a good buying opportunity before the stock goes live. Fuse mineral is backed by mining big wigs and its listing will cause its share price to rise exponentially over the medium term as interest for the stock increases and it becomes accessible to a wide range of investors. 

Power Minerals (ASX: $PNN)

Company Profile: Power Minerals Limited is an ASX-listed mineral resources exploration company focused on exploring and developing projects in demand-driven commodities across Argentina and South Australia with Nickel, Copper, and Cobalt belts.

Leadership team: The leadership team has over 75 years in mineral exploration, led by Mena Habib (Managing Director) and industry veterans such as Stephen Ross (Non-Executive Chairman) and James Moses (Non-Executive Director) with seasoned experience in investment and public companies. 

Power Minerals Share Price and Technical Analysis: 

The 0.25 resistance level will be tried in the coming weeks, with trading volumes set to rise based on the two-week moving average. The structural drivers of copper demand will equally provide medium-term support. Once the 0.25 level is breached, we can begin eyeing the 0.357 level. This stock has great upside potential and 2024 should see a medium-term trend reversal.

Magnum Mining and Exploration (ASX: $MGU)

Company Profile: Magnum Mining and Exploration Limited is an Australia-based company engaged in iron ore concentrate and green pig iron production. The Company is focused on the United States with a supportive backdrop for minerals as the economy re-shores vital production in key industries. 

Leadership Team: The CEO, Mr. Niel Goodman has 20 years of experience in the iron and steel company with Rio Tinto, with a proven track record of planning and building large-scale iron plants across the globe. With a strong investment background, Mr Matt Latimore (Non-Executive Director), and Athan Lekkas (Non-Executive Director) are well placed to ensure long-term returns. 

Magnum Mining and Exploration Share price performance and Technical Analysis.

Magnum mining has reached an inflection point, where missed support levels of 0.019-0.023 suggest renewed upward momentum. A retracement to October 2023 levels will follow in the coming weeks, allowing investors to test the 0.030 - 0.040 range even as the share price will trade choppily as it heads upwards. 

Galan Lithium Limited (ASX: $GLN) 

Company Profile: Galan Lithium is an exploration company with one of the most economically viable lithium projects in the world (Hombre Muerto West (HMW)). with the production cost on the low end of all comparable projects. They operate 100% owned projects in Argentina. 

Leadership Team: Mr. Juan Pablo (‘JP’) Vargas de la Vega is the Managing Director with 

Managing Director 20 years of broad experience in ASX mining companies, stockbroking, and private equity firms. The teams’ financial focus makes it good for long-term investors. 

Galan Lithium Technical Analysis: 

Galan has the potential to see a three-phase recovery, driven by high volumes that have tested upward reversals for the last month. As momentum accumulates upwards, the next resistance level of 0.450 - 0.500 will be tested comfortably, supported in part by range trading that is usually seen during cyclical upturns in the share price. 

Global copper demand, the energy transition, and demand for metals will support mining stocks in 2024. However, analysts believe these mining stocks have the potential to outperform all other mining stocks in 2024, driven by experienced management teams, low-cost projects, innovative approaches, and continued investor interest.