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The S&P Toronto Stock Exchange Global Base Metals Index jumped as much as 4.62 per cent on Wednesday as investors bet on copper and gold prices helped the metal and mining stocks. The global base metals index has risen over 123 per cent in one year.
Here are two mid-cap base metal stocks to explore in the second quarter of 2021:
Lundin Mining Corporation (TSX: LUN)
The diversified base metals mining firm mainly explores and produces copper, zinc, gold, and nickel. Its last close price is C$ 14.63 per share. The stock rose as much as 6.32 per cent on Wednesday, led by the higher copper prices.
Lundin stock returns has surpassed the S&P/TSX Global Base Metals Index, with a one-year return of 148 per cent. The stock has grown nearly 29.47 per cent year-to-date (YTD). It achieved its 52-week high of C$ 15.42 apiece on February 19, 2021.
The company reported revenue of US$ 2,041.5 million in full-year 2020, up from US$ 1,892.7 million in 2019. It also made a profit of US$ 498.1 million in 2020, up against US$ 440.4 million in 2019.
Investors could expect a strong top-line from the mining firm in the first-quarter 2021 earnings, which is likely to be released on April 28, 2021.
Image Source: ©Kalkine Group 2020
Ivanhoe Mines Ltd. (TSX: IVN)
The Vancouver-based company engages in the exploration and production of mineral exploration through its subsidiaries. Its holdings mine and produce nickel, copper, gold, silver, cobalt, etc.
This base metal explorer stock also rallied by 5.38 per cent to C$ 8.22 and recorded a new 52-week high of C$ 8.28 per share on April 14. It has also outperformed the base metals index, with a one-year growth of 209 per cent.
The company reported a total profit of US$ 31.8 million for the fourth quarter of 2020 against US$ 25.5 million for Q4 2019. It held consolidated cash and cash equivalent of US$ 262.8 million as of December 31, 2020.