The All Ordinaries Index (ASX: XAO) is up 6.9% over the past 12 months, with this ASX All Ords copper stock racing ahead of those gains.
The strongly outperforming miner in question is Aeris Resources Ltd (ASX: AIS), with shares leaping higher again today.
Aeris Resources shares closed on Wednesday trading for 54.5 cents. In morning trade on Monday, following the four-day Christmas holiday trading break, shares are trading for 58 cents each, up 6.4%.
This sees the ASX All Ords copper stock up a whopping 241.2% since this time last year. Or enough to turn a $10,000 investment into $34,120. Not bad for a year’s work.
Part of the meteoric rise can be attributed to the surging copper price. Copper is currently fetching US$12,163 per tonne, up almost 39% over 12 months. This comes amid rising demand for the red metal to meet the needs of the global energy transition at a time of limited new supplies.
But Aeris Resources has hardly been sitting on its laurels.
Here’s what’s piquing renewed investor interest today.
ASX All Ords copper stock rips higher on project go-ahead
The Aeris Resources share price is surging again today after the company announced that its Constellation Project has been granted development consent from the NSW Department of Planning, Housing and Infrastructure.
Constellation is a copper-gold-silver project located in New South Wales.
The ASX All Ords copper stock labelled the consent a “critical step” that enables Constellation to move towards development.
The project sits in the Cobar Basin Region, approximately 45 kilometres from the Tritton Processing Plant.
Management highlighted that the open-pit Ore Reserve Estimate includes a Probable Ore Reserve of 2.3 Mt at 2.0% Cu, 0.6 g/t Au, 3 g/t Ag, containing 47 kt Cu, 49 koz Au, and 228 koz Ag.
(Note: Cu = copper; Au = gold; Ag = silver.)
The Total Mineral Resource Estimate for the project stands at: 7.6 Mt at 2.0% Cu, 0.7 g/t Au, and 2.5 g/t Ag.
What did management say?
Commenting on the development green light from the New South Wales government that’s boosting the ASX All Ords copper stock today, Aeris Resources executive chairman Andre Labuschagne said, “Receiving development consent represents a key milestone for the project.”
Labuschagne added:
Coupled with our recently declared Open Pit Ore Reserve, this places us in a strong position for Constellation to become the next major ore source for Tritton in the near term. We acknowledge and thank the NSW government for their continued support.
The post Up 241% in 12 months, why is this ASX All Ords copper stock leaping higher again on Monday? appeared first on The Motley Fool Australia.
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More reading
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- Bell Potter names two base metals companies which are worth a look
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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