3 best-performing ASX 200 mining shares of FY24

One commodity is the common thread for this trio of top-performing ASX 200 mining shares.

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The performance of ASX 200 mining shares in FY24 was mixed amid some commodity prices rising while others were volatile and fell (or absolutely tanked in the case of lithium).

At the time of writing, silver is up 28% and gold is up 21% over the past 12 months, according to Trading Economics. Copper is up 16.5% and platinum is up 8%.

On the flipside, lithium is down by more than 70% and iron ore is off 5%.

So, perhaps it's no surprise that the top three fastest-rising ASX 200 mining stocks are involved in one of the star commodities of FY24.

And that's gold.

The gold price reached all-time record highs repeatedly throughout FY24. Last night, the market reset the peak price once again at about US$2,338 per ounce.

The apparent peaking of interest rates around the world was one factor in the gold price's rise over FY24.

Another was global geopolitical tensions, which encouraged investors and central banks to take on extra exposure to this traditional safe-haven asset.

3 best ASX 200 mining shares for price growth

Data from S&P Global Market Intelligence shows these are the top three ASX 200 mining shares for FY24.

Red 5 Limited (ASX: RED)

Red 5 is a gold explorer and producer with assets in Western Australia's Eastern Goldfields area. They include the Darlot Gold Mine and the King of the Hills project.

Red 5 was the most outstanding of the ASX 200 mining shares for price growth in FY24. The Red 5 share price rose by 89.5% over FY24.

There were two significant surges for the Red 5 share price in FY24.

The first was in August after the company announced outstanding drilling results and the completion of 95% of the FY24 mine plan at the King of the Hills mine.

The second run was sparked in February after Red 5 released its 1H FY24 results. The company reported significant lifts in gold production and a 77% bump in sales revenue. Its net profit after tax (NPAT) was $29 million compared to a loss of $28.5 million in 1H FY23.

In other news, Red 5 announced a proposed merger with fellow ASX 200 gold producer Silver Lake Resources Ltd (ASX: SLR) in February.

West African Resources Ltd (ASX: WAF)

West African Resources has a 90% interest in the Sanbrado Gold Operations and Kiaka Gold Projects in West Africa. The Government of Burkina Faso owns the remaining 10% in both projects. The company also owns the Toega Gold Deposit, which is 14km away from Sanbrado.

The West African Resources share price rose by 86.1% over FY24. The share price ramped up mostly in the second half of FY24 after the miner issued a resource, reserve and 10-year production update in February.

The miner forecasts production of 4.03Moz of gold between 2024 and 2033. This was 415,000 ounces higher than the previous forecast. The mine plans extend to 2034 at Sanbrado and 2042 at Kiaka, assuming an average gold price of US$1,400 per ounce. It expects peak gold production in 2029.

The company increased its mineral resources estimate by 181,000 ounces to 12.8Moz of gold and decreased its ore reserves estimate by 275,000 ounces to 6.1Moz of gold.

Construction costs at Kiaka are on-budget, with first production expected in 3Q FY25. The company is fully funded via a US$265 million debt facility till that point.

Emerald Resources NL (ASX: EMR)

Emerald Resources owns projects in Cambodia and Australia. Its flagship mine, Okvau, is 100% owned and located 275km northeast of Phnom Penh.

The Emerald Resources share price rose by 72.2% over FY24. It rose pretty steadily throughout the year.

In the last production update issued in April, Emerald Resources reported gold production of 28,539 ounces. That was at the upper end of its guidance of 25,000 ounces to 30,000 ounces per quarter.

The company reported sales of 28.5koz of gold in the March 2024 quarter at an average price of US$2,069 per ounce.

In other news, the company completed its takeover of Bullseye Mining via compulsory acquisition last month.

Motley Fool contributor Bronwyn Allen 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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