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In this article, we’ll take a look at the thirteen most productive mining stocks to buy now. If you need to skip our mining industry research and move on to the five most sensible stocks on this list, head over to The Five Most Sensible Mining Stocks to buy now.
The global source of mineral raw materials from underground resources is very important to many industries around the world. In terms of volume, the world’s largest mined products include iron ore, coal, potash and copper. The main producers of coal are China, Indonesia, and India, while China also ranks third as the largest manufacturer of iron ore. It should be noted that the country has also become the main commodity mining country, especially in the case of rare lands, where it contributed 70% of global production in 2022. highlighting its growing importance in this sector.
Despite the strong monetary performance, mining revenue remained constant at $711 billion in 2022. However, emerging prices and economic uncertainties caused EBITDA margins to compress from 32% to 29%, as recent PwC research on the sector says. The 20th edition of PwC’s annual magazine, titled “Mining: The Age of Reinvention,” focused on trends within the global mining industry, particularly in the 40 largest mining companies. The report revealed a significant expansion in the market capitalization of those giant companies, from $400 billion in 2003 to a staggering $1. 2 trillion in 2022.
Gold, a mineral in particular, is of abundant importance in the monetary world, not least because of its well-established dating to the U. S. dollar. The correlation between gold costs and the price of the U. S. dollar is widely recognized. Changes in the price of the dollar tend to result in corresponding adjustments in gold prices. This dating is based on the belief of gold as the ultimate safe haven. As a result, gold prices generally have an inverse correlation with the U. S. dollar. Gold is seen as a key indicator of investor sentiment against the dollar. Notably, in the week ending Dec. 22, gold saw a second consecutive rally, attributed to the decline in the dollar and U. S. Treasury bond yields, driven by emerging expectations that the Federal Reserve would put interest rate cuts into effect early next year.
The global mining market has grown from $2,022. 6 billion in 2022 to $2,145. 15 billion in 2023, at a compound annual expansion rate (CAGR) of 6. 1%. However, the Russia-Ukraine war has hampered customers for an immediate global economic recovery from the COVID-19 crisis. 19, especially in the short term. This shock has resulted in economic sanctions against several countries, an increase in commodity prices, and disruptions in the chain of origin. These points have contributed to the inflation of goods and services, affecting markets around the world. Despite those challenges, the mining market is expected to continue its expansion trajectory, reaching $2,775. 5 billion in 2027, with a projected CAGR of 6. 7%.
With that in mind, today we’ll explore some of the most productive mining stocks for potential investment, with a few vital picks including Freeport-McMoRan Inc. (NYSE: FCX), Teck Resources Limited (NYSE: TECK) and Agnico. Eagle Mines Limited (NYSE: AEM).
Drills extracting gold from a gold mine, revealing the company’s gold mining operation.
Our Methodology
When creating our selection of the most productive mining stocks to buy, we first get to know the 40 largest mining corporations in the world and rate them based on their market capitalization. Subsequently, we evaluated the number of hedge funds that invested in their stocks in September 2023 information from Insider Monkey’s knowledge base on 910 hedging budgeting. Top 10 consensus hedge fund stocks outperformed the S index
Number of hedge fund holders: 15
Sigma Lithium Corporation (NASDAQ: SGML) is a leading Canadian mining company specializing in the exploration and exploitation of lithium deposits in Brazil. The Company has full ownership of the Grota do Cirilo, Genipapo, Santa Clara and São José properties, which together cover 27 mineral rights over a vast domain of approximately 191 square kilometers.
In September, Sigma Lithium Corporation (NASDAQ: SGML) announced the successful production of 22,500 tons of carbon-neutral, battery-grade lithium, billed as “Triple Zero Green Lithium. “This eco-friendly product contains no chemicals or hazardous waste, in accordance with sustainability principles. The lithium is ready in the port of Vitoria for shipment to Glencore as part of their collaboration. The collaboration with Glencore aims to identify an environmentally friendly and socially culpable lithium source chain for the global electric vehicle market.
According to Insider Monkey’s third-quarter database, 15 hedge funds held long positions in Sigma Lithium Corporation (NASDAQ:SGML), reflecting an increase from 12 funds in the previous quarter. Balyasny Asset Management, under the leadership of Dmitry Balyasny, is a noteworthy stakeholder in the company, holding 540,139 shares valued at approximately $17.5 million.
Along with Freeport-McMoRan Inc. (NYSE: FCX), Teck Resources Limited (NYSE: TECK), and Agnico Eagle Mines Limited (NYSE: AEM), Sigma Lithium Corporation (NASDAQ: SGML) is among the most sensible mining stocks to buy now. .
Number of hedge fund holders: 23
Alamos Gold Inc. (NYSE:AGI) is an intermediate gold producer based in Canada, boasting diversified production from three operational mines in North America and a robust portfolio of growth projects. These mines encompass the Young-Davidson and Island Gold mines in northern Ontario, Canada, and the Mulatos mine in Sonora State, Mexico. Notably, the company has exceeded analyst EPS estimates in all four of its most recent quarters. Additionally, in November 2023, Scotiabank upgraded AGI shares to Sector Outperform from Sector Perform.
As of September 2023, 23 of the 910 coverage budget surveyed through Insider Monkey had invested in Alamos Gold Inc. (NYSE:AGI). Jean-Marie Eveillard’s First Eagle Investment Management was the company’s largest shareholder, owning $107 million in shares.
Number of hedge fund holders: 24
Wheaton Precious Metals Corp. (NYSE: WPM) is a Canadian multinational corporation focused on the flow of valuable metals. The company plays a key role in the production of more than 26 million and the sale of more than 29 million silver, as a by-product. product of the primary operations of other mining companies.
On Dec. 6, Carey MacRun, an analyst at Canaccord, maintained a buy score on Wheaton Precious Metals Corp. stock. (NYSE: WPM) and raised the price target to C$74 from C$67.
At the end of the third quarter of 2023, 24 hedge funds in the database of Insider Monkey held stakes worth $488 million in Wheaton Precious Metals Corp. (NYSE:WPM), compared to 24 in the previous quarter worth $534 million.
Number of hedge fund holders: 25
BHP Group Limited (NYSE: BHP) is a leading global mining and metals company, operating in Asia, Oceania, North America and other regions. In line with the industry’s shift towards renewable energy and environmentally friendly practices, BHP Group Limited (NYSE: BHP) has announced plans to identify a new battery installation for its Australian mines in November 2023.
Insider Monkey examined the shareholdings of 910 hedge funds during the September quarter of this year, revealing that 25 held a stake in the company. Among these, Fisher Asset Management, led by Ken Fisher, stands out as the largest investor in BHP Group Limited (NYSE:BHP), owning 19.3 million shares valued at $1 billion.
Number of hedge fund holders: 27
The Rio Tinto Group (NYSE: RIO) is identified as one of the world’s largest diversified mining companies, engaged in the exploration, extraction and processing of a wide range of mineral resources. The company’s extensive portfolio includes minerals such as lithium, aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver and molybdenum.
In the September 2023 quarter, of the 910 coverage budget tracked through Insider Monkey, 27 initiated positions in the company’s stock. Fisher Asset Management, under the leadership of Ken Fisher, has the largest investor in Rio Tinto Group hedge funds (NYSE: RIO), with a significant stake valued at $990 million.
Number of hedge fund holders: 29
Kinross Gold Corporation (NYSE: KGC) is a Canadian gold and silver mining company established in 1993, headquartered in Toronto, Ontario, Canada. Kinross currently operates six active gold mines. Notably, the company has demonstrated financial muscle over the past few years, beating analysts’ EPS estimates over the past four quarters.
29 of the 910 coverage budget in the Insider Monkey database in the third quarter of 2023 had invested in Kinross Gold Corporation (NYSE: KGC). Jim Simons’ Renaissance Technologies is the company’s largest shareholder, with $128 million in shares.
Number of Hedge Fund Holders: 34
Headquartered in Rio de Janeiro, Brazil, Vale S.A. (NYSE:VALE) and its subsidiaries are actively involved in the production and sale of iron ore and iron ore pellets, serving as essential raw materials for steelmaking, both within Brazil and in the global market. The company operates through two segments: Iron Solutions and Energy Transition Materials.
In the third quarter of 2023, Vale S. A. (NYSE: VALE) reported a 7% year-over-year increase in net operating income, totaling $10. 62 billion. The company’s adjusted EBIT from ongoing operations demonstrated physically powerful growth, expanding 17. 5% year-over-year. -annually to $3. 40 billion. In addition, adjusted EBITDA from ongoing operations saw a significant increase of 13. 9% year-over-year to $4. 18 billion. Vale S. A. (NYSE: VALE) also saw a notable improvement in gross profit, reaching $4. 31 billion, reflecting an increase of 18. 9% over the prior-year quarter. In addition, the net source of income from procedural operations attributable to VALE is $2,840 million.
In the third quarter of 2023, 34 of the 910 coverage budget surveyed through Insider Monkey had a stake in the company. The largest shareholder among them is Fisher Asset Management, run through Ken Fisher, with inventory valued at $242. 96 million.
Number of hedge fund holders: 36
Barrick Gold Corporation (NYSE:GOLD), headquartered in Toronto, Ontario, Canada, is a gold and copper mining company that operates at 16 sites in thirteen countries. During the third quarter of 2023, the company reported a net source of revenue of $368 million. accompanied by an increase in gold production to 32. 4 tonnes, compared to 31. 5 tonnes in the third quarter of 2022. Notably, Barrick Gold Corporation (NYSE:GOLD) also finalized the acquisition of 7 million warrants to obtain more shares of Hercules Silver Corp. . (TSXV: BIG) on November 10, 2023, for approximately $4. 76 million.
According to the Insider Monkey database, hedge fund sentiment is positive towards Barrick Gold Corporation (NYSE:GOLD) shares. In the third quarter, the number of bullish hedging budgets on inventory was 36, up from 32 in the last quarter. Citation of Ken Griffin’s Investment Group among the company’s key stakeholders.
Barrick Gold Corporation (NYSE:GOLD) joins Freeport-McMoRan Inc. (NYSE:FCX), Teck Resources Limited (NYSE:TECK) and Agnico Eagle Mines Limited (NYSE:AEM) as one of the mining stocks to invest in.
Click to continue reading and see the five most sensible mining stocks to buy now.
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Reveal. None. The thirteen best mining stocks to buy now originally published on Insider Monkey.