3 Mining Stocks to Buy to Unearth Precious Profits

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These three top mining stocks to buy could generate lucrative returns on rising demand for metals and minerals. Cameco (CCJ): The leading uranium producer is benefiting from the growing global demand ...

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Cameco (CCJ), Kinross Gold (KGC) and the iShares MSCI Global Metals & Mining Producers ETF (PICK).","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","BK4159":"经销商","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","FCX":"麦克莫兰铜金","BK4566":"资本集团","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","BK4535":"淡马锡持仓","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","CAGR":"California Grapes International, Inc.","CCJ":"Cameco Corp","LU1023059493.AUD":"Blackrock World Mining A2 AUD-H","BK4550":"红杉资本持仓","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","PICK":"iShares MSCI Global Metals & Mining Producers ETF","BK4588":"碎股","RIO":"力拓","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","CMT":"Core Molding Technologies Inc","BHP":"必和必拓公司","BK4156":"煤与消费用燃料","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4015":"铜","LU0075056555.USD":"贝莱德世界矿业基金A2","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","BK4090":"商品化工","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4017":"黄金","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","FDN":"First Trust Dow Jones Internet I","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU0330918003.SGD":"Blackrock World Mining A2 SGD-H","BK4591":"室温超导概念","BK4168":"多种金属与采矿","BK4532":"文艺复兴科技持仓","KGC":"金罗斯黄金","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0266512127.USD":"摩根大通环球自然资源 A(acc)"},"translate_title":"买入3只矿业股以挖掘宝贵利润","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RIO":1,"KGC":1,"BHP":1,"FCX":1,"CMT":1,"CCJ":1,"CAGR":1,"PICK":1,"FDN":0.75},"content_text":"These three top mining stocks to buy could generate lucrative returns on rising demand for metals and minerals.\nCameco (CCJ): The leading uranium producer is benefiting from the growing global demand for nuclear energy, driven by geopolitical factors and green energy initiatives that boost uranium prices.\niShares MSCI Global Metals & Mining Producers ETF (PICK): This exchange-traded fund (ETF) provides diversified exposure to the global mining sector.\nKinross Gold (KGC): Amid rising geopolitical tensions, the gold producer offers a safe haven with its robust gold production, cost-effective operations and strategic growth initiatives.\n\n\n\n\n\n \n\nSource: Aleksandrkozak / Shutterstock.com\n\n\n\nInvestors are increasingly looking for robust mining stocks to buy as we approach the second half of 2024. The recovery of the global economy has fueled demand for various metals, from precious metals like gold and silver to base metals like copper and nickel. This surge in demand and supply constraints has pushed prices higher, benefiting mining companies across the board.\nMeanwhile, the ongoing transition to clean energy has become a key tailwind in mining. Analysts point out how it has driven long-term demand for metals like copper, lithium and rare earth elements. They are essential components in data centers, electric vehicles (EVs), and solar panels. Recent research suggests that the global mining market is expected to grow at a compound annual growth rate (CAGR) of 5.5% through 2028. This increase will be driven by further infrastructure development, rising construction activities, and the growing use of autonomous equipment.\nWith that information, let’s dive in and explore three compelling mining stocks to buy now that could generate lucrative returns in the second half of 2024.\nCameco (CCJ)\nSource: shutterstock.com/RHJPhtotoandilustrationWe start discussing mining stocks to buy with the world’s largest publicly traded uranium producer. Regarded as a pure-play investment in nuclear energy, Cameco (NYSE:CCJ) focuses on mining uranium for nuclear reactors. The company owns the largest high-grade uranium reserves and low-cost operations worldwide.\nIn its first quarter fiscal 2024 earnings results, Cameco’s revenue declined 8% year-over-year (YOY) to C$634 million. The fall was due to the pricing of Cameco’s long-term uranium contracts, which led to uneven revenue recognition across quarters. Meanwhile, adjusted earnings per share (EPS) declined to C$0.13, down from 27 in the prior-year quarter.\nGeopolitical factors and green energy initiatives continue to support strong pricing in uranium. As a leading Western uranium miner, Cameco plays a key role in supplying the U.S. nuclear energy sector, recently highlighted by the ban on Russian-enriched uranium imports. Support for nuclear power is also picking up across governments as a way to achieve emissions reduction pledges. Elsewhere, artificial intelligence (AI) is also driving gains in nuclear stocks due to projections for increased electricity demands associated with the technology. Uranium’s high energy density and low carbon emissions make it a prime candidate for powering the energy transition, including data centers and EVs.\nYear-to-date, CCJ stock has returned over 25%. As a result, shares are trading at a premium valuation of 46.8 times forward earnings and 12.3 times trailing sales. Wall Street remains bullish on Cameco stock with a 12-month price target that suggests a potential upside of 3% from current levels. Interested readers may watch the $52 level as a better entry point into CCJ shares.\niShares MSCI Global Metals & Mining Producers ETF (PICK)\nSource: corlaffra / ShutterstockNext on our list of mining stocks to buy is the iShares MSCI Global Metals & Mining Producers ETF (NYSEARCA:PICK). This fund provides exposure to a broad range of companies involved in extracting and producing metals and minerals, including precious metals, base metals and rare earth elements.\nWe like the diversification this fund offers and its exposure to base metals. The ongoing transition to a low-carbon economy drives robust demand for metals like copper, lithium and rare earth elements. They are essential components in EVs, data centers and renewable energy infrastructure.\nPICK currently has over 26 holdings and around $1.32 billion in assets. We should also note that the fund started trading in January 2012. In terms of sectors, diversified metals and mining have the highest allocation (47%), followed by steel (35%) and copper (12%). As a top-heavy fund, the leading 10 names account for around half of the assets in PICK. BHP (NYSE:BHP), Rio Tinto (NYSE:RIO), Freeport-McMoRan (NYSE:FCX) and Glencore (NYSE:GLEN) lead the mining stocks in the fund.\nSo far in the year, the fund is up just 1.5%. The trailing price-to-earnings (P/E) and price-to-book (P/B) ratios are 13.7x and 1.7x, respectively. We believe interested readers may find value in PICK around these levels.\nKinross Gold (KGC)\nSource: T. Schneider / Shutterstock.comWe conclude our discussion of mining stocks to buy with the gold mining company Kinross Gold (NYSE:KGC). It has a diverse portfolio of mines and projects across the Americas and West Africa, including the Mauritanian Tasiast and the Brazilian Paracatu mines.\nInvestors were pleased that Kinross Gold reported impressive first quarter fiscal 2024 results, driven by strong performance at its Tasiast and La Coipa mines. Revenue increased 16% YOY to $1.08 billion, fueled by higher volume and soaring gold prices. Adjusted EPS surged 43% YOY to $0.10, while free cash flow more than tripled to $145 million.\nWith its strong balance sheet and low-cost production, Kinross will likely benefit from investors’ interest in gold due to growing geopolitical tensions. In the first quarter, both margins and production levels increased substantially. Since January, KGC stock has gained 33%. Yet Kinross remains fairly valued at 16.8 times forward earnings and 2.3 times trailing sales. Finally, the 12-month price target for KGC stock suggests an 8% upside potential from current levels.\nOn the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nTezcan Gecgil, PhD, began contributing to InvestorPlace in 2018. She brings over 20 years of experience in the U.S. and U.K. and has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Publicly, she has contributed to investing.com and the U.K. website of The Motley Fool.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/05/3-mining-stocks-to-buy-to-unearth-precious-profits/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2439969683"}