12 Best Nickel Stocks to Buy According to Hedge Funds

3. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 39

Rio Tinto Group (NYSE:RIO) is a multinational mining conglomerate. The most important commodity is iron ore, with nickel, copper, aluminum, diamonds, gold, and industrial minerals making much smaller contributions. The current firm was formed by the 1995 merger of RTZ and CRA through a dual-listed structure. Each company’s shareholders have equal economic and voting rights, and the two function as a single business entity. The stock climbed by more than 3% YTD, making it one of the Best Nickel Stocks.

Rio Tinto Group (NYSE:RIO) revealed on April 4, 2025, that it invested $10.3 billion in Western Australia in 2024 to develop its pipeline for future Pilbara mining projects and to support local companies. The company’s investments were mostly used for earthworks and the acquisition of heavy mining equipment.

Rio Tinto Group (NYSE:RIO) completed the $6.7 billion purchase of Arcadium Lithium on March 6. The firm will now be the new name for Arcadium. The new business intends to add more than 200,000 tonnes of lithium carbonate equivalent per year to its Tier 1 assets by 2028. A monetary consideration of $5.85 per share held by a specific record date will be given to Arcadium stockholders as compensation.