12 Most Profitable Cheap Stocks to Buy Right Now

8. Newmont Corporation (NYSE:NEM)

Forward P/E: 9.36

Profit Margin: 33.87%

Net Income Available to Common (TTM): $8.46 Billion

Number of Hedge Fund Holders: 82

Newmont Corporation (NYSE:NEM) is one of the most profitable cheap stocks to buy right now. On July 2, Newmont Corporation (NYSE:NEM) said that it welcomes the Government of Canada’s decision to provide CA$500 million in funding to support the Red Chris Block Cave project.

The company said the commitment strengthens the business case for the development of a world-class copper-gold operation as the project moves through the approval process toward a final investment decision. Currently, the company is completing a Definitive Feasibility Study for the project. Newmont Corporation (NYSE:NEM) said the Red Chris Block Cave could increase Canada’s copper production by around 15%.

According to the report, the project is expected to extend the life of the Red Chris mine by about 14 years and also possibly provide a foundation for decades of additional mining opportunities.

The Red Chris mine is operated as a joint venture between Newmont Corporation (NYSE:NEM) and Imperial Metals. Newmont Corporation (NYSE:NEM) owns a 70% stake and serves as the operator, while Imperial Metals holds a 30% interest.

Newmont Corporation (NYSE:NEM) is a gold mining company that also produces copper, zinc, lead, and silver. It is one of the largest gold mining companies in the world.