5 Best Mining Stocks to Buy Now

2. Newmont Corporation (NYSE:NEM)

No of HFs: 55

Total Value of HF Holdings: $1.95 Billion

The Colorado-based mining company has the largest gold reserve base in the industry. NEM shares currently trade at $60. One of the biggest hedge funds saving stakes in the company is Jean-Marie Eveillard’s First Eagle Investment Management which had $1.23 billion invested in the stock at the end of September. First Eagle Investment Management mentioned NEM in its Q2 2020 investor letter:

“Given what we view as a high-quality management team and robust balance sheet, Colorado’s Newmont is a prime example of a miner that was prepared to meet the challenges of Covid19. With rigorous protocols already in place, the company has been proactive in managing its mines to protect local communities and infrastructure while at the same time mitigating the pandemic’s impact on its business. In contrast with broad market trends that have companies cutting or suspending dividend payments, Newmont recently increased its quarterly dividend by 79%.”