10 Best Commodity Stocks to Invest in According to Hedge Funds

8. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Investors: 54

Agnico Eagle Mines Limited (NYSE:AEM) is a leading gold mining company with operations in Canada, Australia, Mexico, and Europe. The company is known for its high-quality mines, including Meadowbank, Meliadine, and Detour Lake in Canada.

Agnico Eagle Mines Limited (NYSE:AEM) is prioritizing the growth of its resource base and the extension of mine life through extensive exploration programs. The company has launched one of its largest exploration initiatives to date, deploying over 100 diamond drill rigs across various sites. Notable successes include the eastward extension of the East Gouldie Zone at the Odyssey project in Quebec and the discovery of high-grade mineralization at the Patch 7 zone in the Madrid deposit area at Hope Bay, Nunavut. The continuous exploration and operational improvements have also extended the life of the Meadowbank and Meliadine mines.

Furthermore, Agnico Eagle Mines Limited (NYSE:AEM) is advancing the development of the Odyssey mine, which is on track to become Canada’s largest underground gold mine by 2028. These discoveries are poised to significantly enhance the company’s resource base and support future production growth. The company recently announced its acquisition of O3 Mining for approximately $150.54 million. O3 Mining’s primary asset is the 100 % owned Marban Alliance property in Quebec’s Abitibi region, which is located adjacent to Agnico Eagle Mines Limited’s (NYSE:AEM) Canadian Malartic complex.