5 Best Mining Stocks To Buy Now

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 49

Headquartered in Greenwood Village, Colorado, Newmont Corporation (NYSE:NEM) stands as one of the largest global gold mining companies, with its establishment dating back to 1921. The corporation possesses and operates gold mines located in diverse regions, including Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.

In a recent development, Newmont Corporation (NYSE:NEM) disclosed its plans to generate $2 billion in cash through the sale of mines and divestment of projects following the acquisition of Australia’s Newcrest Mining. The completion of the approximately $15 billion deal on November 6 elevates the company’s valuation to around $50 billion, integrating five active mines and two advanced projects into Newmont’s portfolio.

As of their third quarter of 2023 shareholdings, 49 out of the 910 hedge funds analyzed by Insider Monkey had acquired shares of Newmont Corporation (NYSE:NEM). Among these, the most substantial investor is First Eagle Investment Management, led by Jean-Marie Eveillard, holding 18.28 million shares valued at $675.48 million.