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TheStreet Open House

7 Mining Stocks Analysts Expect to Soar

5. Augusta Resource (AZC) acquires, explores and develops natural mineral resource properties. The company's material property is the Rosemont copper property located in Arizona. Primarily a copper mining project, the Rosemont property also has appreciable amounts of molybdenum and silver by-products. Rosemont is expected to produce 221 million pounds of copper per year, accounting for almost 10% of U.S. copper output.

Canada-based base metals miner, Hudbay Minerals, has raised its stake in Augusta Resource to 14.3% through the purchase of 5.4 million shares for $21.9 million. Overall, Hudbay now holds 20.2 million shares of Augusta from the earlier 14.8 million. The acquisition was mainly to fund Augusta to develop its Rosemont copper-molybdenum project.

A Toronto-based firm is reportedly raising its investment in Rosemont mine to $51 million from the earlier $30 million. Silver Wheaton paid Augusta $230 million to acquire 100% of the life of mine silver and gold production from Augusta's Rosemont copper project in Arizona, which increased attributable reserves of Silver Wheaton by approximately 7%.

All six analysts covering the stock rate it a buy. Analysts polled by Bloomberg foresee it gaining an average of 36%, to $6.79, in the coming 12 months.

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