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7 Mining Stocks to Watch

Stocks in this article: IVN AEM NEM BHP CDE VALE HBM

5. Newmont Mining (NEM - Get Report), a gold producer, also engages in the production of copper, principally through its Batu Hijau operation in Indonesia and Boddington operation in Australia. Its operating segments include North America, South America, Asia Pacific and Africa.

For the second quarter of 2011, the company recorded net income from continuing operations of $523 million, or $1.06 per share, an increase of 37% from the year-ago quarter. Net income attributable to company shareholders stood at $387 million, or 77 cents per share. Revenue for the quarter rose 11% to $2.4 billion from the same quarter last year. During the period, the average realized prices of gold and copper increased 25% and 62%, respectively.

Cash dividends for the quarter rose to 20 cents from 10 cents in the earlier quarter. Looking ahead for 2011, the company forecasts capital expenditure to range from $2.7 billion to $3.0 billion on a consolidated basis. Attributable gold production is estimated at 5.1 million to 5.3 million ounces, while attributable copper production is pegged at 190 million to 220 million pounds.

Recently, Stellar Pacific Ventures entered into a joint venture agreement with Newmont Ventures, subsidiary of NEM, to jointly participate in the exploration of the Namarana Property in Mali and to acquire additional properties within the area. Besides, NEM said it is seeking a new underground exploration program at its Waihi site in New Zealand, which could extend gold and silver mining to 2020 and beyond.

Of the 19 analysts covering the stock, 63% recommend a buy and the rest rate a hold. There are no sell ratings on the stock. A Bloomberg poll expects the stock to gain an average 21.9% to $77.77 over the next 12 months.

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