3 mining ASX shares ripe for buying now: experts

Stocks in the resources sector rose while others suffered in the first half of 2022. But they have since fallen off the perch somewhat.

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Resources companies were the big winners among ASX shares in the first half of this year, before recession fears brought them down a peg.

So now there are some mining stocks selling for a discount that still have excellent prospects.

Let's take a look at three such examples as named by experts this week:

Three satisfied miners with their arms crossed looking at the camera proudly.

Image source: Getty Images

A top business with cash to burn

The Rio Tinto Limited (ASX: RIO) share price has fallen more than 21% since 8 June.

Baker Young managed portfolio analyst Toby Grimm admits the recent half-year results underwhelmed the market.

"Some investors may have been disappointed with the conservative interim dividend of $US2.67 a share," he told The Bull.

"But the global miner has a top core business with excess cash on its balance sheet."

Grimm said that his team expects "greater investor returns" when the full-year results are revealed.

"In our view, recent share price weakness presents a buying opportunity."

Even after all that, Rio pays out a pretty juicy dividend yield of around 10%.

Everyone loves this copper mine

Fat Prophets chief executive Angus Geddes reckons new copper producer AIC Mines Ltd Australia (ASX: A1M) is a buy.

The company bought the Eloise mine in North Queensland from FMR Investments for $27 million late last year.

"It has the capacity to produce between 45,000 and 50,000 tonnes of copper and gold concentrate a year," said Geddes.

"Current mine life is about eight years. AIC continues to improve near-mine ore deposits, adding more value to the Eloise acquisition."

AIC shares are down about 9.5% for the year so far.

Geddes isn't the only one hot on the mining outfit at the moment.

According to CMC Markets, all four of Argonaut, Jefferies, Ord Minnett and Shaw and Partners rate AIC as not just a buy, but a strong buy.

Money to swallow up smaller players

BHP Group Ltd (ASX: BHP)'s share price shot up last month after it announced a fully franked dividend that would take the yield up to a stunning 11%.

But the stock has cooled off 5% in the past week, opening up an opportunity for shrewd investors.

Marcus Today analyst Layton Membrey said the latest financials were "strong".

"The outlook is positive. BHP has a strong balance sheet and cash position to chase growth."

Even though BHP's attempt to acquire OZ Minerals Limited (ASX: OZL) fell over, Membrey feels like that's not the end of the story.

"The proposal shows BHP has the firepower for suitable acquisitions. Keep an eye on BHP's news flow."

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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