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.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Resources Shares

Two excited mining workers in yellow high vis vests and hardhats shake hands to congratulate each other on a mineral discovery
Resources Shares

4 ASX ETFs invested in mining that delivered 49% to 83% returns in FY26

Mining outperformed in FY26 amid higher commodity prices due to the green energy transition.

Read more »

Buy, hold, and sell ratings written on signs on a wooden pole.
Resources Shares

Mineral Resources shares have surged 106% in a year. Buy, hold or sell?

Two leading brokers weigh in on the outlook for Mineral Resources' rocketing shares.

Read more »

Inspectors and workers discussing with each other at a mine site.
Resources Shares

St George Mining delivers high-grade result and $60m boost in June quarter

St George Mining delivered quarterly results, highlighted by high-grade metallurgical testing and a boosted cash position from a $60m raise.

Read more »

A mining executive from Red Dirt Metals chats on her mobile phone looking pleased with a mining site and mining truck in the background
Resources Shares

Tolu Minerals reports record drilling in June quarter update

Tolu Minerals delivered record drilling results, a robust cash position, and remains on track to restart gold production in early…

Read more »

A boy holds a gold bar with a surprised look on his face.
Resources Shares

Chalice Mining advances Gonneville, holds $59m cash at June 2026

Chalice Mining keeps its balance sheet strong and moves Gonneville closer to FID in the June 2026 quarter.

Read more »

Miner standing and smiling in a mine field.
Resources Shares

Medallion Metals reports drilling success in June 2026 quarter

Medallion Metals posted strong cash reserves and significant project progress in its June 2026 quarterly report.

Read more »

A gloved hand holds lumps of silver against a background of dirt as if at a mine site.
Resources Shares

Silver Mines boosts Bowdens Silver Project reserves in quarterly update

Silver Mines upgrades Bowdens ore reserves and project economics in its latest quarterly report, with exploration underway in both Australia…

Read more »

Miner standing in front of trucks and smiling, symbolising a rising share price.
Resources Shares

Meteoric Resources releases Caldeira DFS

Meteoric Resources has delivered a robust Definitive Feasibility Study for the Caldeira Rare Earth Project, confirming a large, low-cost, long-life…

Read more »