Broker names 2 of the best ASX mining shares to buy (with 40% to 50% upside)

Bell Potter rates these miners as top buys.

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If you're wanting some mining sector exposure for your portfolio, then it could be worth considering the two ASX mining shares named below.

These shares have recently been named as top picks by analysts at Bell Potter.

Here's why the broker is feeling bullish about them:

Arcadium Lithium (ASX: LTM)

Investors that are looking to enter the beaten down lithium industry may want to consider Arcadium Lithium.

It is the lithium giant that was formed following the merger of Allkem and Livent Corp at the end of last year.

Bell Potter is a big fan of Arcadium due to its diverse operations, robust balance sheet, and strong growth potential. It said:

LTM provides the largest, most diversified exposure to lithium in terms of mode of upstream production, asset locations, downstream processing and customer markets. It is a key large-cap leverage to lithium prices and sentiment, which we expect to improve over the medium term. The group has a strong balance sheet and growth portfolio.

The broker currently has a buy rating and $10.40 price target on its shares. This implies potential upside of 50% for investors.

Regis Resources Ltd (ASX: RRL)

Another ASX mining share that Bell Potter is feeling bullish about is gold miner Regis Resources.

As well as having an all-Australian portfolio and strong organic growth opportunities, the broker believes it could be an attractive takeover target in the future. It explains:

As one of the largest ASX listed gold producers, we are attracted to its all-Australian asset portfolio and organic growth options which are unique at this scale. Furthermore, we see key opportunities in the fundamental, medium-term outlook and, in our view, these may also make RRL an appealing corporate target in the current conducive M&A environment.

Bell Potter currently has a buy rating and $2.60 price target on its shares. This suggests that they could rise approximately 40% over the next 12 months.

Motley Fool contributor James Mickleboro owns Arcadium Lithium shares. 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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