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Written by Courtney Carlsen for The Motley Fool->
BHP Group is the world's largest mining company, and it aims to capitalize on megatrends in decarbonization and electrification.
Agnico Eagle Mines primarily produces gold, along with silver, copper, and zinc, and benefits from low operating costs.
Mining is the bedrock of the modern world, providing the essential raw materials that power the digital revolution, support renewable energy, and bolster national defense systems. Data centers and their related components rely heavily on materials such as copper, aluminum, and rare-earth elements. Meanwhile, precious metals like gold and silver are viewed as safe-haven investments, especially during uncertain times.
With demand for these crucial metals and minerals set to grow, mining stocks look like an attractive opportunity for investors today. Here are two mining stocks to buy this May.
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BHP Group (NYSE: BHP) is the world's largest mining company by market capitalization, the world's largest producer of copper, and also a major player in iron ore and metallurgical coal. Its assets are concentrated in two regions: Australia and the Americas, with a focus on Tier One mining assets, or mines that are high-quality and low-cost with long lifespans.
BHP is reshaping its portfolio to capitalize on the megatrends of decarbonization, electrification, and artificial intelligence. As part of this, the company is focusing on copper, a critical material used in renewable energy, electric vehicles (EVs), and data centers. The company projects that these trends will drive global copper demand to grow from approximately 33 million tons today to over 50 million tons by 2050.
Copper is becoming increasingly important to BHP's business. During its 2025 fiscal year (ending June 30, 2025), copper accounted for 45% of its underlying earnings before interest, taxes, depreciation, and amortization (EBITDA), up from 29% the year before. Through the first six months of its 2026 fiscal year, copper made up more than 50% of its underlying EBITDA for the first time ever. It expects to produce 1.9 million to 2 million tons of copper during this fiscal year.
In addition to copper, BHP is spending billions to become a top global producer of potash (a key agricultural fertilizer). This would give the company three major revenue sources (alongside iron ore and copper), with potash providing revenue decoupled from metal prices. Its Jansen Potash project in Saskatchewan is on track for production by mid-2027.
If you're looking for a mining stock that plays long-term megatrends and pays dividends, BHP is a top choice today.
Agnico Eagle Mines (NYSE: AEM) produces gold, silver, copper, and zinc, but its primary focus is on gold. The company produces the vast majority of its gold in low-risk regions in Canada, Australia, and Finland, which can make it more appealing than companies operating in higher-risk regions. On top of that, the company is a low-cost producer, giving it a major competitive advantage.
All-in sustaining costs (ASICs) are a useful measure when evaluating mining stocks for how much it costs to produce an ounce of gold. Agnico Eagle Mines' AISC is between $1,400 and $1,550 per ounce, enabling it to capture higher profit per ounce than competitors with higher overhead costs. In the first quarter of 2026, Agnico Eagle maintained an AISC of $1,483 per ounce alongside a realized gold price of $4,861 per ounce, which drove record quarterly operating margins.
Agnico's advantage is twofold. For one, it has a higher percentage of underground operations, meaning it moves far less waste rock per ounce of gold. On top of that, its mines are situated perfectly to utilize renewable energy sources, such as hydroelectric power at its Abitibi Hub in Quebec and wind and nuclear energy at its Kittilä Mine in Finland.
This advantage has become especially important with rising fuel prices amid the ongoing conflict in Iran. With the Strait of Hormuz closed, diesel prices have risen, drastically raising costs for miners that rely on it. Agnico is relatively insulated from these impacts, as diesel accounts for only about 10% of its total operating costs, and half of its diesel exposure is hedged.
For investors looking for exposure to precious metals and gold miners but concerned about rising fuel costs, Agnico Eagle is a smart mining stock to add today.
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Courtney Carlsen has no position in any of the stocks mentioned. The Motley Fool recommends BHP Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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