Newmont Corporation (NYSE:NEM) is one of the 12 Most Profitable Cheap Stocks to Buy Right Now. On July 2, Newmont Corporation (NYSE:NEM) said that it welcomes the Government of Canada's decision to provide CA$500 million in funding to support the Red Chris Block Cave project.

The company said the commitment strengthens the business case for the development of a world-class copper-gold operation as the project moves through the approval process toward a final investment decision. Currently, the company is completing a Definitive Feasibility Study for the project. Newmont Corporation (NYSE:NEM) said the Red Chris Block Cave could increase Canada's copper production by around 15%.

According to the report, the project is expected to extend the life of the Red Chris mine by about 14 years and also possibly provide a foundation for decades of additional mining opportunities.

The Red Chris mine is operated as a joint venture between Newmont Corporation (NYSE:NEM) and Imperial Metals. Newmont Corporation (NYSE:NEM) owns a 70% stake and serves as the operator, while Imperial Metals holds a 30% interest.

Newmont Corporation (NYSE:NEM) is a gold mining company that also produces copper, zinc, lead, and silver. It is one of the largest gold mining companies in the world.

While we acknowledge the potential of NEM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: Top 10 Hot Stocks with the Highest Upside Potential and 10 Best Technology Penny Stocks with Huge Upside Potential.

Disclosure: None. Follow Insider Monkey on Google News.