The mining and supplies sector is likely one of the most cyclical and unstable industries on the TSX. That is primarily as a result of it closely depends upon the worldwide demand and provide of commodities, which could possibly be affected by a number of components equivalent to industrial demand, financial development, environmental laws, and geopolitical dangers.

Nonetheless, some mining and supplies shares listed on the Toronto Inventory Change additionally supply enticing alternatives for traders who wish to diversify their portfolio or profit from rising decarbonization and electrification tendencies. Contemplating that, it could possibly be a good suggestion for long-term traders to incorporate some high quality mining shares of their portfolios.

On this article, I’ll spotlight two of the very best dividend-paying TSX mining and supplies shares you should purchase in February 2024 and maintain for years to come back.

Kinross Gold inventory

Kinross Gold (TSX:Okay) is the primary TSX mining and supplies inventory you’ll be able to take into account including to your portfolio in February. This Toronto-headquartered gold miner presently has a market cap of $9.1 billion as its inventory trades at $7.41 per share after rising by 15.4% within the final six months. At this market value, the inventory has a 2.2% annualized dividend yield.

Shares of Kinross Gold outperformed the broader market by a giant margin final yr, rallying round 45%, due primarily to its sturdy monetary development tendencies. To present you an thought about that, its complete income rose 27.7% YoY (yr over yr) to US$3.1 billion within the first three quarters of 2023 by remaining on monitor to fulfill its annual manufacturing steerage. In these 9 months, the corporate’s adjusted earnings greater than doubled to US$0.33 per share, additionally beating Avenue analysts’ expectations by a large margin.

Within the third quarter itself, Kinross Gold’s complete gold equal manufacturing elevated by 11% YoY to 585,449 ounces with the assistance of report quarterly manufacturing at its central western Mauritania-based Tasiast mine. As the corporate progresses in different improvement initiatives like Manh Choh, its manufacturing and monetary development tendencies are doubtless to enhance sooner or later, which ought to assist its share costs soar.

Lundin Mining

Lundin Mining (TSX:LUN) is one other high TSX mining agency which you can take into account investing in for the long run. This Canadian miner primarily focuses on the manufacturing of metals like copper, zinc, nickel, and gold from its diversified portfolio of mines in a number of international locations, together with Spain, Brazil, and the US. The corporate presently has a market cap of $8.6 billion as its inventory trades at $11.16 per share after rising 15.2% within the final yr. LUN inventory affords a 3.2% annualized dividend yield on the present market value.

On January 14, Lundin Mining introduced the outcomes of its 2023 manufacturing and gave sturdy steerage. Final yr, consolidated copper manufacturing reached a report of over 314,798 tonnes, and copper-equivalent manufacturing exceeded 550,000 tonnes.

Lundin Mining’s newest steerage signifies a constant manufacturing forecast with earlier copper estimates and elevated gold ranges in 2024. General, this steerage displays the corporate’s continued give attention to strategic planning in mine sequencing and grade profiles throughout its operations, which might pace up its monetary development in the long run.