10. Kinross Gold (NYSE: KGC )
I did not expect Kinross Gold to make my top 10 list this year, nor did I expect I would ever see the stock trading this close to its 2008 mid-crisis low (a time when gold traded for less than half of its present price!). To be sure, Kinross has disappointed investors on multiple occasions over that time, but a fresh analysis of the company's position unveils a potential 77% increase in gold production (through 2015) to reach an incredible 4.7 million ounces of annual production. Each of Kinross' 63 million ounces of gold in reserves is valued at just $201 per the current enterprise value, representing a truly remarkable discount to its mega-mining peers. Because several assets are located in jurisdictions that I consider less favorable, I do not necessarily view Kinross as a top long-term pick. But perceiving a low risk of further downside, and a potential re-rating as looming growth begins to be priced in, I see Kinross offering reliable upside potential during 2012