Lundin Mining is in the sweet spot if Tuesday’s Fed rate cut has the effect on metals prices Cramer said it should. It’s speculation at this point, but it could mean big returns if he’s right.

Lundin’s mining exposure is spread out over four major metals – zinc, copper, nickel and lead – and Cramer said he thinks all four have bottomed or are in the process of bottoming now.

Zinc prices, for one, are up 3% in just a week. That’s a big move when you consider that Lundin doesn’t hedge, meaning they get the spot price for zinc, capturing that price increase. Copper is running up from its bottom thanks to a few mine strikes, Cramer said.

Lead was really the metal that "carried Lundin through the trough," Cramer said, and he said he doesn’t see any signs that the strength would stop now. Lundin’s nickel exposure comes through a recent acquisition of Rio Narcea, which owns an open-pit mine in Spain. (LMC also acquired Tenke Mining, which mines copper and cobalt in the Congo.) The Rio Narcea takeover was perfectly timed, Cramer said, as nickel is coming off its lows thanks to India importing record amounts.

"The more economic activity you have, the more metal you're consuming," Cramer said. And LMC has the metals covered. Throw in the fact that the Lundin family just bought 8 million shares last month, bringing their ownership up to somewhere between 15% and 20% of the company, and you’ve got an incredibly bullish picture, Cramer said.

And there’s the possibility that LMC could be taken over. It has an enterprise value of just $3.1 billion, which makes it attractive – but that all depends on the company’s willingness to sell. If there’s one thing Cramer has learned it’s to “never say never” where takeovers are concerned. "If we do get a takeover, LMC goes out at $15 a share; 25% upside from the current quote," he predicted.

The bottom line here, though, is that it’s Friday on Mad Money, and that means the stock plays Cramer offers up are a bit riskier than usual. LMC is a small, unseasoned pick. Investors who want a more solid minerals and metals play should look at Freeport-McMoRan or Teck Cominco . Those who do decide to buy LMC should wait a few days to pass and only purchase with limit orders.


Jim's charitable trust owns Freeport-McMoRan.

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