State of the Market: Mining Q1'25

The March 2025 quarter has been volatile as markets struggle to keep pace with policy announcements. The US dollar weakened modestly amid increasing concerns that the country could enter a recession, with the chance for a global recession inching higher as well. Remaining at play is the specter of inflation, which is giving central banks pause around further reducing rates to encourage economic activity.

The uncertain economic outlook has exerted downward pressure on most industrial metals prices, with many ending the quarter lower than they started. The most notable exception is gold, which has increased 19% during the quarter, spurred by safe haven buying during the political and economic uncertainty.

Earlier this year, we forecast that costs in the industry would increase modestly again this year. Given many commodity prices are trending lower, producers will be under increased pressure to reduce costs to maintain profitability, while also engaging in decarbonization efforts.

The general malaise extends into general activity in the industry, with financings well off the December 2024 quarter, and drilling — which started off the year stronger — trending downward.

Join our analysts as we provide a recap of the March 2025 quarter, provide our near-term outlook and discuss key trends and topics:

• Commodity price trends, drivers and estimates
• Operating costs and emissions
• Exploration and development metrics

Speakers

Gian Seblos

Associate Research Analyst, Metals & Mining Research
S&P Global Commodity Insights

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Naditha Manubag

Associate Research Analyst, Metals and Mining Research
S&P Global Commodity Insights

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Kevin Murphy (Moderator)

Research Director, Metals and Mining Research
S&P Global Commodity Insights