State of the Market: Mining Q2'25

Macroeconomic and geopolitical uncertainty remained at the fore of market sentiment during the June 2025 quarter, fueled by a lack of clarity on tariff and trade policies as well as a significant escalation in conflict in the Middle East. While these challenges pressured the US dollar throughout the quarter, thus providing some support for metals prices, concerns over the net negative impact of tariffs on global demand continue to temper metals consumption outlooks. Companies also remain hesitant to make investment decisions, pending clarity on tariff levels and their ability to sell into various markets. Yet equity markets remained surprisingly buoyant, with the S&P 500 rising more than 10% in the quarter and the S&P/TSX Global Mining Index up more than 6%.

Turmoil between nations, whether regarding trade policies or physical conflict, has transformed critical minerals into an important negotiating tool for many countries, while US tariffs on steel, aluminum, and, more recently, copper further exacerbate trade tensions. Domestic supply concerns for many commodities have also encouraged governments of resource-rich countries to seek more rapid development of previously stagnant or stalled projects. After years of challenging development hurdles, these initiatives are welcome to a sector accustomed to long lead times in bringing their discovered resources to market.

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

• Macroeconomic and geopolitical challenges
• Commodity price trends, drivers and estimates
• M&A, finance, exploration and development metrics

Speakers

Mark Ferguson (Moderator)

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

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Patricia Barreto

Base Metals Senior Analyst – Metals & Mining Research
S&P Global Commodity Insights

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Matt Blundell

Senior Analyst - Geopolitics and International Affairs team
S&P Global Commodity Insights