On the COMEX, copper for July delivery rose for a second straight session, gaining 2.5% to $4.743 per pound ($10,434 per tonne).

China’s Commerce Ministry said it had taken note of US officials’ interest in talks and was evaluating the possibility of engagement. The development offered some relief to markets rattled by escalating trade tensions.

Copper has come under pressure from US President Donald Trump’s tariffs on Chinese goods, which have raised concerns about slowing economic growth and weakening demand for industrial metals. So far, Beijing has rebuffed requests for direct talks between the two leaders.

Adding to the bullish sentiment, copper stockpiles in Shanghai have dropped significantly.

On Friday, available inventories on the London Metal Exchange also declined, following a large drawdown of material stored in Taiwan.

Copper and the new resource spheres of control

MINING.COM and The Northern Miner mapped global copper production through a geopolitical lens, dividing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.

These groupings reflect geographic, social, cultural, and economic ties—as well as potential alignments in an increasingly polarized world.

Explore the full infographic:

On the COMEX, copper for July delivery climbed 1.6% to $4.683 per pound ($10,302 per tonne) after tumbling 5% on Wednesday. In London, three-month copper futures rose above $9,200 per tonne, recovering part of Wednesday’s 3% loss.

The rebound came after US President Donald Trump said there was a “very good chance” of reaching an agreement with China, although he emphasized it would need to be on US terms. Trade Representative Jamieson Greer added that the US was close to announcing an initial batch of trade deals.

Copper fell 6% in April — its worst monthly performance since mid-2022 — amid growing concerns of a global trade war. Washington is also reviewing whether to impose tariffs on US copper imports.

Adding to the volatility, supply concerns resurfaced in Peru — the world’s third-largest copper producer — as community protests disrupted operations at two major mines. While protests at Antamina (owned by BHP and Glencore) were quickly resolved, logistics at Las Bambas (operated by China’s MMG.) are still being restored.

Meanwhile, the International Copper Study Group now forecasts a larger global surplus of the metal. After meeting with industry leaders in Lisbon, the group revised its 2025 forecast to a surplus of 289,000 tonnes — more than double the 138,000 tonnes from last year and significantly above its previous 2025 estimate of 194,000 tonnes.

The surplus is projected to remain elevated in 2026 at 209,000 tonnes, marking three consecutive years of oversupply.

(With files from Bloomberg)

On the COMEX, copper for July delivery dropped 5.4% to $4.609 per lb. ($10,139 a tonne) in morning trading. The selloff was driven in part by Chinese investors unwinding arbitrage trades across New York, London, and Shanghai. Wednesday marked the last trading day in China before the May holiday.

Adding to bearish sentiment was a key Chinese manufacturing index that came in significantly below expectations, suggesting factory activity is contracting amid growing trade tensions with the US. The data undercut recent optimism fueled by plunging stockpiles and rising import premiums in China.

Surplus set to double

The downturn also follows a revised forecast from the International Copper Study Group (ICSG), which now expects the global copper surplus to more than double in 2025.

After wrapping up its biannual meeting with industry leaders in Lisbon, the ICSG said it expects the global surplus to reach 289,000 tonnes next year, up from 138,000 tonnes in 2024 and significantly higher than its prior projection of 194,000 tonnes for 2025.

The surplus is forecast to remain elevated in 2026 at 209,000 tonnes, marking a third consecutive year of oversupply following a balanced market in 2023.

According to the group, the growing surplus reflects a mix of rising production and softening demand, with US tariffs and global trade uncertainties weighing on industrial consumption.

The landmark agreement would grant Washington preferential access to new Ukrainian mineral and energy projects in exchange for future investment and military assistance, as reported by multiple media outlets.

According to unnamed sources cited by the Financial Times, Ukraine’s Minister of Economic Development Yulia Svyrydenko, who arrived in Washington on Wednesday, is aiming to revisit some of the terms that were initially agreed upon over the weekend.

The sticking points, according to sources cited by the Financial Times, revolve around governance, transparency mechanisms and the traceability of funds. In response, US Treasury Secretary Scott Bessent and his team warned that Svyrydenko should “be ready to sign all agreements, or go back home”.

However, Ukraine refuted the American version of the events, adding that the only reason why they could not sign all the documents on Wednesday was because the fund agreement, which would complete the full minerals deal, must be ratified by the country’s parliament first.

A draft of the deal, previously reviewed by Reuters, indicates that it includes the establishment of a joint US-Ukrainian reconstruction fund, which would receive half of the profits and royalties earned by Ukraine from newly issued natural resources permits.

While this arrangement does not transfer direct ownership of assets or infrastructure, it ensures that the US — or designated entities — would have first access to new licenses and projects.

The draft clarifies that existing mineral or energy contracts will not be affected, and earlier proposals that would have given the US influence over Ukraine’s gas infrastructure have been dropped, Reuters reported.

In parallel reporting, Bloomberg said the deal’s scope includes development opportunities across a range of critical commodities such as aluminum, graphite, oil and natural gas. According to officials familiar with the process, the agreement has been in the works since February and will require ratification by Ukraine’s parliament.

As part of the arrangement, the US has agreed that only future military aid will count toward its contributions to the fund.

Ukrainian Prime Minister Denys Shmyhal confirmed this change on Sunday, noting that previously delivered assistance—worth tens of billions of dollars—will not be monetized under the new framework.

Shmyhal described the agreement as a “strategic investment partnership” to rebuild Ukraine and foster its long-term development. “It is truly an equal and beneficial international agreement,” he told Ukrainian television on Wednesday, according to CNN.

US President Donald Trump has linked the mineral partnership to broader questions around Ukraine’s ability to “repay” Washington for its support since Russia’s 2022 invasion.

The deal also aligns with Trump’s broader push for a negotiated ceasefire. However, progress on that front remains stalled as Russia demands complete control over contested eastern Ukrainian regions.

Despite the high-level tensions—including a failed signing attempt in February following a contentious Oval Office meeting—Ukrainian President Volodymyr Zelenskiy and President Trump appear to have restarted dialogue. The two met privately at the Vatican over the weekend during Pope Francis’s funeral.

Ukraine claims to hold nearly $15 trillion worth of mineral resources, making it one of the most resource-rich nations in Europe. The country is home to the continent’s largest reserves of lithium, titanium, and uranium.

In its latest report, Sprott notes that uranium prices have stabilized near $65/lb following a correction driven not by weakening fundamentals, but by a pause in utility contracting. Buyers have been waiting for clarity on US tariffs and potential trade restrictions on Russian enriched uranium.

Some of that uncertainty began to clear in early April, helping steady the spot market. Sprott maintains that uranium’s decline reflects macro sentiment and technical selling—not a reversal in the commodity’s structural outlook.

“Despite market pressures, uranium’s term price remains stable at $80/lb and global supply is constrained below demand levels,” the firm said.

Resilience amid volatility

While broader equity and commodity markets have seen volatility in recent months, uranium has shown relative stability.

In early April, it remained uncorrelated with other risk assets—holding firm even as equities sold off, bond markets wobbled, and volatility spiked.

Uranium and uranium equities have outperformed other commodities and global equities over the past five years, driven by a deepening supply deficit and growing global policy support. That trend, Sprott argues, is far from over.

Supply lags demand

Supply constraints remain a central part of the bullish case. Few new uranium projects are advancing, and some juniors—like NexGen, Deep Yellow, and Paladin—have delayed development. Kazatomprom has also guided production toward the lower end of its outlook amid cost and input challenges.

In Australia, heavily shorted producers such as Paladin and Boss Energy have come under pressure, but Sprott believes short positioning in uranium equities is out of sync with underlying market dynamics. “This wave of equity weakness is a sentiment story, not a structural one,” the report reads.

On the demand side, China continues to expand its nuclear fleet, and the US—backed by bipartisan support—has reaffirmed its commitment to nuclear power as a strategic asset. Tech giants like Amazon, Google, and Meta are also pushing for an ambitious tripling of global nuclear power capacity by 2050 to meet growing baseload energy needs.

Sprott expects the next leg of the uranium bull cycle to begin as utilities return to the market and long-term contracting resumes. With global uranium production still well below reactor requirements and long timelines for new supply to come online, the firm sees a structurally tight market for years to come.

The company also intends to change its ticker symbol on the New York Stock Exchange from GOLD to B, effective at the start of trading on May 9, 2025. Barrick’s shares on the Toronto Stock Exchange will continue to trade under the ABX ticker.

The move reflects Barrick’s ongoing expansion into copper, complementing its gold business. The miner is investing $6 billion to develop the massive Reko Diq copper-gold project in Pakistan, expected to begin operations in 2028 and last for at least four decades. It is also expanding its Lumwana copper mine in Zambia, aiming to position it among the world’s largest copper operations.

Chief executive Mark Bristow said the change underscores Barrick’s vision of becoming “the world’s most valued gold and copper exploration, development and mining company.”

“Along with our world-class portfolio of six tier one gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond,” Bristow said in a statement.

“Gold remains core to our foundation,” he added, citing projects such as the Pueblo Viejo expansion in the Dominican Republic and the Fourmile gold project in Nevada.

Mali dispute

Meanwhile in Mali, Barrick faces mounting challenges as an ongoing dispute with the African nation continues to impact operations at its flagship Loulo-Gounkoto complex.

At least four Barrick subcontractors employing hundreds of workers have begun laying off staff, Reuters reported on Monday, adding that some have stopped receiving payments for months.

According to Reuters, the following subcontractors have either suspended activities or started liquidation procedures:

• BLY Mali, a subsidiary of drilling services firm Boart Longyear, said it is liquidating after its contract suspension left it “irremediably compromised.”
• ETASI, a heavy equipment rental company, announced a full suspension of its workforce.
• ATC, a metal construction company, issued layoff notices after a temporary work stoppage expired.
• MAXAM, a civil explosives contractor, is planning a temporary work stoppage affecting about 120 employees.
• SGS, a Swiss-based contractor, was granted a three-month suspension beginning February 1.

Last week, Malian authorities escalated the dispute with the Canadian miner, which began in 2023 after the current regime took power and introduced a new mining code, by closing Barrick’s office in Bamako, citing alleged tax arrears.

Operations at Loulo-Gounkoto, Barrick’s largest African asset, have been suspended since January after Mali seized around three tonnes of gold over alleged unpaid taxes. Authorities had already been blocking the company’s gold exports since November.

Despite these developments, Barrick’s employees in Mali have continued receiving salaries, a Reuters source said. Around 40 Malian employees from Loulo-Gounkoto are being temporarily transferred to Barrick’s Kibali mine in the Democratic Republic of Congo, with a total of 100 staff identified for relocation.

In February, Barrick signed a draft agreement to resolve the dispute, but Mali’s government has yet to ratify or implement the deal.

(With files from Reuters)

Signed in private, the order aims to accelerate the mining of critical minerals in both US and international waters, part of a broader strategy to counter China’s dominance in the global supply of these resources.

“The US authorization… violates international law and harms the overall interests of the international community,” Chinese foreign ministry spokesman Guo Jiakun said, the BBC reported.

The move has stirred international criticism, especially over its provision to allow seabed exploration beyond US jurisdiction. Deep-sea mining has increasingly come into focus as countries seek access to valuable metals like nickel, manganese, and cobalt — key components in batteries for electric vehicles and smartphones.

Estimates suggest the ocean floor holds between $8 trillion and $16 trillion worth of these metals. In US waters alone, more than a billion metric tons of mineral-rich nodules could be extracted, potentially adding $300 billion to its GDP over a decade and creating 100,000 jobs, according to administration officials.

“The United States has a core national security and economic interest in maintaining leadership in deep-sea science and technology and seabed mineral resources,” Trump stated in the order.

The directive calls for fast-tracking permits under the 1980 Deep Seabed Hard Mineral Resources Act and sets up a permitting process along the US Outer Continental Shelf. It also pushes for quicker review of applications to mine in international waters — a move expected to trigger push back from the global community.

“We want the US to get ahead of China in this resource space under the ocean, on the ocean bottom,” a US official told the BBC.

Environmental groups remain critical of seabed mining, warning it could irreparably damage fragile marine ecosystems that are still poorly understood and already stressed by pollution, industrial trawling and climate change.

In a recent interview, Gerard Barron, CEO of The Metals Company (TMC), told MINING.COM that the US government’s renewed emphasis on domestic mineral production is well-timed.

“Mineral security is really important for critical minerals, and many in the new administration have been tremendous supporters,” Barron said. “So we’re going into 2025 thinking this will be a breakout year.”

TMC, which is partnered with the Republic of Nauru, plans to submit its first application to begin mining operations on June 27, just ahead of the International Seabed Authority’s next meeting in July.

Under the new directive, environmental reviews that normally take up to a year will now be done in just 14 days. More detailed reviews, which usually take two years, will be completed in 28 days.

“The United States cannot afford to wait,” said Interior Secretary Doug Burgum. “We are taking decisive action to remove bottlenecks and ensure that America’s energy future is secure.”

The accelerated process will apply to projects involving crude oil, natural gas, coal, uranium, biofuels, lease condensates, geothermal energy, kinetic hydropower, and refined petroleum products. It also includes initiatives focused on critical minerals.

To enable the streamlined timelines, the Department will implement an alternative compliance process under the National Environmental Policy Act (NEPA), allowing for more concise documentation and faster review. Additionally, the Endangered Species Act’s Section 7 consultation process will be expedited through emergency consultation procedures coordinated with the US Fish and Wildlife Service.

Sovereign wealth fund for US miners

The Trump administration is also considering a sovereign wealth fund to invest in domestic mining and processing of critical minerals.

Speaking at a conference organized by the Hamm Institute for American Energy this week, Burgum said the administration is evaluating a range of financial tools to boost domestic production of rare earths and other strategic resources.

“We are exploring all options to ensure a reliable, American-controlled supply of critical minerals,” he said. “Reducing reliance on foreign imports is a matter of national security.”

The proposed policy changes mark a significant shift in how the federal government manages its natural resources, and could have far-reaching impacts on the US mining and energy sectors.

The acquisition will give Triple Flag access to a 1.0% net smelter return (NSR) royalty on the Expanded Silicon gold project in Nevada.

Shares of Orogen rose 28% Tuesday morning in Toronto, bringing the company’s market capitalization to C$373 million ($270 million).

Flagship Nevada asset

The Expanded Silicon project, fully owned by AngloGold Ashanti (NYSE: AU), is located in the Beatty district of Nevada and includes the Merlin and Silicon deposits. The royalty covers a 74 km² area of interest and comes with no caps, step-downs or buydown provisions.

AngloGold began drilling at the site in 2018. Since then, the resource has expanded significantly.

As of December 31, 2024, the Merlin deposit contained an inferred resource of 355 million tonnes grading 1.06 g/t gold, totaling 12.1 million oz. The Silicon deposit has 121 million tonnes grading 0.87 g/t gold in the indicated category, plus 36 million tonnes grading 0.70 g/t in the inferred category.

A total of 430 km have been drilled at Expanded Silicon to date, including 132 km at Merlin in 2024.

AngloGold has described the project as the largest new gold discovery by resource in the US in more than a decade, with potential for heap leach and milling processing.

Orogen spinout

As part of the deal, a new entity — Orogen Spinco — will be created to hold all of Orogen’s other mineral interests, excluding the Expanded Silicon NSR royalty. Paddy Nicol, current CEO of Orogen, will lead the spinoff.

Triple Flag has also committed to a C$10 million equity investment in Orogen Spinco, securing an approximate 11% interest upon its public debut.

The two companies have also agreed to explore a generative exploration alliance focused on Western United States. Backed by an initial budget of $435,000, the initiative will aim to identify gold and silver targets geologically similar to the Expanded Silicon asset.

The transaction is subject to customary approvals and is expected to close in the third quarter of 2025.

A Bloomberg gauge of the dollar fell to a 15-month low on Monday. A softer dollar makes commodities cheaper for buyers using other currencies.

LME copper rose as much as 1.6%, trading at $9,305 a tonne by 9:54 a.m. local time. On the COMEX, copper for May delivery climbed to $4.834 per pound ($10,634 per tonne) in morning trading.

Metals have faced a turbulent April amid global trade uncertainty sparked by US President Donald Trump’s sweeping import tariffs.

While the trade tensions threaten economic growth — and with it, metal demand — a weaker dollar is providing some support.

Who controls the future of copper mining?

MINING.COM and The Northern Miner mapped global copper production through a geopolitical lens, dividing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.

Check out our new infographic:

Lumina’s flagship asset, the Cangrejos gold-copper project, is considered the largest primary gold deposit in Ecuador. Located in the El Oro province in the country’s southwest, the project sits approximately 30 km southeast of the Pan American Highway and 40 km from the deep-water port of Puerto Bolívar.

The Canadian miner launched a feasibility study on the project in January 2024, building on its 2023 prefeasibility study. Updates to date include a larger and more advanced processing plant, with projected throughput increasing to 40,000 tonnes per day — up from the previously envisioned 30,000 tonnes.

Cangrejos hosts 659 million tonnes of probable reserves grading 0.55 gram per tonne (g/t) gold, 0.1% copper and 0.69 g/t silver. This equates to 11.6 million oz. of gold, 1.4 billion lb. of copper and 14.4 million oz. of silver. These are contained within an indicated resource of 1 billion tonnes grading 0.48 g/t gold, 0.09% copper and 0.7 g/t silver — representing 3.7 million oz. of gold, 483 million lb. of copper and 7 million oz. of silver.

The 2023 PFS outlined a capital expenditure of $925 million and projected average annual gold-equivalent production of 469,000 oz. over a 26-year mine life.

CMOC’s move highlights growing investor interest in Ecuador, which is rich in mineral resources but has historically lagged behind regional mining leaders Peru and Chile. While the country shares geological continuity with Peru, political and regulatory uncertainty have slowed the development of large-scale mining projects.

Shares of Lumina Gold surged 31% on the TSX Venture Exchange following the announcement, pushing its market capitalization to C$480 million ($348 million).

The acquisition is expected to close in the third quarter of 2025, pending shareholder, regulatory and court approvals.

The two transactions are expected to generate approximately $850 million in after-tax cash proceeds, before closing adjustments, the company said.

Newmont’s shares are up 52% year-to-date, including a 3.1% gain in midday trading Wednesday on the New York Stock Exchange, bringing its market capitalization to $63.41 billion.

The share performance stands in stark contrast to its peers — BHP, Rio Tinto and Southern Copper — all of which have seen negative returns so far this year.

Top Miners	Country	Market Cap	Share YTD
BHP Group Limited		$116.09B	-8.80%
Rio Tinto Group		$98.45B	-7.84%
Southern Copper		$69.63B	-3.33%
Newmont Corporation		$63.41B	51.79%
Zijin Mining Group		$63.03B	17.33%

Newmont launched its divestiture program in February 2024, aiming to generate up to $4.3 billion in total gross proceeds, including $3.8 billion from non-core asset sales and $527 million from the sale of other investments.

“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early 2024,” Newmont CEO Tom Palmer said in a statement.

The Porcupine mine complex in Ontario was the last asset to be sold. Its sale to Canada’s Discovery Silver (TSX: DSV) was agreed in January, while the $1 billion sale of the Akyem operation to China’s Zijin Mining Group was announced last October.

The dispute stems from Mali’s updated mining code, introduced in 2023, which boosts the government’s ownership in mining ventures. Tensions between the two sides have persisted since the new rules came into effect.

One source told Reuters that Barrick employees in Bamako are currently locked out of the office. However, the closure does not impact the company’s Loulo-Gounkoto mine in western Mali, where operations have been on hold since mid-January.

Barrick has previously rejected accusations of wrongdoing, and issued a statement Tuesday calling for responsible leadership.

“Barrick has continued to engage in good faith with the Government of Mali to finalise an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025,” the company said.

Barrick CEO Mark Bristow said in February the company will resume mining once the government allows it to restart gold exports. He added that officials have confirmed gold worth about $245 million, previously seized by the state, still belongs to the company.

The Loulo-Gounkoto site is currently excluded from Barrick’s production guidance and is not expected to contribute to output until 2027.

In February, Reuters reported that Barrick had reached a settlement with the government, which remains subject to official sign-off.

“Although Barrick signed the agreement presented by the government as requested in February, the government has failed to execute it. Its conclusion now appears to be obstructed by a small group of individuals placing personal or political interests above the long-term interests of Mali and its people,” the company stated.

The Loulo-Gounkoto shutdown followed the state’s January seizure of roughly three tonnes of gold, citing separate tax-related claims. That issue is distinct from the matter behind this week’s office closure, a source clarified.

Roughly 40 Malian employees from Loulo-Gounkoto are being temporarily relocated to Barrick’s Kibali mine in the Democratic Republic of Congo, according to Reuters.

The South African gold producer already stopped mining at Damang in 2023 and has been processing stockpiles only. It confirmed on Monday that authorities instructed it to vacate the lease area by the April 18 expiry date.

“The government has instructed Gold Fields to cease operations and vacate the lease area by the 18th April on expiry of the lease,” the company said, adding it was “preparing to safely and responsibly cease operations and ensure the safety and security of our people and high-risk operations.”

Damang is the smaller of Gold Fields’ two mines in Ghana after Tarkwa — the country’s largest open-pit gold operation. Damang produced 135,000 oz. of gold in 2024, accounting for about 6% of the group’s total output of 2.15 million oz.

The company has been reviewing the future of its smaller operations including Damang and the Cerro Corona mine in Peru, which has less than five years of mine life remaining. Following its $1.6 billion acquisition of Osisko Mining last fall, Gold Fields has shifted its focus to the recently commissioned Salares Norte mine in Chile and the Windfall project in Canada.

Shares of Gold Fields dropped 4% following the announcement, giving the company a market capitalization of $22.22 billion.

Trump paused import levies on a suite of consumer electronics — including smartphones and memory chips — late on Friday. Still, by Sunday, he was pledging to apply different, specific tariffs to phones, computers and other popular consumer electronics.

On the COMEX, copper for May delivery rose to $4.623 per lb. ($10,171/tonne) in morning trade. Meanwhile, the red metal traded 0.5% higher at $9,195 a tonne on the London Metal Exchange.

China’s March trade data, released Monday, showed that metals exporters front-loaded shipments in anticipation of worsening trade frictions in the last full month before the US tariffs take effect.

Steel exports rose 5.7% to a five-month high, while aluminum remained steady despite the withdrawal of China’s export tax rebate in December. Meanwhile, iron ore imports dropped 6.7%. Purchases of unwrought copper also slipped after cargoes were diverted to profit from higher prices in the US.

Who controls the future of copper mining?

MINING.COM and The Northern Miner mapped global copper production through a geopolitical lens, dividing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.

Check out our new infographic:

The letter was signed by seven union organizations, including the International Brotherhood of Boilermakers Local 627, IBEW Local 570 and the Western States Regional Council of Carpenters, among others.

By 11 a.m. ET, Hudbay Minerals’ shares had risen 4% to C$9.48 apiece, giving the Toronto-based company a market capitalization of C$3.73 billion ($2.69 billion).

Hudbay’s proposed 85,000-tonne-per-year Copper World project in Arizona is currently fully permitted to begin construction.

In January, the miner announced that the Arizona Department of Environmental Quality (ADEQ) had issued its air quality permit. Combined with earlier approvals for aquifer protection and land reclamation, this marked the completion of the project’s permitting process.

The company is now focused on completing a definitive feasibility study (DFS) with an internal rate of return greater than 15%. The study is already underway and is expected to be completed in the first half of 2026.

According to Hudbay, Copper World is expected to increase the company’s annual copper production by more than 50% from current levels. The company also has copper mines in Canada and Peru.

Mine construction is anticipated to generate over 400 direct jobs and as many as 3,000 indirect jobs. Over its expected 20-year life, the mine is projected to contribute more than $850 million in US taxes, including $420 million to state and local governments.

Saudi, UAE and Japanese interest

Bloomberg News reported last month that Hudbay is in talks with investors from the Middle East and Japan to sell a minority stake in the Copper World project.

Chief executive officer Peter Kukielski told Bloomberg on Thursday that he met with “a lot of the key interested parties” in Saudi Arabia in November last year.

Among the potential investors is reportedly Manara Minerals Investment Co., though the Saudi venture has not confirmed its interest.

According to Kukielski, the project has also attracted interest from Japanese trading houses and UAE investors.

MINING.COM and The Northern Miner mapped global copper production through a geopolitical lens, dividing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.

These groupings reflect geographic, social, cultural, and economic ties—and possible alignments in a more polarized world.

America still ahead

The American Sphere leads with 48.7% of global copper output over the past five years, followed by the Chinese Sphere at 29.9%.

The Russian Sphere and the Coalition of the Willing each account for just under 10%, while 1.9% remains undrafted.

The bottom panel ranks top-producing countries, led by Chile, the DRC, and Peru.

(By Anthony Vaccaro; Files from: Ali Ravaghi; Creative: James Alafriz)

Silver is currently trading at $30.25 per ounce.

“We think silver prices below $30/oz are unlikely to last over the next 3–6 months,” the Swiss bank said in a note to clients.

UBS reaffirmed its forecast that silver could trade as high as $38 per ounce in the second half of this year.

The bank attributes the recent dip in silver prices to a broader “risk-off” sentiment in global markets, driven largely by US President Donald Trump’s trade policies, which have triggered a significant stock market correction.

However, UBS expects the decline in silver prices to be temporary and “unlikely to be of a similar magnitude” to the drop seen during the covid-19 pandemic.

The bank also noted that continued investor demand and the prospect of further interest rate cuts by the U.S. Federal Reserve are positive indicators that should support higher silver prices in the coming months.

A weaker U.S. dollar is also expected to lower the opportunity cost of holding silver, further boosting its appeal.

Reko Diq is considered one of the largest undeveloped copper-gold deposits in the world, projected to generate over $70 billion in free cash flow and $90 billion in operating cash flow over its lifetime. The project is jointly owned by Barrick and the governments of Pakistan and Balochistan.

Phase 1 of the project, targeted to begin production in 2028, is currently under financing negotiations with multiple international lenders.

According to Cribb, the mine is seeking $650 million from the International Finance Corporation and International Development Association, $500 million to $1 billion from the US Export-Import Bank, and $500 million from other development finance institutions, including the Asian Development Bank, Export Development Canada and the Japan Bank for International Cooperation.

“We expect to close the term sheet in either late Q2 or early Q3,” Cribb said.

A recent feasibility study expanded the scope of the project. Phase 1 throughput is now expected to reach 45 million tonnes per year, up from 40 million, while Phase 2 is projected to process 90 million tonnes annually, up from 80 million. As a result of the increased throughput, the mine’s lifespan has been revised down from 42 years to 37 years, although unaccounted-for mineral resources could extend it to as much as 80 years. The estimated cost for Phase 1 rose from $4 billion to $5.6 billion.

Lenders are expected to secure offtake agreements as part of the financing terms. Potential buyers include countries in Asia such as Japan and South Korea, and European nations like Sweden and Germany, all seeking to lock in copper supply for industrial needs.

The World Bank has also pledged to invest $2 billion annually in Pakistan’s infrastructure over the next decade, reinforcing the country’s appeal for international development financing.

Strategic shift toward copper

Financing Reko Diq marks another major step in Barrick’s strategic pivot toward copper. CEO Mark Bristow has long expressed interest in growing the company’s copper portfolio, including previously exploring takeovers of copper giants Freeport-McMoRan and First Quantum Minerals — deals that ultimately did not materialize.

Reflecting this shift, the company is proposing a name change from Barrick Gold to Barrick Mining Corp.

“Barrick’s just really interested in copper now,” Carey MacRury, a mining analyst with Canaccord Genuity Group, told Bloomberg News.

“They haven’t really bought anything in gold, and they haven’t really built anything in gold since Bristow took over.”

(With files from Reuters and Bloomberg)

A 20% drop from a recent peak is typically defined as entering a bear market.

Investors have been selling the metal since Thursday, as tariffs fueled concerns over a global trade war and a potential economic slowdown.

On the COMEX, copper for May delivery fell to $4.156 per lb. ($9,143/tonne) in morning trade—the biggest three-day loss on record, according to data compiled by Bloomberg.

“Metals are under significant pressure from dampened sentiment, as the world braces for a possible recession and heightened geopolitical tensions that threaten demand,” Sabrin Chowdhury, head of commodities at BMI, a Fitch Solutions unit, said in a note.

“The strong likelihood of a severe downturn in metals demand in a full-blown trade war will keep metal prices under pressure in the coming weeks.”

Positive outlook

Despite losses driven by Trump tariffs, the head of Chile’s Antofagasta, Iván Arriagada, said AI and other emerging technologies could help offset declines in traditional consumption caused by economic weakness.

Speaking at the CESCO Copper Conference in Santiago, Arriagada said he expects copper supplies—essential for construction and the green energy transition—to remain tight.

He also noted that President Donald Trump’s policies could ultimately create a more favorable environment for mining investment.

(With files from Bloomberg and Reuters)

The support package includes deferring business taxes, including the mining tax, for six months. The province will provide up to C$9 billion in cash flow relief to about 80,000 Ontario businesses by offering six months of interest and penalty relief, allowing them to temporarily delay payments.

This deferral period runs from April 1, 2025, to October 1, 2025. All deferred taxes must be paid in full by the end of that period.

The mining tax is levied on profits from the extraction and sale of mineral substances by operators of Ontario mines.

In addition to the tax relief, the province is issuing a further $2 billion rebate for safe employers to help businesses retain workers. This follows a $2 billion rebate distributed in March.

In a post on X, Premier Doug Ford said the measures aim to support workers and businesses during a time when “President Trump’s tariffs are causing enormous economic uncertainty.”

While Canada was spared the Trump administration’s global tariffs on April 2, it still faces levies on steel and aluminum exports to the US, as well as on autos that do not meet the terms of the United States-Mexico-Canada Agreement (USMCA).

Last month, the federal government announced C$6.5 billion in financial aid to help companies expand into new international markets, mitigate losses, access affordable loans and avoid layoffs.

Ontario ranks among the world’s top 10 jurisdictions for mineral exploration spending and is a leading producer of gold, copper, nickel, and platinum group elements.

In 2023, the province generated C$15.7 billion worth of minerals — representing 26% of Canada’s total mineral production value. Over 40% of Canada’s total gold production by value came from Ontario.

Although metals were largely excluded from the sweeping trade restrictions, fears remain that the broader economic effects of Trump’s policies could slow global growth and hurt consumption.

Copper takes a hit

On the COMEX, copper for May delivery fell to $4.839 per lb. ($10,645/tonne), marking a 10% decline from last week’s record high. Meanwhile, copper on the London Metal Exchange slid as much as 2% to $9,510.5/tonne, with aluminum also dropping to its lowest level in nearly seven months.

“Industrial metals are under short-term pressure, as investors pour money into safe-haven assets and sell risk assets,” said Jia Zheng, a senior trader at Shanghai Dongwu Jiuying Investment Management Co., in an interview with Bloomberg.

Adding to the uncertainty, China — facing a 54% tariff on its shipments to the US — has vowed countermeasures, while Japan has urged the Trump administration to grant exemptions.

The European Union, hit with a 20% levy — double the global minimum of 10% — is also expected to retaliate.

Copper stocks tumble

The sharp decline in copper prices had an immediate effect on major copper producers, with most of them experiencing significant losses in the stock market.

Teck (TSE: TECK.B) suffered the steepest decline, dropping 8.2%. Freeport-McMoRan (NYSE: FCX) also took a major hit, plunging 7.9%. Glencore plc (LON: GLEN) and Anglo American plc (LON: AAL) saw their shares decline 6.1% and 6.3%, respectively, amid the broader market sell-off.

Global miners BHP (NYSE: BHP) and Rio Tinto (NYSE: RIO) also posted losses of 1.9% and 1.2%, respectively.

Market analysts warn that copper prices may face continued downward pressure as investors digest the full implications of the new tariffs. Citigroup analysts, including Max Layton, predict that copper prices could slide further to $8,500/t in the second quarter as tariff-related concerns weigh on global growth expectations.

At the same time, a substantial amount of physical copper — potentially up to 500,000 tonnes — could be redirected to the US to take advantage of the ongoing arbitrage opportunity, according to trade house Mercuria.

The decision follows failed negotiations for a land access agreement with the community of Carrizalillo.

Shares of the Canadian miner fell 3.4% on Tuesday morning to C$9.55 following the news, bringing its market capitalization to C$4.3 billion ($3.1 billion).

Discussions with all three local communities began in November 2023, with Carrizalillo being the lone dissenter. Mezcala and Xochipala signed long-term agreements in January 2025.

The agreements, according to Equinox, ensure “the economic and investment conditions necessary for continued operations at the Los Filos mine, including the proposed construction of a new 10,000-tonne-per-day carbon-in-leach processing plant to increase gold recoveries from higher-grade ore.”

Los Filos produced 170,369 oz. of gold in 2024 at an all-in sustaining cost of $2,185 per oz. The property is estimated to house reserves of 5.35 million oz. at 0.86 gram per tonne (g/t) gold and resources of 7.9 million oz. at 0.75 g/t gold.

Total life-of-mine gold production is estimated at 3.97 million oz., peaking between 2025 and 2030 at an average production of 360,000 oz. per year.

Equinox has not included any production from the Los Filos mine in its 2025 production guidance.

Chile’s state-owned miner produced 1.44 million tonnes of copper last year, compared to BHP’s attributable production of 1.43 million tonnes, according to Bloomberg Intelligence estimates.

Codelco has been working to complete key projects that will unlock richer ore deposits in its aging mines. The company is also seeking additional investment, including early-stage discussions with Saudi Arabia.

The miner is also pursuing new technologies, including a rock-shattering technology developed by Robert Friedland’s I-Pulse Inc., which uses electricity to break rocks more efficiently.

Mine rehabilitation is a priority for Codelco, as declining ore quality requires the company to extract more material to maintain production levels.

Meanwhile, BHP is also investing $10.8 billion to modernize its aging operations in Chile, where it manages Escondida, the world’s largest copper mine.

Copper price surge

Demand for copper remains strong, with many rushing to ship the metal into the United States amid reports that a tariff on copper may be implemented sooner than expected.

Last week, New York copper futures reached a historic high of approximately $11,840 per tonne. By Monday morning, May copper contracts were trading down 2% at $11,066 per tonne.

At a recent Financial Times commodities summit in Switzerland, major traders predicted that copper prices could exceed $12,000 per tonne this year as global supply concerns intensify.

The talks are still in the early stages. Roche Dure is one of the world’s largest hard-rock lithium deposits.

Neither Rio Tinto nor Congo’s Ministry of Mines commented on the report. Congo is also in early discussions with the US government regarding a potential minerals-for-security agreement aimed at supporting efforts to combat a Rwanda-backed rebellion in its eastern provinces.

Lithium rush

Last week, Bloomberg reported that California-based exploration firm KoBold Metals — backed by billionaires including Bill Gates and Jeff Bezos — expressed interest in developing Roche Dure once disputes over its mining rights are resolved. One option under consideration is a partnership between KoBold and Rio Tinto to jointly build and operate the mine.

The Roche Dure deposit was first defined by AVZ Minerals, which had planned to develop a facility capable of producing 700,000 tonnes of lithium concentrate annually for 20 years. This would have made it the largest lithium mine outside Australia. AVZ was close to starting construction when the Congolese government revoked its rights in 2023.

Rio Tinto is actively expanding its lithium business, capitalizing on lower prices caused by oversupply.

Last year, the company agreed to acquire Arcadium Lithium for $6.7 billion, the biggest mining deal in over a decade. It is also advancing the Jadar lithium project in Serbia — which would be Europe’s largest lithium mine — and the Rincon lithium operation in Argentina.

The decision marks a shift from the previous practice, where consultation occurred during the exploration permitting phase, and follows a 2023 BC Supreme Court ruling in Gitxaała v. British Columbia, which established that First Nations must be consulted at the time of claim staking.

Under the new system, individuals holding a Free Miner Certificate can apply for a mineral or placer claim through the Mineral Titles Online (MTO) system. Application fees remain unchanged.

Once an application is submitted, provincial staff will consult with First Nations. The chief gold commissioner will then determine whether the duty to consult has been met and whether the claim should be registered, registered with accommodations, or denied.

In 2024, British Columbia registered 5,048 mineral claims and 1,635 placer claims. The province says all pre-existing claims will remain valid.

First Nations criticize new framework

Following the announcement, BC Assembly of First Nations Regional Chief Terry Teegee criticized the changes, stating they “do not come close” to aligning with the collaborative approach outlined in the province’s Indigenous rights law.

In an op-ed published in the Vancouver Sun, Teegee argued that BC’s law adopting the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) reflects a “duty to consent,” which goes beyond the duty to consult. He called the new mineral framework “a step backward.”

According to Teegee, the changes prevent companies from registering large swaths of land for mineral exploration without First Nations’ awareness, requiring them to notify Indigenous communities and await responses. He warned, however, that this shift could overwhelm First Nations offices, which often face staffing and capacity challenges.

“The framework risks perpetuating business-as-usual practices that exclude First Nations from critical decision-making processes,” he wrote.

According to the company, it has received a non-binding letter of interest from the bank to support the permitting, engineering design and construction of the project.

Following the news, Rare Element Resources traded 5% higher, giving the company a market cap of $387 million.

Earlier this month, US President Donald Trump invoked emergency powers to boost domestic production of critical minerals as part of a broader effort to counter China’s near-total control of the sector.

The executive order directed federal agencies such as EXIM to unlock permitting, funding and offtake agreements for critical minerals, including rare earths.

Rare Element Resources expects operations at the demonstration plant to commence in mid-2025, running for up to 10 months and producing up to 10 tonnes of neodymium-praseodymium oxide.

“EXIM, the official export credit agency of the United States, is mission-driven to support American jobs by facilitating the export of US goods and services. The Bear Lodge project fits squarely into these goals, including EXIM’s ‘Make More in America Initiative’ as well as the ‘China and Transformational Exports Program,’ both of which provide beneficial terms for US companies facing competition from China,” the company said in a statement.

Currently, China dominates the world’s rare earths production. It supplies about 38% of the world’s raw rare earth minerals and produces around 63% of global refined output.

Bear Lodge project

The Bear Lodge project in northeastern Wyoming has easy access to power and supporting infrastructure, Rare Element said. The processing facility is expected to be situated nearby in the town of Upton, in an established industrial area.

The Bear Lodge Mountains were initially prospected for gold in the late 19th and early 20th centuries. Rare earth mineralization was first discovered in 1949.

Hecla Mining (NYSE: HL) explored the Bear Lodge area — first for rare earths and later for gold — between 1987 and 1991. Their exploration identified the Bull Hill deposit based on three drill holes and the Whitetail Ridge mineralization based on two drill holes. From 1994 to 1996, the property was explored for gold.

In 2004, Rare Element initiated rare earth exploration within the Bull Hill target area. Between 2004 and 2013, more than 160,000 feet of drilling were completed across over 200 core holes, ranging from 88 to 1,886 feet in depth. In total, the project area has nearly 500 completed drill holes, totaling approximately 285,000 feet of core.

Geophysical and geological mapping also identified and confirmed rare earth exploration target areas at Bull Hill NW, Whitetail Ridge, Bull Hill West, Carbon and East Taylor.

Copper for May delivery rose as high as $5.2255 per lb. ($11,520 per tonne) on the COMEX in New York, surpassing the previous high set on May 20, 2024.

The front-month contract has gained about 29% this year, creating an unprecedented disconnect between US prices and the global benchmark set on the London Metal Exchange (LME).

Last month, Trump ordered the US Commerce Department to investigate possible copper tariffs on national security grounds. Since then, the gap between New York and London copper prices has widened, incentivizing traders to shift copper into the US ahead of any potential duties.

Goldman Sachs and Citigroup both expect the US to impose 25% import levies on copper by year-end.

According to Kostas Bintas, Mercuria’s head of metals trading, an estimated 500,000 tonnes of copper are being directed to the US, tightening supply in the rest of the global market. He told Bloomberg that LME prices could rise above $12,000 per tonne, up from around $10,000 currently, as the shortage deepens.

China prices in backwardation

Meanwhile, copper prices in Shanghai have entered modest backwardation, signaling expectations of strong Chinese demand.

The front-month April copper contract on the Shanghai Futures Exchange closed at 81,900 yuan ($11,277.88) per tonne on Tuesday, 0.75% higher than the September contract.

However, a copper trader told Reuters that the current backwardation is mild, reflecting solid demand rather than acute supply shortages.

Two other traders noted that the pricing dynamic is also influenced by increased Chinese refined copper exports and smelter maintenance in March due to limited copper concentrate supply. Customs data showed a 119% year-over-year surge in China’s refined copper exports for the first two months of 2024.

“A lot of copper has flowed to the United States, drawn by higher prices, leading to reduced imports,” another trader said. “China also shipped more cargoes in the first two months of the year, while stockpiles continued to decline.”

(With files from Bloomberg and Reuters)

Trump’s executive order, signed Thursday, leverages the Defense Production Act to provide financing, loans, and other investment support for domestic processing of critical minerals and rare earth elements.

The order also underscores the historical significance of US mining and the need for a stable, predictable supply of essential minerals, including copper and gold, for defense, technology and infrastructure. It also directs federal agencies to expedite approvals for domestic mineral production projects.

By 12:39 p.m. ET, Northern Dynasty’s shares had climbed 32% to C$1.73, pushing the company’s market capitalization to C$908 million ($634 million), with investors expecting that the order could fast-track its flagship Pebble project in Alaska.

Controversial copper project

Northern Dynasty’s Pebble project is considered the world’s largest undeveloped copper deposit. Alongside significant amounts of gold, molybdenum and silver, the deposit contains a notable rhenium resource, a mineral critical for military applications.

However, the project has faced strong opposition for nearly two decades due to its potential environmental impact. The proposed mine site lies in the Bristol Bay region, home to the world’s largest sockeye salmon fisheries.

In January 2023, the US Environmental Protection Agency blocked the project by prohibiting Northern Dynasty’s US subsidiary from storing mine waste in the Bristol Bay watershed. The company has since filed a complaint, arguing that the EPA’s decision violates federal statutes, including Alaska’s statehood rights and a land exchange approved by Congress.

Over an estimated 20-year mine life, Pebble is expected to churn out 6.4 billion lb. of copper; 7.4 million oz. of gold and 300 million lb. of molybdenum, plus 37 million oz. of silver and 200,000 kg of rhenium.

Chief executive officer Peter Kukielski told Bloomberg on Thursday that he met with “a lot of the key interested parties” in Saudi Arabia in November last year.

Among the potential investors is Manara Minerals Investment Co., though the Saudi venture has not confirmed its interest.

According to Kukielski, the project has also attracted interest from Japanese trading houses and UAE investors.

The sale process is expected to conclude within six months, with Hudbay planning to sell up to 30% of the project.

By 11 a.m. ET, Hudbay Minerals’ shares had risen 0.8% to C$12.04 apiece, giving the Toronto-based company a market capitalization of C$4.75 billion ($3.31 billion).

Copper rush

US President Donald Trump’s threats to impose tariffs on foreign copper imports have incentivized domestic investment in the metal.

Last month, Trump ordered the Commerce Department to investigate US copper imports. Since then, US copper prices have surged, as traders rushed to ship more of the metal into the country ahead of potential duties.

On Thursday, copper prices in London rose as much as 0.6% to $10,046.50 per tonne, while prices on New York’s Comex traded near a record high.

Focus on Arizona

Hudbay’s proposed 85,000-tonne-per-year Copper World project in Arizona is currently fully permitted to begin construction.

In January, the miner announced that the Arizona Department of Environmental Quality (ADEQ) had issued its air quality permit. Combined with earlier approvals for aquifer protection and land reclamation, this marked the completion of the project’s permitting process.

The company is now focusing on completing a definitive feasibility study (DFS) with an internal rate of return greater than 15%. The study is already underway and is expected to be completed in the first half of 2026.

According to Hudbay, Copper World is expected to increase its annual copper production by over 50% from current levels. The company also has copper mines in Canada and Peru.

An updated prefeasibility study for Phase I of Copper World estimates an after-tax net present value (NPV) of $1.1 billion (at an 8% discount rate) and an internal rate of return (IRR) of 19%, based on a copper price of $3.75/lb.

In a statement, Rio said it had already conducted a “robust and comprehensive review of the structure” and had engaged with various stakeholders, including Palliser.

“A unification of the dual-listed companies (DLC) structure is not required to provide the group with strategic flexibility,” the miner stated.

“Unifying the DLC would be value-destructive for the group and its shareholders.”

Rio Tinto’s annual shareholder meetings are scheduled for April 3 in London and May 1 in Australia.

In December, Palliser Capital urged Rio Tinto’s chair to abandon its primary London listing and consolidate its corporate structure into a single Australian-domiciled company.

According to Palliser, unification would strengthen the company’s share price. However, Australian shareholders argue that such a move would erode value.

Rio Tinto currently has approximately 371.2 million shares listed on the Australian Stock Exchange and 1.25 billion shares on the London Stock Exchange.

Palliser, which holds about $300 million in Rio Tinto shares across both listings, has campaigned for nearly a year to consolidate the miner’s primary listing in Australia, arguing that the dual-listed structure has cost investors $50 billion in value.

Rio Tinto has operated under a dual listing since December 1995 and has consistently resisted calls for change.

An internal review conducted by the company last year concluded that its DLC structure remains effective and continues to benefit both the company and its shareholders.

BHP, facing pressure from activist investors, ended a similar dual-listing structure in 2022, and now has a primary listing in Australia.

London’s shrinking market

A move by Rio Tinto to unify its structure would deal another blow to the FTSE 100 — London’s benchmark index of the largest listed companies.

The London Stock Exchange is already grappling with a decline in listings and an exodus of major corporations. Auditing giant EY reported that 88 companies delisted or transferred their primary listing from London’s main market last year, the highest number since 2009.

Swiss miner and commodities trader Glencore (LON: GLEN) added to concerns in January by announcing it was considering shifting its primary listing to New York or another venue where it could achieve better valuation.

The suspension will affect deposits with an annual production of less than 1 million carats, according to Russia’s state-owned diamond miner.

The company stated that it still plans to produce 29 million carats of diamonds in 2025, but in November 2024, Alrosa indicated that it might suspend some production in 2025 and reduce staff.

The world’s largest producer of rough diamonds by volume has been impacted by a ban on Russian diamond sales to G7 and EU countries as part of Western sanctions.

These countries have agreed to ban direct imports of Russian diamonds starting January 1 2024 and to phase in a full ban on Russian-origin stones via third countries beginning March 1 2024, in response to Moscow’s actions in Ukraine.

Alrosa’s output fell by 4.6% to 33 million carats in 2024, while net profit declined by 77.3% to 19.3 billion roubles ($216.26 million).

To offset the impact of the sanctions, the Russian government regularly purchases diamonds from Alrosa through a state fund.

(With files from Reuters)

Chinese authorities unveiled a special action plan over the weekend aimed at boosting spending by increasing incomes.

Consumption in the country grew faster at the start of the year, helping offset the impact of US President Donald Trump’s tariffs, which are putting pressure on Chinese exporters. Retail sales increased by 4% in the first two months, exceeding forecasts.

However, demand from China’s property sector, a pillar of metals demand, has yet to bottom out. Chinese new-home prices fell at a quicker pace last month.

On Monday morning, copper for May delivery was trading 1% higher at $4.95 per pound ($9,900 per tonne) on the Comex market in New York.

Copper prices have risen around 12% this year after President Donald Trump signed an executive order initiating a Section 232 review of copper imports. These investigations assess the impact of imports on national security.

In addition, the copper market is grappling with a mine supply shortfall.

Last week, top supplier Codelco warned that production this quarter will be similar to or slightly below year-ago levels due to maintenance work at its El Teniente underground operation in central Chile.

The country, the world’s largest copper producer, saw its output decline by 24% month-over-month in January, marking a nine-month low.

Citigroup said it expects LME copper to hit $10,000 per tonne in the next three months as the global market remains tight.

Morgan Stanley also anticipates further gains in copper prices amid expectations of potential US tariffs.

(With files from Bloomberg)

Canadian miner Alphamin Resources (TSXV: AFM) announced Thursday it would temporarily cease operations at the mine due to unrest in North Kivu province.

The Rwanda-backed M23 rebel group has recently advanced westward toward the mine’s location, occupying the town of Nyabiondo on March 9. The rebels then took control of Kashebere, located 13 km further west, on March 12.

Tin, used to coat containers and solder circuits, climbed to as much as $37,100 per tonne in London, its highest since June 2022, before paring gains to $36,280 per tonne as of 12:25 p.m. local time. This follows a 7.4% surge on Thursday. In Shanghai, tin futures hit their daily 10% limit.

“It’s hard to evaluate how long the suspension will last, but it’s definitely going to worsen the existing global tin ore shortage,” First Futures Co. said in a note to Bloomberg.

“This comes at a time of relatively low LME tin stocks, with LME on-warrant stocks totalling 3,500 tonnes on Thursday, down by 27% from 4,800 tonnes at the end of 2024,” BMO Capital Markets said in a note.

Alphamin’s stock rose 8.4% on Friday morning in Toronto, giving the company a market capitalization of $443 million.

Congo weighs talks with M23

Political turmoil in the DRC is compounding the impact of a halt to mining in Myanmar’s Wa State, helping to lift LME tin prices by about 25% so far this year.

The Bisie mine produced 17,300 tonnes of tin ore in 2024, accounting for approximately 6% of global supply.

The M23 rebels have seized two of eastern Congo’s largest cities since January, escalating a long-running conflict rooted in the spillover from Rwanda’s 1994 genocide and the struggle for control over Congo’s vast mineral resources.

On Wednesday, Angola’s presidency announced that direct talks between Congo and M23 would begin in Luanda next week. If confirmed, it would mark the first direct negotiations between Congo’s government and the M23 rebels.

However, Congo President Félix Tshisekedi has previously rejected direct talks, and the government has yet to officially confirm its participation.

Elon Musk’s political rise once fueled Tesla’s stock—but now is it dragging it down?

Sentiment has turned sharply, sending shares tumbling. In Europe, sales are sinking as protests and growing dissatisfaction erode Tesla’s appeal. Once a market leader, Tesla is now losing ground to rivals in the EV space such as BYD.

Tesla’s European sales plunged 45% in January 2025, with just 8,843 vehicles sold—down from 16,318 a year prior—while the overall EV market surged 37.1%. Fierce competition from BYD and growing backlash over Elon Musk’s politics fueled the decline. Tesla’s European market share shrank from 1.8% to 1.1%.

Tariff on/Tariff off

U.S. President Donald Trump keeps playing a high-stakes game of “tariff on, tariff off” with Canada and Mexico, creating chaos for automakers.

Uncertainty looms as the industry braces for potential cost spikes and supply chain disruptions.

Meanwhile, Tesla’s stock continues to show downward trends, battered by weakening sales, rising competition, and growing investor skepticism.

By Anthony Vaccaro, with assistance from Ali Ravaghi

Copper prices have risen in recent weeks after President Donald Trump signed an executive order initiating a Section 232 review of copper imports. These investigations assess the impact of imports on national security.

Meanwhile, major commodity traders such as Glencore (LSE: GLEN) and Trafigura are rushing to ship copper to the US ahead of a potential tariff announcement, aiming to maximize profits, Bloomberg reported.

The global benchmark price set on the London Metal Exchange closed at $9,770 per tonne on Wednesday, while futures in New York are already trading above $10,000 per tonne.

On Thursday morning, copper for May delivery was trading 0.6% higher at $4.87 per pound ($10,071 per tonne) on the Comex market in New York.

“We think ex-US physical market tightening is likely to persist through May/June, temporarily offsetting price headwinds from broader US tariff announcements,” Citigroup analysts including Max Layton wrote in an emailed note.

Citi’s outlook marks a shift from its February forecast, when the bank predicted copper would fall to $8,500 per tonne in the second quarter. However, Citi still expects a price pullback “once tariff-induced US copper import demand collapses, which we expect as Section 232 copper tariff implementation draws nearer.”

In addition, supply constraints persist. Chile, the world’s largest copper producer, saw its output decline 24% month-over-month in January, marking a nine-month low, while demand from smelters continues to grow.

Morgan Stanley also anticipates further gains in copper prices amid expectations of potential US tariffs.

“With tariffs not yet imposed, there is a strong incentive to send metal to the US, tightening markets in the rest of the world as well,” Morgan Stanley noted.

“Being long on a commodity in contango can be challenging, as the futures price ‘rolls down’ to the spot price. However, in backwardation, it can ‘roll up,’ and this shift can often drive investor inflows,” the bank added.

(With files from Bloomberg)