Mining stocks reversed sharply as copper producers Freeport-McMoRan and Teck Resources fell about 7% after a report that the White House has yet to decide on refined copper tariffs. The pullback comes just as Freeport’s $100 billion valuation is again in focus, magnifying sensitivity to policy risk around US trade measures. For mine planners and project financiers, the move signals renewed volatility in copper, silver and gold pricing that could affect hurdle rates, hedging strategies and near-term approvals for large capital projects.

Platinum and palladium price forecasts have been cut by BMI as shrinking global car sales curb autocatalyst demand and South African PGM supply recovers, easing earlier deficit concerns. Sibanye-Stillwater is restructuring a loss-making shaft in South Africa and simultaneously facing a strike at its Stillwater and East Boulder palladium operations in Montana, adding mine-level uncertainty. The World Platinum Investment Council estimates above-ground platinum stocks will fall to cover only about 3.4 months of demand by year-end, signalling tighter physical availability despite softer prices.

Osisko Metals has extended mineralisation beneath the historic Gaspé Copper mine in eastern Quebec, with hole 30-1228 cutting 257 m at 0.85% Cu and 5.13 g/t Ag from 33 m, including 28.5 m at 4.74% Cu and 27.4 g/t Ag about 200 m downhole, 50 m below the historical C zone to 275 m vertical depth. The porphyry copper-skarn project now hosts 1.83 billion measured and indicated tonnes at 0.27% Cu and 0.017% Mo, supporting a planned 160,000 t/d operation with estimated initial capex of about US$1.4 billion. Infill and expansion drilling, including June’s 80 m at 1.93% Cu at Needle Mountain, is aimed at upgrading inferred resources and testing zones currently modelled as waste inside the conceptual pit.