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.

Global coal demand is now forecast by the IEA to rise 1.2% in 2026 to 8.94 billion tonnes, reversing an expected decline as Strait of Hormuz disruptions drive LNG shortages and push thermal coal prices up to around $150/t. Increased coal-fired generation in Europe, Japan, South Korea, China and other gas-reliant markets with idle coal capacity, combined with an unusually strong El Niño cutting hydropower, is tightening supply. Global output will stay above 9 Bt but dip in 2026 after Chinese safety inspections, with a modest production rebound only expected in 2027.

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.