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Webinar Replay
Wednesday, May 14, 2025
2:00 PM - 3:00 PM UTC
1 hour
Live Webinar
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:
S&P Global Commodity Insights
Director of Metals & Mining Research
Kevin Murphy is a Research Director for Metals and Mining Research with S&P Global Market Intelligence and is based out of Halifax, Nova Scotia. He manages a group of analysts with the Metals & Mining Research group and writes analysis on various aspects of the industry including exploration, discoveries and production pipelines.
He began his career in metals and mining in 2007 as an analyst for Metals Economics Group which, through a series of acquisitions, became the core of S&P Global Market Intelligence’s Metals & Mining division. He is passionate about the mining industry and its critical role in the global economy.
S&P Global Commodity Insights
S&P Global Commodity Insights
Associate Research Analyst, Metals & Mining Research
Gian Seblos is a Mining Analyst in the Metals and Mining Research Team based in the Philippines. He is a part of the Mine Economics team which focuses on discount cash flow models of production and costs for life-of-mine across many mine types and commodities.
Prior to joining S&P Global Commodity Insights, he worked as a financial modeling associate for S&P Global Market Intelligence, creating custom models involving mining and energy datasets for clients worldwide.
Gian holds a BSc in Mining Engineering from the University of the Philippines.
S&P Global Commodity Insights
S&P Global Commodity Insights
Associate Research Analyst, Metals and Mining Research
Naditha Manubag is an Associate Research Analyst in the Metals and Mining Research Team.
She is based in the Philippines as a member of the Mine Economics team which focuses on cash-flow and cost analysis of mine models in various commodities. Naditha is a licensed mining engineer who earned her BSc degree in Mining Engineering from the University of the Philippines and has experience working in an underground gold mine before joining S&P Global Commodity Insights.
Please contact us if you need more information or have trouble accessing the webinar.