Mining Stocks Fall Amid US–Israel–Iran War

Rising Middle East tensions following the US–Israel military campaign against Iran triggered retaliatory strikes across the region, unsettling global financial markets and commodity prices. Uncertainty led global mining equities to fall sharply, with precious metals producers losing up to 13% in market value even as diversified and copper‑focused miners showed greater resilience.

Mining stocks fell sharply as tensions in the Middle East escalated following a US-Israel military campaign against Iran. Precious metals producers lost up to 13% in market value, though diversified miners and copper-focused companies held gains. Year-to-date, top miners remain up 15% or more, reflecting strong 2026 performance despite geopolitical uncertainty.

Gold futures nearly fell through US$5,000/oz before recovering more than US$100/oz by the close, marking a 3.5% decline for the day. Silver followed a similar pattern, trading above US$83/oz in late deals, down 6% from March 2. Copper declined 2%, finishing at US$5.83 per pound, after earlier wiping out 2026 gains. Year-to-date, gold and silver remain up more than 15%.

Mining equities mirrored commodity volatility. Precious metals companies posted the largest losses. Newmont dropped 7.9% to a US$129 billion market cap, Barrick Mining fell 8.3% to US$78 billion, and AngloGold Ashanti declined 10.4% to US$58 billion. 

Royalty and streaming firms Wheaton Precious Metals fell 8.7% to US$68.7 billion, while Franco-Nevada decreased 5.6% to US$50 billion. US trading units of silver miner Fresnillo fell 9.3% to US$38.3 billion, and Pan American Silver dropped 8.2% to US$26 billion. Valterra Platinum led losses, down 13.6% to US$25 billion after platinum fell 10% to just above US$2,000/oz, later recovering $150 in after-hours trading.

Copper and diversified producers were less affected. BHP fell 5.6% but maintained a US$200 billion-plus valuation. BHP Chairman Ross McEwan said the company sees minimal immediate impact from the US-Iran conflict, as almost all output goes to Asia. “We run scenarios across many situations. You look and see what the impact could be, and it is not in our hands to do much about that, other than respond.”

Southern Copper dropped 5.8% to US$170 billion, Rio Tinto declined 4.3% to US$162 billion, and Freeport-McMoRan fell 4.0% to US$94 billion after trading more than 25 million shares. 

Glencore decreased 2.1% to US$82 billion, aided by its oil trading business. Vale lost 6.0% to US$68.3 billion. Anglo American and merger partner Teck Resources lost just over 3%, reaching valuations of US$49 billion and US$27 billion, respectively. Anglo is considering a third De Beers writedown as weak diamond prices continue.

Other copper-focused companies faced heavier declines. Ivanhoe Mines fell 7.9% to US$15 billion, First Quantum Minerals lost 8.7% to US$22 billion, Antofagasta dropped 5.6% to US$51 billion, and KGHM declined 12.3% to US$16 billion. 

Chinese miners also retreated: Zijin Mining fell 9.2% to US$142.3 billion, CMOC Group dropped 6.9%, and Jiangxi Copper lost 7.1% in Hong Kong.

Despite the sell-off, experts point out that top mining stocks remain positive year-to-date. Compared with 2025, many heavyweight miners have doubled, tripled, or even quadrupled in value.

United States, Israel Attack Iran

The Middle East conflict intensified following a joint US-Israel military campaign against Iran, triggering retaliatory strikes on Israel and neighboring Gulf states. The operation targeted nearly 2,000 Iranian military sites, with President Donald Trump claiming the strikes effectively neutralized Iran’s navy, air force, and other strategic capabilities. Iranian missiles and drones continue to hit US facilities and allied targets in the region, including embassies in Saudi Arabia, Kuwait, and Lebanon, and a US military base in Qatar.

Casualties are rising, with over 1,000 deaths reported in Iran, including civilians, and Iranian leadership is reportedly selecting a new supreme leader following the killing of Ayatollah Ali Khamenei. Israel has also targeted Iran-backed Hezbollah positions in Lebanon, prompting evacuations in several villages. Gulf states such as Kuwait, the UAE, and Saudi Arabia have intercepted hundreds of Iranian missiles and drones, highlighting ongoing concerns about the region’s defense capabilities.

The conflict has disrupted key industries, with energy markets particularly affected as oil and natural gas prices rise amid an effective closure of the Strait of Hormuz.

In Washington, lawmakers remain divided over the US military campaign, with a Senate vote on requiring congressional approval for continued operations scheduled for March 4 and a House vote on March 5. US and Israeli officials cite preventing Iran’s nuclear ambitions and preempting potential attacks as justifications, though the UN nuclear watchdog reports Iran is not imminently close to atomic weapons.