New Tariffs Target Copper, Security Slips: This Week in Mining

Donald Trump announced the United States will impose a 50% tariff on copper imports and may apply up to 200% on pharmaceuticals. After the announcement, copper prices surged nearly 17% In addition, recent attacks on Mexico's mining sector include the hijacking of a truck with 33t of gold concentrate and the burning of seven Peñoles trucks.

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Trump Proposes New Tariffs on Copper, Pharmaceutical Imports

US President Donald Trump has revealed intentions to impose a 50% tariff on copper imports and signaled that pharmaceutical products could soon face duties as high as 200%. “Today we are focusing on copper,” Trump stated during a cabinet meeting, adding that Washington will soon announce measures regarding pharmaceutical imports. Treasury Secretary Scott Bessent noted that the administration’s overall tariff policy could raise over US$300 billion in government revenue by year-end.

Copper Hits Record High on Trump’s 50% Tariff Plan

Copper prices have surged after Donald Trump announced a proposed 50% tariff on the industrial metal.  The news sent copper futures in New York soaring to a record US$5.9535/lb, marking an intraday jump of nearly 17%. The copper tariff is part of a broader package of targeted trade measures Trump is preparing, which could also affect industries such as pharmaceuticals and semiconductors.

Armed Group Hijacks 33t of Concentrate From Grupo Minero Bacis

Criminal groups targeted two mining operations this weekend. In Durango, an armed group hijacked a truck hauling 33t of gold and silver concentrate belonging to Grupo Minero Bacis, while in Guerrero, at least seven transport trucks from Peñoles' Capela mine were set on fire.

Almaden Minerals’ ICSID Arbitration Published

Canada-based mining company Almaden Minerals announced that the document detailing its international arbitration claim against Mexico is now publicly available. The document, known as a Memorial, was filed in March 2025 under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and can be accessed on the website of the International Centre for the Settlement of Investment Disputes (ICSID).

Supreme Court Confirms Constitutionality of 2023 Mining Reforms

By majority vote, Mexico’s Supreme Court ruled that the decree published in May 2023, amending the Mining Law, National Water Law, General Law on Ecological Balance and Environmental Protection, and the General Law for the Prevention and Comprehensive Management of Waste, does not violate the Constitution. The Court also rejected an injunction filed by a mining company seeking to suspend the implementation of these laws.

Mining Royalties Account for Over Half of SGM Revenue in 2024

The Mexican Geological Survey (SGM) received over half of its income in 2024 from mining royalties, totaling more than MX$1.028 billion (US$58.7 million). These payments came from companies and individual miners who rely on the agency’s support to discover deposits of gold, silver, copper, calcium, bronze, and other metals. 

Sonoro Gold Secures Surface Rights for Cerro Caliche Project

Canada-based gold company Sonoro Gold says it has secured all necessary surface rights for its Cerro Caliche Gold Project in Sonora through a lease agreement with the property owner. The company considers this a critical step for the future construction and operation of its gold mine.

Goldgroup Finalizes Acquisition of Fully Permitted Pinos Project

Goldgroup Mining has officially completed the acquisition of 100% ownership in the fully permitted Pinos gold and silver project, located in Zacatecas. 

Quetzal Copper to Acquire Silverco Mining

Quetzal Copper has signed a binding letter of intent with privately held Silverco Mining to acquire all of Silverco’s outstanding shares. The proposed transaction, effective June 25, 2025, constitutes a reverse takeover under TSX Venture Exchange (TSX-V) policies and would result in Silverco becoming the controlling entity. As part of the deal, Quetzal plans to rebrand as "Silverco Mining Ltd." and list as a Tier 2 mining issuer on the TSX-V.