Shares of major mining companies like Anglo American, BHP Group, Glencore, and Rio Tinto have risen following the shock of tariffs in April 2025. Investors are optimistic about China’s demand for commodities, believing tariffs won’t significantly impact growth. Commodity price assumptions have been updated, but fair value estimates remain stable.

Despite geopolitical uncertainty and trade disputes, fair values for non-gold, non-lithium mining companies remain largely unchanged. Companies like BHP, Rio Tinto, and Vale have reiterated fair values, while South32’s value has fallen 6% to AUD 3.20. Glencore, Whitehaven, and New Hope trade below fair values due to lower coal prices.

Mineral Resources is trading at half its fair value due to low lithium prices and balance sheet concerns. However, the company is expected to benefit from recovery in lithium prices and increased production at its Onslow mine. Iluka is also undervalued due to slow markets and low rare earths prices, presenting an opportunity for potential growth.

Read more at Morningstar: Mining Stocks’ Fair Values Updated on New Commodity Price Assumptions