If the USA imposes Cu tariffs and no-one plays tit-for-tat, the burden falls entirely on the US economy. We had an example of that when China imposed tariffs on Australia and we simply rearranged our customers, took a modest price hit, China lost our supply and eventually withdrew the imposts as it was hurting them economically.
Of course US Cu users are buying metal like mad ahead of the likely tariff. That is mainly an arbitrage opportunity. The real enduring question is whether the world is producing enough Cu, the answer I think is no.
To A1M. Metals producers are scouring the globe for extra Cu exposure ahead of the expected supply deficit. While A1M's current 20kt operation is noted, a 30/40kt output cannot be ignored.
This puts it on the M&A whiteboards of many players. It also makes it an attractive senior partner for eg a FNQ Cu consolidation.
The drill program announcement has landed as I write. There is much to like in a fully-funded resource definition drill program.
Ash
A1M Price at posting:
39.3¢ Sentiment: Buy Disclosure: Held
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