It could be a great time to examine ASX mining shares that have suffered from recent volatility, as a decline in valuations can create a very attractive buying opportunity.
Resource prices often experience fluctuations. In recent weeks, there has been significant volatility following the announcement by US President Trump regarding tariffs on goods from various countries. Currently, Chinese goods are subject to tariffs exceeding 100%.
If the global economy does feel the pain of these tariffs, ASX mining shares could see a hit to their profit generation. But when there's pain, buyers can find opportunities thanks to cheaper share prices.
With that in mind, I believe the two miners below could be attractive buys.
Rio Tinto is one of the world's largest miners, but its share price has still declined significantly – it's down 10% since 28 March 2025.
The business generates its profit from a number of commodities, including iron ore, copper, aluminium, and more. I think the diversification of the business could be useful during this uncertain period.
China buys a large amount of iron ore, so weakness in its economy could be problematic for Rio Tinto. If the tariff trade war hurts Chinese demand, profit is likely to take a hit.
However, I think China will likely want to support its economy, as it has done in the past. The Asian superpower will want to boost sectors like infrastructure and mining, which in turn could help iron ore.
I also like that the ASX mining share is increasing its copper exposure across different continents. This is positive because it diversifies its earnings away from iron ore further and gives exposure to growing demand. Rio Tinto says on its website that global copper demand is expected to grow by between 1.5% and 2.5% per year.
Sandfire is one of the largest copper miners on the ASX, with its copper-gold mine in Western Australia, the MATSA copper operations in Spain, and the Motheo copper operations in Botswana.
As the chart below shows, the Sandfire Resources share price has fallen more than 20% since 24 March 2025.
As I mentioned above, Rio Tinto estimates that copper demand is projected to grow between 1.5% and 2.5% per year. This should benefit Sandfire, too.
Copper is used in a number of different things such as water pipes, computers, smartphones, electronics, appliances, construction, electrical wiring (in houses, vehicles, and major transmission networks), renewable energy, and so on.
If the copper price were to fall further from where it is today, I'd say ASX mining shares with copper exposure, such as Sandfire Resources and Rio Tinto, would be even more appealing.
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