The Mining Insider

A landslide killed two workers and partly halted Codelco's El Teniente. Copper hit a two-week high near US$14,688 a tonne as Chile risks stack up. Escondida's mediation clock and Centinela's talks reach decision points. The long-term uranium price passed its 2007 peak. Arafura lifted its binding NdPr offtake 70% to 850 tonnes a year.

Lithium carbonate fell about 5.7% in China as EU hybrid import curbs dented demand hopes. Centinela and its unions resume talks Tuesday while copper holds near US$14,500. Gold reached its highest since October 2 ahead of US inflation data. Anglo American's CEO backed South Africa with an 11.2 billion rand Sishen project. Atalaya's Touro copper project won EU strategic status.

A magnitude 7.7 earthquake struck Panama and First Quantum said Cobre Panama remained stable while restart talks loom. Chile's August copper output fell 12.7% to its lowest in Cochilco's tables since at least 2023. Fortescue's cash fell 37% as its China Mineral Resources Group standoff continued. Kenmare faces an Abu Dhabi approach with a November 17 deadline.

Copper gained about 2% on the week as the Yangshan premium hit a four-year high. Gold rebounded to US$4,199 an ounce after a two-month low. Ivanhoe's Kamoa-Kakula copper output rose 19% in the third quarter but guidance stays at the low end. Glencore's CEO pitched investors ahead of the October 14 ASX listing. The European Commission named 46 strategic raw materials projects across 16 countries.

Unions say Centinela's copper output could fall by half in November as the Yangshan premium hits its highest since 2022. Indonesia is weighing a moratorium on new semi-finished nickel smelters as nickel sits near a year-to-date low. MMG defended its US$500 million bid for Anglo American's Brazilian nickel business before EU regulators. LG Energy Solution signed a 240,000-tonne spodumene offtake with Elevra. Kazatomprom shareholders approved a uranium sale to China and withheld on a Russian deal.

A legal strike of 709 workers began at Antofagasta's Centinela copper mine as BHP's Escondida mediation runs. Gold fell to a nine-week low after Fed minutes showed all 19 officials backed September's hike. Arafura began construction of the A$1.6 billion Nolans rare earths project. BHP agreed to sell the Kambalda nickel concentrator to Gold Fields. Laos plans to ban all raw mineral exports by 2030.

Kenmare Resources confirmed a non-binding cash approach from Abu Dhabi's International Resources Holdings, with a November 17 deadline. Perseus Mining's chief executive says gold dealmaking is busy but few deals close. UBS expects higher BHP and Rio Tinto iron ore shipments as prices sit near US$91 a tonne. The first Belarusian potash cargo in four years is due in New Orleans October 14. Gold slipped about 1% ahead of the Federal Reserve minutes.

BHP asked Chile's labour inspectorate to mediate at Escondida, suspending a strike the supervisors' union said could start October 6, with Centinela also in mediation. The world's top 50 miners lost US$264 billion in September as gold slid 6.4%. A court cleared a partial restart of Vale's Fabrica iron ore mine. Greenland approved the Tanbreez mining plan through 2050, though construction is not yet cleared. Lithium fell 19.1%, cobalt sulphate 14.7% and nickel 7.2% in September.

Brazil's presidential race goes to an October 25 runoff after Flavio Bolsonaro edged Lula 47.03% to 45.16%, lifting Vale about 8% in premarket trading. Escondida and Centinela copper unions are inside Chile's mandatory mediation window as Chinese buyers return October 8. Vedanta plans US$2.3 billion to lift copper output past 1 million tonnes by 2030 and is seeking a Tuticorin smelter restart. Rare earths were left off the US-China tariff lists, and Gold Fields is expected to sweeten its Northern Star approach after a late-October road show.

Freeport says the Grasberg mill averaged 140,000 tonnes of ore a day in the third quarter, about 67% of pre-mudslide rates, with 80% of capacity targeted for mid-2027. Brazil votes today while its mine licensing overhaul awaits Supreme Court hearings. Mountain Province hands its 49% of Gahcho Kué to De Beers in a restructuring. European aluminium premiums hit US$574 a tonne on Canadian tariff talk, and Troilus secures US$850 million in credit-approved debt commitments.

China's antitrust regulator is reportedly seeking copper concentrate supply commitments from Anglo American before approving its US$54 billion merger with Teck. Glencore won RIGI approval for its US$4 billion MARA copper project in Argentina and pulled the Alumbrera restart forward to the second half of 2027. Ghana's draft Minerals and Mining Bill would add a free special state share and cut maximum lease terms to 15 years. Copper fell on the week and iron ore hit a one-year low at US$92.10 while China was on holiday, and gold lost 3% on the week despite payrolls of just 29,000.

Lynas Rare Earths agreed an all-share A$968 million (US$672 million) takeover of Meteoric Resources and its Caldeira ionic clay project in Brazil, a 68% premium. Chile mined 369,500 tonnes of copper in August, down 12.8% and the lowest since February 2011, while Escondida supervisors voted 95% to authorise a strike and Centinela remains in mediation. Sigma Lithium halted its only mine, Grota do Cirilo, with a restart tied to a federal appeals ruling. Yancoal completed its US$1.85 billion purchase of 80% of the Kestrel met coal mine. Gold is on track for a second weekly loss near US$4,155 ahead of September payrolls.

Gold touched $4,219 on soft PCE data before closing down 0.70% at $4,155.93 as the 10-year Treasury yield climbed to 5.29% — a 22-year high — and the 30-year to 5.63%; gold shed 6.7% for September. Russia submitted a draft mining windfall tax law to the State Duma setting a 30% rate on copper, nickel, and most metals and 20% on gold, effective 2027-2029, expected to raise 200 billion rubles annually. Mitsubishi Corporation exercised its Put Right to exit the Turnagain nickel JV in British Columbia, selling its ~15% stake back to Giga Metals for nominal consideration. And Chile's Centinela copper mine is in mandatory five-day government mediation after a 98.73% union strike vote.

Gold rebounded 1.42% to $4,172 on Tuesday as soft U.S. JOLTS data and a consumer confidence slump trimmed October rate-hike odds from 70.9% to 51.5%; NY Fed's Williams urged no urgency. Antofagasta Minerals' Centinela mine — 240,400 tonnes in 2025 — enters mandatory five-day mediation after 98.73% of workers voted to strike, compounding Chile's declining copper output. Burkina Faso opened its first gold refinery, Raffinor BF SA, a $19 million state facility with 164 tonnes/year initial capacity. And Atico Mining secured US$111.4 million from Trafigura for its La Plata copper project in Ecuador.

Gold fell 3.5% Monday to $4,109 — a seven-week low — as the 10-year Treasury yield hit 5.23%, the highest since 2007, while oil surged above $105 on the escalating Strait of Hormuz standoff. Silver dropped approximately 5% to near $60.75, approaching key support. Uranium Energy Corp posted Q4 production up 157% sequentially at cost of $36.54/lb, with $753M in liquid assets and no debt. And NextSource Materials secured US$30M from Japan's Hanwa and JOGMEC for its UAE graphite anode plant, building Western battery supply chain capacity.

Barrick Mining signed a new collective bargaining agreement with all three union groups at its Loulo-Gounkoto complex in Mali on Sunday, averting the September 28 strike and resolving 15 demands. Northern Star Resources rejected Gold Fields' A$38.7 billion unsolicited takeover bid as highly opportunistic and below fundamental value, sending Northern Star shares up 9% on Monday. And gold fell 2.1% to $4,198 — its worst daily drop in nearly a month — as oil surged on renewed Middle East tensions and reinforced Fed rate hike expectations.

Indonesia's Morowali Industrial Park cut nickel pig iron output by 60-70% as an El Niño-driven drought restricted water supply, putting up to 70,000 tonnes of NPI at risk over two weeks. Kinross Gold cut its 2026-27 production guidance to 1.84-1.86 million ounces after weather and metallurgical setbacks at La Coipa and operational headwinds at Round Mountain, with shares falling 13% Thursday. And the Barrick Loulo-Gounkoto strike in Mali begins today — September 28 — with no resolution announced.

Italy's Senate voted 81-51 to approve the country's return to nuclear power after a nearly 40-year ban, signalling new uranium demand as the government targets at least 11% of Italy's energy from nuclear by 2050. Precious metals had a rough week — gold fell 2.2% and silver 3.1% on hawkish Fed signals and rising yields, though both bounced partially on Friday. The US Trade and Development Agency funded a feasibility study for power infrastructure along Africa's Lobito Corridor to support copper and cobalt mines in the DRC and Zambia. And the Barrick Loulo-Gounkoto strike deadline in Mali arrives tomorrow.

Bannerman Energy completed its US$457 million financing with CNNC Overseas for the Etango uranium project in Namibia, putting a Final Investment Decision within reach. In Zambia, Konkola Copper Mines signed a US$498 million contract to build Africa's largest copper tailings leach plant — while a domestic sulphuric acid shortage pushed acid costs up 200% for smaller operators and pulled small-scale copper production down 35.2% year on year. UAE-backed Titan Australia Mining locked in a binding A$333 million takeover of Global Lithium Resources. And Barrick's Loulo-Gounkoto strike deadline in Mali is now three days away.

Generation Mining completed a C$1.3 billion construction financing package for the Marathon Copper-Palladium Project in Ontario, with early works construction beginning Q4 2026. Gold fell 1.7% to $4,282 per ounce as hawkish Fed commentary pushed the dollar to a two-month high and markets priced in a 95% December rate hike. Neo Performance Materials and Rainbow Rare Earths signed a Phalaborwa MOU covering NdPr oxide and dysprosium-terbium offtake from South African phosphogypsum stockpiles — no new mining required. And the Barrick Loulo-Gounkoto strike deadline in Mali is four days away.

Ivanhoe Electric released its 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona, showing a $3.5 billion after-tax NPV and 30% IRR at current copper prices of $6.79/lb, with $1.43 billion initial capital and a Robbins Tunnel Boring Machine. Artemis Gold agreed to acquire Vista Gold and its 9.1-million-ounce Mt Todd project in Australia's Northern Territory for $427 million all-share. Copper reached $6.91/lb on COMEX, up 47% year-on-year, as the mine supply crunch deepens. And the Barrick Loulo-Gounkoto strike deadline in Mali is five days away.

The European Commission issued a formal Statement of Objections against Chinese state-controlled MMG's acquisition of Anglo American's Brazilian nickel business, warning the deal could divert low-carbon ferronickel supply away from Europe. Gold fell 0.9% Monday as traders priced in an 88% chance of a December US Fed rate hike, with the dollar at a two-month high. Tungsten Mining secured a $50 million placement ahead of a Final Investment Decision at its Watershed Queensland project, with a $1.31 billion NPV and DFS due October. And Rock Tech Lithium signed Digital Process Twin agreements with Siemens Canada for Ontario's planned Red Rock lithium converter, DFS expected mid-December.

Capstone Copper sells its Cozamin polymetallic mine in Mexico to Luca Mining for up to $385 million, with copper-price-linked contingent payments tied to 2027-2029 LME prices. Almonty Industries and Sandvik's WBH sign a take-or-pay tungsten deal sourced from mine tailings in Spain — the first commercial Western tailings-to-tungsten deal, with US defense procurement rules tightening in January 2027. Ramelius Resources upgrades its FY30 gold target to 560-610koz and guides FY27 at 205-225koz with A$480-570M in growth capex. And BHP renews its five-year decarbonisation MoU with China Baowu.

State-owned China Rare Earth Group is in talks to acquire Shenghe Resources, which holds a stake in US rare earth producer MP Materials — a deal that would deepen Beijing's grip on a sector already used as a trade weapon. Three years after China restricted gallium and germanium exports, prices are still nine to ten times higher than pre-curb levels and ex-China supply covers less than 5% of demand. The EU imposed provisional safeguards on electrical steel imports, setting minimum prices of €2,800-€3,400 per tonne effective September 25. And Barrick's Loulo-Gounkoto strike deadline in Mali is eight days away with no resolution in sight.

Multiple unions at Barrick's Loulo-Gounkoto complex in Mali have filed strike notices targeting September 28 — covering mine workers, catering staff, and Mali's own mining regulator. A new Sprott report confirms copper mine supply is heading for its first annual decline since 2017, with Chile down 9.4% and 600,000 tonnes lost from Grasberg and Kamoa-Kakula. The US DFC approved $414 million for Global Atomic's Dasa uranium project in Niger. Venezuela and its opposition are nearing a deal to transfer $4 billion in gold from the Bank of England to New York. And silver outpaced gold four to one for the week, closing at $66.35.

The United States and Iran announced a ceasefire agreement late Sunday, with the Strait of Hormuz set to reopen Friday. Within hours, drones struck the Caspian Pipeline Consortium's Black Sea terminal at Novorossiysk, halting oil loadings from a route that handles eighty percent of Kazakhstan's crude exports. In Peru, president-elect Keiko Fujimori takes office July 28 with sixty-four billion dollars in mining investments and two hundred social conflicts on record. And First Quantum is reportedly exploring a stake sale in Argentina's Taca Taca copper project, with Rio Tinto named as a preliminary potential buyer.

The DRC government confirms it has clawed back unused H1 2026 cobalt export quotas after the ARECOMS customs platform blockage prevented producers from registering shipments — putting $1.1 billion in allocations at risk for CMOC, Glencore, Eurasian Resources Group, and Huayou Cobalt. Iran's new Supreme Leader Mojtaba Khamenei is absent from his father's state funeral amid Israeli assassination fears, deepening succession uncertainty ahead of resumed US-Iran talks after July 9. Vedanta launches CopperTech Metals Inc., a US-domiciled company to own and operate Konkola Copper Mines in Zambia for American copper security. And South32 places Sandvik's largest-ever battery-electric vehicle order for its Hermosa critical minerals project in Arizona.

Iran's six-day funeral for slain Supreme Leader Ayatollah Ali Khamenei freezes all US-Iran negotiations until July 9, with UK, France and Oman pledging to keep the Strait of Hormuz open as Brent falls below $71. Canada and British Columbia sign a landmark resource agreement committing $500 million to expand Red Chris copper mine and targeting a 15%+ rise in national copper output. MMG and Anglo American extend their Brazilian nickel deal deadline to October 31 as EU antitrust review stalls. And the DRC cobalt customs platform freeze reaches its ARECOMS deadline, putting $1.1 billion in export quotas at immediate risk.

BHP finalizes its transfer of the historic San Manuel copper mine in Arizona to Faraday Copper Corp, taking a 30% stake and offtake rights as both companies target a new US copper hub. BHP workers at South Flank and Mining Area C vote 58% in favor of a four-year deal — but Port Hedland negotiations continue. A customs platform failure in the DRC puts up to $1.1 billion in cobalt exports at risk ahead of a July 5 quota deadline. Gold surges above $4,170 per ounce for its first weekly gain in five weeks on weak US jobs data.

A wall movement at Agnico Eagle's Barnat open pit in Quebec threatens 60,000 to 80,000 ounces of H2 2026 gold production. Cameco suspends mining at Cigar Lake after an acid plant failure halts Orano's McClean Lake mill. Northern Star appoints Glencore's Suresh Vadnagra as CEO following activist pressure from Elliott. And Adani and Abu Dhabi's IHC commit to an $11.5 billion aluminum joint venture in India's Odisha.

South32 sells its aluminium unit to Alcoa for $5.6B, becoming a lean copper miner and M&A target for Glencore or BHP — on day one for new BHP CEO Brandon Craig. BHP simultaneously orders 62 new diesel trucks at Jimblebar alongside its 2 electric ones, locking in diesel through at least the late 2030s. Ghana's GoldBod 30% gold offtake goes live today with cedi settlement. And Iran refuses to meet US envoys in Doha, stalling Hormuz diplomacy.

Both US and Iran send delegations to Doha on June 30, but Tehran denies direct talks. Goldman Sachs says Gulf flows could return to 23M bpd by early July. Today is Mike Henry's last day as BHP CEO; Brandon Craig takes over tomorrow with the buy-vs-build copper conundrum front and center. Murray & Roberts completes R1.27B mining services business rescue sale to Differential Capital, preserving 2,600 jobs. And the Commerce Dept Section 232 refined copper report was delivered to the White House today.

The US and Iran agree to halt strikes and hold Doha talks beginning June 29, focused on Hormuz shipping operations and Iran's demand for transit control. President Trump signs a new Section 232 tariff adjustment today. Canada becomes the first G7 government to invest in Greenland mining with a C$7M grant to Greenland Resources' Malmbjerg molybdenum project. And the Section 232 refined copper tariff report arrives at the White House tomorrow — the decision that will set direction for a copper market at record COMEX inventories of 652,200 tonnes.

BHP, Rio Tinto and Caterpillar reach a milestone in their battery-electric haul truck trial at Jimblebar iron ore mine — moving to dynamic charging. Iran's Hormuz strategy reframed: not a ceasefire dispute but a bid for strategic control of the waterway worth $40B. Proclamation 11032 restructures US Section 232 metal tariffs for equipment importers since June 8. And Barminco wins A$275M to develop Barrick's high-grade Fourmile gold mine in Nevada's Carlin Trend.

The Strait of Hormuz erupts again as US and Iranian forces exchange strikes and a second tanker is hit on Saturday, stalling the shipping recovery and pushing UK naval authorities to raise threat levels to substantial. The US Department of Commerce faces a June 30 deadline on its Section 232 refined copper tariff report — COMEX inventories hit a record 652,200 tonnes. BHP finalizes its leadership structure ahead of Brandon Craig's July 1 start. And Hudbay Minerals closes the Arizona Sonoran acquisition, creating the third-largest copper district in North America.

Brandon Craig takes over as BHP CEO on July 1 with an immediate in-tray: Port Hedland strike threats, a $2.3 billion Jansen potash overrun, and a year-end Copper South Australia smelter decision. Gold breaks below $4,000 per ounce for the first time in seven months, driven by the strongest US dollar since May 2025 and rising Federal Reserve rate hike bets — copper also slips near six-week lows. SSR Mining closes its $1.49 billion sale of the Çöpler mine stake in Turkey, becoming a pure Americas gold producer. And Paladin Energy confirms a new high-grade uranium discovery — Atlas — at Patterson Lake South in Saskatchewan, with best intersection of 8.0m at 1.75% U3O8.

Anglo American and Codelco complete the Los Bronces–Andina joint mine plan, unlocking 2.7 million tonnes of additional copper over 21 years with at least $5 billion in shared pre-tax value. Sherritt International begins a controlled shutdown of Fort Saskatchewan — North America's only significant cobalt refinery — after US sanctions on Cuba sever the Moa joint venture feedstock supply. All three BHP Port Hedland unions issue a joint ultimatum: meaningfully negotiate or face widespread strikes. Wall Street turns on gold — Deutsche Bank cuts its forecast 22% to $4,300/oz, following Goldman Sachs's revision from $5,400 to $4,900 last week.

Energy Fuels announces a definitive $1.9 billion deal to acquire German rare earth magnet maker Vacuumschmelze, creating the first fully integrated US mine-to-magnet supply chain. BHP tables a draft enterprise agreement at Port Hedland — unions say some progress was made but the sides remain far apart ahead of a July 7th follow-up session. Mali's military government escalates its $512 million tax and dividend claim against Barrick Gold at the Loulo-Gounkoto complex. And Congress has overturned Minnesota's 20-year mineral leasing ban, clearing the primary federal hurdle for the Twin Metals copper-nickel-cobalt project.

US-Iran talks in Switzerland conclude with a 60-day roadmap and a Hormuz communication mechanism — oil falls to $78 and energy cost normalization resumes for global mining operations. China escalates its critical minerals campaign by banning rare earth exports to MP Materials and USA Rare Earth, the two Pentagon-backed US rare earth producers, with immediate effect. The Pentagon responds the same day with a conditional $725 million, 20-year loan to Energy Fuels to build a rare earth separation and metallization hub at White Mesa Mill in Utah. And Newmont's Cadia mine in New South Wales is halted for the second time in nine weeks after twin magnitude 3.4 and 3.2 earthquakes — operations resumed Sunday following a staged safety restart.

Iran re-closes the Strait of Hormuz citing Israeli ceasefire violations in Lebanon, even as US and Iranian delegations meet in Switzerland — with oil at $80 and mining energy costs hanging in the balance. Trump's copper tariff decision from the Commerce Department is due by end of June, with a phased 15%-to-30% tariff scenario widening the Comex-LME spread and prompting front-running stockpile builds. And at BHP's Port Hedland terminal, the Australian Workers Union files a Fair Work Commission ballot application on June 18, making all three unions — AWU, ETU, and AMWU — active in the strike process, with $120 million per day in iron ore revenue at risk.

British Columbia grants key regulatory approvals for Newmont's Red Chris Block Cave project — a copper-gold asset with 20 million ounces of gold and 13 billion pounds of copper, with a final investment decision expected later in 2026. Vale Base Metals and Glencore sign an agreement to jointly develop a brownfield copper project in Sudbury, Ontario, targeting 880,000 tonnes of copper over 21 years at up to $2 billion in capital. Ghana weighs transferring control of Gold Fields' Tarkwa mine to local companies when leases expire April 2027, deepening a resource nationalism push that has already raised royalties to 12%. And Pilbara Minerals approves $175 million in pre-FID capital for the P2000 lithium expansion at Pilgangoora, targeting a final investment decision by December.

BHP books a $2.3 billion impairment on its Jansen potash project as Stage 2 costs balloon to $6.9 billion — the third overrun on the project in three years. Three unions issue a joint final ultimatum to BHP at Port Hedland, putting hundreds of workers days away from filing strike notice. Rio Tinto restructures into three product groups with immediate executive appointments, placing Borates and Iron & Titanium under strategic review. Alamos Gold cuts Q2 guidance 12% after seismic events at Young-Davidson damage underground infrastructure, pushing full-year production below the low end of guidance.

BHP Port Hedland faces a three-union strike threat as the AWU files a protected action ballot, joining ETU (100%) and AMWU (89%); Resources Minister King issues a public please explain; strikebreakers recruited at up to $93/hr; $120M/day revenue at risk. Mongolian Radical Reform Movement briefly blockades Oyu Tolgoi copper road to China; exports resume in 24 hours; each week of blockade costs Mongolia US$13.3M. China calls G7 60% minerals cap a 'small clique' move and defends Decree 839. Hudbay breaks ground at New Ingerbelle, Copper Mountain BC — mine life past 2040, 750,000t copper, C$11.5B GDP.

Australia's Offshore Alliance and Inpex reach an EBA ending the Ichthys LNG strike after US$200M in losses — 400+ members endorse the deal; cargo loading resumes. G7 Évian closes with a binding 60% concentration cap on critical mineral imports from any single country by 2030; Canada-Italy bilateral minerals cooperation announced. Rio Tinto achieves mechanical completion of Simandou's SimFer rail spur — 70 km connecting Blocks 3 and 4 to the Trans-Guinean Railway; 120 Mtpa target. Generation Mining locks in CAD$769M total financing for the Marathon palladium-copper project in Ontario.

Inpex confirms Ichthys LNG shutdown is imminent and significant as Offshore Alliance extends strikes to July 6, threatening 2% of global LNG output mainly exported to Japan. Lobito Atlantic Railway restores the DRC copper corridor after two months of flood-related closure. Collahuasi approves a US$345M expansion while navigating an environmental permit dispute. Japan PM Takaichi proposes a G7 joint 90-day critical minerals stockpile with IEA coordination at the Évian summit.

China's State Council Decree 839 takes effect June 15, formally placing 36 minerals — including rare earths, lithium, cobalt, gallium and germanium — under full-chain state control with centralized mining rights approval and joint export review. Australia faces simultaneous industrial action at Ichthys LNG (Offshore Alliance extends strikes past June 23 after FWC rejection) and BHP's Port Hedland (90% worker vote for action after six months of failed bargaining). Surge Copper's Berg Pre-Feasibility Study delivers C$4.6 billion NPV and 24% IRR in British Columbia. The G7 opens in Évian with Trump's bilateral mineral pricing plan meeting skepticism from allies.

Australia's Fair Work Commission denies Inpex's emergency application to end Ichthys LNG industrial action; facility shutdown expected June 16-17; cargo loading bans could cut 10% of Australian LNG exports to northeast Asia. Agnico Eagle's acquisition of Rupert Resources clears BC Supreme Court — deal closes June 16 — bringing Ikkari gold project in Finland's Central Lapland Greenstone Belt into Agnico's hands. Rio Tinto and China Baowu complete industrial-scale Pilbara Blend hydrogen DRI trial at Zhanjiang — first proof mid-grade Pilbara ore can feed hydrogen-based steelmaking; Rio shares +2.9%. 54 nations convene in Washington ministerial to build critical mineral supply chains without China — US takes direct equity in mining companies, 2B stockpile announced, permitting fast-tracked.

BHP Port Hedland labor dispute escalates to 450 workers, strikes possible this week. Opposition Leader Taylor invokes 1980s warnings. Mozambique mandates 15% state ownership in mining. POSCO International signs MOU with Mongolia's Erdenes Mongol. The Metals Company receives NOAA certification for 65,000 sq km Pacific seabed; commercial permit targeted Q1 2027.

More than 200 BHP Port Hedland workers authorize strikes worth $120M/day; Glencore reinstates $300M in Horne Smelter emissions spending after Quebec passes Bill 11; Energy Fuels hits 2026 uranium guidance by midyear at White Mesa Mill; GoGold approves fully funded $227M mine build at Los Ricos South, Mexico.

Rio Tinto and Glencore seek to extend their merger preparation period for a proposed $235 billion combination. US forces struck Iran again after a helicopter downing during ongoing peace talks — gold fell 2.6%, base metals retreated; Vale raises iron ore forecast to $112/tonne. India's SAIL and NMDC are in active talks with Russia to acquire coking coal assets. And Venezuela's army launched a major operation in the Orinoco gold belt against illegal mining groups.