The Mining Insider

Today on The Mining Insider: The Asian Development Bank launched its Critical Minerals-to-Manufacturing Financing Partnership Facility at its 59th annual meeting in Samarkand on May 3. Korea Eximbank and the Korean Trade Insurance Corporation (K-SURE) each signed $500 million memoranda as founding partners, alongside $20 million from Japan and $1.6 million from the UK as seed grants. ADB President Masato Kanda said Asia and the Pacific should capture more than raw material exports. Separately, the proposed merger of Anglo American and Teck Resources to form Anglo Teck — a $53 billion all-share deal creating a top-five global copper producer — has cleared shareholder approval at both companies and received regulatory clearance from the Government of Canada under the Investment Canada Act, with final approvals in China and South Korea expected September 2026 to March 2027. And on the London Metal Exchange, nickel climbed to $19,155 per tonne — the highest level since June 2024 — as Indonesia's 2026 RKAB quota of 260-270 million tonnes creates a structural supply gap against smelter demand of 380-400 million tonnes, compounded by a sulfur shortage tied to the Middle East conflict.

Stories Covered:

- ADB Critical Minerals-to-Manufacturing Facility: Korea Eximbank and K-SURE each commit $500 million, Japan and UK add seed grants, launched Samarkand May 3

- Anglo Teck merger: $53 billion deal, shareholder and Canada ICA approval secured, China and South Korea approvals pending September 2026 to March 2027

- Nickel two-year high: LME $19,155 per tonne, Indonesia RKAB quota 260-270 million tonnes vs demand of 380-400 million tonnes, sulfur shortage from Middle East amplifying pressure

Commodities: Nickel, copper, critical minerals

Jurisdictions: Asia-Pacific, Indonesia, Canada, Chile, South Korea, Japan, United Kingdom, Uzbekistan

Today on The Mining Insider: Work on the IPO of Navoi Mining and Metallurgical Company — Uzbekistan's state-owned gold miner and the world's fourth-largest gold producer — has been paused, with the Uzbek government weighing the right moment to list. The company produced 3.2 million ounces of gold in 2025, with revenue of $10.8 billion and pre-tax profit of $6.1 billion. Separately, a structural milestone in copper mining economics: Southern Copper and Vale both reported negative net cash costs for copper in Q1 2026, as byproduct revenues from soaring gold, silver, and molybdenum prices exceed total production costs. Southern's CFO confirmed that $1.2 billion in byproduct revenue more than covered the company's entire copper production cost. And in Chile, the sulphuric acid supply crunch is moving into a real production risk — acid prices at Chile's key port doubled from February to mid-April, Chilean buyers left the second half of 2026 largely uncovered, and Morgan Stanley puts up to 1.1 million tonnes of leached copper output at risk.

Stories Covered:

- Navoi Mining IPO paused — world's fourth-largest gold miner, 3.2 million oz in 2025, $10.8B revenue, Uzbek state miner

- Southern Copper and Vale: negative net copper cash costs in Q1 2026 — $1.2B byproduct revenue at Southern; byproduct credits at Antofagasta hit 104% year-on-year

- Chile sulphuric acid supply crunch — acid prices doubled, H2 2026 cover gap, Morgan Stanley flags 1.1 million tonnes at risk

Commodities: Gold, copper, silver, molybdenum, sulphuric acid

Jurisdictions: Uzbekistan, United States (Southern Copper), Brazil (Vale), Chile

Today on The Mining Insider: Mercuria Energy Group and Heeney Capital announced May 1 that they had secured White House-backed offtake agreements for Venezuelan bulk commodities and gold, projected to generate $2.2 billion in annual mineral export value — with aluminum, nickel, and ferrous metals negotiations ongoing that could add another $3 billion. NOAA certified on May 1 that TMC the Metals Company's consolidated application for a deep-seabed exploration license and commercial recovery permit fully complies with all regulatory requirements under the Deep Seabed Hard Mineral Resources Act — the first commercial seabed mining permit in US history now on track for Q1 2027. And Ontario tabled the POWER Act, 23 initiatives to slash early-stage mining permitting timelines and orient the province's minerals strategy toward defence supply chains.

Stories covered:

- Mercuria and Heeney Capital Venezuela mineral offtake deals — White House-backed, $2.2B annual export value in bulk commodities and gold, with $3B more possible in aluminum, nickel, and ferrous metals

- NOAA certifies TMC deep-seabed mining application fully compliant — Clarion-Clipperton Zone, polymetallic nodules (manganese, nickel, cobalt, copper), commercial permit on track before Q1 2027

- Ontario POWER Act — 23 initiatives to cut early-stage mining red tape, defence minerals pivot, Minister of Mines George Pirie quote

Sources: Reuters, E&E News, StreetInsider/TMC, Greenberg Traurig, Mining.com, Government of Ontario

Today on The Mining Insider: China's ban on sulphuric acid exports takes effect today, May 1 — a structural disruption that threatens roughly a fifth of Chile's copper output and has pushed Copperbelt acid prices near all-time highs of $700 to $800 per tonne in the DRC. First Quantum Minerals reported Q1 2026 results on April 28, posting a net loss of $196 million as Sentinel and Kansanshi both came in below the prior quarter — but raised its 2026 copper production guidance to 405,000 to 475,000 tonnes, citing anticipated Cobre Panama stockpile processing beginning late in Q2. And Brazil's Supreme Court ruled unanimously to uphold a 1971 law restricting foreign ownership of Brazilian rural land, with Justice Alexandre de Moraes explicitly citing critical mineral sovereignty — language that adds fresh complexity to the USA Rare Earth acquisition of Serra Verde.

Stories covered:

- China sulphuric acid export ban effective May 1, 2026 — impact on copper production in Chile, DRC, and Zambia; Ivanhoe Kamoa-Kakula's structural advantage; Goldman Sachs risk estimates

- First Quantum Minerals Q1 2026 results — net loss $196M, Sentinel 45,252 tonnes, Kansanshi 45,345 tonnes, guidance raised on Cobre Panama restart, CEO Tristan Pascall quote

- Brazil Supreme Court 9-0 ruling on foreign rural property — Justice de Moraes names lithium, rare earths, nickel; implications for Serra Verde/USA Rare Earth deal closing in Q3 2026

Sources: Bloomberg, Fastmarkets, S&P Global, Mining.com, Mayer Brown, The Rio Times, Ivanhoe Mines, First Quantum Minerals

Today on The Mining Insider: First Quantum Minerals released its first quarter 2026 financial and operating results on April 28, with Sentinel's ball mill constraints remaining a drag and Kansanshi's S3 expansion continuing its ramp. Separately, Fortescue is moving toward a long-term iron ore supply deal with China Mineral Resources Group following BHP's recent settlement. In the Democratic Republic of Congo, Kinshasa has unveiled a $100 million US- and UAE-backed paramilitary mining security force — with plans for 3,000 armed guards by December and more than 20,000 by 2028. And in Brazil, a Supreme Court challenge threatens to block USA Rare Earth's $2.8 billion acquisition of Serra Verde, putting one of the most strategically significant rare earth transactions in years in a holding pattern.

Stories covered:

- First Quantum Minerals Q1 2026 results — Sentinel ball mill constraints, Kansanshi S3 commercial production, Cobre Panamá stockpile processing timeline

- Fortescue–CMRG iron ore long-term supply deal in final stages after BHP's breakthrough

- DRC: $100M US/UAE-backed paramilitary mining security force — 3,000 guards by December 2026, 20,000 by 2028

- Brazil: Supreme Court petition filed to halt $2.8B USA Rare Earth acquisition of Serra Verde

Sources: First Quantum Minerals (first-quantum.com), Bloomberg, Mining.com, Al Jazeera, USA Rare Earth (investors.usare.com), PR Newswire/Franco-Nevada

China's CMOC Group signed a $1.7 billion mining contract with Ecuador on April 27 for the Los Cangrejos gold-silver project in El Oro province, developed through local subsidiary ODIN Mining del Ecuador. Structure: state receives 50% of project value; $54M advance royalties ($34M on signing, balance at construction milestones). Projected state revenues: $4.39B. Ecuador's only two large-scale operations — Mirador copper and Fruta del Norte gold — both reached production in 2019. Los Cangrejos would be the third.

China Mineral Resources Group (CMRG) — the state-backed iron ore buyer created in 2022 — is in advanced talks to finalize a long-term supply agreement with Fortescue (ASX: FMG). Fortescue executives met CMRG in China earlier this week. Talks hinge on pricing benchmarks: Fortescue prices standard products against an average of the Mysteel index and Argus Iron Ore Index; high-grade Iron Bridge concentrate vs Platts 65% index. BHP confirmed its own CMRG deal last week. Rio Tinto similarly in talks. CMRG is systematically consolidating China's buying power over seaborne iron ore.

Peru's Ministry of Energy and Mines reauthorized Southern Copper's (NYSE: SCCO) $1.8 billion Tía María copper project after revoking its permit earlier in April over documentation deficiencies. The project now complies with all requirements — environmental certification, land verification, safety obligations. Construction begins at La Tapada open-pit mine, Arequipa. Target: 120,000 tpa copper, 20-year mine life, late 2026 or early 2027 production start. Project approximately 23% complete. First Quantum Q1 2026 results due after today's market close — watch Sentinel ball mill status and Cobre Panamá stockpile update.

Sources: Mining.com, Mining Reporters | Host: Logan Ore | The Mining Insider

Brazil's Rede Sustentabilidade party petitioned the country's Supreme Court on April 25 to suspend the $2.8 billion acquisition of Serra Verde Group by USA Rare Earth Inc. (NASDAQ: USAR). The party argued Brazilian legislation lacks constitutional safeguards over strategic mineral assets. Serra Verde's Pela Ema operation in Goiás produces ~100 metric tons of rare earth oxides/year, targeting 6,400 tonnes/year by end-2027. Deal structure: $300M cash + 126.9M new shares, backed by $565M DFC facility and 15-year offtake with price floors (NdPr $110/kg, Dy $575/kg, Tb $2,050/kg). Close expected Q3 2026 — now subject to court review.

Zambia's Ministry of Mines confirmed Luanshya Copper Mine will restart its upper section in August 2026, ending 20+ years of inactivity. CNMC (80% stake) has committed $710M to redevelopment — new shaft systems, concentrator plant, infrastructure. 87.9 million cubic metres of water evacuated as of late March; 580ML pump chamber commissioned March 31. Lower section (28 Shaft) online in 2029. Full production: 100,000 tpa copper by 2030. Current employment: 883 contractors, rising to 3,000 at peak.

Brazil's national critical minerals framework remains stalled in Congress (13 bills pending). Lula administration missed its own policy deadline. Industry Minister Marcio Elias Rosa rejected the TerraBras state entity proposal: "There is no need whatsoever to create a state-owned company to carry out the exploration or processing of critical minerals." US-Brazil diplomatic friction growing — missed engagements, trade tensions — ahead of Brazil's October presidential election.

Sources: Mining.com, Mining Technology, Ecofin Agency | Host: Logan Ore | The Mining Insider

The 830-kilometer Lobito Corridor railway — the biggest new build in Zambia since the 1970s — secured $1.32 billion in committed financing at a Nairobi conference on April 24. Africa Finance Corp. ($500M), African Development Bank ($500M), and Italy ($320M) committed the funds. Total project cost is up to $5 billion. EPC bids are due in May, contractor selection targeted by July-August, groundbreaking before year-end 2026 or early 2027, financial close in Q4 2027, completion in 2030. The railway cuts copper cargo transit time from Zambia's Copperbelt to shipping from 16 days to 7. AFC CIO Sameh Shenouda: "We already have commitments for a million tons and we have clear visibility to get to 5 million tons."

Agnico Eagle (NYSE/TSX: AEM) announced three simultaneous acquisitions on April 20 to consolidate Finland's Central Lapland Greenstone Belt: (1) Rupert Resources — Ikkari deposit (3.5M oz probable reserves, 52M tonnes at 2.10 g/t), ~$2.87B CAD upfront (67% premium) plus up to $3.00/share CVR, closing early Q3 2026; (2) Aurion Resources — 761 km2 exploration land, ~$481M CAD cash (46% premium), closing early Q3 2026; (3) B2Gold's 70% Fingold JV stake — US$325M cash, closing April 2026. Combined land: ~2,492 km2. Platform targets ~500,000 oz/year gold within a decade. Up to $500M in synergies from Ikkari-Kittila integration. CEO Al-Joundi: "These transactions deliver on our long-standing regional strategy."

China and Myanmar's military government opened consultations on restoring cross-border trade and mining cooperation for jade and rare earth minerals disrupted by the 2021 coup and ongoing civil conflict in Shan and Kachin states. No formal agreement signed; diplomatic signaling stage. Myanmar is world's largest jadeite producer and a significant rare earth feedstock supplier to China.

Sources: Mining.com, Bloomberg, Agnico Eagle/PR Newswire, Rupert Resources | Host: Logan Ore | The Mining Insider

The United States and European Union formalized the US-EU Action Plan for Critical Minerals Supply Chain Resilience on April 24, announced by US Trade Representative Jamieson Greer and EU Trade Commissioner Maros Sefcovic. The plan establishes border-adjusted price floors as the primary trade mechanism to prevent Chinese producers from undercutting allied producers in rare earths, battery materials, and mineral processing. The Office of the USTR and the European Commission's Directorate-General for Trade and Economic Security will implement the framework, targeting a binding plurilateral agreement.

Eramet's PT Weda Bay Nickel joint venture in Indonesia will exhaust its full-year 2026 production quota of 12 million wet metric tons by mid-May and will enter care and maintenance unless Indonesian authorities approve an upward permit revision. The 2026 quota represents a 63% reduction from Eramet's 2025 allowance of 32 million wet metric tons. The portion allocated for external ore sales — 9 million wet metric tons — was already used up by mid-April. The permit revision request has been formally submitted; the Indonesian government has given no indication it will act quickly.

Australia's Pilbara Minerals (PLS Group) reported a record Q3 at Pilgangoora: 232,436 dry metric tons of spodumene, up 86% year-over-year, beating analyst consensus by more than 8%. Revenue rose 52% to A$567 million. Realized spodumene price up 61% to US$1,867/t. Unit operating costs fell 11% to A$520/t. CEO Dale Henderson: "In aggregate, what we're seeing in the sector is deepening and broadening demand and strong tailwinds for lithium operators." Full-year 2026 guidance of 820,000-870,000 tonnes reaffirmed. Shares +6.2%.

Sources: USTR, Reuters, Bloomberg Law, Mining.com, Finimize, Motley Fool Australia | Host: Logan Ore | The Mining Insider

Freeport-McMoRan reported Q1 2026 earnings Thursday, beating profit estimates but shocking the market with a significant downgrade to the Grasberg mine ramp-up timeline. After last September's fatal mud-rush, the company now expects the world's second-largest copper mine to reach only 65% of capacity in the second half of 2026 — down from the 85% target outlined in January. Full recovery is pushed to mid-2027. Full-year 2026 copper guidance was cut from 3.4 billion pounds to 3.1 billion; gold guidance fell from 800,000 ounces to 650,000. Net unit costs rose to $1.95/lb. Shares fell more than 13% on Thursday.

Australia's IGO posted a 45% sequential jump in Q3 revenue to A$119.7 million, but the headline was a guidance cut at Greenbushes — the world's highest-grade hard-rock lithium deposit. IGO now targets 1,375–1,425 kilotonnes of spodumene for fiscal 2026, down from 1,500–1,650 kt. Feed grade failures, processing disruptions, and rising fuel costs from the Middle East conflict are driving the shortfall. Shares are down more than 12% year-to-date.

Anglo American has revived the sale of its Queensland Bowen Basin steelmaking coal assets. After the Peabody Energy deal collapsed at $3.78B following a fire at Moranbah North, at least three bidders have emerged: Stanmore Resources, Mitsubishi Corporation, and Indonesia's PT Buma Internasional. Goldman Sachs and Morgan Stanley are running the process. A deal could emerge in coming months as Anglo completes its pivot toward copper.

Sources: Mining.com, Benzinga, GuruFocus | Host: Logan Ore | The Mining Insider