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

Newmont's Record Quarter, Ghana's New Gold Royalty, and Copper Holds Above $6

Newmont Q1 2026: record net income $3.3B, FCF $3.1B, avg realized gold $4,900/oz, AISC $1,029/oz, production 1.30M oz (down 16% YoY due to Australian bushfires/rainfall + planned maintenance), $6B buyback authorized, full-year guidance maintained at 5.26M oz. CEO Natascha Viljoen: "all-time record $3.1 billion in quarterly free cash flow."

Ghana new sliding gold royalty (5-12% by gold price, enacted March 10, 2026): $185/oz AISC impact on Ghana operations, $25/oz impact on total Newmont AISC. Applies to all Ghana gold operators.

Copper at $6.01/lb April 24, up 24% over past month. J.P. Morgan forecasts $12,500/mt Q2 2026. Global refined deficit ~330,000 tonnes. Grasberg force majeure ongoing.

NOTE: Audio pending — ElevenLabs platform quota exhausted. Will be added when quota restores.

USA Rare Earth acquires Serra Verde (Brazil) for $2.8B — only non-Asia producer of all 4 magnetic REEs; DFC-backed; 15-year US government offtake. BHP nine-month review: records at Escondida + WAIO, copper guidance lifted, Brandon Craig to replace Mike Henry as CEO, Queensland coal review. Peru election: Fujimori in runoff, 14,000-ballot gap for second slot.

Argentine court 30-day injunction halts Vicuña copper project (Filo Corp/BHP). Project Vault $12B critical minerals facility nears first tranche close. Silver at $79.52/oz; Sunshine Silver weighing $400M IPO for Idaho's Silver Valley mine.

Uranium Royalty Corp acquires Sweetwater Royalties — $1.1B deal. Chinalco Toromocho $1.7B overhaul approved by Peru — 45% throughput increase. DRC acid shortage — copper and cobalt miners cutting chemical use as Iran war disrupts leaching reagent supply.

Copper at $6.11/lb near all-time high; CATL approves $4.4B mining subsidiary for lithium/nickel/cobalt; Gold Fields hands Damang gold mine to Ghana; Mangrove Lithium opens North America's first electrochemical lithium refinery in Delta, BC.

The London Metal Exchange's six-metal index closed at an all-time high on April 17th, driven by a deepening aluminum supply crisis from Gulf smelter damage and Strait of Hormuz disruption. Chile's Codelco has set an internal 2027 copper target of 1.5 million tonnes to reclaim the world's top producer title from BHP. And Codelco and Anglo American revealed a legally unprecedented dual-track environmental filing strategy for their shared Andina-Los Bronces copper pit, targeting 120,000 additional tonnes per year from 2030 to 2051.

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STORIES IN THIS EPISODE:

• LME base metals index hits all-time high on aluminum supply crisis from Middle East war

• Codelco targets 1.5 million tonnes copper in 2027 to reclaim world top producer title

• Codelco and Anglo American pursue unprecedented dual-track environmental approvals for shared Andina-Los Bronces copper pit

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COMMODITIES COVERED: aluminum, copper, gold, iron ore

KEYWORDS: LME aluminum record, Gulf aluminum supply crisis, Codelco 2027 copper guidance, Andina Los Bronces copper pit, Anglo American Chile, copper permitting Chile, Emirates Global Aluminium force majeure, base metals index record, Strait of Hormuz metals, copper supply outlook 2027

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SOURCES:

• Bloomberg News: https://www.bloomberg.com/news/articles/2026-04-17/london-metals-index-at-record-high-on-aluminum-black-hole-fear

• Yahoo Finance / Bloomberg: https://finance.yahoo.com/markets/commodities/articles/london-metals-index-record-high-094113277.html

• Investing.com: https://www.investing.com/analysis/aluminum-at-a-4year-high-as-hormuz-disruption-reprices-the-supply-chain-200678325

• Mining Reporters: https://www.miningreporters.com/noticia/news/2026/04/codelco-targets-higher-2027-output-reclaim-top-copper-producer

• Mining.com: https://www.mining.com/web/codelco-targets-higher-2027-output-to-reclaim-top-copper-spot/

• Reuters / Energy News: https://energynews.oedigital.com/mineral-resources/2026/04/16/codelco-and-anglo-seek-two-environmental-approvals-for-a-shared-chile-copper-mine

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