The Mining Insider

In today's episode of The Mining Insider, Logan Ore covers three major developments in global mining:

1. China's Coal Mine Rescue Enters Day Three — The official death toll at the Liushenyu mine in Shanxi province stands at 82, with 2 miners still unaccounted for. Reconnaissance robots have been deployed after toxic gases blocked human rescue teams from going deeper. Authorities confirm the operating company — Shanxi Tongzhou Group — committed serious violations of laws, executives have been detained, and all company coal mines have been ordered to cease production for a safety overhaul.

2. Greenland Mines Secures a Rare Earth Deal for the Western Supply Chain — Greenland Mines (Nasdaq: GRML) has agreed to acquire the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland for $35 million ($20M cash + $15M shares). The deposit contains indicated resources of 5.88Mt at 1.77% TREO, with ~27M kg Nd2O3 and 8M kg Pr6O11. Nd-Pr makes up 25–40% of total REO content — among the highest globally. Neo Performance Materials retains offtake rights on 60% of future production.

3. Stillwater Critical Flags America's Largest Rhodium Resource — Stillwater Critical Minerals (TSXV: PGE) reports new rhodium assay results from the Stillwater West project in Montana. The 2023 inferred resource covers 255Mt containing 115,000 oz rhodium and 2.3 billion lb chromium. An updated resource estimate is expected next month. Glencore holds a 15% stake and has funded 40,000+ metres of drilling.

Also: Gold at $3,157/oz, copper at $5.24/lb steady ahead of Monday's Russia UGC Dutch auction result.

Sources: CGTN, New York Times, PR Newswire (Greenland Mines), Mining.com, MarketWatch.

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry:

1. China's Worst Coal Disaster in 16 Years — A gas explosion at the Liushenyu coal mine in Shanxi province kills at least 90 miners, with 9 still missing. The mine had been flagged by China's National Mine Safety Administration for severe safety hazards, including elevated gas levels. President Xi Jinping ordered a thorough investigation and strict accountability.

2. Copper Closes In on a Record — Copper briefly touches $14,000 per tonne on the London Metal Exchange, up 2% and approaching January's all-time high of $14,500/tonne. Drivers include a rebound in Chinese demand, declining copper inventories, and a tightening global sulphuric acid supply chain linked to Gulf disruptions.

3. Thacker Pass Hit by War and Tariff Inflation — Lithium Americas warns that US steel tariffs and Iran-war-driven inflation will add $80–$120 million to Thacker Pass Phase 1 construction costs in 2026 alone. The project's original $2.93 billion capex estimate did not account for these pressures. Mechanical completion remains targeted for late 2027.

4. Russia Tries Again to Sell Its Seized Gold Mine — Russia's second attempt to sell the seized 67.2% stake in Uzhuralzoloto (UGC) closes May 26 as a Dutch auction. After zero bids in the first round at $1.9 billion, the price floor has been cut by up to 50% to approximately $1.1 billion.

Sources: CNBC, Channel NewsAsia, The New York Times, The Northern Miner, The Moscow Times, AKM/Rosimushchestvo.

May 22, 2026 | Host: Logan Ore | Runtime: ~12 minutes

Today on The Mining Insider:

1. EXIM BANK $2.9B IDAHO ANTIMONY LOAN — Export-Import Bank unanimously approves 13-year senior secured loan to Perpetua Resources (Nasdaq: PPTA) for Stibnite gold-antimony project in Valley County, Idaho. Structure: $2.4B upfront facility + capitalized interest + exposure fee = $2.9B total. Rate: long-dated Treasury + 100bps, fixed at first drawdown. Repayments begin 2030. Docs expected H2/2026. Stibnite is the US's ONLY identified domestic antimony reserve. Antimony used in flame retardants, ammunition, night-vision optics, semiconductors. 700+ direct jobs/year over mine life. CEO Jon Cherry: "signals a new day in American mineral independence." Project includes restoration of abandoned Stibnite Mining District.

2. ZAMBIA CHINGOLA B REOPENS — Konkola Copper Mines (KCM) fires first orebody blast at Chingola B mine after 18-year shutdown. Target: 200,000 tonnes ore/month (vs. historical avg 60,000 tpm at 2.5% Cu grade). Owner: Vedanta Resources (79.4% of KCM). Vedanta: $1B+ earmarked for KCM projects (incl. Konkola Deep Mining Project, Tailings Leach Plant upgrades). Vedanta pledged 300,000 tpa toward Zambia's national target. Zambia target: 3 million tonnes Cu/year by 2031. CEO Deshene Naidoo: "I do not want a single tonne of copper produced before safety is fully assured."

3. DEEP-SEA MINING LEGAL RECKONING — ISA Secretary-General Leticia Carvalho warns "blizzard of litigation" if US-backed companies proceed without ISA authorization. AP investigation: 9+ US firms in talks for seabed mineral permits; first lease auction possible August. Trump April 2025 EO reversed decades of ISA deference. The Metals Company pre-feasibility: break-even in Year 8 = same year reserves exhausted. No US processing infrastructure for nickel, manganese, cobalt. Foreign partners (Japan, S. Korea, Indonesia) could face legal exposure. Companies include The Metals Company, Impossible Metals, Odyssey Marine, American Metal Resources, SeaX.

4. US TARIFFS ON RUSSIAN PALLADIUM — Commerce Dept. finalizes: 109.1% countervailing duty + 132.83% anti-dumping duty on Russian palladium. Petition filed by Sibanye-Stillwater (SA/US) + United Steelworkers union. Final imposition pending ITC harm determination. Nornickel = ~40% of global palladium supply. Palladium used in catalytic converters (gasoline vehicles), electronics, medical. Prohibitive tariffs would force US buyers to South Africa, Zimbabwe, Canada.

Tomorrow's Flashpoint: Russia UGC Dutch auction — May 26. Second attempt; starting price may be cut ~50% to ~$1.1B after zero bids.

Sources: PR Newswire/Perpetua Resources, CNBC, Solwezi Today, Mining.com/Reuters, BSS/AFP, Alaska Public Media/AP, KFGO/Reuters

May 21, 2026 | Host: Logan Ore | Runtime: ~11 minutes

Today on The Mining Insider:

1. SOUTH CROFTY FINANCING SECURED — Cornish Metals (AIM: TIN) announces £52M credit facilities from National Wealth Fund (28.45% shareholder, £35M) and Vision Blue Resources (29.08% shareholder, US$22.75M). Six-month term, 13% p.a. interest compounding daily. Up to £16M earmarked for bond escrow required as condition of issuance of US$210M Nordic bond (placed May 7). Remainder funds underground development, shaft refurbishment, surface infrastructure. Facilities repayable within 10 business days of qualifying equity raise. Company engaging strategic offtakers and institutional investors for full project financing. FID process ongoing. South Crofty: last viable tin mine in EU's primary supply zone.

2. GRASBERG BLOCK CAVE AT 50% CAPACITY — Freeport Indonesia CEO Tony Wenas confirms mine running at 50% of nameplate capacity following 2025 accident that killed 7 workers and flooded the cave with wet material. Ore from GBC significantly wetter than design parameters; chute modifications required before safe throughput increase. Roadmap: 65% capacity later in 2026 → full run-rate by end of 2027. 2026 projected output: 800M lbs copper cathode + 700,000 oz gold. Full capacity: 1.2B lbs copper cathode + 1M oz gold/year. Permit MOU extended beyond 2041; 12% stake to transfer to Indonesian government at extension; ~$20B earmarked for post-2041 investment.

3. CODELCO $2 BILLION MINE UNIFICATION — Chile's state copper producer proposes consolidating Chuquicamata, Radomiro Tomic, and Ministro Hales under unified management. Plan presented to board per Bloomberg. Targets $2B in combined savings and revenue gains starting 2027. Consolidates operational planning, shares processing plants, blends ore to customer specs. Possible management headcount reduction; on-the-ground crews intact. Unions already in talks. Context: rising energy + sulfuric acid costs (Middle East), declining ore grades, stagnating output, rising debt.

4. GOLD SQUEEZED BY BOND YIELDS — Gold falls $84 to $4,482 (lowest since late March; -20% from Jan 29 ATH of $5,595). Trigger: hot April CPI; 30-yr Treasury yield highest since 2007; 10-yr at 4.64%. Fed rate-cut odds: 97.4% of market now expects hold at June meeting (CME FedWatch); rate hike speculation entering fixed income. Moody's Aaa→Aa1 US downgrade (May 16) adds risk premium to long-duration Treasuries. Gold rebounds to $4,514 on May 21 as yields ease. Goldman Sachs: central bank buying in H1/2026 exceeds projections. MKS PAMP target $5,800 by year-end.

Tomorrow's Flashpoint: Russia UGC Dutch auction — May 26. Second attempt to sell seized 67.2% stake in Russia's fifth-largest gold miner. Starting price may be cut ~50% from original $1.9B to ~$1.1B after zero bids in first attempt.

Sources: Investegate/RNS, Channel NewsAsia/Reuters, Mining.com/Bloomberg, Kitco News, CME Group

May 20, 2026 | Host: Logan Ore | Runtime: ~11 minutes

Today on The Mining Insider:

1. CORE LITHIUM RESTARTS FINNISS — Core Lithium resumes blasting and excavation at its Finniss project in the Northern Territory, 90 km south of Darwin, after a two-year price-driven shutdown. The restart is backed by a $170M initial investment and a planned $120M equity raise. Lithium prices are at ~$4,200/tonne. First ore processing targeted for September quarter; first spodumene concentrate shipment in December quarter. 10-year mine life; 300 workers at peak. Underground development at BP33 to follow the open pit.

2. INDONESIA SOE COAL EXPORT MONOPOLY — President Prabowo Subianto signed a government regulation on May 20 establishing the Natural Resources Export Management Agency, routing all coal, ferroalloy, and palm oil exports through designated state-owned enterprises (BUMN). Transition phase: June 1 to August 31, 2026. Full SOE control of all export contracts and logistics: September 1, 2026. Major impact on Indonesian coal supply chains serving Japan, South Korea, India, and China.

3. GOLD NAVIGATES IRAN HEADLINES — Gold fell $84.82 (1.86%) to $4,493 on May 19 as Trump called off planned Iran military strikes. Silver dropped 4.92% to $74.43. Gold rebounds to $4,499 on May 20 as VP Vance signals US-Iran talks progressing. Structural floor supported by central bank buying: 244 tonnes Q1/2026, 863 tonnes in 2025. Incrementum's In Gold We Trust 2026 report released today — conservative $4,800 decade target already reached; inflationary scenario target $8,900.

4. COLOMBIA vs. GLENCORE ON CERREJON — Colombia presses Glencore to begin managed transition planning at Cerrejon coal mine in La Guajira ahead of 2034 concession expiry. Mine produced 16.8M tonnes in 2025. Generates ~$166M/year in royalties; supports 12,000+ jobs. Consultants recommend a "managed transition compact" with ring-fenced financing, retraining, and infrastructure repurposing.

Tomorrow's Flashpoint: Cornish Metals equity raise deadline (May 21) — $161M needed for $210M bond to settle and South Crofty FID to proceed.

Sources: ABC News, Bloomberg, The Motley Fool Australia, SMM/Metal.com, ScrapMonster, The Business Times, Texas Precious Metals, Mining.com

Today on The Mining Insider:

Agnico Eagle this morning formally approved the Hope Bay investment decision — the largest gold mine development in Nunavut's history. Development capital: approximately $2.4 billion. Expected annual gold production: 400,000 to 435,000 ounces. Initial mine life: 11 years, with approximately 4.5 million ounces total. Production targeted from 2030; full design throughput of 6,000 tpd reached in 2032. Average grade: 6.50 g/t gold; 94% metallurgical recovery. Average AISC: $1,199/oz. At $3,600/oz gold: 19% IRR, $2.7B NPV (5% discount). At current $4,500/oz gold: 26% IRR, $4.3B NPV. Deposits: Doris, Madrid (including Patch 7), and Boston in the Kitikmeot region, ~125 km southwest of Cambridge Bay, ~160 km north of Arctic Circle. CEO Ammar Al-Joundi: "With expected annual production of over 400,000 ounces and total cash costs below $1,000 per ounce, based on only half the declared mineral resources drilled, Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come." The federal government contributed C$25M to an Inuit-owned 4 MW wind + 4 MW battery storage project. Minister Tim Hodgson was on site for the announcement. More than 2,000 direct and indirect jobs. Kitikmeot Inuit Association IIBA in place since 2015.

Anglo American has agreed to sell its Australian steelmaking coal business to Peabody Energy for up to $3.875 billion in cash — Grosvenor, Aquila, Capcoal, and Moranbah North mines in Queensland. The deal completes Anglo American's coal exit following its 2024 portfolio restructuring (post-BHP rejection). Base price plus coal price earnout mechanism. Regulatory approvals expected; close targeted later in 2026.

Mineral Resources approved the restart of its Bald Hill lithium mine in WA Goldfields. Bald Hill was mothballed in November 2024 when spodumene prices collapsed below $900/tonne. Benchmark spodumene has recovered to ~$2,800/tonne — more than triple the shutdown level. Site activity ramps in late May; crushing and mining commence June; first spodumene concentrate produced July; first shipment from Port of Esperance Q1 FY2027. Capacity: ~165,000 dmt/year at 5.1% SC (140,000 dmt SC6). Restart cost: $20M. Creates ~370 jobs. MinRes will become the only company globally operating three hard-rock lithium mines with their own concentrate facilities. CEO Chris Ellison: "With strong and sustained demand for spodumene concentrate driving a significant recovery in prices, the time is right to restart operations at Bald Hill."

Russia's federal property agency Rosimushchestvo failed to auction the state-seized 67.2% stake in Yuzhuralzoloto (UGC), one of Russia's top-10 gold producers. The stake was valued at ~140.4 billion roubles ($1.9 billion). Zero bidders submitted applications by the May 15 deadline. A Dutch auction now begins May 26; price could be cut by up to 50% (~$1.1B floor). The stake was seized from businessman Konstantin Strukov following corruption allegations; part of broader Russian nationalization pattern since 2022.

Sources: Agnico Eagle press release (CNW, May 19, 2026); Anglo American press release (May 18, 2026); Mineral Resources ASX announcement via MarketScreener (May 18-19, 2026); The Moscow Times / Reuters via Mining.com (May 18, 2026).

Today on The Mining Insider:

J.P. Morgan revised its 2026 average gold price forecast sharply lower on Monday, cutting from $5,708/oz to $5,243 — a reduction of $465/oz. The bank cited low COMEX futures open interest, contracted trading volume, subdued managed fund positions, and limited ETF inflows. Gold has fallen 14% since the onset of the US-Iran conflict in late February. The sequence: the Hormuz disruption initially drove gold to near all-time highs, but oil above $100/bbl fed US CPI to 3.8% YoY for April, killing rate-cut expectations and strengthening the dollar. J.P. Morgan's revised forecast still implies significant recovery from the current ~$4,540 level but formally abandons the earlier bull case based on de-escalation and rate cuts.

Zambia's government authorized Chambishi Copper Smelter and Mopani Copper Mines to resume sulphuric acid exports to the DRC, easing restrictions in place since September 2025. DRC miners — the world's largest cobalt producer and second-largest copper producer — had cut acid usage and considered output reductions after Zambia's ban. Trade Minister Chipoka Mulenga confirmed local stocks had recovered: "We allowed them to export because local stocks have risen." Mopani will supply Glencore's DRC operations; Chambishi Copper Smelter will export to three Chinese-owned DRC mines. Alliswell Investment Limited separately authorized to ship 5,000 metric tonnes. Mopani had not yet received its physical permit as of last week. Zambia said export permissions could be widened if conditions continue to improve.

Trafigura, DRC state cobalt entity Entreprise Generale du Cobalt (EGC), and US firm EVelution Energy signed a tripartite MOU on May 13 at the Cobalt Congress in Madrid establishing a framework for long-term supply of Congolese cobalt hydroxide to the US. EVelution's Arizona facility (Yuma County) targets completion by end of 2029 with capacity to cover ~40% of projected US cobalt demand, producing battery-grade cobalt sulfate and alloy-grade cobalt metal. Trafigura handles logistics via the Lobito Atlantic Railway (in which Trafigura is a shareholder). Builds on the December 2025 US-DRC strategic minerals agreement. Construction on the Arizona plant expected to begin early 2027. Parties working toward definitive commercial agreements.

Zambia's ZCCM Investments Holdings publicly confirmed a strategy to increase minority stakes in the country's copper mines on strictly commercial terms — no forced divestiture. CEO Kakenenwa Muyangwa targets "significant minority" positions for operational influence. Current stakes as low as 10% in assets held by China Nonferrous Metal Mining Group, First Quantum Minerals, and Vedanta Resources. ZCCM-IH has already raised its Lubambe Copper Mines stake from 20% to 30%, and KoBold Metals' Mingomba from 20% to 25%. The company is replicating its Kansanshi royalty model (3.1% of revenue, ~$110M delivered since 2022) across other assets, shifting from dividends to predictable royalty cash flows.

Sources: J.P. Morgan via GuruFocus (May 18, 2026); Reuters via Kitco / TRT Afrika (Zambia acid, May 14); Trafigura press release (May 13, 2026); Reuters via Copperbelt Katanga Mining (ZCCM-IH, May 15, 2026).

Today on The Mining Insider:

President Trump wrapped up his two-day summit with Xi Jinping in Beijing on Thursday and departed without a confirmed rare earth agreement. China's export controls on rare earths, heavy rare earth processing, and battery mineral precursors — imposed in early April as trade leverage — remain in place. A short-term bilateral arrangement was reportedly "still in effect" as of May 10, but it was not renewed or formalized at the summit. Rare earth processing remains more than 85% concentrated in China. Project Vault, the US strategic stockpile initiative, has committed $12 billion toward minerals supply, but stockpile fill takes time. Western mining and processing operators remain in a holding pattern on long-term procurement commitments.

Agnico Eagle's construction decision on its Hope Bay gold project in Nunavut appears imminent. CEO Ammar Al-Joundi told shareholders at the May 1 annual meeting that a "big investment in Nunavut" was expected in May. Canada's Minister of Energy and Natural Resources Tim Hodgson has flagged a May 19 announcement at Hope Bay. The project holds 3.2 million ounces of gold in mineral resources at approximately 6 g/t. Detailed engineering is ~55% complete; production is targeted from 2030 at 400,000–425,000 oz/year. Executive Chairman Sean Boyd described Hope Bay as a potential "multi-decade large business." Agnico Eagle accounts for approximately 25–30% of Nunavut's GDP.

Gold continued to lose ground over the weekend, trading at $4,539/oz on Saturday — its lowest since March 2026 and nearly 19% below the January all-time high of $5,589. The Beijing summit delivered no breakthrough on either Strait of Hormuz (US-Iran conflict, oil above $100/bbl) or rare earths. April CPI was 3.8% YoY; markets now place >50% probability on a Fed rate hike by January. J.P. Morgan maintains a Q4 2026 average gold price forecast of $5,055/oz; Goldman Sachs reiterated a $5,400 target.

Exxaro Resources opened the expansion of its Matla coal mine and confirmed a 17-year coal supply agreement with Eskom to deliver more than 9 million tonnes per year to the Matla Power Station through November 2043 — extending a partnership that began in 1983. Matla Power Station (~3,600 MW) was slated for decommissioning by 2034 under South Africa's Just Energy Transition plan; the supply commitment through 2043 implies a practical extension of that timeline.

Sources: Mining.com, S&P Global Energy, Nikkei Asia, Agnico Eagle Q1 2026 results, MarketBeat AGM report, 150Currency.com, GoldSilver.com, Exxaro Resources press release, Bloomberg / Mining.com.

Today on The Mining Insider:

Gold fell sharply on Friday, dropping more than 3% to $4,530 per ounce — its lowest since mid-March — as April US consumer prices rose 3.8% year-over-year, wholesale inflation hit its fastest pace since 2022, and bond yields surged globally. Markets have now fully priced out Fed rate cuts in 2026 and are placing better than 50% probability on a rate hike by January. The Trump-Xi Beijing summit yielded no breakthrough on the Strait of Hormuz, where the US-Iran conflict continues to disrupt energy shipments and fuel the inflation that's pressuring gold. Edward Meir of Marex attributed the selloff to "a strong dollar as well as global increases in bond yield rates." Gold is now 13% below its January all-time high of $5,589/oz.

Cornish Metals announced a £52 million credit facility from its two largest shareholders — the UK National Wealth Fund (up to £35 million) and Vision Blue Resources (up to $22.75 million) — providing the bridge financing needed to reach a final investment decision on the South Crofty tin mine in Cornwall. The facility is critical because Cornish Metals' $210 million Nordic bond is conditional on completing a minimum $161 million equity raise by May 21. CEO Don Turvey said the facility provides "the financial runway to progress through to the final investment decision." The National Wealth Fund has now committed over £63 million total to South Crofty, which is permitted for underground mining until 2071 and would create more than 300 direct jobs.

Nouveau Monde Graphite confirmed a final investment decision for its Phase-2 Matawinie Mine in Quebec on May 14-15, following the closing of a $309.5 million equity financing package. Combined with $335 million in committed project debt from Export Development Canada and the Canada Infrastructure Bank, the total financing commitment exceeds $644 million. The Matawinie Mine is expected to produce approximately 106,000 tonnes of graphite concentrate annually over a 25+ year mine life, with production targeted for approximately mid-2028 — making it the G7's largest graphite project. China controls roughly 70% of global graphite mining; Canada has committed to purchase 30,000 tonnes per year on a take-or-pay basis.

Sherritt International confirmed on Friday it is relinquishing its interests in the Moa Joint Venture Cuba Corporations, ending more than three decades as Canada's largest foreign investor in Cuba. The move follows US Executive Order 14404 (signed May 1), which expanded sanctions against Cuba and left Sherritt no viable legal path to continue. The Moa JV produced roughly 33,000 tonnes per year of finished nickel and cobalt. Sherritt's Fort Saskatchewan refinery in Alberta continues on existing feed inventory through approximately mid-June, after which permanent decisions about the refinery's future must be made.

Sources: The Northern Miner, Trading Economics, MFN / Cornish Metals AIM, National Wealth Fund, NMG via Morningstar / Business Wire, Sherritt International via Morningstar / Business Wire, International Tin Association.

Today on The Mining Insider:

Argentina's government approved two major mining projects under its RIGI large-investment incentive program on Thursday. The Cauchari-Olaroz lithium expansion, backed by China's Ganfeng Lithium Group and Lithium Argentina AG, will invest $1.24 billion to add 45,000 tonnes per year of lithium carbonate equivalent capacity. The San Jorge copper project in Mendoza will invest $891 million — the first large metal mine in Argentina's wine country. RIGI now has 16 approved projects with total pledged investment approaching $30 billion. Economy Minister Luis Caputo confirmed another 20 projects are under evaluation.

Copper is pulling back. After an eight-day rally that took LME futures to $14,106 per tonne — within 3 percent of the January all-time high — prices fell 1.5 percent on Thursday as Chinese purchasing activity slowed. The retreat is a reminder that the copper rally has been partly financial-flows driven, not purely physical shortage.

The Metals Company released its Q1 2026 results Wednesday afternoon. The headline number from the earnings call was the Allseas cost-sharing structure: Allseas has agreed to fund a significant portion of pre-production costs, with repayment scheduled after production commences — materially reducing TMC's near-term cash burn. TMC also disclosed an exclusive negotiation right at the Port of Brownsville in Texas for a processing and refining hub, and a new partnership with Mariana Minerals to advance feasibility work.

And the countdown is on at South Crofty. Cornish Metals needs to complete an equity raise of at least $161 million before the May 21 bond settlement — six days from today. Without it, the $210 million bond does not close, the project cannot make a Final Investment Decision this summer, and the restart of Britain's historic tin mine is delayed again.

Sources: Buenos Aires Times, Mining.com, Bloomberg, Lithium Argentina AG investor release, The Metals Company Q1 earnings call transcript (MarketBeat), Cornish Metals / International Tin Association.