The Mining Insider

Workers at Teck's Highland Valley Copper went on strike Saturday with the mine running at reduced capacity. Bannerman and CNNC Overseas approved the US$353 million Etango uranium mine. First Quantum plans an Argentina RIGI application for Taca Taca, MMG offered Brussels a ferronickel guarantee for Anglo's Brazil nickel deal, and diesel costs squeezed miners ahead of the Fed.

Indonesia's president ordered a review of five copper and gold concessions valued at about US$426.7 billion. Kazatomprom called a second shareholder vote on its Uranium One contract after 88.34% abstained. Gold fell below US$4,000 for its worst week since June, LME copper rebounded 1.8% to US$14,334, and iron ore ended the week flat.

Rio Tinto approved US$1.9 billion for the Kangwinan bauxite project in Queensland, adding 20 million tonnes a year of capacity. Newmont beat estimates and targeted an early 2027 Red Chris decision. Gold fell below US$3,990 as energy prices and equities weighed, Whitehaven beat output estimates, and Genesis Minerals reported ahead of its Vault merger.

China's state buyer reportedly agreed a new annual iron ore deal with Rio Tinto while Fortescue warned its operations could be hit if talks stall. BHP's chair urged tax reform at the AGM. Highland Valley Copper workers served 72-hour strike notice, Chile plans five more lithium tenders, and gold fell more than 1% while copper held near US$14,400.

Hudbay and Mitsubishi approved construction of the US$2.07 billion Copper World mine in Arizona. Northern Star's new CEO kept guidance and flagged possible asset sales while Gold Fields' bid stands rejected. Gold fell for a fourth session as oil climbed and copper eased on tariff talk, China's iron ore output fell 10.3%, and Hochschild held 2026 guidance.

Anglo American's Q3 copper output fell 5% to 174,900 tonnes but 2026 guidance held and the Teck merger is still expected by March 2027. BHP's quarterly copper fell 19% to 400,700 tonnes on Chile disruptions. Goldman Sachs raised copper forecasts while gold slid for a third session, and Ghana set a 2030 target to end raw mineral exports.

New Hope and Malabar signed a binding all-scrip deal valuing Malabar at about A$1.8 billion. South32 held guidance and Freeport detailed its copper leaching push. China's Q3 growth beat at 4.5% while fixed-asset investment fell 7.2%, and lithium slid to year lows as Zimbabwe producers lobbied on tax.

Workers at Antofagasta's Centinela copper mine ratified a new contract with 94.49% approval, ending the strike. Gold Fields took its A$38.7 billion bid for Northern Star to investors in Perth, Sydney and Melbourne. Multilateral development banks adopted a critical minerals framework, and markets head into the week with the Fed in its quiet period, gold near US$4,165 and oil higher.

Unions at Antofagasta's Centinela copper mine reached a preliminary agreement ending the strike, with a ratification vote scheduled for Saturday. Exiro Nickel closed its purchase of the Thompson nickel complex from Vale Base Metals. Gold ended the week near US$4,165 while copper tracked an AI stock sell-off, Greenland's parliament backed a temporary deep-sea mining ban as a U.S. licence bid advanced, and iron ore rebounded as Grange approved Savage River underground.

Talks at Antofagasta's Centinela copper mine stalled with three workers on day seven of a hunger strike. Kenmare cut 2026 ilmenite guidance to 710,000 to 750,000 tonnes while takeover talks continue. U.S. producer prices rose 1.3% in September with gold near US$4,150, iron ore slipped below US$90 as Vale's CEO called for higher prices, and Zimbabwe held to its January 2027 lithium concentrate export ban.

Escondida supervisors ratified a three-year contract with BHP, cancelling the strike. Antofagasta reported Q3 copper output of 151,900 tonnes and guided 2027 below consensus. Hot U.S. inflation pushed gold to about US$4,107, China's September customs data showed weaker iron ore imports, and a court overturned the heritage block on Regis's McPhillamys gold project.

BHP and the Escondida supervisors' union reached a preliminary deal ahead of a strike deadline, pending a member vote. Rio Tinto's Pilbara shipments beat forecasts. Glencore debuted on the ASX, SSR Mining offered about US$464M for Roxmore, and Chile's copper supply risks kept copper near US$14,700 a tonne.

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.

The US House passed the DOMINANCE Act targeting China's 90% rare earth processing lock, backed by $134 million in DOE funding for Louisiana and Oklahoma extraction projects. Inpex seeks Fair Work Commission intervention as Ichthys LNG strikes escalate to cargo loading bans starting June 11, threatening up to four Asian LNG shipments. Eldorado Gold produces first copper concentrate at McIlvenna Bay in Saskatchewan, targeting commercial production in Q3 2026 from an 18-year, 41-million-pound-per-year copper asset. South Africa's Minerals Council pushes back on proposed chrome export levies and a fifth delay to the mining cadastre rollout, now targeting March 2027.

Today on The Mining Insider: Iran and Israel announced a mutual halt to attacks, and President Trump told reporters the Strait of Hormuz could open within two or three days — a potential turning point for mining operators facing three months of elevated energy costs. Trafigura halts zinc concentrate shipments from Cuba's Castellanos project to Chinese smelters, cutting 100,000 tonnes per year from a market where smelting charges have hit an all-time low of minus $50 per tonne. Antofagasta commits $900 million to extend its Zaldivar copper mine in Chile to 2051, eliminating freshwater use by 2028. And Aclara's rare earth clay project clears its final environmental hurdle in Chile, with US Development Finance Corporation talks underway.

The Strait of Hormuz enters day 99 of effective closure with tanker traffic down 90-95% from pre-war baselines; US forces strike Iranian radar sites on Goruk and Qeshm islands; Brent above $96/bbl; OPEC+ eyeing its fourth quota hike. China's coking coal hits its highest price since 2024 as ~60 million tonnes of annual capacity remain halted on safety shutdowns. GoldMining files La Mina PEA (Antioquia, Colombia): $1.0B NPV, 32.2% IRR, $523M capex, 1.2M oz gold and 195M lbs copper over 11.2 years; spot-price NPV $1.8B. Deep Sea Minerals (CSE: SEAS) achieves substantial compliance with NOAA for its 150,000-km2 Pacific Ocean seabed mineral concession.

Sherritt International exits Cuba after Trump's Executive Order 14404 sanctions Moa Nickel SA, leaving $344M in unpaid Cuban debts and pursuing a preliminary deal with Gillon Capital for 55% control. Vale Canada opens the initial phase of its C$945M Copper Cliff nickel mine in Sudbury. Chile's Kast government enacts two-layer mining reform targeting 30-70% shorter permitting timelines and a 25-year fiscal stability pact. REalloys signs a non-binding LOI with Patriot for access to 2 billion tonnes of Appalachian Basin rare earths across 150+ sites, ahead of the January 2027 US defense procurement deadline.

Indonesia's energy ministry cuts the country's 2026 nickel ore production quota to 260-270 million tonnes — below last year's 320 million tonnes and far short of FINI's 340-350 million tonne demand estimate. Smelters are at 76% capacity; Weda Bay Nickel halts production after exhausting its quota. LME nickel hit $20,000/t on May 6. Orla Mining restarts Camino Rojo in Mexico after an illegal labor blockade ends, reaffirming 2026 gold guidance of 110,000-120,000 oz. Pan American Silver approves $146M for a 625m Bell Creek shaft extension at Timmins with 118,000m of drilling in 2026. Sunshine Silver closes its NYSE IPO at $310.5M (23M shares at $13.50, ticker SSMR) to fund the 2028 restart of Idaho's Sunshine Mine.

Hezbollah rejects the latest US-brokered Lebanon ceasefire proposal, keeping the Strait of Hormuz effectively closed at 96 days as Trafigura reports the largest energy crisis in history with 14 million barrels per day shut in and net profit tripling to $4.1 billion. China National Nuclear Corporation wins Namibia Competition Commission approval to take a stake in the Etango uranium project, one of Namibia's largest undeveloped deposits. enCore Energy completes its largest-ever satellite ion exchange plant at Upper Spring Creek in South Texas, targeting uranium extraction in late 2026. Gold M&A reaches $7.9 billion: Equinox Gold's $5.1 billion acquisition of Orla Mining creates an $18.5 billion North American producer, while Agnico Eagle consolidates three Finnish gold assets for $2.8 billion.

USA Rare Earth executed definitive agreements with the US Department of Commerce for nearly $1.6 billion in CHIPS Act funding — $277 million in grants and up to $1.3 billion in loans — giving the company $3.5 billion total to build a mine-to-magnet supply chain. Sunshine Silver listed on the NYSE under SSMR, raising $270 million to restart Idaho's historic Sunshine Mine. Iran is deliberately tying Lebanon ceasefire demands to Hormuz negotiations; Polymarket gives only 19% odds on June 30 deal. Lithium Americas flagged an $80–$120 million Thacker Pass cost hike from tariffs and the Iran war.

Iran fired ballistic missiles at Kuwait and Bahrain overnight while the US struck an Iranian ground control station on Qeshm Island. Trump told ABC News he expects a deal within the next week. Goldman Sachs raised its copper target by more than 10% to $13,735/tonne; Citi called for $14,500 this month. Northern Star's board acknowledged Elliott's strategic review demand — shares up 14%. And three of Zambia's major copper smelters are entering simultaneous maintenance, tightening copper and sulphuric acid supply.

Iran formally suspended indirect negotiations with the United States and threatened to completely close the Strait of Hormuz, sending Brent crude up more than 7% to approximately $97 a barrel. Iranian copper smelters at Sar Chesmeh and Khatoon Abad suspended production. Elliott Management disclosed an A$1 billion stake in Northern Star Resources and published a public letter demanding a strategic review including potential sale. Barrick Mining is in early-stage talks to create a $30 billion London-listed African gold entity in a possible all-share deal with Endeavour Mining. And USA Rare Earth committed $204 million to expand rare earth metal and magnet manufacturing in France.

The US-Iran memorandum of understanding remains unsigned after Trump sent tougher terms back to Tehran over the weekend — and fresh military strikes near the Strait of Hormuz have added to the tension. Cameco announced a $115.75 million buyout of TEPCO's 5% stake in Cigar Lake, raising its ownership to 57.418% in the world's highest-grade uranium mine. The DRC tripled lithium royalties through a new strategic minerals decree, hitting Zijin's Manono project. And Zijin's $4 billion acquisition of Allied Gold is stalling in Beijing.

The Hormuz ceasefire is holding — barely. Trump sent the Iran framework back to Tehran with new amendments; Iran has days to respond. The US military disabled the Gambian-flagged Lian Star on May 30. Zimbabwe attracted nearly $1 billion in lithium processing investment. Chinalco's Chairman met BHP's CEO-elect in Beijing.

Anglo American posted a $3.7 billion net loss after a fresh $2.3 billion pre-tax impairment on De Beers — bringing cumulative writedowns to $6.8 billion over the past year. The US-Iran ceasefire MOU is agreed at the negotiating level but awaiting Trump's signature as military strikes continued through May 27. Brent fell nearly 20% in May; gold recovered to $4,514/oz. Iron ore is tracking its first monthly loss since February at $105.85/t. And Integra Resources' DeLamar gold-silver project in Idaho formally entered the federal NEPA EIS process after seven-plus years of preparation.

US and Iranian negotiators reportedly agreed in principle to a 60-day memorandum extending the ceasefire and restoring Hormuz shipping — pending Trump's approval. The DRC's second offensive to retake the Rubaya coltan mine failed; M23 retains control of a site producing 15–30% of global coltan supply. Sunshine Silver Mining filed for a $330 million NYSE IPO to restart Idaho's historic Sunshine Mine. And Canada's Carney pitched Washington on aluminum and minerals trade ties as Perpetua Resources received a $2.9 billion Ex-Im Bank approval for the Stibnite antimony-gold project.

Four of Japan's largest trading and metals companies — JX Advanced Metals, Mitsui Kinzoku, Marubeni, and Mitsubishi Materials — signed a definitive agreement to consolidate their copper operations under Pan Pacific Copper, targeting October 1, 2026. MP Materials filed a Texas lawsuit against USA Rare Earths alleging the theft of proprietary magnet technology. Gold broke through its 200-day moving average, dropping to $4,368/oz after the US and Iran exchanged fresh military strikes. And at least 18 mining companies are now pursuing dual US exchange listings, pitching antimony, tungsten, uranium, and rare earths as strategic defence minerals.

LNG tankers are moving through the Strait of Hormuz for the first time since late February, as the US and Iran near a 60-day ceasefire framework that could reopen the waterway. Crude trades near $100 per barrel. At the AFR Mining Summit in Perth, BlackRock portfolio manager Olivia Markham backed large-scale mining M&A, arguing the sector needs bigger companies to attract generalist capital. India and the US signed a critical minerals framework backed by up to $20 billion from the Quad bloc. Copper holds near record territory at $14,154 per metric tonne. And Bayridge Resources cleared a key NIRB regulatory hurdle for its Baker Basin Uranium Project in Nunavut.

US and Israeli jets strike Iranian vessels and missile sites near the Strait of Hormuz — oil rebounds toward $98/bbl after Monday's dip below $100. Russia's second Dutch auction for Uzhuralzoloto collapses as the sole bidder is disqualified. Guinea prepares to announce bauxite export controls next month — one-third of global supply at 183Mtpa. Mineral Resources and Ganfeng take FID on A$490M Mt Marion lithium expansion to 600ktpa SC6.

President Trump says a US-Iran deal to reopen the Strait of Hormuz is largely negotiated — Brent drops below $100, WTI falls to $92. For mining operators, the three-month Hormuz closure has elevated diesel, acid, and freight costs globally. The ICSG reveals a 396,000-tonne Q1 copper surplus as Grasberg fell 42% and Kamoa dropped 36%. Gold holds near $4,500 as Iran optimism and India's 15% import duty hike weigh on the haven trade. Mount Holland receives approval to double spodumene capacity to 4.4Mtpa.

Two miners remain unaccounted for at the Liushenyu coal mine in Shanxi, China as rescue robots are deployed on day three of the country's deadliest mining disaster since 2009. Greenland Mines acquires the Sarfartoq neodymium-praseodymium rare earths project in Greenland for $35 million, with Neo Performance Materials retaining 60% offtake rights. Stillwater Critical Minerals flags new rhodium assays at Montana's largest rhodium resource, with an updated estimate due next month.

A gas explosion at the Liushenyu coal mine in Shanxi, China, kills at least 90 miners — China's deadliest mining disaster since 2009, at a site flagged for severe safety hazards. Copper briefly touches $14,000 per tonne in London on Chinese demand recovery and sulphuric acid supply risk. Lithium Americas warns US tariffs and Iran-war inflation will add $80–$120 million to Thacker Pass construction costs in 2026. And Russia launches a Dutch auction for its seized 67.2% stake in gold miner Uzhuralzoloto, with results due May 26.

EXIM Bank unanimously approves a $2.9 billion, 13-year loan for Perpetua Resources' Stibnite gold-antimony project in Idaho — the US's only identified domestic antimony reserve. Konkola Copper Mines fires the first blast at Zambia's Chingola B mine after an 18-year shutdown, targeting 200,000 tonnes of ore/month as Vedanta-backed KCM pursues Zambia's 3 million tonne copper target for 2031. The International Seabed Authority warns of a litigation wave against Trump-backed deep-sea mining companies as at least nine US firms race for permits, with a first lease auction possible in August. The US Department of Commerce finalizes a 109.1% countervailing duty and 132.83% anti-dumping duty on Russian palladium.

Cornish Metals secures a 52-million-pound credit facility from the National Wealth Fund and Vision Blue to advance South Crofty tin toward its final investment decision, bridging the company's US$210 million Nordic bond placement. Freeport Indonesia's Grasberg Block Cave is at 50% capacity after wet ore conditions from last year's fatal accident force chute modifications, with full ramp-up now expected by end of 2027. Codelco is proposing to unify Chuquicamata, Radomiro Tomic, and Ministro Hales under a single management structure, targeting $2 billion in combined gains by 2027. Gold falls $84 to $4,482 as US April CPI data pushes the 30-year Treasury yield to its highest since 2007 and crushes Fed rate-cut expectations.

Core Lithium resumes blasting and excavation at its Finniss lithium project in Australia's Northern Territory after a two-year shutdown, targeting first spodumene shipments in the December quarter. Indonesia signs a regulation establishing a state-owned enterprise export monopoly over coal and ferroalloys, with a transition phase beginning June 1. Gold slides 1.86% to $4,493 as US President Trump calls off planned Iran strikes, then rebounds to $4,499 as ceasefire talks advance. Colombia's government presses Glencore to begin managed transition planning at the Cerrejon coal complex ahead of its 2034 concession expiry.

Agnico Eagle formally approves the Hope Bay investment decision — $2.4B capex, 400,000-435,000 oz/year from 2030, 11-year mine life, 4.5M oz total, 19-26% IRR, $2.7B-$4.3B NPV. The largest gold mine development in Nunavut's history. Anglo American agrees to sell its Australian steelmaking coal business to Peabody Energy for up to $3.875B. MinRes restarts Bald Hill lithium mine as spodumene recovers to $2,800/tonne. Russia's auction for the seized 67.2% stake in gold miner UGC draws zero bids; Dutch auction set for May 26.

J.P. Morgan cuts its 2026 average gold price forecast from $5,708 to $5,243/oz, citing weak investor demand and gold down 14% since the US-Iran conflict. Zambia lifts its sulphuric acid export ban, restoring supply lines to DRC copper and cobalt miners. Trafigura, EGC, and EVelution Energy sign a tripartite MOU for a direct DRC-to-US cobalt supply chain targeting 40% of US cobalt demand. And Zambia's ZCCM-IH signals stake increases in copper mines on commercial terms, pivoting to a royalty-based revenue model.

President Trump returned from his two-day Beijing summit without a confirmed rare earth deal — China's export controls remain unresolved and the short-term bilateral arrangement is unrenewed, leaving Western critical mineral supply chains in a holding pattern. Agnico Eagle's construction decision on its Hope Bay gold project in Nunavut is expected imminently, with CEO Al-Joundi promising a major Nunavut announcement in May and Canada's Energy Minister Hodgson flagging a May 19 site visit. Gold extended its slide to $4,539/oz on Saturday — its lowest since March 2026 — as the Beijing summit offered no relief on rare earths or Hormuz. And Exxaro Resources opened the expansion of its Matla coal mine in South Africa, backed by a new 17-year supply agreement with Eskom for more than 9 million tonnes per year through November 2043.

Gold falls more than 3% to $4,530/oz — a six-week low — as April US CPI hits 3.8%, bond yields surge, and the Trump-Xi Beijing summit yields no Hormuz breakthrough. Cornish Metals secures a £52 million credit facility from the National Wealth Fund and Vision Blue, clearing the path to South Crofty's May 21 bond close and FID. Nouveau Monde Graphite confirms a final investment decision for the G7's largest graphite mine — the Matawinie project in Quebec — backed by over $644 million in combined financing. And Sherritt International formally relinquishes its Moa JV Cuba interests after US Executive Order 14404 ends Canada's longest-running foreign mining presence on the island.

Argentina approves $2.1B in mining RIGI projects — Ganfeng/Lithium Argentina Cauchari-Olaroz Stage 2 ($1.24B) and San Jorge copper in Mendoza ($891M); RIGI pipeline at 16 projects / nearly $30B. Copper retreats 1.5% on China slowdown after 8-day rally to $14,106/tonne. TMC Q1 results: Allseas funds significant pre-production costs on deferred terms; Port of Brownsville refining hub exclusive negotiation confirmed; NOAA permit still Q1 2027. And Cornish Metals has 6 days to close $161M equity raise before May 21 South Crofty bond settlement.

Agnico Eagle commits C$14B (~US$10B) to Ontario gold by 2030. The Metals Company signs its first commercial deep-sea nodule recovery contract with Allseas; NOAA permit expected Q1 2027. Copper breaks $14,106/tonne as sulfuric acid shortages hit DRC and Zambia; Scotiabank revises 2027 deficit to 350,000 tonnes. The Yindjibarndi Aboriginal Corporation considers an appeal of the Fortescue A$150M ruling, calling the award far below the $1.8B sought.

April CPI lands at 3.8% YoY — hotter than expected — gold drops below $4,700 and Fed rate hike odds climb to 30%. Copper touches $14,000/tonne on the LME with the ICSG forecasting a 150,000-tonne 2026 deficit. Peru's June 7 presidential runoff between leftist Roberto Sanchez and Keiko Fujimori puts $6B in mining investment at risk. And Fortescue is ordered to pay $108M to Australia's Yindjibarndi people in the country's largest-ever native title mining compensation ruling.

Mosaic curtails 2 million tonnes of US phosphate production and scraps 2026 guidance as Iran war input costs spiral. April CPI drops at 8:30 AM Eastern — consensus 3.7% YoY — with gold at $4,748. And Cornish Metals has 9 days to close a $161M equity raise to fund the South Crofty tin mine restart.

Barrick Q1 2026: 719,000 oz gold (beats guidance), $0.98 EPS (beats consensus by 32%), $1.21B free cash flow (+195%), $3B buyback, North American Barrick IPO progressing. Iran talks collapse as Trump calls Tehran's response 'totally unacceptable' — Brent at $104, gold at $4,689, Hormuz still closed. And China's domestic gold output down 3.27% YoY even as investor demand surges.

Iran reviewing a 14-point US peace proposal at week's end — gold above $4,700, silver above $80, oil volatile on Hormuz confrontation. TMCR pays $132.5M for a 1% royalty on Mesabi Metallics' Minnesota DR-grade iron ore project, backed by $10B US Ex-Im Bank. Argentina forecasts $32.7B in lithium and copper exports over 10 years, with 49% jump in 2026.

PT Freeport Indonesia confirms the full Grasberg restart is pushed to early 2028 — production at 40-50% and 2026 copper guidance cut by 300 million pounds. China Railway Group proposes a 200,000-500,000 tonne/yr copper-cobalt complex in the DRC's Grand Kasai. And the US and South Africa hold their highest-level minerals meeting of the year in Johannesburg, with PGMs, rare earths, and smelting capacity on the agenda.

Cornish Metals closes a $210 million bond to restart England's historic South Crofty tin mine, with FID this summer and first production in mid-2028. Guinea's Simandou resumes after Baowu ends a labor dispute. And Gold Fields puts numbers to the Iran war energy shock: AISC up 13% to $1,829/oz, diesel up 30-70%, while gold rebounds toward $4,700 on US-Iran peace deal hopes.

Ivanhoe Mines Q1 2026 results show Kamoa-Kakula delivering $862 million in revenue and a 46% EBITDA margin while beating C1 cash cost guidance at $2.58 per pound, despite a headline net loss driven by a $183 million DRC tax settlement. Kipushi produced a record 65,044 tonnes of zinc and Platreef's $700 million Phase 2 financing closed April 30. G7 trade ministers in Paris pledged to prevent the weaponization of critical mineral supply chains. And the US Commerce Department faces a June 2026 deadline ahead of a proposed 15% copper tariff in January 2027.

Sibanye-Stillwater launched tender offers on May 6 to retire all $675 million of its 4% senior notes due 2026 and up to $75 million of its 4.5% notes due 2029, with the offers funded by a new bond issuance as part of multi-year balance sheet restructuring. A Columbia University Center on Global Energy Policy report published May 5 documents copper smelter treatment and refining charges falling to negative $90 per tonne in March 2026, with only two active US copper smelters remaining. And Pan American Silver reported $488 million in Q1 free cash flow and a record $1.8 billion cash balance on a $91.79 realized silver price.

Regis Resources and Vault Minerals announced a $7.67 billion all-scrip merger creating Australia's third-largest ASX-listed gold producer, with 700,000-plus ounces of annual output and a debt-free balance sheet of A$1.9 billion in cash. Sibanye-Stillwater reported two employees killed during a routine shaft inspection at Kloof 8 in South Africa, suspending operations that contribute about 14% of Sibanye's gold output. And Barrick Mining's $7 billion Reko Diq copper-gold project in Pakistan is under board-level capital review following the Baloch Liberation Army's January 2026 surge of attacks across Balochistan, threatening a $1.25 billion U.S. Export-Import Bank-backed bet on diversifying copper supply chains.