Episodes

  • South Crofty Gets Its Money, Simandou Ends Its Strike, and Gold Fields Counts the Cost of the Iran War

    South Crofty Gets Its Money, Simandou Ends Its Strike, and Gold Fields Counts the Cost of the Iran War
    May 8 2026
    Today on The Mining Insider: Cornish Metals has closed a $210 million Nordic bond offering to fund construction of South Crofty in Cornwall, England — the highest-grade undeveloped tin deposit in the world. The six-year bonds carry a 13.5% fixed coupon and were significantly oversubscribed. CEO Don Turvey says the company expects to be fully funded and to announce a final investment decision this summer, with first tin concentrate production targeted for mid-2028. The project would be potentially the first primary tin producer in Europe or North America, at a time when approximately two-thirds of global tin supply comes from China, Myanmar, and Indonesia. The US Export-Import Bank has issued a non-binding letter of interest for up to $225 million tied to future US tin exports. Separately, mining has resumed at Guinea's Simandou Blocks 1 and 2 after the Baowu Winning Simandou Consortium ended a labor dispute by agreeing to apply Guinea's national mining pay framework. Talks on worker classifications continue through May 20. Simandou, the world's largest untapped high-grade iron ore deposit, delivered its first shipment to China in April. And Gold Fields reported Q1 2026 all-in sustaining costs of $1,829/oz — up 13% — as the Iran war drives diesel prices up 30-70%, LNG up 30%, and freight costs up 40% across its global operations. The company estimates a $40-$50/oz portfolio impact at $100/bbl oil and maintained full-year guidance while warning costs could exceed the range if oil rises further. Gold prices rebounded toward $4,700/oz on reports of a potential US-Iran peace memorandum. Stories Covered: 1. Cornish Metals — South Crofty $210M bond, FID summer 2026, production mid-2028, 4,700t tin/yr, 14-year mine life, AISC lowest quartile ($14,461/t) 2. Simandou Blocks 1 & 2 — Labor stoppage ends, Guinea national pay framework accepted, talks through May 20 3. Gold Fields Q1 2026 — AISC $1,829/oz (+13%), Iran war energy shock, $40-50/oz impact at $100 oil, gold rebounds on deal hopes Commodities: Tin, iron ore, gold, oil Jurisdictions: United Kingdom, Guinea, South Africa, United States, China, Myanmar, Indonesia
    Show More Show Less
    9 mins
  • Ivanhoe Beats Its Cost Target at Kamoa, the G7 Draws a Line on Critical Minerals, and Washington's Copper Tariff Clock Is Running

    Ivanhoe Beats Its Cost Target at Kamoa, the G7 Draws a Line on Critical Minerals, and Washington's Copper Tariff Clock Is Running
    May 7 2026
    Today on The Mining Insider: Ivanhoe Mines released its Q1 2026 financial results after market close on Wednesday. Kamoa-Kakula delivered $862 million in revenue and $397 million in EBITDA — a 46% EBITDA margin — and beat the low end of its C1 cash cost guidance at $2.58 per pound, compared with guidance of $2.60 to $3.00. The headline net loss of $2 million was driven entirely by a $183 million DRC tax settlement, not operating performance. Kipushi produced a record 65,044 tonnes of zinc in Q1. Platreef secured financial close on its $700 million Phase 2 project finance facility on April 30. And founder Robert Friedland described the Makoko copper discovery in the Western Forelands as "an emerging giant in the making." Separately, G7 trade ministers concluded a two-day meeting in Paris on May 6 with a joint communiqué pledging to ensure that attempts to "weaponize" critical mineral dependencies will fail — while underlying differences between the EU, US, and Japan on approach remain visible. And on the US copper tariff front, the Commerce Department faces a June 2026 deadline to deliver its report on the domestic copper market to the President — a prerequisite for a proposed 15% copper tariff set to take effect in January 2027, rising to 30% in January 2028. Stories Covered: - Ivanhoe Q1 2026: Kamoa $862M revenue, $397M EBITDA (46% margin), C1 $2.58/lb (below guidance), $183M DRC tax write-down drives headline loss, Kipushi record 65,044t zinc, Platreef $700M Phase 2 close, Makoko "emerging giant" - G7 Paris communiqué: minerals weaponization pledge, EU vs US vs Japan approach divergence, Canada C$18B in 12 countries - US copper tariff: Commerce report due June 2026, 15% tariff January 2027, 30% January 2028 Commodities: Copper, zinc, platinum group metals, sulphuric acid, gold Jurisdictions: DRC, South Africa, Canada, France, United States, Germany, Japan, Italy, UK
    Show More Show Less
    10 mins
  • Sibanye Retires $675 Million in Debt, Western Copper Smelters Face a Negative-Fee Crisis, and Pan American Silver Hits a Record Cash Balance

    Sibanye Retires $675 Million in Debt, Western Copper Smelters Face a Negative-Fee Crisis, and Pan American Silver Hits a Record Cash Balance
    May 6 2026
    Today on The Mining Insider: Sibanye-Stillwater launched tender offers on May 6 to retire all $675 million outstanding of its 4% senior notes due 2026 — a full any-and-all offer — and up to $75 million of its 4.5% notes due 2029 at $962.50 per $1,000, funded by a new dollar-denominated bond issuance. The 2026 notes are set to settle May 15. The move is part of Sibanye's multi-year restructuring following the collapse of platinum group metal prices and comes one week after the fatal Kloof 8 shaft accident. Separately, a research note from Columbia University's Center on Global Energy Policy published May 5 documents copper smelter treatment and refining charges falling to negative $90 per tonne in the spot market in March 2026. Antofagasta agreed to zero TC/RCs for 2026. Glencore's Philippines smelter has already been halted. The US has only two active copper smelters remaining — Rio Tinto's Garfield facility in Utah and Freeport-McMoRan's Miami operation in Arizona. Authors Kevin Brunelli and Dr. Tom Moerenhout recommend production tax credits, modernization grants, and a TC/RC price floor mechanism. And Pan American Silver reported Q1 2026 results: $488 million in free cash flow, a record $1.8 billion in cash and short-term investments, and a $91.79 per ounce realized silver price. Full-year guidance of 25-27 million ounces silver reaffirmed. Stories Covered: - Sibanye tender offer: $675 million 4% 2026 notes retired, up to $75 million 2029 notes, new bond issuance, settlement May 15 - Western copper smelter crisis: TC/RCs at negative $90/tonne March 2026, Antofagasta 2026 benchmark at $0, Glencore Philippines halted, US down to 2 active smelters - Pan American Silver Q1 2026: $488 million FCF, $1.8 billion cash, $91.79/oz silver realized, guidance reaffirmed Commodities: Silver, gold, copper, platinum group metals, rhodium Jurisdictions: South Africa, United States, Canada, Philippines, Namibia, Japan, Chile
    Show More Show Less
    10 mins
  • Australia's Biggest Gold Merger, a Fatal Shaft Accident at Sibanye, and Pakistan's Insurgency Puts Barrick's Reko Diq in Question

    Australia's Biggest Gold Merger, a Fatal Shaft Accident at Sibanye, and Pakistan's Insurgency Puts Barrick's Reko Diq in Question
    May 5 2026
    Today on The Mining Insider: Regis Resources and Vault Minerals announced a 100% all-scrip merger creating a combined company with a pro forma market cap of approximately A$10.7 billion (US$7.67 billion) — Australia's third-largest primary ASX-listed gold producer. The merged group will produce over 700,000 ounces per year from five Western Australian assets, entering life debt-free with A$1.9 billion in cash and projected annual free cash flow of A$1.7 billion. CEO Jim Beyer of Regis will lead the combined company; deal completion is targeted August-September 2026. Separately, Sibanye-Stillwater reported two employees killed on Sunday during a routine inspection of the Kloof 8 shaft in South Africa — a platform carrying the workers detached from the main winder conveyance and plunged uncontrolled down the shaft. The Kloof complex contributes approximately 14% of Sibanye's gold output. Shares fell 2.6%. And Barrick Mining's flagship Reko Diq copper-gold project in Pakistan's Balochistan province is under board-level capital allocation review following the Baloch Liberation Army's January 2026 coordinated attacks across nine districts. Barrick CEO Mark Bristow confirmed the review. Barrick has committed $7 billion to the project; the U.S. Export-Import Bank has committed $1.25 billion as part of Washington's strategy to build copper supply chains outside China. Stories Covered: - Regis Resources + Vault Minerals: A$10.7B merger, 700,000+ oz gold/year, debt-free, A$1.9B cash, completion August-September 2026 - Sibanye-Stillwater Kloof 8 fatalities: Two workers killed in shaft platform accident, operations halted, 14% of gold output suspended, shares -2.6% - Barrick Reko Diq capital review: BLA Balochistan attacks, Barrick $7B commitment under board review, US Exim Bank $1.25B at stake Commodities: Gold, copper Jurisdictions: Australia (Western Australia), South Africa, Pakistan (Balochistan), Canada, United States
    Show More Show Less
    10 mins
  • ADB Backs a $1 Billion Minerals Push, Anglo Teck Gets the Green Light, and Nickel Climbs to a Two-Year High

    ADB Backs a $1 Billion Minerals Push, Anglo Teck Gets the Green Light, and Nickel Climbs to a Two-Year High
    May 4 2026
    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
    Show More Show Less
    9 mins
  • Uzbekistan Pulls the Navoi IPO, Byproducts Make Copper Free to Mine, and Chile's Acid Clock Is Ticking

    Uzbekistan Pulls the Navoi IPO, Byproducts Make Copper Free to Mine, and Chile's Acid Clock Is Ticking
    May 3 2026
    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
    Show More Show Less
    9 mins
  • Venezuela's Mineral Opening, Seabed Mining's Legal Breakthrough, and Ontario's Defence Pivot

    Venezuela's Mineral Opening, Seabed Mining's Legal Breakthrough, and Ontario's Defence Pivot
    May 2 2026
    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
    Show More Show Less
    10 mins
  • China Cuts the Acid Supply, First Quantum Takes the Hit, and Brazil Draws a Line on Critical Minerals

    China Cuts the Acid Supply, First Quantum Takes the Hit, and Brazil Draws a Line on Critical Minerals
    May 1 2026
    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
    Show More Show Less
    11 mins