Today's Mining Pulse
Indonesia grants export monopoly to state trader, targeting $66B in resource revenues
Indonesia’s employers association and major mining cartels have endorsed President Prabowo Subianto’s new export monopoly, giving exclusive rights to state‑controlled trader PT Danantara Sumberdaya Indonesia (DSI). The policy aims to capture roughly $66.13B in annual resource revenues and curb historic tax leakage estimated at $908B.
Also developing:
Tharisa Awards Underground Contract to Cementation Africa
Tharisa Minerals has inked a five‑year, cost‑plus‑fee contract with underground contractor Cementation Africa to build and operate underground facilities at its Bushveld Complex mine. The deal follows initial blasting in March 2026 and runs alongside ongoing open‑pit work. It supports Tharisa’s $547 million, ten‑year investment plan to shift a larger share of production underground and extend the mine’s life. The alliance‑style agreement emphasizes transparency and shared risk rather than traditional rate‑based contracts.
Cabral Gold Reports Additional Infill Drilling Results From MG Gold Deposit, Cuiú Cuiú Gold District, Brazil
Cabral Gold Inc. announced results from 30 additional shallow RC infill holes at the MG starter pit in Brazil’s Cuiú Cuiú Gold District, bringing total infill drilling to 133 holes and 4,800 m. Intercepts include up to 19 m at 1.80 g/t Au...
Climate Campaigners Attack Shell over ‘Windfall’ Profits From Iran War
Shell reported first‑quarter earnings of $6.9 bn (£5 bn, about $6.35 bn), a 115% jump that outpaced analysts’ $6.4 bn forecast. The surge stemmed from oil prices climbing from $61 to $119 a barrel as the Iran‑US conflict disrupted the Strait of Hormuz. Shell...
Algeria Acquires New Wagon Fleet
Algerian National Railways (SNTF) signed a roughly $118 million contract with domestic manufacturer Ferrovial to purchase 800 wagons for phosphate transport. The fleet will lift annual capacity to about 13.6 million tonnes as the 422‑km Eastern Mining Line is upgraded. Deliveries begin...
VCI Global Enters Binding Term Sheet for Strategic Investment in Brazil Gold Asset, Advancing Integration of Physical Gold Into RWA...
VCI Global Limited announced a binding term sheet to invest in a gold‑mining asset in Brazil, estimated at 59.9 tonnes (about 1.9 million ounces) of resources. The company will initially fund the project and act as the engineering, procurement and construction (EPC)...
North American Niobium Drills Pegmatite at Seigneurie Project, Quebec
North American Niobium drilled hole SGN-2026-008 at the Seigneurie Project, intersecting 108.6 metres of pegmatite within a 218.6‑metre interval. The drill core revealed ten stacked pegmatite zones, the thickest being 42.15 metres, and showed that the intrusion preferentially follows amphibolite‑gneiss...
Strategic Finds More Tin in Historic Drill Cores
Strategic Minerals has re‑assayed 428 historic drill cores from its Redmoor project in Cornwall using new analytical technology. The upgraded assays reveal significantly higher tin concentrations than previously recorded, despite the project’s original focus on tungsten. The findings suggest a...
US Rare‑Earth Strategy Stalls as Permitting Delays Push Buyers to Non‑Chinese Sources
U.S. rare‑earth development is being held back by permitting that can add a decade to projects, while fresh procurement rules in the United States and Europe are nudging customers toward non‑Chinese producers such as Australia’s Lynas. The twin pressures expose...
South African Miners Pivot to Atlantic Diesel Supplies
South African mining firms are redirecting diesel purchases from the Middle East to suppliers in the United States and Brazil. The shift follows a sharp rise in diesel prices linked to the ongoing conflict in the Middle East, which now...
THE SUPPLY SIDE OF GOLD IS BROKEN: 15 Years of Flat Production, the Historic Discovery Drought, the M&A Illusion &...
Gold’s supply side has stalled for 15 years, with annual mine output essentially flat despite prices soaring from under $1,000 to over $4,500 per ounce. The industry recorded zero major discoveries (2 million‑plus ounces) in both 2023 and 2024, a historic...
WTI Crude Peaks Near $120; Bonds, Grains Stabilize
Peak Inklings: $100 Crude, 5% T-Bonds, $5 Corn and Gas, $12 Soy Roughly $120 a barrel in WTI crude oil may be reaching its peak potential, akin to $147 in 2008 and $130 in 2022. Staying below $100 would reinforce the...
Gold Fields Flags Oil Shock as Mining Costs Climb
Gold Fields reaffirmed its 2026 production target of 2.4‑2.6 million ounces but warned that soaring energy costs tied to the Iran conflict are eroding margins. Diesel has risen 30‑70% and LNG 30%, which could add $40‑50 per ounce to the company’s...
Crude Oil Lower-High Pattern Holds, Fueled by US Stocks
Crude Oil Pump-Then-Dump Pattern Appears Intact The crude oil pattern of lower highs since 2008 is being tested in 2026 and looks intact. My graphic shows a top potential determinant for maintaining the lower-lows trend -- the lofty US stock market. Full...
Gold Reserve Launches American Heralds in the US
Gold Reserve announced the creation of American Heralds Mining Corporation, a U.S.-based entity that will house its Venezuelan Siembra Minera project and an Alaskan property. Shareholders will receive shares in the new company while Gold Reserve retains a minority stake....
Goose Beats Targets as Ramp-Up Continues
B2Gold reported first‑quarter production at its Goose mine above expectations, delivering 42,876 ounces of gold and $219.5 million in revenue thanks to higher grades and 93.5% recoveries that offset lower mill throughput. Cash operating costs came in at $1,653 per ounce,...
Delfin Signs Long-Term LNG Supply Deal with Gunvor
Delfin Midstream’s subsidiary Delfin LNG has signed a 20‑year contract to supply 0.3 million tonnes per annum of LNG to commodity trader Gunvor. The cargo will be delivered FOB from the FLNG1 floating facility located about 40 nautical miles off Louisiana....
NexGold Mining Drills 14.10 G/T Gold over 6.0 Metres at Goldlund Deposit, Ontario
NexGold Mining Corp. reported new drill results from the Goldlund Deposit, part of the Goliath Gold Complex in Ontario. In nine holes totaling 3,663 m, the company intersected high‑grade gold, including 14.10 g/t over 6 m and an extreme 143 g/t over 0.5 m. The...
Gold Prices Rally As Middle East Tensions Ease
Gold prices jumped about 1% on Thursday, with spot gold reaching $4,735.74 an ounce and June futures climbing to $4,742.64. The rally was driven by optimism around a potential U.S.–Iran peace deal and easing Middle East tensions, which also softened...
Geopolitics May Drive Elevra’s Full‑Control Bid
Does geopolitics trump valuation? In a world of FORGE, US-Australia critical minerals alliances and Congressional hearings on Chinese market behavior, will be interesting to see how this unfolds. Key question is what does Elevra do? Stay in a JV with Huayou and...
Norway's Final Coal Mine Shuts, Atmosphere Remains “Fine”
The last coal mine in Norway (in Svalbard) just closed. Pretty ironic choice of words here: "the atmosphere is fine" (they mean the mood among people) https://en.highnorthnews.com/business/end-of-norwegian-mining-on-svalbard-as-norways-last-coal-mine-closes/1110556
Fertiliser Shortages to Have Dramatic Effect on Food Prices, Says Duke of Westminster’s Firm
Grosvenor Group, the Duke of Westminster’s property and farming conglomerate, warns that fertilizer shortages triggered by the Iran‑related closure of the Strait of Hormuz have pushed UK fertilizer costs up 50‑70% and could spark a dramatic rise in global food...
Project Vault Turns Public Reserve Into Market Manipulator
"How the Project Vault Mineral Reserve Threatens Markets" https://t.co/UXrFHrqChB "it’s less like an emergency stockpile and more like a state-sponsored market" "it blurs the line between public and private roles"😬 https://t.co/lTOxD2untn
WTI Oil Peaks in May, June, December; Dips March, August
Oil (WTI) -- Months Annually - 10 yr average Seasonality Best May +7.6% June +4.4% Dec +3.1% Worst Mar -2.8% Aug -2.4% Nov -2.2% Bloomberg "SEAG" Function.
Eni, BP Make Offshore Gas Discovery in Egypt via Onshore Directional Drilling Op
Italy’s Eni and Britain’s BP announced a new natural‑gas find in Egypt’s Nile Delta, producing roughly 50 million cubic feet per day. The discovery came from the Nidoco N‑2 well, drilled on‑shore but reaching a reservoir about 3 km offshore using advanced...
Chevron Wins Exploration Deal in Neglected Malta
Chevron has signed an exploration study agreement to evaluate four offshore blocks off Malta’s south coast, marking its latest push into the Mediterranean basin. The deal, sealed on April 24, calls for desktop geological and geophysical analysis using existing data. Only...
Silver Surge Signals New Era of Higher Metal Prices
What a move in silver. Game on. We are in a structurally higher metal price environment driven by decades of underinvestment, constrained supply growth, and a global macro environment that continues to favor hard assets. Markets are still very slow to fully...
War Inflation Spells Trouble for SA Gold Miners Like Gold Fields
Gold Fields’ $100 million share‑repurchase program was stalled as US‑Iran war volatility rattled gold markets. The miner reported first‑quarter all‑in costs of $2,075‑$2,300 per ounce, a 10% rise year‑on‑year, driven by soaring diesel, freight and LNG prices. Gold prices slumped 17%...
Intrepid Potash Reports Q1 2026 Adjusted EBITDA of $19 Million on Record Trio Margins and Higher Potash Prices
Intrepid Potash posted first‑quarter 2026 adjusted EBITDA of $19 million, a 30% rise from a year earlier, driven by record Trio margins and higher potash prices. Continuing‑operation sales climbed to $98.7 million, while net income doubled to $6.9 million. The Trio segment generated...
Eni Confirms Size of 'Giant' Gas Discovery Offshore Indonesia
Eni confirmed that its Geliga‑1 well in Indonesia’s Kutei Basin contains roughly 5 trillion cubic feet of natural gas and 300 million barrels of condensate. A drill‑stem test showed the well can sustain about 200 million cubic feet of gas and 10,000 barrels of...
Physical Oil Market Does Not Run on Political Timelines
Rystad Energy says a potential U.S.-Iran peace deal is already pushing down oil futures, but physical markets will lag. It estimates a six‑to‑eight‑week gap between credible access to the Strait of Hormuz and a return to 80‑90% of pre‑disruption volumes,...
Murphy Oil Edging Closer to Bringing Online Projects in US Gulf and Vietnam
Murphy Oil announced that its Chinook #8 well in the U.S. Gulf of Mexico is on track for first oil in the second half of 2026, targeting an initial 15,000 boepd. The company also confirmed development plans for the Banjo and...
Japan Dispatches Senior Minister with PM’s Five‑point Proposal to ADNOC
Japan sent a senior minister for talks with the CEO of ADNOC, with a personal letter from the Prime Minister containing 5 proposals. No details on the proposals.
Nickel Demand to Grow on EV Shift, but Africa’s Global Production Share Remains Small
Global nickel demand is set to rise as electric‑vehicle and energy‑storage markets expand, with batteries already representing 13 % of consumption in 2023. Production surged 47 % from 2019 to 2023, driven largely by Indonesia’s rapid output growth. Africa, despite holding about...
Zimbabwe’s Oil Dream Takes Flight: Invictus Breaks Ground on Musuma 1 Wellpad
Invictus Energy announced that surveying and wellpad preparation for the Musuma 1 exploration well in Zimbabwe’s Cabora Bassa Basin are complete, and civil‑works tendering has begun. The company plans to drill a low‑cost vertical well targeting 1.2 trillion cubic feet of gas and...
Automation and FIFO: Changing Roles in Australia’s Remote Mines
Australia’s FIFO mining workforce, now over 100,000 strong and worth roughly $45 bn annually, is confronting rapid automation. Driverless trucks, autonomous drills and AI‑powered delivery robots are already operating in Pilbara mines, cutting manual tasks and boosting safety. Yet the shift...
Perspectives Contentieuses Internationales (PCI), Volume 5
The fifth issue of Perspectives Contentieuses Internationales (PCI) is now online, dedicated to the dossier “The Exploitation of Natural Resources in the Face of the Energy Transition.” Edited by Rebecca Legendre and Denys‑Sacha Robin, the volume gathers scholarly articles that...
Australian Offshore Production License Paving the Way for First Gas in 2028
Amplitude Energy, formerly Cooper Energy, obtained production licence VIC/L37 for the undeveloped Annie gas field in Victoria’s Otway Basin. The licence enables field‑development work with first gas slated for 2028, destined for Australia’s east‑coast domestic market. The approval follows recent...
Ivanhoe Swings to a First-Quarter Loss on DRC Tax Settlement; Increases Full-Year Exploration Spend
Ivanhoe Mines posted a $2 million net loss and a $35 million comprehensive loss for Q1 2026, driven by a $42 million share of loss from its Kamoa Holding JV after a $183 million tax settlement in the DRC. The quarter also saw a...
Arizona Eagle Reports Results From Eagle Project Drilling
Arizona Eagle Mining released initial Phase 1 drill results from the Eagle Project in Arizona’s historic McCabe gold‑silver district. The first three holes confirmed high‑grade sulphide‑bearing quartz veins and extended the known mineralized strike 50 m beyond the historic 880,000‑oz gold resource....
CoTec, Copper Intelligence to Form Copper Tailings JV
CoTec Holdings has signed a term sheet with US‑based Copper Intelligence and affiliated investors to launch a joint venture focused on processing historic copper tailings in the Democratic Republic of Congo. The early‑stage JV will evaluate tailings sites across the...
Metso Strengthens Its Presence in Argentina to Support the Mining Industry
Metso is expanding its Argentine footprint by opening a new office in San Juan in Q2 2026, the country’s copper‑and‑gold mining hub. The company is investing in robust service infrastructure and specialized technical support to shorten response times and deliver integrated solutions....
India-EU Announce ₹169 Crore Push to Develop EV Battery Recycling Technologies
India and the EU have launched a €15.2 million (≈$16.6 million) joint initiative to develop advanced recycling technologies for electric‑vehicle batteries. Funded through Horizon Europe and India’s Ministry of Heavy Industries, the programme will issue a call for proposals until September 15, 2026, targeting...
Rox Takes Youanmi Water Works Underground
Western Australian gold miner Rox Resources has completed dewatering of the Main pit at the historic Youanmi gold mine. Approximately 1.8 million cubic metres of water were pumped out, revealing the old decline and pit floor. The operation clears the...
Land Access Pact Unlocks Path to BOA Drilling at Neds Creek in Copper Hotspot
BOA Resources secured a heritage protection agreement with the Gingirana People, clearing the final land‑access hurdle for its Neds Creek copper tenements in Western Australia’s Murchison belt. The deal follows a prior pact with the Yugunga‑Nya group and unlocks heritage...
World Bank Predicts Metals Price Rise in 2026
The World Bank projects a 17% rise in global metals and minerals prices in 2026, led by a 22% jump in aluminum and a 42% surge in precious metals. Strong industrial demand and ongoing supply disruptions in the Middle East...
Premier1 Uncovers Emerging Large-Scale WA Gold-Base Metal Corridor
Premier1 reported solid gold drill results at its Yalgoo project, including a 4‑metre intercept grading 1.88 g/t and a 14‑metre intercept at 0.84 g/t, extending beyond the existing 13,000‑ounce resource. Multi‑element chip analysis revealed a strong volcanogenic massive sulphide (VMS) pathfinder signature...
Asian Battery Metals Hits Visible Sulphide Mineralisation in Maiden Drilling at Red Hill
Asian Battery Metals announced visible sulphide mineralisation and a confirmed electromagnetic (EM) conductor in its first 2026 drill hole at the Red Hill volcanogenic massive sulphide (VMS) project in Mongolia. The hole intersected 18.8 m of massive sulphide (pyrite, chalcopyrite, chalcopyrite‑bornite)...
Weekly Notes (5/6/2026)
The latest weekly mining briefing highlights several resource updates across North American junior miners. Outcrop Silver disclosed narrow but high‑grade silver intervals of 0.8 gpt at 2,844 gpt and 1.1 gpt at 1,889 gpt. Getchell Gold raised its proven reserve to 2.8 million ounces at...
GreenTech Drilling Hits New PGE Mineralisation, Sets Scene for More Munni Munni Growth
GreenTech Metals announced Phase 1 drilling at its Munni Munni project in Western Australia intersected thicker PGE mineralisation and uncovered shallow copper‑nickel zones. Highlights include a 12‑metre interval grading 3.13 g/t PGE3 with 0.3% copper and 0.17% nickel, and twin‑hole data that...
AI and Batteries Revive Australian Mining Grid Instantly
Fortescue’s chairman says AI and battery storage ‘healed’ Australian mining grid in nanoseconds #energysky -- via Energy Storage News: https://t.co/GkPXR561K6