Episode Details

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry: 1. Iran Deal Hopes Send Oil Below $100 — President Trump says a US-Iran framework to reopen the Strait of Hormuz is largely negotiated. Brent crude falls 4.6% to $98.80/bbl, WTI drops 4.7% to $92/bbl. The Strait has been effectively closed since February 28, cutting ~20% of global oil and LNG flows and driving up diesel, sulphuric acid, and freight costs for mines worldwide. Analysts at MST Financial warn that even with a deal, markets will remain tight through 2027. 2. Copper Q1 2026 Surplus: 396,000 Tonnes — ICSG May 2026 Copper Bulletin reveals a refined surplus nearly three times the Q1 2025 figure of 135,000T. Mine disruptions: Grasberg -42%, Kamoa-Kakula -36%, Chile -5.8%. Refined production surged: China +8.8%, India +25%. The surplus is concentrated in China; Western prices remain elevated on forward demand expectations. 3. Gold Near $4,500 — Two Headwinds — Gold holds in the $4,500–$4,569 range, pulled back from the May high of $4,743. Iran ceasefire progress reduces geopolitical risk premiums. India's gold import duty raised from 6% to 15% (steepest increase on record) — World Gold Council estimates 50–60 tonne decline in Indian demand in 2026. 4. Mount Holland Lithium Mine Approved to Double — SQM and Wesfarmers' 50-50 JV in Western Australia receives approval to expand spodumene capacity to 4.4Mtpa. Spodumene prices hit $2,890/t on May 12, a 2-year high. Benchmark Mineral Intelligence warns that broader Australian supply increases could pressure prices and create a surplus by 2027. Sources: BBC News, Yahoo Finance, Wall Street Journal, IndexBox/ICSG, IG Markets, Mining.com.