Episode Details

The Mining Insider | June 24, 2026 Today's dispatch covers a landmark copper supply deal, a cobalt supply chain disruption driven by geopolitical sanctions, the most serious escalation yet in the Port Hedland labor standoff, and a wave of gold price downgrades from major Wall Street banks. Story 1 — Anglo American + Codelco: Los Bronces–Andina Joint Mine Plan Completed Anglo American (through Anglo American Sur, 50.1%-owned) and Codelco announced completion of their definitive joint mine plan for Los Bronces and Andina copper mines in Chile. Original agreement: September 2025. Unlocks 2.7 million additional tonnes copper over 21 years (~120,000 t/yr), split equally. Operating costs ~15% lower vs. standalone. Shared pre-tax value: $5B+. Environmental permits targeted by 2030. Anglo CEO Duncan Wanblad: 'the next important milestone.' Source: Anglo American press release, June 24, 2026. Story 2 — Sherritt International Shuts Canada's Only Cobalt Refinery Sherritt International (TSX: S) begins controlled shutdown of Fort Saskatchewan, Alberta — the only significant cobalt refinery and one of just three nickel refineries in North America. Cause: US sanctions expanded against Cuba in May 2026, severing feedstock supply from Moa JV in eastern Cuba. Company: no timing guidance for restart. Continues fertilizer/sulphuric acid production. Core cobalt and nickel business at standstill. Story 3 — BHP Port Hedland Final Ultimatum ETU, AMWU, and Western Mine Workers' Alliance issue joint statement: BHP must 'meaningfully negotiate' or face widespread strikes. First unified message from all three unions. Federal Resources Minister preparing to intervene. Next bargaining session: July 7. Port Hedland: $120M/day BHP revenue, $7M/day WA royalties. ETU and AMWU already voted for protected action; WMWA ballot application filed. Story 4 — Wall Street Cuts Gold Targets Deutsche Bank cuts gold forecast up to 22%, targeting $4,300/oz. Goldman Sachs cut year-end target from $5,400 to $4,900 last week. Driver: hawkish Fed, US dollar at one-year high. Silver at lowest since December 2025. Impacts: Barrick (Mali dispute), Newmont (Cadia ramp-up), Agnico Eagle all face margin headwinds. Sources: Anglo American press release (angloamerican.com), Mining.com, Seeking Alpha, The West Australian RSS Feed: https://feeds.transistor.fm/the-mining-insider