Agnico Eagle Bets $10 Billion on Ontario Gold, Deep-Sea Mining Gets Its First Commercial Contract, Copper Pushes Past $14,000, and the Fortescue Native Title Fight Isn't Over

Today on The Mining Insider: Agnico Eagle has announced a C$14 billion (~US$10 billion) investment in Ontario gold operations by 2030, including C$2 billion for the Detour Lake underground expansion and the Upper Beaver gold-copper project. It is one of the largest private sector mining capital commitments in Ontario's history. The Metals Company signed a commercial agreement with Dutch offshore contractor Allseas to design and deploy the first commercial deep-sea nodule recovery system in the Clarion-Clipperton Zone. TMC stock rose 13.9% on the news. NOAA has confirmed full compliance on TMC's 65,000 km2 application and a final permit is expected before end of Q1 2027. TMC Q1 2026 results call is today at 4:30 PM Eastern. Copper broke through $14,106 per tonne on the London Metal Exchange as sulfuric acid shortages — caused by the Strait of Hormuz closure — now directly hit DRC and Zambian copper producers. China's April refined copper output fell 3% month-over-month. Scotiabank revised its 2027 global copper deficit forecast to 350,000 tonnes. The Yindjibarndi Aboriginal Corporation is considering an appeal of the Federal Court ruling ordering Fortescue to pay A$150 million (~US$108M). Legal experts called the award — just 8 cents on the $1.8B sought — methodologically flawed. The WA Mining Act confirmed tenement holders, not the state, bear full liability. Parties reconvene June 22. Sources: Mining.com, Seeking Alpha, The Metals Company investor releases, TradingKey, FX Leaders, Bloomberg, Scotiabank, ABC Australia, Waatea News.