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

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