Tankers Clear Hormuz, BlackRock Backs a Bigger Mining World, and the US-India Minerals Pact Takes Shape

Today on The Mining Insider: 1. LNG Tankers Exit Hormuz — For the first time since late February, LNG tankers are transiting the Strait of Hormuz. ADNOC's Umm Al Ashtan reappeared northwest of Muscat on May 23, loaded for India. Two Qatar LNG tankers have also cleared the strait. A US-Iran 60-day ceasefire extension is reportedly being finalized — Iran would remove mines, allow unrestricted passage, and the US would ease select sanctions. Brent near $98-100/bbl. UBS: global oil inventories fell 246 million barrels in March and April. 2. BlackRock Backs Mining M&A — At the Australian Financial Review Mining Summit in Perth, portfolio manager Olivia Markham said BlackRock sees merit in more large-scale mining consolidation. The world's largest asset manager — with $240B in infrastructure mandates and stakes in Glencore, Rio Tinto, BHP, and Endeavour Mining — argues bigger companies attract generalist capital and can fund complex projects. Markham: 'Commodity demand is simply accelerating... you've got a supply side that is massively underinvested.' 3. India-US Critical Minerals Framework — India and the US signed a bilateral framework agreement on May 26, covering nickel, cobalt, lithium, rare earths, and more. The Quad bloc pledged up to $20B for mining, processing, and recycling initiatives. The US relies entirely on imports for 12 critical minerals; China controls 60% of rare earth reserves and processes 90% of supply. India brings 13 million tonnes of monazite and current production of copper, graphite, phosphorus, and titanium. 4. Copper Near Record — LME copper at $6.42/lb ($14,154/t) on May 27, up 0.85%. Near the all-time record of $14,109.48/t set May 13. Trafigura withdrew 51,000 tonnes from LME warehouses on May 23 — largest since 2013. Freeport's Grasberg still at ~50% capacity. 5. Bayridge Resources Clears NIRB — Baker Basin Uranium Project (Nunavut) passes NIRB screening with no formal review required under NuPPAA. 83 claims, ~619 km2, 75-km unconformity corridor. Advancing to 2026 helicopter-supported diamond drilling program. VP Exploration Mark Richardson: 'a significant milestone.' Sources: Bloomberg, LSEG, SteelOrbis, Economic Times, The Business Times Singapore, Al Jazeera, India Ministry of External Affairs, Trading Economics, Newsfile Corp / Bayridge Resources