US Strikes Iran Near the Strait as Deal Talks Continue, Russia's Second UGC Auction Fails Again, Guinea Moves to Restrict a Third of Global Bauxite Supply, and Mineral Resources Takes a Half-Billion-Dollar Lithium Bet

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry: 1. US Strikes Iran Near the Strait as Deal Talks Continue — US and Israeli jets struck Iranian vessels attempting to lay mines in the Strait of Hormuz and targeted missile sites near Bandar Abbas. Secretary of State Rubio confirmed the strikes and said the Strait must remain open 'one way or the other.' Oil rebounded toward $98/bbl after Monday's dip below $100. Copper LME held firm at $13,673/t; Trafigura withdrew ~51,000T of copper from LME warehouses Friday — the largest withdrawal since 2013. 2. Russia's Second UGC Auction Fails Again — The Dutch auction for Russia's seized 67.2% stake in Uzhuralzoloto (46M oz gold equivalent) collapsed after the sole bidder — Russian Coal — was disqualified. Two consecutive failures to find a buyer at any price. What happens next to the asset is unknown. 3. Guinea Moves to Restrict Bauxite Exports — Guinea (supplying ~1/3 of global bauxite at 183Mtpa) is set to announce export controls next month, per Bloomberg. Bauxite prices have fallen to ~$56/t in Q1 2026. Guinea is pushing for domestic alumina refining capacity — the same export-restriction playbook as Indonesia (nickel), DRC (cobalt), and Zimbabwe (lithium). 4. Mineral Resources Takes A$490M Lithium FID at Mt Marion — MinRes and Jiangxi Ganfeng Lithium (50/50 JV) take FID to expand Mt Marion near Kalgoorlie to ~600ktpa SC6 from ~500ktpa. Capex: A$240M flotation plant + A$220M underground development + A$30M infrastructure. Commissioning: 2H FY28. Payback: <1 year at current ~US$2,700/t SC6 spot. Sources: Al Jazeera, CNBC, Bloomberg, Izvestia, SP Angel/Bloomberg.