The Mining Insider

Today on The Mining Insider: Regis Resources and Vault Minerals announced a 100% all-scrip merger creating a combined company with a pro forma market cap of approximately A$10.7 billion (US$7.67 billion) — Australia's third-largest primary ASX-listed gold producer. The merged group will produce over 700,000 ounces per year from five Western Australian assets, entering life debt-free with A$1.9 billion in cash and projected annual free cash flow of A$1.7 billion. CEO Jim Beyer of Regis will lead the combined company; deal completion is targeted August-September 2026. Separately, Sibanye-Stillwater reported two employees killed on Sunday during a routine inspection of the Kloof 8 shaft in South Africa — a platform carrying the workers detached from the main winder conveyance and plunged uncontrolled down the shaft. The Kloof complex contributes approximately 14% of Sibanye's gold output. Shares fell 2.6%. And Barrick Mining's flagship Reko Diq copper-gold project in Pakistan's Balochistan province is under board-level capital allocation review following the Baloch Liberation Army's January 2026 coordinated attacks across nine districts. Barrick CEO Mark Bristow confirmed the review. Barrick has committed $7 billion to the project; the U.S. Export-Import Bank has committed $1.25 billion as part of Washington's strategy to build copper supply chains outside China. Stories Covered: - Regis Resources + Vault Minerals: A$10.7B merger, 700,000+ oz gold/year, debt-free, A$1.9B cash, completion August-September 2026 - Sibanye-Stillwater Kloof 8 fatalities: Two workers killed in shaft platform accident, operations halted, 14% of gold output suspended, shares -2.6% - Barrick Reko Diq capital review: BLA Balochistan attacks, Barrick $7B commitment under board review, US Exim Bank $1.25B at stake Commodities: Gold, copper Jurisdictions: Australia (Western Australia), South Africa, Pakistan (Balochistan), Canada, United States

Today on The Mining Insider: The Asian Development Bank launched its Critical Minerals-to-Manufacturing Financing Partnership Facility at its 59th annual meeting in Samarkand on May 3. Korea Eximbank and the Korean Trade Insurance Corporation (K-SURE) each signed $500 million memoranda as founding partners, alongside $20 million from Japan and $1.6 million from the UK as seed grants. ADB President Masato Kanda said Asia and the Pacific should capture more than raw material exports. Separately, the proposed merger of Anglo American and Teck Resources to form Anglo Teck — a $53 billion all-share deal creating a top-five global copper producer — has cleared shareholder approval at both companies and received regulatory clearance from the Government of Canada under the Investment Canada Act, with final approvals in China and South Korea expected September 2026 to March 2027. And on the London Metal Exchange, nickel climbed to $19,155 per tonne — the highest level since June 2024 — as Indonesia's 2026 RKAB quota of 260-270 million tonnes creates a structural supply gap against smelter demand of 380-400 million tonnes, compounded by a sulfur shortage tied to the Middle East conflict. Stories Covered: - ADB Critical Minerals-to-Manufacturing Facility: Korea Eximbank and K-SURE each commit $500 million, Japan and UK add seed grants, launched Samarkand May 3 - Anglo Teck merger: $53 billion deal, shareholder and Canada ICA approval secured, China and South Korea approvals pending September 2026 to March 2027 - Nickel two-year high: LME $19,155 per tonne, Indonesia RKAB quota 260-270 million tonnes vs demand of 380-400 million tonnes, sulfur shortage from Middle East amplifying pressure Commodities: Nickel, copper, critical minerals Jurisdictions: Asia-Pacific, Indonesia, Canada, Chile, South Korea, Japan, United Kingdom, Uzbekistan

Today on The Mining Insider: Work on the IPO of Navoi Mining and Metallurgical Company — Uzbekistan's state-owned gold miner and the world's fourth-largest gold producer — has been paused, with the Uzbek government weighing the right moment to list. The company produced 3.2 million ounces of gold in 2025, with revenue of $10.8 billion and pre-tax profit of $6.1 billion. Separately, a structural milestone in copper mining economics: Southern Copper and Vale both reported negative net cash costs for copper in Q1 2026, as byproduct revenues from soaring gold, silver, and molybdenum prices exceed total production costs. Southern's CFO confirmed that $1.2 billion in byproduct revenue more than covered the company's entire copper production cost. And in Chile, the sulphuric acid supply crunch is moving into a real production risk — acid prices at Chile's key port doubled from February to mid-April, Chilean buyers left the second half of 2026 largely uncovered, and Morgan Stanley puts up to 1.1 million tonnes of leached copper output at risk. Stories Covered: - Navoi Mining IPO paused — world's fourth-largest gold miner, 3.2 million oz in 2025, $10.8B revenue, Uzbek state miner - Southern Copper and Vale: negative net copper cash costs in Q1 2026 — $1.2B byproduct revenue at Southern; byproduct credits at Antofagasta hit 104% year-on-year - Chile sulphuric acid supply crunch — acid prices doubled, H2 2026 cover gap, Morgan Stanley flags 1.1 million tonnes at risk Commodities: Gold, copper, silver, molybdenum, sulphuric acid Jurisdictions: Uzbekistan, United States (Southern Copper), Brazil (Vale), Chile

Today on The Mining Insider: Mercuria Energy Group and Heeney Capital announced May 1 that they had secured White House-backed offtake agreements for Venezuelan bulk commodities and gold, projected to generate $2.2 billion in annual mineral export value — with aluminum, nickel, and ferrous metals negotiations ongoing that could add another $3 billion. NOAA certified on May 1 that TMC the Metals Company's consolidated application for a deep-seabed exploration license and commercial recovery permit fully complies with all regulatory requirements under the Deep Seabed Hard Mineral Resources Act — the first commercial seabed mining permit in US history now on track for Q1 2027. And Ontario tabled the POWER Act, 23 initiatives to slash early-stage mining permitting timelines and orient the province's minerals strategy toward defence supply chains. Stories covered: - Mercuria and Heeney Capital Venezuela mineral offtake deals — White House-backed, $2.2B annual export value in bulk commodities and gold, with $3B more possible in aluminum, nickel, and ferrous metals - NOAA certifies TMC deep-seabed mining application fully compliant — Clarion-Clipperton Zone, polymetallic nodules (manganese, nickel, cobalt, copper), commercial permit on track before Q1 2027 - Ontario POWER Act — 23 initiatives to cut early-stage mining red tape, defence minerals pivot, Minister of Mines George Pirie quote Sources: Reuters, E&E News, StreetInsider/TMC, Greenberg Traurig, Mining.com, Government of Ontario

Today on The Mining Insider: China's ban on sulphuric acid exports takes effect today, May 1 — a structural disruption that threatens roughly a fifth of Chile's copper output and has pushed Copperbelt acid prices near all-time highs of $700 to $800 per tonne in the DRC. First Quantum Minerals reported Q1 2026 results on April 28, posting a net loss of $196 million as Sentinel and Kansanshi both came in below the prior quarter — but raised its 2026 copper production guidance to 405,000 to 475,000 tonnes, citing anticipated Cobre Panama stockpile processing beginning late in Q2. And Brazil's Supreme Court ruled unanimously to uphold a 1971 law restricting foreign ownership of Brazilian rural land, with Justice Alexandre de Moraes explicitly citing critical mineral sovereignty — language that adds fresh complexity to the USA Rare Earth acquisition of Serra Verde. Stories covered: - China sulphuric acid export ban effective May 1, 2026 — impact on copper production in Chile, DRC, and Zambia; Ivanhoe Kamoa-Kakula's structural advantage; Goldman Sachs risk estimates - First Quantum Minerals Q1 2026 results — net loss $196M, Sentinel 45,252 tonnes, Kansanshi 45,345 tonnes, guidance raised on Cobre Panama restart, CEO Tristan Pascall quote - Brazil Supreme Court 9-0 ruling on foreign rural property — Justice de Moraes names lithium, rare earths, nickel; implications for Serra Verde/USA Rare Earth deal closing in Q3 2026 Sources: Bloomberg, Fastmarkets, S&P Global, Mining.com, Mayer Brown, The Rio Times, Ivanhoe Mines, First Quantum Minerals