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The Mining Insider | June 23, 2026
Today's dispatch covers four developments that span rare earth supply chain consolidation, one of Australia's most consequential labor standoffs in decades, a high-stakes sovereign dispute in West Africa, and a landmark policy reversal in the American heartland.
Story 1 — Energy Fuels + VAC: A $1.9 Billion Mine-to-Magnet Bet Energy Fuels (NYSE: UUUU) announced a definitive agreement to acquire Vacuumschmelze GmbH (VAC) from Ara Partners for approximately $1.9 billion in cash and stock. The deal combines Energy Fuels' uranium and rare earth mining assets — including White Mesa Mill, which last week secured a conditional $725M Department of Defense loan — with VAC's rare earth magnet manufacturing capacity in Hanau, Germany. Transaction: $718M cash + 65.85M newly issued shares. Expected close: early 2027. Goldman Sachs advised Energy Fuels; Jefferies advised VAC.
Story 2 — BHP Port Hedland: Draft Offer Tabled, July 7 Next BHP's Australian president Geraldine Slattery tabled a draft enterprise agreement at Port Hedland Tuesday, the first concrete offer in months of talks with three unions (ETU, AMWU, Western Mine Workers' Alliance). Unions seeking $249,000 base salaries by 2028. Unions say 'still some way' from a deal. No industrial action anticipated before July 7 follow-up. Port Hedland: ~$120M/day in BHP iron ore revenue, $7M/day WA royalties.
Story 3 — Barrick vs. Mali: $512 Million and Rising Pressure Mali's junta demands 300 billion CFA francs (~$512M) from Barrick Gold in backdated taxes, customs duties, and contested dividends from its 20% stake in Loulo-Gounkoto (650,000–700,000 oz/year gold). Barrick denies allegations, cites $10B+ contributed to Mali economy. Junta has previously detained staff; settlement range $350–450M floated.
Story 4 — Minnesota's Twin Metals: The Ban Is Gone President Trump signed a Congressional Review Act resolution on April 27, 2026, overturning Public Land Order 7917 — the Biden-era withdrawal of 225,000 acres of Superior National Forest. Twin Metals Minnesota (Antofagasta subsidiary) targeting the Duluth Complex: estimated 95% of US nickel, 88% cobalt, ~33% copper. Initial capex: $1.7B+. DOI record of decision expected late summer; full environmental review still required (3–5 years).
Sources: PR Newswire (Energy Fuels), The West Australian, Nikkei Asia, Skillings Mining Intelligence RSS Feed: https://feeds.transistor.fm/the-mining-insider
