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Iran's semi-official Tasnim agency reported Monday that Iranian negotiators ceased all indirect communications with the United States, citing Israel's renewed strikes on Hezbollah in Beirut as a ceasefire violation. Iran and affiliated groups committed to "entirely obstruct the Strait of Hormuz" and activate the Bab el-Mandeb Strait. Foreign Minister Araghchi: "A violation on one front constitutes a violation across all fronts." Brent crude surged more than 7% to approximately $97/bbl. Iranian copper smelters at Sar Chesmeh and Khatoon Abad suspended production. Trump told NBC he would maintain the naval blockade; US forces intercepted two Iranian ballistic missiles targeting Kuwait with no casualties.
Elliott Investment Management disclosed an A$1 billion (~$716M USD, ~4% equity) stake in Northern Star Resources and published an 11-page public letter titled "Northern Star Rising" demanding a strategic review including potential sale of the company. Elliott cited four guidance reductions in Q1 2026, KCGM mill failures, and a vacant CEO position. Demanded: independent financial adviser, new board with mining expertise, external CEO hire.
Reuters reported Monday that Barrick Mining is in early-stage talks to spin off its African operations into a London-listed entity in a possible all-share combination with Endeavour Mining valued at approximately $30 billion. Barrick would retain its Toronto/NYSE listing as a holding company. Spinoff targeted for end of 2026. African assets include operations in Mali, DRC, Côte d'Ivoire, and Tanzania.
USA Rare Earth (Nasdaq: USAR) committed more than €175 million ($204 million) to expand rare earth metal, alloy, and permanent magnet manufacturing in France through 2030. Builds on earlier Carester stake acquisition (€40M). Lacq, France facility. 300+ jobs. French government evaluating debt guarantees and equity investment. CEO Barbara Humpton announced at Choose France summit in Paris.
Sources: CNBC, Tasnim/Iranian state media, Institute for the Study of War, Fortune, SP Angel, Mining.com/Bloomberg, WSJ, Reuters/Mining.com, Investing News Network
