Iran and Israel Halt Attacks, Trump Says Hormuz Opens in Days, Trafigura Cuts Cuba Zinc, Antofagasta Bets $900 Million on Another 25 Years at Zaldivar, and Chile's First Rare Earth Mine Clears the Final Environmental Hurdle
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Today on The Mining Insider: Iran and Israel announced a mutual halt to attacks early Monday, and President Trump told reporters that the Strait of Hormuz will open immediately upon signing a deal — which could be in two or three days. Brent crude has retreated to $93.13 per barrel. For mining operators managing three months of elevated energy input costs, a Hormuz resolution would be the most material cost event of the year.
Meanwhile, Trafigura has halted zinc concentrate shipments from Cuba's Castellanos project to Chinese smelters as the US blockade of Cuba tightens — cutting off 100,000 tonnes per year of concentrate at a moment when Chinese smelters are paying minus $50 per tonne to secure feedstock, with LME zinc up 13 percent year to date.
In Chile, Antofagasta has committed $900 million to extend its Zaldivar copper mine life to 2051 — another 25 years — replacing freshwater with treated wastewater by 2028 and creating up to 5,000 construction jobs. Antofagasta co-owns Zaldivar with Barrick.
And Chilean regulators issued final environmental approval for Aclara's rare earth clay deposit, as the company advances US Development Finance Corporation talks and automaker offtake discussions for 2028 production.
Sources: Anadolu Agency Energy (https://www.aa.com.tr/en/energy/oil/oil-slips-as-iran-israel-halt-attacks-trump-signals-progress-in-talks/57542), Mining.com (https://www.mining.com/web/trafigura-halts-some-cuban-zinc-shipments-as-us-blockade-bites/), Mining.com (https://www.mining.com/antofagasta-to-spend-900m-extending-zaldivar-mine-to-2051/), Mining.com (https://www.mining.com/web/aclara-seeks-us-backing-for-chilean-rare-earth-project/)
