China's Worst Coal Disaster in 16 Years, Copper Closes In on a Record, Thacker Pass Hit by War and Tariff Inflation, and Russia Tries Again to Sell Its Seized Gold Mine

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry:

1. China's Worst Coal Disaster in 16 Years — A gas explosion at the Liushenyu coal mine in Shanxi province kills at least 90 miners, with 9 still missing. The mine had been flagged by China's National Mine Safety Administration for severe safety hazards, including elevated gas levels. President Xi Jinping ordered a thorough investigation and strict accountability.

2. Copper Closes In on a Record — Copper briefly touches $14,000 per tonne on the London Metal Exchange, up 2% and approaching January's all-time high of $14,500/tonne. Drivers include a rebound in Chinese demand, declining copper inventories, and a tightening global sulphuric acid supply chain linked to Gulf disruptions.

3. Thacker Pass Hit by War and Tariff Inflation — Lithium Americas warns that US steel tariffs and Iran-war-driven inflation will add $80–$120 million to Thacker Pass Phase 1 construction costs in 2026 alone. The project's original $2.93 billion capex estimate did not account for these pressures. Mechanical completion remains targeted for late 2027.

4. Russia Tries Again to Sell Its Seized Gold Mine — Russia's second attempt to sell the seized 67.2% stake in Uzhuralzoloto (UGC) closes May 26 as a Dutch auction. After zero bids in the first round at $1.9 billion, the price floor has been cut by up to 50% to approximately $1.1 billion.

Sources: CNBC, Channel NewsAsia, The New York Times, The Northern Miner, The Moscow Times, AKM/Rosimushchestvo.