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Today on The Mining Insider:
1. Anglo American $3.7B Loss / De Beers Writedown — Anglo posted a $3.7B net loss after a fresh $2.3B pre-tax impairment on De Beers. Total De Beers writedowns: $6.8B over the past year. Third straight annual production decline; 2026 output forecast cut. CEO Duncan Wanblad: 'There is at the moment a plentiful supply of rough diamonds in the market.' Two flagship coal mines halted by fire. Sale process at 'advanced stage'; Botswana government must be consulted on partner selection. Wanblad optimistic deal signed this year.
2. US-Iran Hormuz MOU — Agreed at negotiating level, neither side has signed. VP Vance: 'It's hard to say exactly when or if the president is going to sign the MOU.' Trump wants 'a couple of days to think about it.' IDF warns deal leaves Iran's ballistic missiles unchecked. US struck Bandar Abbas on May 27; Iran retaliated against Kuwait US base (intercepted by Kuwait). Brent fell ~20% in May on ceasefire optimism — largest monthly drop in years — but structurally elevated above pre-war levels. Gold recovered to $4,514/oz on May 29 after April PCE 3.8% matched expectations (reversal from $4,368 on May 28).
3. Iron Ore Monthly Loss — Singapore futures -1.2% in May, $105.85/t — first monthly loss since February. Shanxi coking coal spike faded. Chinese steel mill margins under pressure. But iron ore still +9.8% YoY; Pilbara producers well-positioned.
4. Integra Resources DeLamar NOI — BLM published Notice of Intent in Federal Register on May 29, launching NEPA EIS process for DeLamar gold-silver heap leach project, Owyhee County, Idaho. Final EIS and Record of Decision expected Q3 2027 (15-month process). FAST-41 status. CEO George Salamis: 'reflects more than seven years of technical work.' 49,000+ stakeholders engaged, 1,400+ events since 2021. Endorsements from Senators Crapo and Risch, Congressman Fulcher.
Sources: Middle East Metals/Bloomberg (Anglo); Solace Global/Mackinder Forum (US-Iran/Hormuz); IndexBox/COMEX (gold); MINING.COM (iron ore); Integra Resources PR Newswire (DeLamar)
