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Today on The Mining Insider: The week ended with Iran still reviewing a 14-point US peace proposal submitted through Pakistani intermediaries. Trump said Friday the conflict "is not over yet" and the US Navy fired on Iranian ships attempting to breach the Hormuz blockade, pushing oil prices higher. Gold closed above $4,700/oz and silver above $80/troy oz. For miners, the equation is direct: Hormuz closed means diesel +30-70%, LNG +30%, freight +40%, and Gold Fields put a $40-50/oz AISC hit at $100/bbl oil. A Hormuz deal would reverse that chain — lower oil, cooler inflation, room for Fed rate cuts, compressed real yields, and restored gold upside. Barrick reports Q1 Monday and April CPI arrives Tuesday.
Separately, The Metals Royalty Company (Nasdaq: TMCR) — a royalty spinoff from The Metals Company — has agreed to buy a 1% gross overriding royalty on Mesabi Metallics' iron ore project in Nashwauk, Minnesota for $132.5 million. The project is 93% complete, carries a $10 billion US Export-Import Bank commitment, and is targeting first output of direct-reduction-grade steel pellets in H2 2026. Full capacity: up to 8.5 million tonnes per year, 23-year mine life. TMCR expects up to $13M in annual royalty income at full production. Essar Group (India) has invested $2 billion+ to date.
And Argentina's government has published a 10-year minerals export target of $32.7 billion in combined lithium and copper revenues, with a 49% jump in mining exports projected for 2026 alone. Argentina is now the world's third-largest lithium producer. President Milei's elimination of capital controls, permitting streamlining, and area openings have accelerated investment. Copper projects Josemaria Resources and MARA (backed by Glencore and Newmont) carry $4-6 billion in capex each and represent supply the market is counting on in the late 2020s.
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