Anglo-Codelco Copper Deal Done, Sherritt Shuts Canada's Only Cobalt Refinery, BHP Ultimatum at Port Hedland, Wall Street Cuts Gold Targets

Anglo American and Codelco complete the Los Bronces–Andina joint mine plan, unlocking 2.7 million tonnes of additional copper over 21 years with at least $5 billion in shared pre-tax value. Sherritt International begins a controlled shutdown of Fort Saskatchewan — North America's only significant cobalt refinery — after US sanctions on Cuba sever the Moa joint venture feedstock supply. All three BHP Port Hedland unions issue a joint ultimatum: meaningfully negotiate or face widespread strikes. Wall Street turns on gold — Deutsche Bank cuts its forecast 22% to $4,300/oz, following Goldman Sachs's revision from $5,400 to $4,900 last week.

Show Notes

The Mining Insider | June 24, 2026 Today's dispatch covers a landmark copper supply deal, a cobalt supply chain disruption driven by geopolitical sanctions, the most serious escalation yet in the Port Hedland labor standoff, and a wave of gold price downgrades from major Wall Street banks. Story 1 — Anglo American + Codelco: Los Bronces–Andina Joint Mine Plan Completed Anglo American (through Anglo American Sur, 50.1%-owned) and Codelco announced completion of their definitive joint mine plan for Los Bronces and Andina copper mines in Chile. Original agreement: September 2025. Unlocks 2.7 million additional tonnes copper over 21 years (~120,000 t/yr), split equally. Operating costs ~15% lower vs. standalone. Shared pre-tax value: $5B+. Environmental permits targeted by 2030. Anglo CEO Duncan Wanblad: 'the next important milestone.' Source: Anglo American press release, June 24, 2026. Story 2 — Sherritt International Shuts Canada's Only Cobalt Refinery Sherritt International (TSX: S) begins controlled shutdown of Fort Saskatchewan, Alberta — the only significant cobalt refinery and one of just three nickel refineries in North America. Cause: US sanctions expanded against Cuba in May 2026, severing feedstock supply from Moa JV in eastern Cuba. Company: no timing guidance for restart. Continues fertilizer/sulphuric acid production. Core cobalt and nickel business at standstill. Story 3 — BHP Port Hedland Final Ultimatum ETU, AMWU, and Western Mine Workers' Alliance issue joint statement: BHP must 'meaningfully negotiate' or face widespread strikes. First unified message from all three unions. Federal Resources Minister preparing to intervene. Next bargaining session: July 7. Port Hedland: $120M/day BHP revenue, $7M/day WA royalties. ETU and AMWU already voted for protected action; WMWA ballot application filed. Story 4 — Wall Street Cuts Gold Targets Deutsche Bank cuts gold forecast up to 22%, targeting $4,300/oz. Goldman Sachs cut year-end target from $5,400 to $4,900 last week. Driver: hawkish Fed, US dollar at one-year high. Silver at lowest since December 2025. Impacts: Barrick (Mali dispute), Newmont (Cadia ramp-up), Agnico Eagle all face margin headwinds. Sources: Anglo American press release (angloamerican.com), Mining.com, Seeking Alpha, The West Australian RSS Feed: https://feeds.transistor.fm/the-mining-insider

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