Hormuz Frozen for Khamenei's Funeral, Canada Bets on Red Chris Copper, MMG Nickel Deal Stalls in Brussels, and Congo's Cobalt Countdown

Iran's six-day funeral for slain Supreme Leader Ayatollah Ali Khamenei freezes all US-Iran negotiations until July 9, with UK, France and Oman pledging to keep the Strait of Hormuz open as Brent falls below $71. Canada and British Columbia sign a landmark resource agreement committing $500 million to expand Red Chris copper mine and targeting a 15%+ rise in national copper output. MMG and Anglo American extend their Brazilian nickel deal deadline to October 31 as EU antitrust review stalls. And the DRC cobalt customs platform freeze reaches its ARECOMS deadline, putting $1.1 billion in export quotas at immediate risk.

Show Notes

The Mining Insider — July 4, 2026 Iran / Hormuz — Funeral Freeze: Six-day funeral for slain Supreme Leader Ayatollah Ali Khamenei began July 4 in Tehran, 15-20 million mourners expected. All US-Iran negotiations suspended until July 9. UK PM Starmer and French President Macron pledged Hormuz protection with Oman; France deployed mine-clearing assets. Iran warned both countries off any military presence. Brent below $71/bbl approaching pre-war levels. Canada-BC Cooperative Prosperity Agreement: PM Carney and BC Premier Eby signed a landmark resource agreement July 2. $500M to expand Red Chris copper mine (Newmont/Newcrest), targeting 15%+ increase in Canada's annual copper output. Accelerated permitting for LNG Canada Phase 2, Ksi Lisims LNG, Cedar LNG, Woodfibre LNG. $3.9B North Coast Transmission Line. Alberta separately announced a proposed $35-44B oil pipeline Bruderheim to BC coast, expected as project of national interest by October 1. MMG-Anglo American Nickel Brazil: MMG and Anglo American extended the acquisition deadline for Anglo's Brazilian nickel business to October 31, 2026. EU Phase 2 antitrust review on hold since November 2025. Includes Barro Alto and Codemin ferronickel facilities. MMG is Minmetals-controlled. DRC Cobalt Customs Deadline: ARECOMS July 5 deadline arrives today. Customs platform frozen since July 1. 60-75% of producers unable to file. Up to 20,000 metric tons ($1.1B) at risk. CMOC awaiting one-month extension response. Glencore (Kamoto) watching. Sources: Reuters, AP, CNBC, Investing.com; Resource Works/Globe Newswire; MLex/Law360; Reuters/Kitco. Host: Logan Ore — The Mining Insider.

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