Iran Closes Hormuz Again, Trump's Copper Tariff Decision Looms, and All Three BHP Port Hedland Unions Now Have Active Strike Ballots

Iran re-closes the Strait of Hormuz citing Israeli ceasefire violations in Lebanon, even as US and Iranian delegations meet in Switzerland — with oil at $80 and mining energy costs hanging in the balance. Trump's copper tariff decision from the Commerce Department is due by end of June, with a phased 15%-to-30% tariff scenario widening the Comex-LME spread and prompting front-running stockpile builds. And at BHP's Port Hedland terminal, the Australian Workers Union files a Fair Work Commission ballot application on June 18, making all three unions — AWU, ETU, and AMWU — active in the strike process, with $120 million per day in iron ore revenue at risk.

Show Notes

Episode Date: June 21, 2026 | Host: Logan Ore

On today's Mining Insider:

• Strait of Hormuz: Iran re-closes June 20 citing Israeli ceasefire violations; 55 merchant ships still transited per US CENTCOM; Brent at $80, 30% below March peak of $118; US-Iran talks in Switzerland; energy costs and LNG directly affecting global mining operating economics
• Trump Copper Tariff: Commerce Department Section 232 review due end of June; phased tariff scenario 15% Jan 2027 / 30% 2028; Comex-LME premium elevated; front-running stockpile builds underway; Canadian producers positioned to benefit
• BHP Port Hedland: AWU files FWC ballot application June 18 — third union; ETU and AMWU already voted in favor; ~250 of ~450 covered workers union members eligible to strike; 5-day notice could come as early as this week; $120M/day revenue at risk

Tomorrow's Flashpoint: US-Iran Switzerland talks — outcome before markets open Monday determines whether energy cost normalization continues or oil spikes again.

Sources: Argus Media, Bloomberg/Yahoo Finance, Reuters, This Day Live, Canadian Mining Report, Fair Work Commission records

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