By Faisal Ali, Daniel Khalili-Tari, Mariamne Everett, Umut Uras, Alex Milan Durie, Usaid Siddiqui, Abby Rogers, Ali Mustafa and Zaid Sabah
2 Jul 2026
About 10 million barrels of Saudi crude have cleared the Strait of Hormuz in recent days, as supertankers continue to load oil from the Saudi port of Ras Tanura in the Persian Gulf and Saudi Arabia is ramping up oil exports to Asia.
Saudi oil giant Aramco, the world's single largest crude oil exporter, has already managed to ship at least five supertankers from Ras Tanura through the Strait of Hormuz, Reuters reported on Thursday, citing shipping data and trade sources.
At least another four supertankers, the so-called very large crude carriers (VLCCs), are near Ras Tanura, one already laden with crude and three others waiting for loading, according to shipping data Reuters has reviewed.
Of the tankers that have cleared Hormuz, two are en route to China and two others to Japan, the data showed.
The recent movements of Saudi tankers suggest that the Kingdom is rushing to load and export crude oil to Asia now that the Strait of Hormuz has tentatively reopened and eased the pressure on Saudi Arabia's oil industry.
Since the war began, Saudi Arabia has maximized the use of its East-West pipeline to direct crude from the east coast to the Yanbu port on the Red Sea, bypassing the Strait of Hormuz.
Still, the return of Hormuz traffic is a major relief for Saudi Arabia and all other Gulf producers who were forced to slash their upstream production due to the inability to ship oil and products through the Strait.
Saudi Arabia, which typically sells crude under term contracts and fixed differential to benchmarks, has turned to spot sales to Asia, trade sources told Reuters on Thursday.
The rare spot sales are believed to be means to swiftly ship cargoes out of Hormuz to buyers and at more attractive prices than the current official selling prices of large premiums to benchmarks, while spot prices have slumped since the U.S. and Iran signed the memorandum of understanding in mid-June.
The spot pricing for July loading cargoes are “very attractive” for Chinese buyers, a trade source told Reuters.
As Hormuz reopens, Saudi Arabia is competing with the other Gulf producers for sales into the prized Asian market.
This could be part of the reason why refiners and traders expect Aramco to slash the OSPs of its crude loading for Asia in August. The other reason is that Middle East's crude benchmarks, off which Gulf producers price their crude for Asia, have crashed in the past three weeks.
By Tsvetana Paraskova for Oilprice.com
Barrick Mining (NYSE:B) trades at $36.45, while Wall Street's average price target is $56.08. That leaves an implied upside of well over 50%, a gap large enough that Barrick qualifies as one of the more disconnected large-cap names in its sector.
Ja Crispy / Shutterstock.com
The company is one of the world's largest gold and copper producers, recently rebranded from Barrick Gold, with its ticker changed from GOLD to B on May 9. Wall Street entered the year heavily bullish: two consecutive blowout quarters, a $3.0 billion share buyback authorized in May 2026, a 40% dividend hike, and a targeted spinout of North American gold assets.
Yet the stock is heading in the wrong direction while gold prints record after record. Why the divergence?
Gold Rips, the Miner Slips
Barrick has fallen 17.6% year to date and is down 13.9% over the past month alone. From its January 2026 peak of $49.64, the stock has lost roughly a quarter of its value even as the SPDR Gold Shares ETF (NYSEArca:GLD) has held far better, off just 6.5% year to date and still up 20.5% over the past year.
The pressure is company-specific. A leadership transition is central to the story, with Mark Hill running the company on an interim basis before being named CEO. Layer on escalating security issues that slowed development at the Reko Diq project in Pakistan, a $200 million payment to the government of Mali in November 2025 tied to the Loulo-Gounkoto dispute, and reported early-stage discussions to divest the African business, potentially via a London listing or an all-share transaction with Endeavour Mining. Add strategic noise from the rebrand, the targeted North American spinout, and higher royalty costs tied to elevated bullion prices, and it becomes clearer why the market has ignored the gold rally. Technicals reinforce the mood, with TradingKey's mid-June signal flagging a Sell reading with resistance at $46.12 and support at $39.17.
Posted on 2 Jul 2026
The Sierra Gorda joint venture, a large open-pit copper mine in Chile in which South32 holds a 45% interest, has approved execution of the fourth grinding line project.
This followed completion of a feasibility study which confirmed the potential for attractive returns from this brownfield plant expansion, South32 noted.
The project is expected to increase Sierra Gorda’s processing capacity from approximately 48 Mt/y to approximately 60 Mt/y (100% basis) through the installation of a fourth grinding line, expanded crushing and flotation capacity, and associated process infrastructure.
The project is expected to achieve first production in the middle of South32’s 2030 financial year, with full production rates in the 2031 financial year.
Following completion of the project, Sierra Gorda’s annual average payable production is expected to reach approximately 195,000 t of copper, 6,000 t of molybdenum, 58,000 oz of gold and 1.7 Moz of silver. This represents an approximate 30% increase in copper equivalent production relative to current levels.
The expanded processing capacity is also expected to support an approximate 10% reduction in average operating unit costs.
South32 Chief Executive Officer, Matt Daley, said: “The fourth grinding line project will significantly increase copper production, lower operating unit costs and is expected to deliver attractive financial returns through a brownfield expansion that leverages existing infrastructure.
“Beyond this project, Sierra Gorda continues to offer substantial growth potential. The current Catabela pit remains open at depth and at the adjacent Catabela Northeast prospect we recently reported an initial exploration target of 1,100 Mt at 0.48% TCu to 2,900 Mt at 0.45% TCu, highlighting further life extension potential.”
The Odisha project will see Adani Enterprises Limited and an IHC subsidiary form a 50/50 joint venture
India's Adani Group and Abu Dhabi's International Holding Company are looking to invest $11.5 billion in a massive aluminum project in the eastern state of Odisha, the Indian conglomerate said on Thursday.
The two parties signed a memorandum of understanding with the Odisha state government, Adani said in a statement, with the proposed investment set to be India's "largest foreign direct investment in the metallurgy sector".
The statement said the Odisha project will see Adani Enterprises Limited and an IHC subsidiary form a 50/50 joint venture.
The project itself will consist of a refinery that can produce four million metric tonnes of aluminium per year, a smaller-capacity aluminum smelter and a 4,000-megawatt captive power plant. It will aim to create 53,500 jobs.
"This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminium project that creates lasting economic value," Syed Basar Shueb, chief executive of IHC, said in a statement.
While New Delhi is the world's second-largest producer of aluminum, it still depends on imports to keep up with booming demand from local industries.
Last year, Indian policymakers unveiled a strategic plan to boost domestic output by scaling up production six-fold by 2047 and doubling the national aluminum recycling rate.
Deutsche Bank has told clients that the case for owning mining stocks remains intact, even after a bruising few weeks for the sector.
Analyst Liam Fitzpatrick said the miners had lost momentum after a strong start to the year, weighed down by broader economic headwinds.
A stronger US dollar, softer Chinese economic data and volatility in shares linked to artificial intelligence data centres have all dragged on performance.
Fitzpatrick argued that the underlying fundamentals were still solid, though he warned that share prices could stay choppy in the near term.
He expects that to persist until the US Federal Reserve, the country's central bank, signals a less aggressive stance on interest rates.
Valuations looked full at the start of June, but a correction of roughly 15% since then has reopened pockets of value, according to the bank.
Glencore PLC (LSE:GLEN), the London-listed miner and commodities trader, features among Deutsche's top picks across the sector.
The bank kept its 'buy' rating and lifted its price target to 630p from 610p.
Anglo American PLC (LSE:AAL) also ranks among the preferred names, alongside US-listed Freeport-McMoRan and Canada's Teck Resources.
Deutsche was less enthusiastic elsewhere in the UK-listed space.
It reiterated a 'sell' rating on Antofagasta PLC (LSE:ANTO), the Chilean copper producer, though it nudged its target up to 3,400p from 3,100p.
It also stuck with a 'hold' rating on BHP, the world's largest listed miner, raising its target to 2,700p from 2,600p.
The mixed verdict underlines Deutsche's view that stock selection matters more than broad sector exposure in the current climate.
https://uk.finance.yahoo.com/news/leading-bank-keeps-faith-miners-100500255.html
First Quantum's Kansanshi mine in Zambia
ZAMBIA’S mining, energy and agriculture sectors are drawing fresh investor interest as the country’s fiscal consolidation takes hold following its emergence from sovereign default, according to Citi’s country head.
Lowani Chibesakunda told Reuters she had observed growing appetite as economic stability improved, with new categories of investors entering the market for the first time, including players from the Middle East active in pharmaceuticals, technology and mining.
Copper remains the centrepiece of the investment case. Chibesakunda said rising demand driven by clean energy transition and AI data centre power requirements had kept prices bullish and focused global attention on Zambia’s resource base.
The country’s debt rehabilitation has underpinned renewed confidence. In November, S&P Global upgraded Zambia’s foreign-currency credit rating to CCC+/C from selective default, formally ending its default status. The government subsequently forecast that the budget deficit would more than halve in 2026, with economic growth targeted above 6%.
Citi acted as sole bank on a cash tender offer for Zambia’s $1.365bn in outstanding notes, which drew 97.85% participation after launching in May, as part of broader efforts to reduce long-term debt obligations.
Foreign direct investment reached $1.24bn in 2024, the highest level since 2015, according to UN trade data.
“We have seen increased interest from players coming through from the Middle East,” Chibesakunda said, adding that some mining investors were entering the Zambian market for the first time.
https://www.miningmx.com/trending/65819-copper-helps-drive-investors-back-to-zambia-after-default/
Nasdaq- and ASX-listed tungsten producer Almonty Industries has started processing operations at its Sangdong mine, in South Korea.
The company this month started feeding stockpiled run-of-mine ore through its newly commissioned processing plant to produce saleable tungsten concentrate - a pivotal milestone marking Sangdong's transition from mine development into active, revenue-generating operations.
Almonty had about 120 000 t of ore stockpiled at an average grade of 0.24% tungsten trioxide at the end of the first quarter, while it mined an additional 19 700 t of ore at an average grade of 0.35% tungsten trioxide during the second quarter.
The company also advanced 214 m of underground development along the Main Vein of the Sangdong mine.
The processing plant had 139 700 of stockpiled ore to work from at a blended grade of about 0.25% tungsten trioxide ahead of its commissioning.
Almonty explains it is using lower-grade throughput during the initial ramp-up phase of the processing plant and anticipate higher grades as the process advances. Sangdong's low-grade ore is still three times higher than that of Almonty's Panasqueira mine, in Portugal.
"With throughput now underway, stockpiled ore is being introduced during the initial commissioning phase to optimize ore blending and maintain the consistent feed quality the plant requires as the operation ramps up. The Sangdong mine processing plant is designed to upgrade run-of-mine ore into a high-purity tungsten concentrate.
"At prevailing tungsten prices, the contained tungsten in the current stockpile represents about 2.6 months of Phase I throughput feed with an illustrative gross in-process value of about $68-million," says Almonty chairperson, president and CEO Lewis Black.
He adds that the company's transition from building and commissioning a mine to actually processing ore into saleable tungsten concentrate comes after decades in which the West allowed its tungsten supply chain to atrophy.
"Combined with our planned downstream tungsten oxide plant and the long-term offtake we have secured, we are stepping closer to realising the fully integrated tungsten value chain that we believe will define Almonty's role as the premier Western tungsten producer for many years to come," Black concludes.
The CMRG aims to tighten control over pricing
The Chinese state-owned buyer — China Mineral Resources Group (CMRG) — has informed steelmakers and traders of its plans to restrict access to certain stocks of Fortescue’s iron ore held in Chinese ports. This was reported by Bloomberg, citing sources.
CMRG has asked steelmakers and traders holding Fortescue’s Super Special Fines grade of iron ore to take delivery by 15 July. After this deadline, such ore will be blacklisted and subject to logistical restrictions, the sources say.
If this decision is implemented, it will escalate the dispute between the parties — negotiations between the Australian mining company and CMRG regarding long-term contracts have reached an impasse, the agency notes.
Some shipments of Fortescue’s raw materials, due to arrive in China next month, have been delayed, and fears of a potential supply shortage have led to a rise in prices for key grades of iron ore.
Neither party has commented on the situation. This is yet another example of the struggle between major mining companies and the Chinese state-owned buyer.
It should be recalled that in early June, China Mineral Resources Group instructed certain steelworks – which consume significant volumes of raw materials from Australia’s Fortescue – to approach the supplier with an enquiry regarding its new low-grade product, Fortune Fines (with an iron content of 55 per cent). This move was prompted by complications in negotiations between the parties.
Previously, BHP Group had been in a standoff with CMRG — China had been gradually tightening restrictions on its shipments amid a contractual dispute. However, the company eventually reached an agreement with the Chinese state-owned buyer in April. The contract will remain in force until June 2027 and provides for the use of certain price indices denominated in yuan.
https://gmk.center/en/news/china-plans-to-block-some-of-fortescue-s-iron-ore-supplies/
Building materials social inventory: According to the SMM survey, the buildup of total building materials social inventory accelerated this period. As of July 2, 2026, SMM building materials social inventory stood at 5.4852 million mt, up 131,700 mt WoW, a 2.46% increase. Affected by the plum rain weather in south China, waterlogging at project sites hindered construction. Additionally, steel mills in south-west China faced considerable inventory pressure and have recently been shipping to central and north-west China.
Regional social inventory: Currently, inventory performance diverged across regions. Inventory buildup was notable in south-west and north-west China, while east China saw a decline. By region, steel mills in Sichuan faced prominent inventory pressure and have been gradually shipping to surrounding markets. Moreover, overall demand in south-west China was relatively weak, accelerating market inventory buildup. In north-west China, concentrated arrivals of resources from the south-west recently made it difficult to sell locally high-priced resources. Coupled with falling prices, downstream procurement remained cautious, leading to clear inventory accumulation. In east China, some steel mills underwent maintenance or production cuts recently, and arrivals of external resources decreased, resulting in a slight inventory decline. Entering the demand off-season, short-term social inventory will continue to experience seasonal buildup.
