Agnico Eagle Pulls the Trigger on Hope Bay, Anglo American Sells Its Australian Coal for $3.9 Billion, MinRes Restarts Bald Hill on a Lithium Recovery, and Russia Can't Find a Buyer for Its Seized Gold Miner

Today on The Mining Insider:
Agnico Eagle this morning formally approved the Hope Bay investment decision — the largest gold mine development in Nunavut's history. Development capital: approximately $2.4 billion. Expected annual gold production: 400,000 to 435,000 ounces. Initial mine life: 11 years, with approximately 4.5 million ounces total. Production targeted from 2030; full design throughput of 6,000 tpd reached in 2032. Average grade: 6.50 g/t gold; 94% metallurgical recovery. Average AISC: $1,199/oz. At $3,600/oz gold: 19% IRR, $2.7B NPV (5% discount). At current $4,500/oz gold: 26% IRR, $4.3B NPV. Deposits: Doris, Madrid (including Patch 7), and Boston in the Kitikmeot region, ~125 km southwest of Cambridge Bay, ~160 km north of Arctic Circle. CEO Ammar Al-Joundi: "With expected annual production of over 400,000 ounces and total cash costs below $1,000 per ounce, based on only half the declared mineral resources drilled, Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come." The federal government contributed C$25M to an Inuit-owned 4 MW wind + 4 MW battery storage project. Minister Tim Hodgson was on site for the announcement. More than 2,000 direct and indirect jobs. Kitikmeot Inuit Association IIBA in place since 2015.
Anglo American has agreed to sell its Australian steelmaking coal business to Peabody Energy for up to $3.875 billion in cash — Grosvenor, Aquila, Capcoal, and Moranbah North mines in Queensland. The deal completes Anglo American's coal exit following its 2024 portfolio restructuring (post-BHP rejection). Base price plus coal price earnout mechanism. Regulatory approvals expected; close targeted later in 2026.
Mineral Resources approved the restart of its Bald Hill lithium mine in WA Goldfields. Bald Hill was mothballed in November 2024 when spodumene prices collapsed below $900/tonne. Benchmark spodumene has recovered to ~$2,800/tonne — more than triple the shutdown level. Site activity ramps in late May; crushing and mining commence June; first spodumene concentrate produced July; first shipment from Port of Esperance Q1 FY2027. Capacity: ~165,000 dmt/year at 5.1% SC (140,000 dmt SC6). Restart cost: $20M. Creates ~370 jobs. MinRes will become the only company globally operating three hard-rock lithium mines with their own concentrate facilities. CEO Chris Ellison: "With strong and sustained demand for spodumene concentrate driving a significant recovery in prices, the time is right to restart operations at Bald Hill."
Russia's federal property agency Rosimushchestvo failed to auction the state-seized 67.2% stake in Yuzhuralzoloto (UGC), one of Russia's top-10 gold producers. The stake was valued at ~140.4 billion roubles ($1.9 billion). Zero bidders submitted applications by the May 15 deadline. A Dutch auction now begins May 26; price could be cut by up to 50% (~$1.1B floor). The stake was seized from businessman Konstantin Strukov following corruption allegations; part of broader Russian nationalization pattern since 2022.
Sources: Agnico Eagle press release (CNW, May 19, 2026); Anglo American press release (May 18, 2026); Mineral Resources ASX announcement via MarketScreener (May 18-19, 2026); The Moscow Times / Reuters via Mining.com (May 18, 2026).