Gold Hits a Six-Week Low, Cornish Metals Clears Its Last Hurdle, Nouveau Monde Pulls the Trigger on Canada's Biggest Graphite Mine, and Sherritt Walks Away from Cuba

Today on The Mining Insider: Gold fell sharply on Friday, dropping more than 3% to $4,530 per ounce — its lowest since mid-March — as April US consumer prices rose 3.8% year-over-year, wholesale inflation hit its fastest pace since 2022, and bond yields surged globally. Markets have now fully priced out Fed rate cuts in 2026 and are placing better than 50% probability on a rate hike by January. The Trump-Xi Beijing summit yielded no breakthrough on the Strait of Hormuz, where the US-Iran conflict continues to disrupt energy shipments and fuel the inflation that's pressuring gold. Edward Meir of Marex attributed the selloff to "a strong dollar as well as global increases in bond yield rates." Gold is now 13% below its January all-time high of $5,589/oz. Cornish Metals announced a £52 million credit facility from its two largest shareholders — the UK National Wealth Fund (up to £35 million) and Vision Blue Resources (up to $22.75 million) — providing the bridge financing needed to reach a final investment decision on the South Crofty tin mine in Cornwall. The facility is critical because Cornish Metals' $210 million Nordic bond is conditional on completing a minimum $161 million equity raise by May 21. CEO Don Turvey said the facility provides "the financial runway to progress through to the final investment decision." The National Wealth Fund has now committed over £63 million total to South Crofty, which is permitted for underground mining until 2071 and would create more than 300 direct jobs. Nouveau Monde Graphite confirmed a final investment decision for its Phase-2 Matawinie Mine in Quebec on May 14-15, following the closing of a $309.5 million equity financing package. Combined with $335 million in committed project debt from Export Development Canada and the Canada Infrastructure Bank, the total financing commitment exceeds $644 million. The Matawinie Mine is expected to produce approximately 106,000 tonnes of graphite concentrate annually over a 25+ year mine life, with production targeted for approximately mid-2028 — making it the G7's largest graphite project. China controls roughly 70% of global graphite mining; Canada has committed to purchase 30,000 tonnes per year on a take-or-pay basis. Sherritt International confirmed on Friday it is relinquishing its interests in the Moa Joint Venture Cuba Corporations, ending more than three decades as Canada's largest foreign investor in Cuba. The move follows US Executive Order 14404 (signed May 1), which expanded sanctions against Cuba and left Sherritt no viable legal path to continue. The Moa JV produced roughly 33,000 tonnes per year of finished nickel and cobalt. Sherritt's Fort Saskatchewan refinery in Alberta continues on existing feed inventory through approximately mid-June, after which permanent decisions about the refinery's future must be made. Sources: The Northern Miner, Trading Economics, MFN / Cornish Metals AIM, National Wealth Fund, NMG via Morningstar / Business Wire, Sherritt International via Morningstar / Business Wire, International Tin Association.