U.S. To Build Its First Ever Floating LNG Export Terminal

By Alex Kimani - Jun 11, 2026

• The U.S. has approved its first offshore floating LNG export terminal, with Houston-based Delfin Midstream receiving a license for a $5 billion FLNG project off Louisiana.
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• The project will use existing offshore pipeline infrastructure and feature the world's largest floating LNG vessel, with 90% of its initial export capacity already secured through long-term contracts and backing from major investors including BlackRock, Mitsui O.S.K. Lines, and Vitol.
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• Floating LNG terminals offer faster deployment, lower costs, and a smaller environmental footprint than traditional onshore plants

Over the past couple of years, the United States has established itself as the world's largest exporter of liquefied natural gas (LNG), with an operational liquefaction capacity of ~15.4 billion cubic feet per day (Bcf/d). It’s home to nine large-scale operating LNG export terminals and more than 170 smaller, localized LNG facilities across the country used for domestic storage and peak-demand supply. And while it has traditionally favored building massive onshore liquefaction plants to make use of huge, established pipeline networks, secure coastlines and economies of scale, that is about to change as U.S. regulators have approved the construction of the first ever LNG floating platform on American waters. The U.S. Maritime Administration (MARAD) has issued a license to Houston-based Delfin Midstream to construct a $5-billion floating liquefied natural gas (FLNG) export terminal in federal waters roughly 40 nautical miles off the coast of Cameron Parish, Louisiana. The project received initial conditional approval way back in 2017 but faced years of delays and regulatory hurdles, including a brief pause on certain LNG export permits by the Biden administration in early 2024. The Delfin LNG project will now feature the largest floating LNG vessel in the world, eventually connecting four floating LNG units to existing offshore pipelines to export gas globally.

The project will utilize the repurposed UTOS pipeline (the largest natural gas pipeline in the U.S. Gulf) to pull gas from the mainland grid at Station 44 in Johnson Bayou, Louisiana, directly to the offshore port. By employing an innovative offshore design, Delfin LNG circumvents the need for massive onshore construction by linking specialized floating liquefaction vessels directly to existing underutilized subsea pipeline networks. South Korea's Samsung Heavy Industries was officially awarded a $2.9 billion contract to construct Delfin LNG’s mammoth FLNG 1 vessel.

Following a Final Investment Decision (FID) on June 3, 2026 , first LNG production and exports are targeted to begin between 2029 and 2030. The initial vessel is designed to export 4.4 million tonnes of LNG per year, backed by long-term supply agreements with global energy giants. Indeed, nearly 90% of FLNG 1's export capacity is locked down via binding, long-term sale and purchase agreements (SPAs). The project's joint-venture equity framework includes major backing from Global Infrastructure Partners (GIP) (a division of BlackRock), Japanese shipping titan Mitsui O.S.K. Lines (MOL), and global energy trader Vitol. Debt and credit structures were facilitated by institutional lenders including MUFG, which announced a $3.6 billion financing arrangement.

Floating Liquefied Natural Gas (FLNG) and Floating Storage Regasification Unit (FSRU) terminals offer unmatched speed, cost-effectiveness and locational flexibility compared to traditional land-based plants. While land-based terminals typically require 4 to 6 years to develop and build, floating terminals can be built and become fully operational in 1 to 3 years. The hull and topside processing modules can be constructed simultaneously in controlled shipyard environments, dramatically speeding up the delivery process. Additionally, converting older LNG carriers into floating units or deploying standard floating platforms results in lower upfront installed costs compared to massive onshore developments. FLNG units allow companies to extract natural gas from remote or offshore fields that would otherwise be too expensive or uneconomical to connect to land via long pipelines.

Another major advantage of floating LNG terminals is a low environmental footprint. Many FSRUs are created by upgrading and recycling existing LNG carriers that are reaching the end of their lifespans. This conversion process saves approximately 30% of the carbon footprint compared to building a brand-new plant. They also typically have smaller environmental footprints and emit lower levels of nitrogen oxides and carbon dioxide compared to their heavy-industry onshore counterparts. 

Still, this has not made life easier for Delfin LNG.

Environmental groups have pointed out that the final license was pushed through under the Trump administration's "Unleashing American Energy" executive order without an updated amended application, a single public hearing, or adequate environmental reviews. Local advocates and environmental coalitions such as the Louisiana Bucket Brigade and Healthy Gulf have voiced strong opposition to the project due to climate threats, the impact on local fishers and safety risks in the wake of a recent pipeline explosion near Holly Beach, Louisiana, which originally delayed the project's development.

Other than Delfin Midstream, several other companies operate in the FLNG space, including Hamilton, Bermuda-based Golar LNG (NYSE:GLNG), the the pioneer in the "FLNG as a service" model and a major contractor in U.S. projects; New Fortress Energy (NYSE:NFE), Excelerate Energy (NYSE:EE), Energos Infrastructure and Cedar LNG.

By Alex Kimani for Oilprice.com

‘Diamond Joe’ Gutnick’s son exits US miner with $350 million stake

Bloomberg News | June 11, 2026 | 

The Round Top rare earth project, expected to reach commercial production by 2028. (Image courtesy of USA Rare Earth.)

The son of an Australian mining entrepreneur sanctioned by the country’s securities regulator has left the board of USA Rare Earth Inc. with a stake worth more than $350 million.

Mordechai Gutnick, 48, stepped down last week after previously announcing he wouldn’t run for reelection. USA Rare Earth said the decision was related to its acquisition of a Brazilian mining firm that will add two new directors to the board.

“USA Rare Earth’s board is focused on one mission: Building a fully integrated rare earth and permanent magnet value chain outside of China,” a spokesperson said in an emailed statement. “The board is extraordinarily well positioned to oversee the company’s execution and generate industry-leading returns.”

The Stillwater, Oklahoma-based company announced in January a deal for federal government funding worth as much as $1.6 billion to help develop a minerals deposit in Texas and rare earth-related processing and manufacturing projects. In April, it agreed to acquire Brazil’s Serra Verde Group, owner of a rare earth mine and processing plant, in a $2.8 billion deal. Its shares have gained 90% this year.

Gutnick owns about 7% of USA Rare Earth through a trust, a stake worth about $351 million. Earlier this month he entered into a variable prepaid forward contract with JPMorgan Chase & Co. on roughly a quarter of his shares, which would allow him to raise cash upfront while delaying a formal sale.

He is the son of Australian mining entrepreneur Joseph “Diamond Joe” Gutnick, 74, a rabbi who took another rabbi’s advice to search for gold and diamonds in the Australian outback.

That led Gutnick to find “some of the great gold discoveries in Australia,” he wrote in a recent email to Bloomberg News. “Jundee, Bronzewing, Plutonic and Duketon Belt.”

He built a mining fortune that for decades made him one of the country’s wealthiest and highest-profile individuals. He was a director of the World Gold Council, president of an Australian football club and helped bankroll Benjamin Netanyahu’s electoral victory in Israel in 1996.

But Gutnick was also frequently involved in bruising legal and boardroom battles. In 2016 he declared bankruptcy with debts of A$275 million ($194 million), brought on by a failed fertilizer supply deal.

Texas deposit

Mordechai, one of Joseph’s 11 children, founded an investment vehicle in 2015 whose key asset became an option to acquire 80% of Round Top, a Texas minerals deposit. The stake was contingent on spending $10 million developing the project and a $3 million cash payment.

That holding was the main asset of USA Rare Earth when it went public in a merger with a special purpose acquisition company in March last year. Gutnick is described as the founding investor of USA Rare Earth’s operating company in its filings.

The younger Gutnick has had roles at several businesses associated with his father, including Merlin Diamonds. Mordechai took over as managing director in 2016 when Joseph resigned after his bankruptcy. The company was later forced into liquidation by Australian securities regulator ASIC and was found to have loaned A$13.7 million in investor money to a private company associated with Joseph.

In 2024 ASIC determined that the elder Gutnick acted improperly and had not met his obligations as director at several companies, including Merlin. He was banned from managing corporations for four years.

“There are two sides to the story and it’s behind us now,” he said in the email. “Mordi has done an unbelievable job in creating a powerhouse rare earth company of international importance.”

(By Tom Maloney)

 

Glencore Canada resumes work as part of the air emissions reduction projects at Horne Smelter

CNW Group

Thu, June 11, 2026 

ROUYN-NORANDA, QC, June 11, 2026 /CNW/ - Glencore Canada welcomes the passage of Bill 11, which establishes a stable regulatory framework for Horne Smelter operations through to 2033. This stability enables the company to progressively resume its air emissions reduction projects.

Glencore

"We are pleased to announce today that we are progressively resuming our investments in the Horne Smelter air emissions reduction projects. We commend the Government of Québec for its role in providing needed regulatory stability. These projects, once complete, will cement the Horne's position among the highest-performing copper smelters in the world in terms of environmental performance," said Marc Bédard, Chief Operating Officer, Custom Metallurgical Assets, Glencore.

Canada's Last Copper Smelter faces a Challenging Environment

Amid intensifying global competition, rising tariffs, and ongoing supply chain disruptions, Canada's only copper smelting capacity has never mattered more, for economic resilience and national sovereignty alike.

Governments worldwide have recognized the strategic importance of domestic refining in the critical minerals value chain. Many jurisdictions have introduced targeted measures to support modernization and ensure long-term competitiveness.

Canada has identified critical minerals and secure supply chains as strategic priorities, but federal support has yet to match that ambition. While programs to support key industrial assets exist, the pace of implementation has not caught up to the urgency on the ground.

Glencore Canada is calling on the federal government to match provincial efforts with timely and concrete support through the Strategic Response Fund. The federal government's support is essential to secure the economic viability of the smelter and the substantial investments to ensure the modernization and competitiveness of the Horne Smelter and CCR Refinery.

"The regulatory certainty provided by the Government of Québec, along with its existing targeted programs, speaks to how much the province values the copper sector," said Mr. Bédard. "What remains is decisive federal action to solidify Canada's commitment. Government of Canada support is critical to unlocking future capital investment that will ensure the future of Canada's last copper smelter and refinery."

The Horne Smelter has demonstrated that it consistently delivers on its commitments to its workers and its environmental targets. With the right federal partnership, Canada could have a midstream anchor worthy of its critical minerals ambition.

About the Horne Smelter and CCR Refinery

The Horne Smelter is Canada's last copper smelter and one of the largest recyclers of end-of-life electronic products in North America. The CCR Refinery, located in Montréal's East End, completes this value chain by refining copper and other critical metals. Copper is essential to Canada's energy transition and economic resiliency ambitions.

According to a 2026 KPMG socioeconomic study, Glencore's Canadian copper operations supported more than 2,330 direct, indirect, and induced jobs in 2024, and contributed $1.221 billion in direct GDP.

For more information: http://www.glencore.ca/en

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2026/11/c1027.html

China copper smelters chase ‘fool’s gold’ in hunt for more sulphuric acid profits

Reuters | June 12, 2026 | 

Stock image.

Chinese copper smelters are buying more feedstock that contains little copper but lots of sulphur to cash in on lucrative margins from sulphuric acid sales that have helped counter losses from tumbling processing fees, industry sources and analysts said.

At least six smelters in China, the world’s largest refined copper producer, including Jinchuan Group, have stepped up purchases of pyrite this year, said multiple sources with knowledge of the matter.

Pyrite, also known as “fool’s gold” due to its shiny, yellow appearance similar to real gold, is a sulphur-rich mineral usually contained at low levels in the concentrate smelting process.

Once an unimportant byproduct of copper smelting, sulphuric acid has soared in price more than 500% in three years, underpinned by tighter supply due to the Russia-Ukraine war and growing demand for electric-vehicle batteries.

Iran war fuels price rally

Smelters are now opting to process more pyrite to capitalize on a price rally fuelled by the Iran war, which has disrupted shipments from the Gulf, which typically supplies about half of the world’s seaborne sulphur.

The 1,500 yuan ($222) per metric ton profit estimated by consultancy Oilchem from a ton of sulphuric acid offsets the loss incurred when processing a ton of concentrate bought on the spot market, which was running at about $115 last week, according to data from Argus.

This new strategy, which also gives smelters something to feed their furnaces while concentrate is in acutely short supply and avoids expensive shutdowns, underscores how the increasing reliance on acid profits is changing copper markets amid a prolonged downturn in processing fees, traditionally a key source of revenue for smelters.

“Years ago, it (buying pyrite) was a rare thing. But from 2026, more and more smelters are doing this … only acid is profitable now,” said a manager at a Chinese copper smelter on condition of anonymity because they and the other sources were not authorized to speak to media.

China’s imports of unroasted pyrite jumped 13.5% year-on-year in January to April to 391,916 metric tons, the highest total for the first four months of a year since 2014, according to data from Trade Data Monitor.

The volume is far below the 9.9 million tons of copper concentrate bought between January and April, but concentrate imports were down 0.8% versus last year and the pace of refined copper output growth slowed in April.

Analysts say accelerating use of pyrite could mean less concentrate consumption and less copper output.

Some smelters, however, say they are unable to process complex raw materials and are thus sitting out the race to secure pyrite.

Diversification away from copper concentrate is also being hampered by technological constraints, but Chinese smelters have been making investments that allow them to feed in more pyrite and gold concentrate, said a trader at an international trading house.

($1 = 6.7630 Chinese yuan)

(By Amy Lv, Tom Daly and Lewis Jackson; Editing by Lewis Jackson and Jamie Freed)

Gold output in Ivory Coast set to climb in 2026 as mines expand

Reuters | June 10, 2026 | 

The Ity mine in Côte d’Ivoire. (Image courtesy of Endeavour Mining.)

Ivory Coast’s gold output is expected to reach 62 metric tons in 2026, up from 59.33 tons in 2025, as established mines expand operations, the West African country’s director general of mines told Reuters.

Output would rise further to 63 tons in 2027 and around 69 tons in 2028, Seydou Coulibaly said.

The world’s top cocoa producer currently has 14 gold mines in operation. That number will rise to 15 in two years with the opening of the Kone mine, and to 17 in three years when the Doropo and Tanda mines come online, he said.

Ivory Coast’s eastern neighbour, Ghana, is Africa’s largest producer, boasting output of 187 tons of gold last year, according to data by the World Gold Council. Ivorian authorities are seeking to close the gap as part of efforts to diversify the economy.

“In recent years, Ivory Coast has become increasingly attractive for gold exploration – the growing interest from domestic and international investors is a testament to this attractiveness,” Coulibaly said.

He said the government granted 151 research permits out of 189 applications in 2023, 160 out of 203 in 2024, and 171 out of 225 in 2025, reflecting rising investor interest in the sector.

The Ministry of Mines, Petroleum and Energy, meanwhile, plans to use SIREXE, an international extractive resources and energy exhibition, in Abidjan from November 18 to 22 to showcase new mining projects and attract foreign investors, Coulibaly said.

Mining companies operating in Ivory Coast include the UK’s Endeavour Mining, Australia’s Perseus Mining and Resolute Mining and Canada’s Roxgold.

(By Loucoumane Coulibaly; Editing by Clement Bonnerot and Joe Bavier)

 

Venezuela deploys troops against illegal miners in key gold belt

Reuters | June 10, 2026 |

Stock image.

Venezuela has deployed troops to target illegal groups controlling key gold deposits, according to local residents and human rights activists, as the government seeks to attract foreign investment to the long-stalled mining sector.

Troops have been deployed near Las Claritas in southern Bolivar state, according to residents and activists who monitor the area. The town is one of the main hubs of illegal gold mining in the mineral-rich Orinoco Mining Arc, a vast area near Venezuela’s borders with Guyana and Brazil.

Venezuela’s Communications Ministry did not immediately respond to a request for comment, and the government has not publicly addressed the operation.

Five residents told Reuters they heard explosions and gunfire, keeping many people off the streets and forcing businesses to close.

“Bombs and gunfire could be heard in the jungle,” a 45-year-old resident said. “There are mines in those areas. This is bad; you can’t go out.”

A shopkeeper in Las Claritas said drones flew low overhead for hours during the night. All of the residents declined to be named out of fear for their safety.

Non-governmental organizations and UN-backed investigators have said much of the mining activity in the region is controlled by organized crime groups and armed factions.

“The Venezuelan Army is deploying a massive operation in Las Cristinas and at Km 88 in Bolivar state,” rights group Provea said in a post on X. “We warn of the risk of extrajudicial executions and arbitrary detentions against the civilian population in the area.”

The operation comes as Venezuela’s new government tries to reopen sectors long closed to foreign capital. In January, US forces captured Venezuelan President Nicolas Maduro, leaving Delcy Rodriguez to take up the post on an interim basis. Since then, Washington and Caracas have discussed steps to revive oil and mining investment.

Venezuela passed a new mining law in April aimed at encouraging investment from abroad, while US Interior Secretary Doug Burgum said that the government had pledged security guarantees for incoming companies.

Canadian miner Crystallex had planned to develop the Las Cristinas gold project until former President Hugo Chavez halted the project in 2008 as part of a broad nationalization drive that spanned electricity, telecommunications, cement, steel and oil.

After those takeovers, foreign investment in mining remained limited. Some experts now see scope for a near-term recovery in exports, particularly gold, but warn the sector will require massive investment as well as renewed exploration.

(By Daina Beth Solomon; Editing by Jamie Freed)

 

Canada risks losing critical minerals infrastructure race, PwC warns

Cecilia Jamasmie | June 11, 2026 | 

(Image: Prime Minister Mark Carney at auto parts manufacturing facility. Prime Minister Office | Lars Hagberg.)

Canada risks losing its competitive edge in critical minerals, energy and other strategic sectors unless it accelerates infrastructure investment and project approvals, according to a new PwC Canada report.

Canada is projected to invest $4.7 trillion in infrastructure by 2050, but the country is spending a smaller share on infrastructure than many high-performing peers and risks falling behind in sectors poised for rapid global growth. Canada currently invests 6.6% of GDP in infrastructure versus 7.4% among leading countries, a gap PwC estimates would require an additional $34 billion annually by 2050 to close.

“Canada can exceed this forecast. It can also fall short of it,” PwC said in the report. “The difference comes down to the moves we make next.”

Courtesy of PwC Canada’s Infrastructure 2050.

The report identifies resources as Canada’s largest infrastructure opportunity, with cumulative spending projected to reach $1.6 trillion by 2050. Annual investment in resource infrastructure is forecast to rise to $63 billion from $53 billion today as demand for critical minerals and energy grows and countries seek reliable alternatives to concentrated global suppliers.

Courtesy of PwC Canada’s Infrastructure 2050.

PwC said the biggest opportunities increasingly depend on integrated infrastructure rather than standalone projects. Ontario’s Ring of Fire, one of Canada’s largest undeveloped mineral districts, will require roads, power transmission, digital connectivity and community infrastructure to be developed together before large-scale mining can proceed.

Approval process is main barrier

The report argues that Canada’s lengthy regulatory approval processes remain one of the largest barriers to capturing this growth. Projects often face years of reviews and overlapping regulatory requirements, increasing costs and uncertainty compared with competing jurisdictions.

While resources will dominate spending, the report warns Canada is underinvesting in several sectors compared with global peers. Nuclear power investment is projected to grow just 11% in Canada through 2050, compared with 45% globally. The United States is also expected to outpace Canada in areas including airports, data centres and other strategic infrastructure categories.

PwC echoes what the industry has been saying for years: faster approvals, stronger partnerships with First Nations, greater private-sector participation and new financing models will be needed if Canada hopes to capitalize on shifting global supply chains and growing demand for critical minerals.

The firm argues that infrastructure projects serving multiple purposes and users, such as transportation, energy and communications networks, will play a central role in unlocking future economic growth.

The findings come as governments and businesses race to secure supplies of critical minerals needed for electrification, defence and advanced manufacturing while strengthening domestic supply chains amid rising geopolitical competition.

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