“Made in Europe”: Securing Critical Raw Minerals for a Sustainable Future

The rise of automation, renewable energy, and AI is facilitating a shift toward the localisation of production. Countries are increasingly able to produce goods more efficiently, affordably, and sustainably within their own borders. This shift is shaping the future security of European nations, the dynamics of global trade alliances, and the very foundation of democracy as the dominant societal structure. Securing access to crucial raw materials is vital for Europe to remain competitive in this evolving global landscape. Without it, Europe risks becoming overly reliant on more competitive nations —potentially exposing itself to economic and political vulnerability.

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Session 2
From Exploration to Extraction: The New Era of Sustainable Mining in Portugal

Portugal has a long history of mining dating back to the Roman era. The country’s mining industry is experiencing significant growth and transformation, aligning with the EU’s goals for raw material self-sufficiency. Mining production in Portugal increased by 2.10% in December 2024 compared to the previous year. The country’s non-ferrous metal ore mining industry had a market size of €580.1 million in 2024, ranking 8th in Europe for revenue. The sector has seen recent developments in lithium, copper, and other minerals, attracting substantial investments and strategic planning.

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Powering the Future: Lithium & Battery Material Supply Chains in Europe


Europe’s battery sector stands at a pivotal moment, grappling with complex challenges and the urgent need for strategic solutions to support its energy transition. The session addresses the fragility of current supply chains, highlighting critical dependencies on imported materials—especially from China—and the vulnerabilities these pose to Europe’s long-term resilience. Shortages of lithium, nickel, cobalt, and manganese, combined with environmental concerns and local opposition to mining, emerged as significant barriers to scaling domestic production.

Regulatory uncertainty and fragmented policies across EU member states are impediments to coherent action, while the race for technological innovation sometimes overlooks sustainability and community impact. Public perception and social license for extraction activities also pose hurdles, with trust gaps between industry and local populations becoming increasingly evident.

The discussion will move beyond diagnostics to present practical, forward-thinking strategies. These include bolstering domestic production, de-risking supply chains, aligning industrial and environmental goals, and positioning Europe as a leader in responsible battery manufacturing.

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Europe's Mining Dilemma: Aligning Mineral Needs with Environmental and Social Imperatives


Europe faces a mining dilemma: it needs to secure critical raw materials for its green transition and defence industries, but domestic mining projects face strong local opposition due to environmental concerns and a lack of public trust. This dilemma highlights the conflict between Europe’s desire for self-sufficiency in critical minerals and the potential environmental and social impacts of mining, particularly in the face of strong local opposition. Addressing this central challenge, outlining opportunities, case studies, and policy as the industry seeks closer alignment with Europe’s climate neutrality ambitions and developing mechanisms for genuine public consultation and free, prior, and informed consent (FPIC) from affected communities.

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João Rui Ferreira
Secretary of State for Economy
Portuguese Republic

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Lisa Bandari
His Majesty’s Ambassador to Portugal and Cape Verde
British Embassy Lisbon

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Arthur Poliakov
Executive Chairman
MINEX Forum

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Inclusivity, Social License to Operate, and the Future of Sustainable Raw Materials in Europe


A fireside chat on inclusivity, social licence to operate and widening public the general public’s knowledge of raw materials and their opinions of where they should come from.

The discussion includes brief presentation of the documentaries “100 perceptions: Raw Materials” by VECTOR Project and “Europe’s Lithium Paradox” by Journeyman Pictures

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Friendshoring in action: aligning Uzbekistan’s critical raw materials with Europe’s technological resources and supply chains

This fireside chat will examine how friendshoring – the relocation of supply chains to trusted jurisdictions – can align Uzbekistan’s critical raw materials with Europe’s technological industries and supply chains. With Europe facing import dependence, geopolitical risks, and limited domestic capacity, the discussion will highlight how ESG standards, responsible partnerships, financing, and strategic cooperation can foster diversified, resilient, and sustainable supply chains under the Critical Raw Materials Act.

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Martin Pittuck
Corporate Consultant (Mining Geology)
SRK Consulting (UK)

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Joaquim Nunes de Almeida

Director in charge of “Decarbonisation, Mobility, Raw Materials”
European Commission

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Financing the next generation of mining projects in Europe

As Europe races to meet its green transition goals, the need for new copper and lithium mines has never been more urgent. However, the challenge is twofold: not only must the permitting process be accelerated, but there is also the pressing issue of securing investment. Mining companies are struggling to convince investors to back new projects, even as the demand for critical minerals intensifies. Previously the proponents of the giga-factories in Europe experienced the similar experience. What can miners and investors and miners can learn to move the Europe-focused mining investment needle in motion?

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Meeting Europe’s Raw Materials Needs from Primary and Secondary Sources

Europe needs to significantly increase its domestic production of non-ferrous metals (NFMs) and energy metals by 2030 to meet its raw materials goals. The EU needs to open at least 10 new mines, 15 new processing facilities and 15 recycling facilities for key SRMs by 2030 (while no mine has opened in the past 15 years in the EU), and to finance 15 CRM-related projects in third countries through the Global Gateway.

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Mine to Market 4.0: Digital Innovation in Raw Materials Supply Chain Management

The mining industry is entering a new digital era — Mine to Market 4.0. This session explores how data, AI, and digital tools are transforming every link in the raw materials supply chain — from extraction to end-product manufacturing.

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Invisible Mining: Addressing EU Raw Material Challenges Through Technological Innovation

The European Union faces significant challenges in implementing its raw materials policy, particularly in balancing the need for critical raw materials with environmental protection and public acceptance. The concept of “invisible mining” is emerging as a potential solution to address these challenges through technological innovation leveraging advancements in robotics, miniaturisation, and AI to enable low-impact, low-visibility underground mining.

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Mining Reimagined: A Sustainable Blueprint for Europe’s Raw Material Independence

Examining how advanced mining technology from mineral exploration to processing is crucial for the energy transition, particularly in the context of securing critical minerals for renewable energy technologies and energy storage solutions.

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Jean Barroca
Deputy Minister for Energy
Ministry of Environment and Energy of the Portuguese Republic

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Mining - Why It’s Essential for a Sustainable Future?

The fireside chat with Timothy Biggs, author of Mining: Why It’s Essential for a Sustainable Future, explored the complexities of mining’s role in society and its misunderstood public image. Biggs, drawing on over 25 years in the industry, emphasized that modern life is fundamentally dependent on large-scale mining, from the smartphones we use to the infrastructure we rely on.

He acknowledges mining’s historic associations with environmental harm and human rights issues, but made a case that the sector is also indispensable for the transition to a sustainable future. The discussion highlighted how technologies essential for tackling climate change—such as electric vehicles and solar panels—require significant amounts of metals like copper, lithium, and iron ore, all dependent on responsible mining.

Biggs urges that, as demand for minerals grows, it is vital for states and societies to engage constructively with mining’s practical realities. At the same time, he stresses that mining companies must address their legacy of environmental and social problems and improve public trust. The discussion combines technical insight with broader reflections on mining’s evolving responsibilities and its central role in enabling climate solutions

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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The Forum is taking place on 21-22 October 2025 in Lisbon, Portugal under the slogan “Made in Europe”: Securing Critical Raw Materials for Sustainable Future. Optional visits will be organised on 23 October to the local mine sites.

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The summer's over, but the race for Europe's raw materials is just beginning. The clock is ticking! Don't miss your chance to be at the forefront of Europe's mining evolution. The MINEX Europe Forum in Lisbon is just around the corner on 21-23 October 2025.

Europe is at a pivotal moment. The global landscape is shifting with new geopolitical dynamics and a rising demand for critical minerals. The EU's reliance on imported raw materials makes us vulnerable. This forum will directly address how Europe can secure a sustainable future and move towards greater independence. The challenge is real: Europe needs 10 new mines, 15 processing facilities, and 15 recycling facilities by 2030, but no new mines have opened in the EU in 15 years. With 95% import dependence, our industrial future is at stake. However, there's a turning tide for European investment. Portugal's mining production grew by over 2% year-over-year.
At MINEX Europe 2025, you'll hear from over 60 speakers who represent the pinnacle of European mining expertise, including top government decision makers and industry leaders. You'll gain exclusive insights on Europe's most promising mineral projects and get direct access to policymakers implementing the Critical Raw Materials Act. The question isn't whether Europe will secure its mineral future—it's whether you'll be part of shaping it.
Don't miss out on this critical opportunity to network, learn, and influence the future of raw materials in Europe.

Learn more and register here 2025.minexeurope.com

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TMK (Uzbekistan Technological Metals Complex) is the flagship entity driving Uzbekistan’s strategy to become a reliable, long-term partner in the global critical raw materials (CRM) supply chain. With a multi-commodity resource base covering more than 25 CRM elements, TMK is building an integrated “Hub Concept” that combines upstream extraction, midstream refining, and downstream applications within dedicated Special Economic Zones. This model, supported by state-enabled permitting and investment frameworks, is designed to deliver scalable and financeable metal production aligned with global sustainability goals.

At MINEX Europe 2025, TMK will showcase how Uzbekistan’s CRM potential can be aligned with Europe’s technological industries and supply chains, supporting the objectives of the EU Critical Raw Materials Act. TMK is committed to advancing ESG principles, fostering innovation, and building diversified, resilient supply chains that strengthen both Uzbekistan’s economic growth and Europe’s strategic autonomy.

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The mining village of Lousal is located in the municipality of Grândola, Setúbal district. In 1994, the ROSA Project initiated a series of endeavors aimed at exploring the museological, tourist, and geo-environmental potential of this mining village.

The Lousal Mining Museum is housed in the building that once served as the mine's power plant, supplying energy to the industrial complex and its community between 1934 and 1992. In 1996, as part of the ROSA Project, the Frederico Deus Foundation established an agreement with the Portuguese Association of Industrial Archaeology to create the Lousal Mining Museum, utilizing the old power plant facilities. The museum was inaugurated on May 20, 2001.

The Mining Museum serves a solely museological function, allowing visitors to explore a significant collection that includes documents and industrial equipment such as pneumatic hammers, compressors, generators, motors, and medical-hospital equipment. These items vividly illustrate the prosperous years of this mining hub.

A highlight of the museum's collection is the 300-horsepower Karel motor, installed in 1934 in the mine's power plant. This motor is a result of projects by the Centro Ciência Viva do Lousal association, and its internal combustion engine was restored with the goal of making it operational again, just as it was during the years it supplied power to the mining site. Today, the interpretive component of this remarkable piece merges with the mine's history and the technological evolution of diesel engines.

In 2019, the Lousal museum facilities, including the Mining Museum, closed their doors to the public on March 13th.

To continue offering the most representative and unique aspects of this territory, the Centro Ciência Viva do Lousal association has launched a series of initiatives. These include experimental and heritage activities, virtually offered to the general public through their digital platforms. These activities involve games and scientific experiments designed to explore topics in natural sciences and heritage.

Since their opening to the public in 2010, the cultural spaces managed by the Centro Ciência Viva do Lousal association have welcomed over 180,000 visitors and participants from all over Portugal and various other countries.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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Lorelei Ratushniak, Director for Mining Relations at Mining Innovation Commercialisation Accelerator (MICA) explains how AI can benefit your mining projects.

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Luís Martins, President of the Board Cluster Portugal Mineral Resources explains how they are trying to develop mining projects responsib

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Board Member, INTRAW Observatory explains how MLA can help extract the highest grade ore from mining projects, bringing together geoscience & data science, as well as the importance of developing it here in Portugal.

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Scientific Director, Lithium de France explains how we address the challenges we face regarding raw materials, particularly Lithium, as well as how we address

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Author of Mining: Why it’s Essential to a Sustainable Future, and Advisor to the Mining Industry explains the details of his new book, and why it was essential to write, as well as how we mine responsibly.

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Energy security realism: Balancing Decarbonisation with Economic Reality

Echoing Donald Trump’s statement "I like coal”, Kazakhstan, Uzbekistan, Kyrgyzstan, Azerbaijan and other Eurasian states are redesigning new energy security policies, strategically balancing the immediate reliance on fossil fuels and the future potential of nuclear power with renewable infrastructure development. This session will explore how these redefined energy policies—driven by national interests and a critical view of global climate rhetoric—will affect existing Climate Change and Decarbonisation commitments. The discussion will focus on the geopolitical and economic consequences for the extractive industries, particularly the accelerated development of new coal, uranium, lithium, rare-earth and other ore deposits critical for both fossil fuel stability and the global clean energy transition.

Kruthika Anastasia Bala, Managing Director, Resources Now

The Energy Quadrilemma: Balancing Cost, Carbon, Security and Water in Kazakhstan’s Transition.
Nicholas Pomeroy, Founder & General Director, AngloKazakh

The Resource Base Underpinning Strategic Changes.
Tracey Laight, Principal Resource Geologist, Mining Advisory, SLR Consulting

Decarbonisation and scaling up renewable energy in Central Asia
Veronika Krakovich, Regional Head Energy, Energy Eurasia, Sustainable Infrastructure Group, European Bank for Reconstruction and Development

Kazakhstan’s Dual Role in the Global Uranium Supply Chain: Balancing Energy Security and Decarbonisation.
Amanzhol Yelemessov, Board Member, Atomic Industry Development Association

Developing Nuclear Energy in Central Asia: SMRs as a Path to Energy Security and Decarbonisation.
Dr. Dinara Ermakova, Independent Expert

Creation of a closed chemical cycle for uranium mining through the regeneration of sulfuric acid from depleted solutions.
Baurzhan Duisebayev, Science director, Chemical Engineering Design Bureau

Balancing energy and critical minerals policies in Central Asia.
Benjamin Godwin, Partner and Head of Analysis, PRISM Strategic Intelligence

The New Resource Frontier: Unlocking Central Asia's Critical Minerals Powerhouse

With global demand soaring, Central Asia's vast reserves of critical raw materials are at the intersection of economic opportunity and geopolitical strategy. The session will offer a Deeper Dive into Central Asia's Critical Minerals Chessboard of complex interplay of international investment (EU, China, US, UK), local governance, sustainability challenges, and the political momentum driving the sector. Gain a crucial understanding of the risks and rewards of engaging in this strategically vital region.

Ros Lund, International Mining Professional

Developing Partnerships for Critical Minerals in Central Asia – Governance Initiatives to Help Realise the Potential of the Resources (or, it’s not all about Geology!)
Richard Oldcorn, Corporate Consultant, SRK Consulting (UK)

The global race to access Central Asia's critical raw materials.
Simon Glancy, Managing Partner, Strategic Solutions

OECD Horizontal work on critical minerals development in Central Asia.
Peline Atamer, Head of Programme, Geopolitics and the future of critical supply chains, OECD

UK’s roadmap for strategic cooperation on critical minerals in Central Asia.
Christopher Lofthouse, Responsible Mining Lead, Department for Business and Trade

Eurasia's Role in Diversifying the Global Critical Mineral Supply Chain: An LME Perspective
Toktar Turbay, Sustainability & Physical Market Development Manager, London Metals Exchange

Panel discussion

Han Ilhan, Advisor to the Chairman, Uzbekistan Technological Metals Company
Sir Richard Shirreff, Managing Partner, Strategia Worldwide

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Mining Project Finance and Investment

The overall need for capital in the mining sector is immense due to the demand for critical minerals essential for the global energy transition. Central Asia presents a fascinating region for mining and infrastructure development. The vast natural resources, strategic location, and growing economies make it an attractive but also challenging destination for investors and developers. When returns and de-risking are attractive, processing, downstream, greenfield exploration and brownfield expansions can be a profitable and rewarding investment.

Sara Barin, Partner, Simmons & Simmons

Stephan Pueschel, Co-Head Metals & Mining, KfW IPEX-Bank
Azamat Kasymbekov, Principal banker, European Bank for Reconstruction and Development
Ekaterina Autet, Senior Investment Officer, International Finance Corporation
Lee Barnes, Director, Oval Advisory
Cailey Barker, Managing Director, Xcelsior Capital

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On the development of Kyrgyzstan’s strategy for critical minerals sector.

H. E. Meder Mashiev, Minister of Natural Resources, Ecology and Technical Supervision of Kyrgyzstan

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On the development of Kyrgyzstan’s strategy for critical minerals sector.

H. E. Meder Mashiev, Minister of Natural Resources, Ecology and Technical Supervision of Kyrgyzstan

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Capital Markets’ Response to Mining CapEx Needs

The overall need for capital in the mining sector is immense due to the demand for critical minerals essential for the global energy transition. Central Asia presents a fascinating region for mining and infrastructure development. The vast natural resources, strategic location, and growing economies make it an attractive but also challenging destination for investors and developers. When returns and de-risking are attractive, processing, downstream, greenfield exploration and brownfield expansions can be a profitable and rewarding investment.

Alexander Keepin, Partner, Simmons & Simmons

Panel Discussion: Capital Markets’ Response to Mining CapEx Needs

Ayuna Nechaeva, Head of Europe, Primary Markets, London Stock Exchange
Ainur Kapparova, Head of Mining Finance, AIFC (Astana International Financial Centre)

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Kazakhstan Mining Outlook 2026: Reform, Resources and the Road to Value Creation

Kazakhstan’s mining industry is undergoing rapid transformation, driven by national economic reforms and shifting global demand for metals and minerals. This session will provide a comprehensive outlook on the key drivers, investment trends, and major projects shaping geological exploration and critical mineral development. It will also highlight Kazakhstan’s growing strategic role as a mineral supplier to Europe and Asia and examine how global market dynamics and geopolitics are influencing the country’s energy and resource strategies.


Ros Lund, International Mining Professional

Kazakhstan’s mining and metallurgical sector on the threshold of significant change.
Maxim Kononov, First Deputy Executive Director, The Association of Mining and Metallurgical Enterprises of Kazakhstan

Continued reform of Kazakhstan's mining sector. Expectations, realities, challenges.
Ruslan Baimishev, President, The Kazakhstan Chamber of Mines

The Growing Importance of Environmental, Social, and Regulatory Factors in Mineral Resource and Reserve Reporting in Kazakhstan
Nargiza Ospanova, Environmental Specialist, SRK Consulting (Kazakhstan)

IG Asia & the Pribrezhniy Copper Porphyry Deposit – Kazakhstan
Steven McRobbie, VP Projects Development, IG Asia

A fresh approach to discovery.
Robert Barlow, Corporate Development Analyst, Ivanhoe Mines

Panel discussion

Al-Farabi Ydyryshev, Director General, National Center for Technology Foresight
Daniyar Idrissov, Chief Investments and Strategy Officer, Tau-Ken Samruk
Pini Althaus, Managing Partner, Cove Capital

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Beyond Rare Earths: The Next Frontier in Strategic Materials

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Assessing and Mitigating Environmental Risks for critical raw materials and minerals development in Central Asia

Mining and processing raw materials pose substantial environmental risks. This session provides an overview of the environmental risks associated with mining activities, including climate change-related risks, air and water pollution, and impact on biodiversity. It examines selected tools and approaches to assess and mitigate these risks, focusing on sustainable environmental assessments, sustainable infrastructure decarbonisation frameworks, from mines to markets traceability and circular economy approaches.

Industry leaders gathered on 1 December 2025 at the MINEX Eurasia Conference in London for a discussion on balancing mineral extraction with environmental responsibility. The session, “Assessing and Mitigating Environmental Risks for Critical Raw Materials Development in Central Asia”, explored innovative solutions to the region’s pressing sustainability challenges.

From Waste to Wealth: Kazakhstan’s Legislative Push

Gulvira Shaimerdenova, Director of Government Relations at Kazakh mining firm Qarmet, revealed startling figures: 32 billion tonnes of industrial waste sit unused in Kazakhstan, with just 3.5% recycled annually. She outlined upcoming legislative reforms—expected to pass this month—that will incentivize $500 million in waste-processing projects by major players like Qarmet and Kazakhmys.

“By reclassifying certain mining wastes as secondary raw materials, we can unlock new revenue streams while cleaning up legacy sites,” Shaimerdenova said.

The Decarbonisation Dilemma

Bob Robinson of SLR Consulting challenged the notion that miners only act on sustainability when forced. “Cost savings and market pressures are now just as compelling as regulations,” he argued, citing a 10-year efficiency program that saved a global miner $14 million per year.

He highlighted renewable energy integration and carbon capture as key opportunities but stressed that internal carbon pricing is essential to prioritise green investments.

Blockchain for Cleaner Supply Chains

With the EU’s Carbon Border Adjustment Mechanism (CBAM) tightening import rules, Agata Slater of The Hashgraph Group pitched digital product passports as the future of mineral traceability. Her firm’s EcoGuard platform uses blockchain to create immutable records of a resource’s ESG footprint—a system already being tested by a green ammonia producer in Africa.

“Buyers increasingly demand verified low-carbon materials,” Slater noted. “This isn’t just about compliance—it’s about premium pricing and market access.”

Case Study: Central Asia Metals’ Balanced Approach

Megan Farrell of Central Asia Metals showcased their Kazakhstan copper operation, where in-situ leaching of waste dumps reduces emissions by avoiding traditional mining methods. A 4.7 MW solar farm covers 14% of energy needs, though winter reliance on coal boilers persists.

“In regions with legacy pollution, baseline environmental data is everything,” Farrell emphasised, detailing collaborations with Kazakh regulators to set cleanup benchmarks.

The Road Ahead

The session concluded with consensus on three priorities for Central Asia’s mining sector:

Policy reforms to accelerate waste reuse and decarbonisation

Digital systems to prove sustainability claims

Transparent partnerships between industry and governments

As global demand for critical minerals surges, the region’s ability to marry resource development with environmental stewardship will determine its role in the clean energy transition.

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Turning Brine into Value: Unlocking Central Asia’s Hidden Critical Minerals

Central Asia’s vast hydrocarbon and geothermal reserves hold immense untapped potential for critical raw materials vital to the global energy transition. Groundbreaking research from the University of Oxford reveals that oilfield brines—long considered waste—can serve as profitable sources of major and ultra-rare elements such as lithium, bromine, gallium, and rare earths. The session will feature short presentations and a panel discussion showcasing Oxford’s spin-out companies and their real-world applications — showing potential revenue streams exceeding traditional hard-rock mining values, discuss technology transfer partnerships already underway, and outline how Central Asian nations can leverage existing oil and gas infrastructure to become global leaders in critical mineral supply. This is not theoretical research, it’s proven technology ready for scale-up, offering Central Asia the opportunity to supply the materials essential for the next Industrial Revolution while maintaining environmental responsibility and generating substantial economic returns.

From Waste to Wealth: Transforming Brines into Strategic Mineral Resources
Konstantin Nazarov, DPhil Student, University of Oxford

Novel technologies to harness the unique metal endowment and geothermal energy of volcanic systems to recover critical materials.
Michal Camejo, Lead GeoAnalyst, Ascension Earth Resources

Metal recovery from Process Streams using selective polymers.
Richard Dixon, Chief Commercial Officer, Seloxium

From Montserrat to Central Asia: What a Small Island Teaches Us About Big Transitions in Geothermal and Critical Minerals.
Metehan Ciftci, Research Associate, University of Oxford

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The 12th Eurasian Conference on Mining and Mineral Exploration took place on 2 December 2024 in London. The conference focused on the future of raw materials value chains within the Eurasian region, bringing together industry experts, senior officials, and companies to explore opportunities in Central Asia and Mongolia’s mining sector. The event also provided a platform for sharing practical insights on overcoming challenges and mitigating risks in mining project development.

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Establishing a mining ecosystem in Central Asia and the Middle Corridor for critical minerals

This conference session focused on the critical raw materials sector in Central Asia, particularly in Uzbekistan and Tajikistan.

Strategic Importance of Central Asia

Central Asia, comprising countries such as Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, holds a significant position in the global supply of critical minerals. The region is rich in essential minerals, including manganese (38.6% of global reserves), chromium (30.07%), lead (20%), zinc (12.6%), and titanium (8.7%). The increasing demand for critical minerals, driven by the transition to renewable energy, electric vehicles, and advanced electronics, makes Central Asia a crucial player in the global supply chain.

Growing Importance of Critical Minerals in Central Asia – a UK perspective

Oliver Richards, Head of Critical Minerals and Mining (International), UK Department for Business and Trade highlighted the UK's new industrial strategy, which focuses on driving growth in key sectors such as automotive, aerospace, and clean energy. He also mentioned the UK's national wealth fund, which brings together existing capital and new sources of capital to invest in projects. The UK is also working with countries in Central Asia, including Kazakhstan, to develop partnerships and support commercial projects.

Uzbekistan's vision for becoming a global hub for critical raw materials

Han Ilhan, Executive Board Member, TETHYS: Trans-Eurasian Gateway presented the value proposition of Uzbekistan in terms of critical raw materials. He introduced the company TMK, which is a fully integrated company that uses its mining assets to develop metal and end products that are sold to developed nations. TMK has a strong vision and mission to become a global hub for critical raw materials and is committed to providing financing for its projects.

Tajikistan's Potential.

Aziz Nazar, Deputy Minister of Industry and New Technologies of the Republic of Tajikistan presented the country's investment opportunities in the mining sector. Tajikistan has a rich mineral deposit base, with over 800 deposits and occurrences, and is home to Central Asia's largest silver deposits. The country has a strong focus on green energy and has implemented measures to develop new deposits, including the creation of a national center for the study of strategic resources.

The follow-up discussion touched on the challenges of accessing critical raw materials in Central Asia.

Financial Challenges: The traditional financing models may not be sufficient for critical mineral projects due to their complex economics and supply risks. There is a need for innovative financing solutions and government support to crowd in private capital.

Technological and R&D Needs: Developing critical minerals often requires advanced technologies and R&D, particularly for byproducts like gallium and germanium. Uzbekistan's TMK is investing in R&D and plans to build a nanoanalytical laboratory to support these efforts.

Market Focus: There is a suggestion to focus on investing in copper and zinc smelting in Central Asia, as these processes can produce critical raw materials as byproducts, potentially making the region a hub for such activities.

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Bridging the gap between miners and financiers

This conference session, titled "Bridging the Gap Between Miners and Financiers," focused on the challenges and opportunities of financing mining projects in Eurasia. The panellists included representatives from the London Stock Exchange, ACG Metals, IFC, UK Export Finance, and EBRD. The discussion opened with the observation that Eurasia presents significant opportunities for mining investment, but securing funding requires understanding the region's unique landscape. Success stories highlighted the growing collaboration with international markets, such as the UK's approval of export finance for critical minerals and successful bond offerings on the London Stock Exchange.

Diversification of Supply Chains

The panel discussed the need to diversify supply chains, particularly in processing minerals, to reduce dependence on Chinese processing capabilities. Initiatives like the "RISE" program, which focuses on regional coordination and synergies, were mentioned as ways to address this issue.

Good Governance and ESG

A key theme throughout the session was the importance of "good deals" that create value for all stakeholders. This includes strong project fundamentals, robust ESG (Environmental, Social, and Governance) frameworks, and community engagement.

Local Support and Community Engagement

Local support and community engagement were highlighted as crucial. EBRD's example of Tümad demonstrated how local banks and community programs can enhance the viability and acceptance of mining projects.

Political Risk Management

Managing political risk is a significant challenge. IFC and EBRD use mechanisms like B-loan syndication and MIGA guarantees to mitigate these risks. UKEF also provides guarantees to banks, which helps in managing political risks associated with projects in Eurasia.

Case Studies and Examples

ACG Metals

Artem Volynets, Chairman and CEO of ACG Metals, discussed the importance of structuring deals that create value for both parties. He highlighted a transaction in Turkey where flexibility and alignment of interests between the buyer and seller were crucial. ACG Metals uses a mix of equity, debt, and prepayments from offtakes to finance their projects.

EBRD

Natalia Lacorzana, Head of Natural Resources, European Bank for Reconstruction and Development (EBRD) presented a case study on Tümad, a Turkish mining company. EBRD provided $90 million in project finance, emphasising the importance of strong project teams, local community engagement, and comprehensive economic inclusion programs. The project also focused on environmental sustainability, including dry stacking of waste and renewable energy integration. She also discussed the Junior Mining Program (JUMP), which supports early-stage mining companies. The program aims to help these companies advance their projects and eventually attract further investment and construction finance.

IFC

Namrata Thapar, Global Head, Metals & Mining, International Finance Corporation discussed the Oyu Tolgoi copper-gold mine in Mongolia. IFC played a critical role in raising $4.4 billion through project finance, ensuring environmental and social compliance, and managing political risks. The project involved complex financing structures, including B-loan syndication and MIGA guarantees.

UK Export Finance

Christopher Allum, Senior Business Origination Officer, UK Export Finance, explained how UKEF provides commercial debt financing through guarantees to banks. He highlighted the Almalyk Mining project in Uzbekistan, where UKEF supported the purchase of high-tech mining equipment from a Scottish company. UKEF also introduced a new critical minerals support product to ensure the UK's supply of critical minerals.

London Stock Exchange

Ayuna Nechaeva, Head of Europe, Primary Markets, London Stock Exchange discussed how companies from Central Asia, such as Navoi Mining and Metallurgical Company in Uzbekistan, have successfully raised funds through the London Stock Exchange. She emphasised the importance of good governance, ESG compliance, and the ability to meet public market expectations for transparency and sustainability.

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From Compliance to Culture: How Mining Industry in Emerging Markets is Embracing a New Era of Corporate Governance?

The third session of MINEX Eurasia 2024 focused on the importance of Environmental, Social, and Governance (ESG) concerns in the mining industry, particularly in Kazakhstan. A panel of experts from the UK and Kazakhstan's financial and mining industries discussed the impact of regulatory changes on corporate governance in Kazakhstan's mining sector and emerging markets.

Changes in the London Stock Exchange listing rules

Alexander Keepin, Partner, Simmons & Simmons presented a keynote “The impact of the FCA Listing Reforms for companies considering a listing in London”. The London Stock Exchange has reformed its listing rules to become more competitive globally. This includes simplifying listing categories, removing certain requirements (like the three-year track record), and streamlining continuing obligations. The emphasis is on ensuring that corporate governance policies are not just tick-box exercises but are deeply ingrained in the company's culture and operations. These changes aim to attract a wider range of companies, including those from emerging markets like Kazakhstan.

The role of the Astana International Exchange (AIX)

Aray Seitova, Acting Regulation Officer, Astana International Exchange discussed the exchange's approach to corporate governance, which includes a light approach for issuers from equivalent stock exchanges and a flexible approach based on instrument type. AIX, operating within the Astana International Financial Centre (AIFC), is designed to connect Kazakhstan with the global capital market. The AIX (Astana International Exchange) operates under an independent legal framework based on English common law and has high corporate governance standards consistent with those of developed financial markets. AIX balances the promotion of high corporate governance principles with the flexibility required for emerging markets, allowing issuers to comply with regulatory requirements without excessive burden. This includes flexible approaches for different types of issuers and a focus on education rather than punishment to improve compliance.

The importance of independent directors

Roger Barker, Director of Policy and Corporate Governance, Institute of Directors, discussed the importance of good governance and the role of directors in ensuring that companies operate responsibly. Independent directors play a vital role in ensuring good governance, providing oversight, and asking critical questions. They act as a check and balance on management and represent the interests of minority shareholders and stakeholders. The Institute of Directors (IOD) plays a crucial role in training directors and promoting good governance practices.

Practical challenges and solutions

The panel discussed the challenges of navigating complex governance issues, particularly in state-owned enterprises. Eric Rasmussen, Independent Director of Adriatic Metals | Electrum Discovery Corporation, shared his experience of working with companies in the mining industry and emphasized the importance of having a strong moral compass and being able to navigate complex problems.

Kazakhstan's mining sector is at a crossroads, with significant efforts being made to modernize and adopt best international practices in governance, environmental protection, and social responsibility. While challenges persist, the integration of ESG principles, the enhancement of corporate governance, and the role of independent directors are key to ensuring sustainable and responsible mining practices. Continuous dialogue and collaboration among stakeholders are essential for navigating the complexities of the sector and achieving long-term benefits for all stakeholders involved.

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CRIRSCO in Action: Revolutionising Mining Reporting Standards in Central Asia and beyond

Central Asia, with its vast mineral wealth, is rapidly emerging as a key player in the global mining landscape. However, to fully unlock its potential and attract the necessary foreign investment, it is essential to establish a transparent and trustworthy reporting environment. This is where the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and the United Nations Framework Classification for Resource Management (UNFC) play a pivotal role.

The Role of CRIRSCO

The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) plays a pivotal role in ensuring transparency, materiality, and competence in mineral resource reporting. Established in the late 1990s, CRIRSCO aims to standardize definitions and reporting templates to facilitate global comparisons and investor confidence. Ed Sides, Deputy Chairperson of CRIRSCO, highlighted the organisation's mission to harmonize reporting standards globally, ensuring everyone "compares apples with apples." He emphasized the core principles of transparency, materiality, and competence, which underpin CRIRSCO's efforts to combat market abuse and promote ethical reporting.

Kazakhstan's Journey in Developing and Promoting the KAZRC Code

Nikolai Yenshin, Deputy Chairman of the Executive Committee, Professional Association of Independent Experts of the Subsoil of Kazakhstan (PONEN) showcased Kazakhstan's journey in adopting the KAZRC code, a CRIRSCO-aligned framework. Kazakhstan's integration of the KAZRC code into its subsoil and subsoil use code has been a significant achievement, providing legal recognition and ensuring enforceable standards across the national geological and mining sector. This initiative has led to the acceptance of over 100 KAZRC-compliant reports, demonstrating the efficiency and transparency of the reporting process under the new standards. He also discussed initiatives aimed at improving reporting quality, including the Qualified for Mineral Reporting (QMR) process and the establishment of a comprehensive guideline for preparing KAZRC-compliant reports.

Practical Applications and Challenges of the KAZRC Code

Tracey Laight, Principal Resource Geologist, SLR Consulting, discussed the practical application of CRIRSCO codes in Central Asia, particularly in Kazakhstan. KAZRC code has been incorporated into the Republic of Kazakhstan's Subsoil and Subsoil Use Code, giving it legal authority and ensuring its enforceability across the country's geological and mining sectors. Updated in 2021 to align with the CRIRSCO 2019 framework, the KAZRC code reflects best practices in the industry. From January 1, 2024, the KAZRC code became mandatory for all new exploration and mining licenses. It requires reports to be prepared by competent persons and ensures alignment with international standards, a critical factor in attracting foreign investment to Kazakhstan's mining sector.

UNFC: A Complementary Tool for Resource Management

Eimear Deady, Senior Mineral Resources Geologist, British Geological Survey presented on the United Nations Framework Classification for Resources (UNFC) as a complementary system to CRIRSCO, focusing on a broader range of resources and incorporating environmental and socio-economic considerations. Emily highlighted the growing importance of UNFC in government policy and planning, particularly in the context of the EU's Critical Raw Materials Act. She also discussed the role of International Centres of Excellence on Sustainable Resource Management (ICE-SRM) in promoting UNFC and providing training.

Benefits and Challenges of Multiple Codes

The panel discussion highlighted the benefits and challenges of having multiple CRIRSCO codes. Dr. Mike Armitage, Mining Industry Consultant and Director, MACL noted that while the existence of various codes can be confusing, each code serves a specific purpose and is often tailored to local regulatory and linguistic needs. Ed Sides agreed, emphasising that the core definitions are consistent across codes, but the detail and presentation may vary to accommodate local frameworks. Nikolai Yenshin added that having a local code like KAZRC facilitates easier communication and reporting for companies seeking international financing. The panel also discussed the importance of communicating risk and timelines effectively, particularly in the context of sustainable development and permitting processes. In conclusion, the adoption and implementation of international reporting standards like CRIRSCO and UNFC are vital for Central Asia's mining sector to attract foreign investment, ensure transparency, and align with global best practices. While challenges exist, the region's progress in standardizing reporting codes and integrating ESG considerations positions it for sustainable development and increased investor confidence.

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Eurasia’s place in the future of raw materials value chains

The Eurasian mining sector has seen significant growth in foreign direct investment and trade in 2024. Western countries, including the UK, Europe, and the USA, are seeking partnerships with Central Asian nations like Kazakhstan and Uzbekistan to secure critical raw material supply chains.

Demand for Critical Raw Materials

The demand for critical raw materials, driven by the clean energy transition and digitalization, is surging. Projections indicate potential supply shortages, with demand for copper expected to double by 2050, nickel to triple, and lithium to increase five-to-10-fold.

Geopolitical Implications

The competition for Eurasian resources is shaping the future of global raw materials value chains. Eurasian governments must maintain a balanced approach to deal allocation to ensure stability and security of supply chains, especially for Western nations. China's dominance in battery production and processing is a significant factor, making it challenging for Western countries to build independent supply chains.

Public Policy Intervention

Public policy intervention is crucial for developing critical mineral sectors in Eurasia according to Peline Atamer, Head of Programme, OECD. The OECD emphasized the need for stable and predictable regulatory frameworks, sector-specific policies, and measures to mitigate environmental and social impacts. Partnerships between importers and exporters can drive the green transition by ensuring shared benefits and risk mitigation.

Technological and Market Trends

Henry Sanderson, Executive Editor, Benchmark Mineral Intelligence discussed the long history of clean energy technologies and the current dominance of China in battery production. He highlighted the need for the West to catch up by focusing on specific segments of the supply chain, leveraging diverse businesses to weather commodity price downturns, and utilizing renewable energy. The cost of electric vehicles remains a significant barrier to mass market adoption.

Transparency and Governance

Dr. Mark Robinson, Executive Director from the Extractive Industries Transparency Initiative (EITI) emphasised the importance of transparency and good governance in mineral supply chains. EITI works to ensure that contracts between governments and companies are public, and beneficial ownership is disclosed to reduce corruption risks. This transparency is crucial for generating trust and ensuring that resource revenues benefit local communities.

Regional Perspectives

Mongolia: Munkhbileg Namsrai, Director of the Mineral Resources Research, Planning, and Economic Department, National Geological Survey of Mongolia presented Mongolia's potential in critical minerals, highlighting the country's dependence on mineral sources for its economy. Mongolia is investing in geological studies and aims to develop its critical mineral resources to become a significant player in the global supply chain.

Kazakhstan: Maxim Kononov, First Deputy Executive Director, The Association of Mining and Metallurgical Enterprises of Kazakhstan, discussed the development of the mining industry in Kazakhstan, including updates on mining legislation, digitalisation of procedures, and tax incentives aimed at boosting mineral processing. Kazakhstan has identified numerous critical raw material deposits and is working on national standards and legal definitions for rare minerals.

Kazakhstan Chamber of Mines: Ruslan Baimishev, President, Kazakhstan Chamber of Mines outlined the current investment climate in Kazakhstan's mining sector, highlighting industry reforms, tax policy issues, and the need for a balanced and fair tax burden. The chamber supports preserving the conceptual foundations of recent reforms and improving sectoral regulation.

Key Challenges and Opportunities

Competition and Geopolitics: The increasing competition for Eurasian resources, particularly from Chinese companies, poses significant challenges. Ensuring a balanced approach to deal allocation and maintaining stability in supply chains is critical.

Environmental and Social Impacts: Mitigating environmental and social impacts is a key area of focus. Transparency and accountability in policy design are essential to promote the sector while ensuring benefits for local communities.

Technological Innovation: Innovations in battery technology, such as sodium-ion batteries, and improvements in recycling rates are expected to play a significant role in the future of critical mineral supply chains.

Energy Costs: High energy costs in Europe and the UK are a significant barrier to manufacturing and increasing the competitiveness of electric vehicles. Reducing energy costs is essential for developing sustainable supply chains.

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From an Opportunity to Ore

The session focused on the responsible development of the mining sector in Central Asia and Mongolia, with a comprehensive approach to attract investment, manage geological risks, and implement sustainable practices.

EBRD Junior Mining Program

Azamat Kasymbekov, Principal Banker, European Bank for Reconstruction and Development discussed the EBRD Junior Mining Program, which aims to support early-stage mining projects in the region. The program provides a dedicated equity facility to support projects from defined and certified mineral resources to project construction.

Geological Surveys and Data Management

Geological surveys play a critical role in unlocking the mineral potential of the region. Nikki Smith, International Digital Lead, British Geological Survey, emphasised the importance of geological surveys in unlocking opportunities for mineral investment. She discussed the role of a geological survey organization in providing authoritative data and knowledge to support decision-making.

Minimising Judicial Risk

Despite the vast mineral resources, the investment climate in Mongolia and Central Asia faces several challenges. Investors are often sceptical due to historical regulatory issues and environmental concerns. James Williams, Senior Resource Geologist, SRK Consulting (UK) and Arthur Brusentsov, Senior Consultant, SRK Consulting (Kazakhstan) discussed the role of a geological survey organization in providing authoritative data and knowledge to support decision-making.

Regional Examples: Mongolia and Kyrgyzstan

Mongolia

Bilguun Tumurbaatar, Advisor, Mongolian National Mining Association from the Mongolian National Mining Association discussed the importance of advancing geological exploration in Mongolia. He highlighted the country's vast potential for critical and rare earth elements and the need for investment to unlock this potential. Mongolia's mining sector is the backbone of its economy, accounting for 25% of GDP and 75% of foreign direct investment. The government has a 30-year vision to develop and diversify the economy, with a focus on supporting mega projects. Despite significant achievements in geological mapping, 95.6% of Mongolia remains unexplored, offering substantial potential for discovering critical and rare earth elements. To address this, Mongolia is working to create a more investor-friendly environment by stabilizing legislation and offering tax benefits. The proposed Mongolian Mining Investment Fund, which could be listed on the London Stock Exchange and the TSX Venture Exchange, aims to reduce risk for individual investors and attract global participants.

Kyrgyzstan

Kyrgyzstan also has significant mineral resources, including gold, copper, and rare earth elements. Ercan Unluyol, Project manager, Chaarat Gold Holdings discussed the investment climate in Kyrgyzstan, highlighting the country's significant natural resources, liberal legislative framework, and skilled workforce. He emphasized the need for investors to be aware of the country's potential and the opportunities available.

Panel Discussion

The panel discussion brought together David Mackenzie, Chief Executive Officer, Chaarat Gold Holdings, and Pini Althaus, Chief Executive Officer, Cove Capital. They discuss the key enablers for accelerating project development in the region, including:

Geological Potential and Government Support: The region is underexplored, but recent geological survey work and government fiscal reforms are making it more attractive for investors Active engagement from governments in streamlining regulations and providing incentives is crucial for attracting investment.

Stakeholder Management and Collaboration: Partnerships between governments, international organisations, and private companies are vital for knowledge transfer, technology development, and responsible mining practices.

Building local expertise: Investing in education and training programs to develop local expertise in mining and critical minerals is essential for long-term sustainable development.

Technological Knowledge Transfer: Companies are focusing on building vertically integrated supply chains and transferring technological knowledge to local communities. This includes training programs and partnerships with local universities to develop internal expertise in critical minerals.

US and International Support: The US and other Western countries are providing significant support for critical mineral development in Central Asia. Agreements and conferences, such as the C5+1 conference, are facilitating collaboration and easing the path for Western companies to enter the market.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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Session 1: Strategic partnerships on critical raw materials with Kazakhstan, Uzbekistan, Kyrgyzstan, Armenia and Mongolia

Welcome
Laurie Moorhead, Director, Trade and Investment, Department for Business and Trade, British Embassy Tashkent

Keynote
Richard Oldcorn, Director and Corporate Consultant, SRK Consulting UK

The future of mining in the Republic of Armenia.
Hovhannes Harutyunyan, Deputy Minister of Territorial Administration, and Infrastructure of Armenia

Panel discussion
Natalia Lacorzana, Head of Natural Resources, European Bank for Reconstruction and Development

Marius Dan, Deputy CEO – Corporate Strategy, Franklin Templeton

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Session 2: Mining, Energy and Climate Change in Kyrgyzstan

The high-level session organised in cooperation with the Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic.

Senior officials will present and discuss projects and business opportunities.

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Session 2: Mining, Energy and Climate Change in Kyrgyzstan

The high-level session organised in cooperation with the Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic.

Nicholas Bowler, His Majesty’s Ambassador to the Kyrgyz Republic

Rt Hon Bob Stewart, Chair, All-Party Parliamentary Group for Kyrgyzstan

Akylbek Zhaparov, Chairman of the Cabinet of Ministers and Head of the Presidential Administration of the Kyrgyz Republic

Melis Turgunbaev, Minister of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic

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Session 3: Mineral Resources Development and FDI Opportunities in Armenia, Kazakhstan, Kyrgyzstan, Mongolia and Uzbekistan

Moderator: Tim Lucks, Managing Director & Corporate Consultant, SRK Consulting UK

Kumtor Gold Company - General overview of the company's activities
Almaz Baryktabasov, President, Kumtor Gold Company

Bozymchak: a successful example of investment opportunities in the Kyrgyz Republic.
Ilyas Tulekeyev, General Director, KAZ Minerals Bozymchak

Altynken: Pioneering Sustainable Mining and Partnership Excellence.
Azamat Aliev, Member of the Board, Altynken

Opening a new mining district in Chatkal region, Kyrgyz Republic.
David Mackenzie, Chief Financial Officer, Chaarat

Encouraging persistent ability to create shareholder value.
Alp Togay, General Director, Etibakır Tereksay

Navoi Gold's journey to market economy: new challenges and opportunities.
Evgeny Antonov, First Deputy General Director, Chief Transformation Officer, member of the Management Board, Navoi Gold

Strategic Partnership Opportunities with "Altyn Samruk Qazaqstan".
Zhanibek Nurzhanuly, Corporate Development Adviser, Altyn Samruk Qazaqstan

Uranium Mining in Mongolia.
Serdar Karliev, Managing Director Corporate Finance, Uranium Industry

The International Chamber of Mines of Armenia and its Role in the Implementation of the Government's Mining Sector Development Strategy.
Artyom Geghamyan, Executive Chairman, International Chamber of Mines of Armenia

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Session 4: Mining Finance and Impact Investment in Eurasia

Moderators
Corinne Noel, Of Counsel, Simmons & Simmons
Alexander Keepin, Partner, Simmons & Simmons

Toronto Stock Exchange - Introduction and Overview.
Graham Dallas, Head of Business Development EMEA, Toronto Stock Exchange

Capital markets update and latest financing trends for Eurasian mining companies.
Ayuna Nechaeva, Head of Europe, Primary Markets, London Stock Exchange

Panel discussion

David Williamson, Head of ESD Operations, European Bank for Reconstruction and Development
Adrian Petreanu, Portfolio Manager, Ashmore
Antony Rowe, Credit Investment Manager, Resource Capital Funds
Carla Toledo, Operations Officer, International Finance Corporation

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Session 5: Solutions that enhance safety, efficiency and productivity of mines

Moderator: Richard Elmer, Director, Knight Piésold Consulting

Introduction of Nerospec SK’s solutions that enhance safety, efficiency, and productivity on mines.
Harald Bornebroek, Business Development Manager, Nerospec SK

Activities of the testing laboratory Stewart Assay and Environmental Laboratories.
Salamat Imanakunov, Laboratory Manager, Stewart Assay and Environmental Laboratories

Lessons Learned from the application of remote operations centers in Mining Operations in Australia and the Americas.
Tony Edwards, CEO, StepChange Global Consultancy

Data-Driven Mine-to-Mill Optimization.
Hannah Lang, Team Lead, Digital Solutions, MineSense

Orica's role in making mining more efficient.
Abhisek Roy, Head of Marketing - Europe, Middle East and Africa, Orica

Introducing The Mining Association of the UK, a Strategy of Leadership and the recognition for competence in mines.
Andrew Fulton, President, The Mining Association of the UK

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Kyrgyzstan Mining Industry

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Kumtor Gold Company

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KAZ Minerals Bozymchak

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Nerospec SK

Kazakhstan: facilitation of investment in mining industry
Almat Daumov
Partner
GRATA International

The Russia-Ukraine conflict, the rising energy costs, and the disruption of international logistics and supply chains have severely affected mining operations across the Eurasian continent and other parts of the world. To maintain production targets and commitments the mining industry went through a major overhaul which also opens opportunities for wider cooperation with global markets.

How has the Ukraine-Russia conflict impacted mining in Central Asian states, Mongolia, and what steps are the businesses, and the local governments taking to circumvent them?
Update on FDI policies and priorities
What opportunities are arising for international investors and supply chain companies in the region?
Mitigating the impact of geopolitical risks from exploration to production and delivery to the customers.

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Established in 2012, the MINEX Eurasia Conference is the UK’s premier event focused on Mining Trends and Investment opportunities in Eurasia (Europe, Central Asia and Mongolia). The conference is aimed at the UK and International mining & metals companies, investors, financiers, government regulators, and service providers.

The 10th MINEX Eurasia Mining Conference was held on 28 November 2022 in London. This event drew from the experience of industry experts, senior officials, and companies who will discuss the changes, challenges, and opportunities in the mining industry in Central Asia, Mongolia, and mining hotspots in Europe.

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Kounrad - a low-cost, highly profitable copper producer in Kazakhstan

Nigel Robinson
CEO
Central Asia Metals

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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Kounrad - a low-cost, highly profitable copper producer in Kazakhstan

Nigel Robinson
CEO
Central Asia Metals

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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• How the companies are mitigating operational challenges caused by disrupted supply chains, adverse exchange rates, and increases in energy prices?
• Meeting ESG and Climate change commitments.
• Securing the supply of critical raw materials to global markets.
• Enabling traceability and product provenance in raw material supply chains.

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Session 4: Financing mining projects in emerging markets

In the current geopolitical environment, Russia’s and China’s status as the dominant foreign business partners and financiers could diminish in Central Asia and other regions. This creates opportunities for major international firms to increase their engagement in mining modernisation and exploration projects across the Eurasian continent.

• An overview of foreign investment in mining in Kazakhstan, Uzbekistan and Mongolia.
• Mining IPOs pipeline.
• What alternative sources of finance are available to mining companies operating projects in Eurasia?
• Export finance opportunities.
• A closer look at major investment opportunities and the risks they entail.
• What geopolitical discount investors are expecting in the regions?
• Central Asia and Middle East collaboration in the mining sector: investment, security of supply, ESG and operational best practices.
• Investing in “Environmentally sustainable” businesses.
• Application of the EU Taxonomy Regulation to the mining, metals and minerals sector.
• Green finance projects and the ESG role in mining financing.

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Almalyk Mining & Metallurgical Complex on the Road to Transformation

Abdulla Azizov
Deputy Chairman of the Board
Almalyk Mining and Metallurgical Complex

The global energy transition based on the principles of decarbonization, technological modernization and integration of ESG principles into corporate governance processes underline long-term economic development strategies of many countries. Achieving a low carbon emission status in mining requires rethinking and redesign at all levels from operations to capital expenditure and corporate governance.

Where are the key opportunities for reducing emissions in mining?
What commitments mining companies are making to reducing carbon emissions?
What are the operational challenges of decarbonisation of mining operations?
Potential for using renewable energy and other technologies.
Emissions Trading Schemes and other incentives.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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Meeting the challenge of decarbonising mining
David Pearce
Principal Mining Engineer
SRK Consulting (UK)

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Beyond Mining. Remine to regenerate.

Anna Poberezhna
CEO and Founder
ClearHub

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Technical modernisation for reducing emissions in mining

Aida Alzhanova
Strategic development and Project Management Director

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Large-scale transformation of Navoi Mining & Metallurgical Company

Eugene Antonov
Chief Transformation Officer
Navoi Mining and Metallurgical Company

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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NGMK Mineral Base strategy

Liubov Egorova
Director for Mineral Resources
Navoi Mining and Metallurgical Company

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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ION Energy – Mongolia’s First Lithium Brine Explorer & Developer
Ali Haji
CEO & Director
ION Energy

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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Why Central Asia is so Rich in Resources
Barry Davis
Managing Director
Scythian Mining Group

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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Improving Environmental and Economic aspects through Process Innovation.

Nicholas Barcza
Director and Metallurgical Engineering Consultant
Oriel Resources

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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Improving Environmental and Economic aspects through Process Innovation.

Dr Andrew Bamber
Managing Director
Bara Consulting

The energy transition is causing a surge in demand for minerals for clean energy technologies. As Russia’s and China’s dominance as the global suppliers of these raw materials is diminishing due to sanctions and trade disputes, Central Asia, Mongolia and some European countries are likely to become new hotspots for mineral extraction and a major global supplier of selected critical materials for clean energy technologies.

Mining and Renewable energy infrastructure projects
Mining spotlights and company presentations

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Geopolitics and its impact on the present and future of mining in Kazakhstan
Benjamin Godwin
Director of Analysis
PRISM Political Risk Management

The Russia-Ukraine conflict, the rising energy costs, and the disruption of international logistics and supply chains have severely affected mining operations across the Eurasian continent and other parts of the world. To maintain production targets and commitments the mining industry went through a major overhaul which also opens opportunities for wider cooperation with global markets.

How has the Ukraine-Russia conflict impacted mining in Central Asian states, Mongolia, and what steps are the businesses, and the local governments taking to circumvent them?
Update on FDI policies and priorities
What opportunities are arising for international investors and supply chain companies in the region?
Mitigating the impact of geopolitical risks from exploration to production and delivery to the customers.

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Welcome to MINEX Eurasia 2021 conference

brought to you by MINEX Forum Team

and organised with the support of Simmons & Simmons and SRK Consulting.

We are inviting you to learn and discuss

how mining is evolving across the Eurasian continent

to meet the growing demand for metals and minerals,

and how it is self-transforming to fight climate change.

As natural resources are depleting,

mining companies must step-up

their innovation processes, capabilities, and culture,

to capture increased returns

while drastically reducing their environmental footprint.

Together with the leading experts

we will explore the emerging landscape around ESG

and Green Finance.

We will also hear about commitments undertaken by companies

to engage investors and stakeholders on new levels.

We will also learn how mining businesses can enhance

mutual trust and sustainability by developing Net-Zero mining technologies and improving diversity.

Many thanks to our sponsors, speakers, panellists, and all participants joining us personally and online!

Exchanging innovative ideas and practices at MINEX Eurasia today,

we are contributing to building a safer and smarter world tomorrow.

The Future of Mining in Climate-Smart changing world /

Yulia Chekunaeva,
Director, Capital Markets and Strategic Initiatives,
En+ Group

/

Ayuna Nechaeva,
Head of Europe, Primary Markets,
London Stock Exchange /

ESG & Sustainable Mining. Insights into company case studies

Net Zero mining – setting and achieving realistic targets

ESG linked mining finance and investment

ESG linked mining finance and investment

Blockchain and other Digital Governance Systems in the Mining Industry

Blockchain and other Digital Governance Systems in the Mining Industry.

The Future of Mining in Climate-Smart changing world / Yulia Chekunaeva,
Director, Capital Markets and Strategic Initiatives,
En+ Group

Developing Climate Change Adaptation Solutions for Mining / Dr. Tony Rex
Corporate Consultant (Water),
SRK Consulting (UK

Sergeevskoe (Russia): From prospective ground to pilot mining & beyond /
Copper-silver Discovery Of Global Significance / Alexander Yakubchuk,
Exploration Director & Vice-President Exploration,
Orsu Metals & Azarga Metals

Getting it right at the start: the importance of ESG in exploration /

Antony Benham,
Principal Exploration Geologist,
SRK Exploration Services

Back to the Past for a Greener Future /
Barry Davis,
Managing Director,
Scythian Mining Group

Mining sector future development in KYRGYSTAN

Unlocking Opportunities in the Mining Industry for Governments and Investors.

Patrick Barnes, Head of Metals & Mining Consulting EMEARC at Wood Mackenzie, addressed challenges of creating safer and responsible mining to secure investment and licence to operate, which remains the most significant risk in the industry.

Steven Rudofsky, Founder of Talex Commodities Capital, Bert Koth, Partner of Mining Fund at Denham Capital and Mark Tyler, London Representative of Auramet International, took part in the final panel and discussed the international investors’ views on funding mining companies operating in Eurasia.

Denis Miganov, Innovations Advisor of Nornickel presented one of the innovative technologies developed by the DIGITAL LABORATORY, a CleanOre project. Ore clogging is the most common problem for mining enterprises. The CleanOre technology is controlling the ore clogging with a novel application of AI.

James Gilbertson, Managing Director of SRK Exploration presented the “Absolute Prospectivity” Unified Exploration Model developed by SRK and the School of Mathematics at the University of Exeter. Absolute Prospectivity is offering a powerful tool to explore/defer/drop decisions and capital allocation.

Tanya Matveeva, Geologist at Kamni Consulting, offered an overview of the advancement of blockchain technology into mining. Until recently, application of blockchain was limited to tracking ore from mine to markets. Tanya presented several cases of cross industry blockchain applications developed by RCS Global, BHP Billiton, MineHub, Nornickel, ALROSA, De Beers, White & Case and some others.

Maral Bayaraa, Earth Observation Specialist from Satellite Applications Catapult concluded the session with the presentation of use of satellite-enabled technologies in the mining cycle.

H.E. Masud Khalifazoda, Ambassador of Tajikistan, presented new trade and investment opportunities in the country and invited delegates to take part in the first Mining and Exploration Forum to be held in Dushanbe on 18-20 May 2020.

Dr. Alexander Yakubchuk from Toronto-listed Orsu Metals and Azarga Metals presented the precious metal and copper projects which the companies are developing in Russia’s Transbaikalia.

Rethinking corporate governance to prepare for a rapidly changing future was the theme of presentation by Tania Tchedaeva, Director, Corporate Governance and Company Secretary of Polymetal International, a precious metals mining company listed on the London Stock Exchange and Moscow Exchange. In September 2019 Polymetal has re-joined the FTSE 100 Index becoming the second Russian blue-chip company on the London Capital Market.

At the Russian session Roman Panov, First Vice-President of Gazprombank, the third largest private-owned bank in Russia, talked about the successful funding of exploration projects and presented the bank’s new Mineral Assets Fund.

Russian Gold Mining 2020 outlook.

Ryan Booth, Head of Marketing, IntelliSense.io, showcased a delivery of the first digital mining plant for Altynalmas Gold Mining Company.

At the Kazakhstan session Nigel Robinson, CEO of Central Asia Metals Plc, gave a talk about the company’s strategy for building a sustainable business.

Oktiabrin Sadyrov, President of Stewart Assay and Environmental Laboratories concluded the session with a case of creating a state-of-the-art testing laboratory in Kara-Balta.

Terry Heymann, CFO of World Gold Council, addressed challenges of creating safer and responsible mining to secure investment and licence to operate, which remains the most significant risk in the industry.

Ayuna Nechaeva, Head of Europe – Primary Markets, London Stock Exchange Group; Patrick Barnes, Head of Metals & Mining Consulting EMEARC at Wood Mackenzie; Hélène Piaget, CEO of Responsible Mining Foundation; Terry Heymann, CFO of World Gold Council; Emily Harris, Principal Consultant at SRK Consulting and Sir Richard Shirreff, Co-Founder and Managing Partner of Strategia Worldwide, addressed challenges of creating safer and responsible mining to secure investment and licence to operate, which remains the most significant risk in the industry.

Karybek Ibraev, Deputy Chairman, State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic, provided update on mining outlook and subsoil use regulation in the Kyrgyz Republic.

Kyrgyz Republic - Mining Industry update
Christopher Weafer, Chief Executive Office, Macro-Advisory Limited, provided update on mining outlook and subsoil use regulation in the Kyrgyz Republic.

Chaarat Investor Presentation

The conference commenced with the keynote address by Eric Rasmussen, Director of Natural Resources of the European Bank for Reconstruction and Development who presented the EBRD overview of the Eurasia mining sector. EBRD is a key investor in the mining sector in the region with 85 equity and debt projects under management across the whole value chain including exploration, mine development, reclamation/clean-up and drilling. Mining industry plays important role in Eurasia creating jobs, spurring innovation and bringing investment and large-scale infrastructure development. However, if managed poorly, mining operations can also lead to environmental degradation, displaced populations, inequality and increased conflict, among other challenges. Through its investments, the Bank strives to implement a number of processes in the mining industry which help advance transition to a well-functioning market economy.

Responsible mining – investor perspective update.

Hélène Piaget, CEO of Responsible Mining Foundation, addressed challenges of creating safer and responsible mining to secure investment and licence to operate, which remains the most significant risk in the industry.

Keynote: Uzbekistan - a new frontier for investors.

Speaks of the political risks involved with investing in Russia. It is important that investors are keeping track ownership of all their counter-parties, and Russian retaliatory measures.

Krasnoyarsk Region is estimated to have around 20% of Russia's gold reserves, much of it in the Yenesei Ridge.

VostokGeologiya has a couple of exploration licences in the area. To reach their northern site, they have built a 120 km. pathway. The company is looking for $1.5 m. in equity financing to fund the next stage of their development.

Talex Commodities is interested in working together with mining sector companies in Eurasia to unlock the ocean of capital, and help the companies speak in a compelling fashion to investors to access this money.

Mining represents 20% of GDP, 70% of industrial production, and 90% of export earnings. The sector also contributes to the country’s social sector and employment levels. It’s projected that by 2019 growth in Mongolia would be around 8%, and the country is running a budget surplus.

MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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MINEX Central Asia 2025 – Сессия 2: Укрепление лидерства Узбекистана в глобальных цепочках поставок критически важных минералов

Обзор

Узбекистан стремительно становится значимым игроком на мировом рынке критически важных минералов. На сессии обсуждалось, как страна, под руководством ТМК (Узбекский Комбинат Технологических Металлов (ТМК), интегрирует добычу, переработку и производство конечной продукции для максимального создания добавленной стоимости и укрепления позиций в международных цепочках поставок. Особое внимание уделяется стратегическим партнёрствам, привлечению иностранных инвестиций и согласованию промышленного роста с устойчивостью глобальных цепочек поставок.

ТМК: структура и стратегия

ТМК — крупнейший технологический комплекс в Центральной Азии, осуществляющий полный цикл от добычи (upstream) до производства конечной продукции (downstream).

Компании поручено управление ключевыми сырьевыми активами Узбекистана, деятельность ведётся в рамках национально координированной стратегии.

В активе ТМК более 70 объектов и 25 видов сырья, включая вольфрам, молибден, графит, ванадий, литий и редкоземельные элементы.

Компания делает ставку не только на добычу, но и на переработку и выпуск продукции с высокой добавленной стоимостью, чтобы занять долю на международных рынках по всей цепочке создания стоимости.

Портфель проектов:

Проекты по разведке: начальная стадия, поиск ресурсов и продление сроков эксплуатации месторождений.

Проекты развития: переход от предварительных исследований к технико-экономическим обоснованиям.

Строительство и эксплуатация: проекты на финальной стадии или уже введённые в эксплуатацию.

Примеры проектов

Circle Tungsten (Строительство) 2,4 млн т запасов, 6 млн т ресурсов, запуск производства — начало 2027 г.
Taskan Graphite (Совместное предприятие) 9 млн т запасов, 2 млн т/год, запуск — начало 2027 г.
MSC Project (Медь, ПредТЭО) 800 млн т ресурсов, 200 млн т потенциальных запасов, высокая производительность.
Madan Project (Уран, ванадий, ПредТЭО) Совместный проект, завершение исследований — 2 кв. 2026 г.
Ingishka Tailings (Мульти-металлы) Разведка/восстановление/Экологически безопасная переработка хвостов

Стратегии и партнёрства
ТМК придерживается международных стандартов (например, JORC, NI 43-101) для разведки, обоснования и эксплуатации.

Ведётся сотрудничество с международными консультантами и лабораториями для обеспечения качества и доверия.

Партнёрства возможны на всех этапах — от разведки до производства, как с отечественными, так и с зарубежными компаниями.

Концепция хабов и технопарков

ТМК развивает технопарки в регионах (Ташкент, Чирчик, Джизак, Самарканд), где предоставляются:

Современная инфраструктура
Налоговые и таможенные льготы
Готовые к использованию земельные и производственные площади
Поддержка экспортно-ориентированных и технологичных проектов

Наука и инновации

Экосистема НИОКР ТМК включает:
Узбекско-корейский центр редких металлов (с корейскими партнёрами)
Наноаналитическую лабораторию (совместно с SGS)
Центр инновационных проектов (для коммерциализации, маркетинга и финансового моделирования)
Программы для аспирантов с международными университетами (например, Пизанский университет, Университет геологических наук Республики Узбекистан)
Более 44 НИОКР-проекта охватывают upstream (добыча руды), midstream (металлургия) и downstream (современные материалы, покрытия и композиты).

Основные направления исследований: декарбонизация, охрана труда и повышение эффективности производства.

Государственная поддержка и налоговый режим

В стране действует конкурентоспособный налоговый режим для горнодобывающей отрасли:

Разведка: минимум 10% от минимальной суммы
Добыча: 7% для железа, драгоценных металлов, меди; 8% для урана и критических минералов
Специальные льготы в технопарках и свободных экономических зонах, включая возврат налогов до 10 лет

Развитию кадров уделяется приоритетное внимание: 4 вуза и 14 000 студентов обучаются по направлениям горного дела и геологии.

Международное сотрудничество

Великобритания: поддержка экспортного финансирования, технологий и исследований; более £3,6 млрд доступно для проектов с не менее 20% британского содержания.

США: активное участие правительства и частного сектора, меморандумы о взаимопонимании и поддержка американских компаний на рынке.

Германия/ЕС: акцент на диверсификации цепочек поставок, техническом сотрудничестве и поддержке устойчивых долгосрочных поставок сырья.

Резюме

ТМК работает по всей цепочке создания стоимости, а не только как добывающая компания.
Компания хорошо финансируется: $200 млн выделено из Фонда реконструкции и развития Узбекистана.
Особое внимание уделяется международным стандартам, партнёрствам и развитию человеческого капитала.
Узбекистан предлагает стабильную, ориентированную на реформы среду для инвестиций в критические минералы при поддержке государства и чётком видении глобальной интеграции.

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MINEX Central Asia 2025 – Session 2: Uzbekistan in Global Critical Minerals Supply Chains

Overview

Uzbekistan is rapidly positioning itself as a significant player in the global critical minerals sector. The session focused on how the country, through the leadership of TMK (Uzbekistan Technological Metals Complex (TMK), is integrating upstream, midstream, and downstream activities to maximise value creation and secure its place in international supply chains. The discussion also highlighted strategic partnerships, foreign direct investment, and the alignment of industrial growth with global supply chain resilience.

TMK: Structure and Vision

TMK is the largest technological complex in Central Asia, operating a full technological cycle from mining (upstream) to final product manufacturing (downstream).

The company is entrusted with all critical raw material assets in Uzbekistan and operates under a nationally coordinated vision.

TMK’s asset base covers more than 70 assets and 25 different commodities, including tungsten, molybdenum, graphite, vanadium, lithium, and rare earth elements.

The company emphasises not just resource extraction but also processing and value-added production, aiming to capture international market share across the value chain.

Project Portfolio

TMK’s portfolio includes:

Exploration Projects: Early-stage, focused on resource identification and extending mine life.
Development Projects: Moving from scoping studies to pre-feasibility and definitive feasibility studies.
Construction & Operation: Advanced-stage projects ready for or already in production.

Selected Projects

Circle Tungsten Construction 2.4M tons reserve, 6M tons resources, production by early 2027
Taskan Graphite 9M tons reserve, 2M tons annual rate, operational by early 2027
MSC Project Copper Pre-feasibility 800M tons resources, 200M tons reserve potential, high throughput
Madan Project Uranium, VanadiumPre-feasibility Joint project, study completion expected Q2 2026
Ingishka Tailings Multi-metals Exploration/Recovery Focus on environmentally friendly recovery from tailings

International Standards & Partnerships
TMK adheres to internationally recognized standards (e.g., JORC, NI 43-101) for exploration, feasibility, and operations.
The company collaborates with international consultants and laboratories to ensure quality and credibility.
Partnerships are welcomed at all stages—from exploration to final production—with both domestic and international entities.

Hub and Techno Park Concept

TMK is developing techno parks in several regions (Tashkent, Chikik, Jazak, Samarkand) offering:

Modern infrastructure
Tax and customs benefits
Ready-to-use land and production spaces
Support for export-oriented and technologically intensive projects
R&D and Innovation

TMK’s R&D ecosystem includes:

The Uzbekistan-Korea Rare Metal Center (with Korean partners)
A nano-analytical laboratory (in partnership with SGS)
A Center for Innovative Projects (for commercialization, marketing, and financial modeling)
Graduate programs with international universities (e.g., Pisa University, University of Geological Sciences)
Over 44 R&D projects span upstream (ore extraction), midstream (metallurgy), and downstream (advanced materials, coatings, and composites).
The R&D focus is on decarbonization, health and safety, and manufacturing efficiency.

Government Support and Tax Regime

The government has implemented a competitive and attractive tax regime for mining:

Exploration: Minimum 10% of the minimum sum
Extraction: 7% for iron, precious metals, copper; 8% for uranium and critical minerals
Special incentives in techno parks and free economic zones, including tax reimbursements for up to 10 years
Human resource development is a priority, with four universities and 14,000 students focused on mining and geology.

International Collaboration

UK: Supporting with export finance, technology, and research partnerships; over £3.6 billion available for projects with at least 20% British content.

US: Strong government and private sector engagement, including MOUs and support for American companies entering the market.

Germany/EU: Focused on supply chain diversification, technical cooperation, and supporting sustainable, long-term raw material supply.

Key Takeaways

TMK is operational across the full value chain, not just a mining company.

The company is well-funded, with $200 million allocated from the Uzbekistan Reconstruction and Development Fund.

There is a strong emphasis on international standards, partnerships, and human capital development.

Uzbekistan offers a stable, reform-oriented environment for investment in critical minerals, with robust government backing and a clear vision for global integration.

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