MINEX Forum

Month: February 2024

  • President of Uzbekistan Plans got acquainted with a presentation on measures to develop metallurgical enterprises

    President of Uzbekistan Plans got acquainted with a presentation on measures to develop metallurgical enterprises

    The Navoi Mining and Metallurgical Company, the Almalyk Mining and Metallurgical Company, the Uzbek Metallurgical Company, and the state enterprise Navoiuran are essential to the country’s economy. In recent years, $7 billion 400 million has been invested in these four enterprises. As a result, gold production increased by 23 percent, copper by 41 percent, and silver by 60 percent. At the Navoi plant, 4 new fields have been developed, and 3 plants have been put into operation. Production also increased at Uzmetkombinat and Navoiuran.

    In general, over the past 6 years, the share of these enterprises in the total industry has increased from 10 to 17 percent, and in budget revenues, it has risen from 11 to 25 percent.

    As is known, Uzbekistan has set itself the goal of doubling its economy by 2030. At the same time, growing competition in the world poses new challenges. In this regard, the issue of increasing the efficiency of these large companies is becoming increasingly important.

    At the presentation, the responsible persons outlined plans to increase production and attract investment into the industry.

    The Head of state noted the need to transform plants with the involvement of foreign experts, paying particular attention to the introduction of digital solutions and green technologies. Specific instructions were given for attracting investments and the acceleration of new projects.

    Tasks have been set to optimize operating costs and energy consumption and reduce costs. The importance of increasing labor productivity at plants and introducing performance indicators (KPIs) into the activities of managers and specialists was noted.

  • Anglo Asian releases initial resource estimate for Xarxar copper deposit

    Anglo Asian releases initial resource estimate for Xarxar copper deposit

    Anglo Asian Mining (LON: AAZ) released on Tuesday a JORC-compliant mineral resource update (MRE) for the Xarxar copper deposit in Azerbaijan following its discovery last year. The initial MRE shows 24.9 million tonnes of mineralization with average grades of 0.48% copper, for 119,100 tonnes of contained metal.

    A majority of the MRE is in the measured and indicated category, totalling 22 million tonnes at 0.48% copper for 106,000 tonnes. The remaining resource (2.9 million tonnes at 0.44% copper for 12,800 tonnes) are in the inferred category.

    In July 2022, an extensive geological exploration program began at the Xarxar deposit, targeting the central copper mineralization zone. Surface drill holes intercepted significant high-grade and continuous grades of copper mineralization, with intercepts of continuous copper for up to 380 metres.

    Last month, the company confirmed the significant quantity of copper mineralization at Xarxar following analysis of recent surface drilling on the project.

    Data for 66 holes with a total length of 21,707 metres (including historical drilling) were eventually used to complete the first resource estimate for Xarxar.

    This resource estimate, Anglo Asian’s VP Stephen Westhead said, demonstrates that the deposit is “a substantial resource” containing over 100,000 tonnes of copper. According to the company, the Xarxar deposit still has significant additional exploration potential.

    “To further expand the current mineral resources estimate, work will include surface infill drilling to the east of the deposit, deposit geotechnical and hydrogeological drilling, and drilling to supply samples for further metallurgical testwork,” Westhead added.

    The resource estimate was prepared using a copper price of $9,000 per tonne to determine the amount of metal under the reasonable prospects for eventual economic extraction under JORC criteria.

    The parameters of an open pit were also determined at a copper selling price of $20,000 to calculate a “maximum” pit floor depth, which was used to define two zones (one upper and one lower). The upper zone is calculated to have resources ranging from 5.0 to 10.2 million tonnes at 0.2% to 0.3% copper.

    The Xarxar deposit is one of several exploration-stage assets held by Anglo Asian in Azerbaijan. The group currently produces gold, silver and copper from its flagship Gedabek mine, with four more mines planned to come online over the next four years.

  • NewPeak sells Finland, NZ gold assets as it switches to battery metals

    NewPeak sells Finland, NZ gold assets as it switches to battery metals

    Australia-based NewPeak Metals has announced the sale of its Finland and New Zealand gold permits as part of the company’s strategic rejuvenation plan to focus on battery and critical metals.

    The ASX-listed company on Monday announced a binding term sheet to sell 100% of its interest in its Finnish subsidiary companies to Canco – a Canadian unlisted private company, run by resource entrepreneur Emma Fairhurst.

  • Amidst Growing Importance, Europe’s Battery Innovation Strategy Takes Center Stage

    Amidst Growing Importance, Europe’s Battery Innovation Strategy Takes Center Stage

    Europe aspires to become a global leader in battery innovation. To this end, BATT4EU has published a new Strategic Research and Innovation Agenda recommending the battery research and innovation priorities for which public funding should be allocated effectively and efficiently.

    Competing in the global battery arena requires constant innovation

    The global demand for batteries has increased significantly in recent years, due to the rapid adoption of electric vehicles, renewable energy storage systems, and portable electronics. Given the expected growth in demand and the associated business opportunities, competition in the battery space is surging worldwide with China dominating. When it comes to battery manufacturing, China holds close to 70% of the current and forecast battery cell production capacity, with 101 battery plants planned till 2029. In the meantime, in Europe, the construction of 30 gigafactories has been planned to exceed 1 Terawatt-Hour capacity by 2030.

    To reduce reliance on China for the EV transition, ensure open strategic autonomy and get close to climate neutrality, significant initiatives are now being developed in Europe and North America. Europe wants to compete with current manufacturing bases and increase its share of production to 25% within this decade.

    Taking on the challenge of becoming a global leader in sustainable batteries will require constant and ambitious innovation efforts all along the battery value chain, from raw materials, to advanced materials, to battery manufacturing, application development and of course battery recycling.

    Innovation is however costly

    Estimates by the European Battery Alliance suggest that the European battery market could be worth €250 billion a year as of 2025. To ensure that Europe develops fast and well its own competitive battery value chain able to meet the growing demand for more sustainable batteries, funding of innovation efforts by public authorities is of vital importance for the sector to reduce technology risks. Between 2014 and 2020, the battery industry received at least €1.7 billion in EU grants and loan guarantees, on top of state aid of up to €6 billion authorised between 2019 and 2021. With BATT4EU, the batteries European partnership, the current EU funding for battery research and innovation planned until 2027 should reach up to €925 million under Horizon Europe Programme. Innovation is however costly and despite the generous funding made available to Europe’s industry and research organizations, it is essential that limited available financial resources are allocated in the best way to maximise the impact of research and innovation efforts.

    Research and innovation priorities are aligned through a European strategic research and innovation agenda

    To avoid gaps in funding and duplication of research and innovation efforts, the BATT4EU Partnership has developed a new Strategic Research and Innovation Agenda (SRIA). The document represents the culmination of extensive consultations with over 200 members of the Batteries European Partnership Association (BEPA). In addition, it incorporates collaborative inputs from other significant European battery initiatives, including Batteries Europe and Battery 2030+, ensuring a comprehensive and unified approach to advancing battery technology across Europe.

    The new SRIA outlines time-based research and innovation priorities for every part of the battery value chain and points to 6 imperatives that need tackling in order to increase the competitiveness of the European battery value chain.

    The 6 imperatives of the SRIA are:

    Ensure research and innovation match industry needs to translate into gigafactories and markets

    Increase the strategic autonomy of Europe by reducing the reliance on imported critical raw materials

    Improve battery affordability to accelerate the green transition and keep the European industry competitive

    Improve the flexibility of battery manufacturing and recycling systems

    Implement a safe and sustainable by design framework for batteries

    Support the continuity of excellent European battery research and academic-industrial

    The SRIA aims to guide funding in Europe and maximize impact

    In conclusion, as Europe aims to establish itself as a global leader in battery research and innovation, the SRIA will serve as a reference to highlight key technological challenges, promote research and innovation, and guide funding priorities across Europe (at European level in Horizon Europe, at the level of Member States and Regions). This should maximize impact to help put Europe at the forefront of research and innovation, for the benefit of competitiveness across the European battery value chain.

     

  • The Minister of Industry and Construction discussed investments with Linde

    The Minister of Industry and Construction discussed investments with Linde

    The Minister of Industry and Construction of the Republic of Kazakhstan, Kanat Sharlapayev, held a meeting with Matthias Krantz, President of Linde GmbH for the Eastern Europe region, to discuss prospects for expanding cooperation and investments in the economy of Kazakhstan.

    Linde GmbH, a leading global manufacturer of industrial gases and developer of technologies for industry and medicine, confirmed its interest in further investments in Kazakhstan. Matthias Krantz expressed satisfaction with the current level of cooperation and noted that Kazakhstan is a strategically important market for the company. Over the past year, Linde has implemented several significant projects in the country, strengthening its positions in the local market.

    During the meeting, issues of further development of cooperation were discussed, particularly in the context of green energy and environmentally sustainable technologies. The head of the industrial and construction department emphasized that the Government of Kazakhstan attaches great importance to attracting investments in the green energy sector and is ready to support projects aimed at the sustainable development of the economy.

    In addition, a proposal for cooperation between Linde and major Kazakhstani metal producers, including the company “Qarmet,” was discussed, which could open up new opportunities for both sides.

    It is worth noting that in September 2023, during a meeting between the Head of State Kassym-Jomart Tokayev and the Senior Vice President of Linde GmbH Oliver Pfannom, the company expressed readiness to increase its investment activities in the Republic of Kazakhstan with an investment volume of 1 billion US dollars.

    Press service of the Ministry of Industry and Construction of the Republic of Kazakhstan

  • Министр промышленности и строительства обсудил инвестиции с компанией Linde

    Министр промышленности и строительства обсудил инвестиции с компанией Linde

    Министр промышленности и строительства РК Канат Шарлапаев провел встречу с Матиасом Кранцем, Президентом Linde GmbH по региону Восточная Европа, для обсуждения перспектив расширения сотрудничества и инвестиций в экономику Казахстана.

    Linde GmbH, ведущий мировой производитель технических газов и разработчик технологий для промышленности и медицины, подтвердил свою заинтересованность в дальнейших инвестициях в Казахстан. Матиас Кранц выразил удовлетворение текущим уровнем сотрудничества и отметил, что Казахстан представляет собой стратегически важный рынок для компании. За последний год Linde реализовала в стране ряд значимых проектов, укрепив свои позиции на местном рынке.

    В ходе встречи обсуждались вопросы дальнейшего развития сотрудничества, особенно в контексте зеленой энергетики и экологически устойчивых технологий. Глава промышленного и строительного ведомства подчеркнул, что правительство Казахстана придает большое значение привлечению инвестиций в сектор зеленой энергетики и готово поддерживать проекты, направленные на устойчивое развитие экономики.

    Помимо этого, было высказано предложение о сотрудничестве Linde с крупными казахстанскими производителями металла, в том числе с компанией «Qarmet», что может открыть новые возможности для обеих сторон.

    Напомним, что в сентябре 2023 года во время встречи Главы государства Касым-Жомарт Токаева со старшим вице-президентом Linde GmbH Оливером Пфанном была выражена готовность компании к увеличению инвестиционной деятельности в Республике Казахстан с объемом инвестиций в размере 1 млрд. долларов США.

    Пресс-служба Министерства промышленности и строительства РК

  • Volodymyr Zelenskyy met with the founder of Fortescue Metals Group Andrew Forrest

    Volodymyr Zelenskyy met with the founder of Fortescue Metals Group Andrew Forrest

    In Munich, President of Ukraine Volodymyr Zelenskyy met with Australian businessman and philanthropist Andrew Forrest, founder of one of the world’s largest mining companies, Fortescue Metals Group (FMG).

    The Head of State thanked him for his active public support of Ukraine.

    Volodymyr Zelenskyy praised Andrew Forrest’s assistance in implementing humanitarian projects in our country, in particular, the construction of housing for internally displaced Ukrainian families who lost their homes due to the war.

    During the meeting, special attention was paid to the issues of rebuilding Ukraine, involving large global financial and industrial companies in projects to restore our country from the consequences of Russian aggression.

  • Polymetal International объявила о заключении соглашений о продаже своего российского бизнеса за 3,69 млрд долларов США.

    Polymetal International объявила о заключении соглашений о продаже своего российского бизнеса за 3,69 млрд долларов США.

    Недавно разместивщая акции на фондовой бирже AIX в г. Астана комапния Polymetal International plc объявила о заключении соглашений о продаже своего российского бизнеса за 3,69 млрд долларов США. Это решение было принято в свете недавних событий и в интересах сохранения акционерной стоимости. Сделка зависит от выполнения ряда условий, включая одобрение Собранием акционеров.

    Совет директоров, Специальный комитет Совета директоров и менеджмент нацелены на выполнение обязательств по восстановлению акционерной стоимости Компании и перезапуску стратегии ее развития путем продажи российского бизнеса Группы. Завершение Сделки позволит Компании значительно снизить риски и сконцентрироваться на генерации стабильного денежного потока и на новых инвестиционных проектах.

    Сделка даст возможность Компании сосредоточиться на бизнесе в Казахстане. В случае ее одобрения акционерами, она позволит восстановить акционерную стоимость казахстанского бизнеса, а также устранить риски и снизить долговую нагрузку активов Группы в Казахстане.

    16 февраля 2024 года Управление по контролю за иностранными активами Министерства финансов США («OFAC») подтвердило Компании, что не будет вводить санкции против нерезидентов США, включая Polymetal, за проведение Сделки или участие в ней1. Закрытие Сделки зависит от ряда отлагательных условий, включая необходимые регуляторные разрешения и одобрение Собранием акционеров1. Компания ожидает, что Сделка будет закрыта до конца марта 2024 года.

  • Polymetal International has recently taken significant steps towards divesting its Russian business.

    Polymetal International has recently taken significant steps towards divesting its Russian business.

    Listed on AIX in Astana (Kazakhstan) Polymetal International plc has recently taken significant steps towards divesting its Russian business. On 19 February the company has entered into contracts for the divestment, aiming to preserve shareholder value and reposition its strategy. The proposed transaction involves selling JSC Polymetal and its subsidiaries, with an effective total consideration of approximately US$3.69 billion. Completion of the transaction is subject to various conditions, including shareholder approval.

    The move aligns with Polymetal’s commitment to restore shareholder value. By swiftly and transparently exiting the Russian business, the company aims to comply with sanctions and create stability. The divestment will allow Polymetal to de-risk its operations, generate stable cash flows, and explore new investment opportunities.

    The transaction will focus Polymetal’s efforts on its operations in Kazakhstan. If approved by shareholders, it will enable appropriate valuation of the company’s Kazakhstan assets and contribute to de-risking and de-leveraging the group’s operations in Kazakhstan. Notably, the US Department of the Treasury’s Office of Foreign Asset Control (OFAC) confirmed that non-US persons participating in or facilitating the transaction would not face sanctions.

    The divestment will occur through the sale of 100% of the share capital of JSC Polymetal (Polymetal Russia) to JSC Mangazeya Plus. With this strategic move, Polymetal aims to enhance its focus, streamline operations, and create value for its stakeholders.

  • Kazakhstan Day 2024

    Kazakhstan Day 2024

    This event combines cultural insight and information about Kazakhstan’s thriving mining and mineral exploration industry.

    📅 Date: March 4, 2024
    🕒 Time: 14:00 – 18:00
    📍 Location: Canada, Toronto, MTCC, Room 206F

    Highlights of the Event:

    🌍 Plenary Session: Introduction to Kazakhstan

    The rich mosaic of Kazakhstan’s culture, history, and investment climate paints a vivid picture of a country that seamlessly weaves together its diverse landscapes, economic potential, and strategic positioning within the global market.

    Gain valuable insights into Kazakhstan’s welcoming business environment and discover why it’s a mining friendly jurisdiction.

    The list of speakers includes the Minister of Industry and Construction of the Republic of Kazakhstan, the Ambassador of the Republic of Kazakhstan to Canada, Chairman of the National Geological Survey and CEO of Eurasian Resources Group (ERG)

    🔍 Session 1: Northern Balkhash: opportunities for new discoveries

    The session will start with a movie presentation “Northern Balkhash – the next copper elephant”.

    Explore the promising potential of Balkhash – most favorable mining province in Kazakhstan. Uncover the latest breakthroughs and exciting discoveries, learn about emerging exploration projects, geological trends, and potential resource deposits that are reshaping the region’s mining landscape.

    Professor Reimar Seltmann will present the Balkhash segment of the Kazakhstan’s orecline: commodity basket for energy transition metals. CEO of Xcalibur Multiphysics Andres Blanco will share about planned airborne geophysics program in Northern Balkhash. CEO of Lakeside Minerals Trevor Wright will present a copper porphyry cluster of Balkhash province.

    💼 Session 2: Kazakhstan Mining Industry Review

    Learn about the dynamic world of Kazakhstan’s mining industry, key sectors, projects, and investment opportunities driving growth and innovation. Hear from industry decision makers on the current landscape and future prospects of Kazakhstan’s mining sector. The speakers in this session represent companies that have gone from exploration discoveries to mining and processing. This session includes C-level executives of RG Gold, Tau-Ken Samruk, Yer-Tai, Arras Minerals, Kazakh Invest and Aurora.

    PDF Agenda 

    Networking Opportunities:

    Forge meaningful connections with industry peers, government officials, and potential partners during dedicated networking breaks and sessions. Exchange ideas, explore collaboration opportunities, and build lasting relationships within the global mining community.

    Registration Details:

    Please register your interest pdac@aurora.kz

    #MineralExploration #Exploration #Kazakhstan #PDAC