MINEX Forum

Month: March 2024

  • Navoi Gold: The Unsung Giant in the World of Gold Mining

    Navoi Gold: The Unsung Giant in the World of Gold Mining

    Toronto, 4 March 2024 — In an exclusive interview at the Prospectors & Developers Association of Canada (PDAC), MINEX Forum sat down with Evgeny Antonov, Chief Transformation Officer of Navoi Gold (Navoi Mining and Metallurgical Company) to learn about the company’s remarkable journey and its pivotal role in shaping Uzbekistan’s economy.

    Toronto, Canada – Navoi Gold, one of the largest gold producers globally, was showcasing its growth potential at the Prospectors & Developers Association of Canada (PDAC) convention in Canada on 3-6 March 2024. In an interview, the company’s Chief Transformation Officer shared insights into their plans for expansion and how they are working towards becoming a more attractive and understandable company for international investors.

    With an annual production of almost 3 million ounces of gold and a low cost per ounce, Navoi Gold is already a significant player in the gold mining industry. However, the company has no plans to slow down and is aiming to increase its production and resource base further. The company has a robust exploration program in place, with a budget of over $100 million for the year, to identify new targets and deepen their understanding of its flagship mine.

    The company is also committed to ESG principles and is taking steps to reduce its water consumption by 20% by 2030. Additionally, Navoi Gold is transitioning to renewable energy sources and plans to introduce over 500 megawatts of solar power by 2030.

    In terms of growth potential, Navoi Gold is looking to expand its production and resource base both organically and through partnerships with other companies. The company is considering teaming up with other companies and exploring new resources outside of their current area of operation, to become a truly international company.

    When asked about the company’s plans for listing on a stock exchange, Antonov explained that it is up to the company’s shareholder, which is currently 100% owned by the state, to decide if and when Navoi Gold will become a listed company. However, the company is taking steps to make sure they are fully ready for such a decision, including implementing IFRS reporting standards and recalculating its resource base according to international standards.

    Navoi Gold’s growth plans are aligned with the state’s plans to grow the economy by 2030, and the company feels a strong sense of responsibility to contribute to the growth of Uzbekistan’s economy. As the largest taxpayer and employer in the country, the company is committed to continuing to play a significant role in the economy and contributing to its growth.

    Overall, Navoi Gold is a company with a strong track record, ambitious growth plans, and a commitment to ESG principles. With their focus on innovation, technology, and partnerships, they are well-positioned to achieve their goals and become a leading player in the international gold mining industry.

    Watch the interview on the MINEX Forum YouTube Channel

  • New lithium deposit discovered in Eastern Kazakhstan: Foreign investors show interest in development

    New lithium deposit discovered in Eastern Kazakhstan: Foreign investors show interest in development

    In 2023, experts from the Korea Institute of Geoscience and Mineral Resources (KIGAM) announced their discovery of a new lithium deposit in Kazakhstan. The information about the unnamed deposit was published by the “Kursiv” newspaper, citing the Korea Times.

    The discovery of the deposit occurred as a result of geological studies on an area of 1.6 km² in Eastern Kazakhstan. Foreign investors have already shown interest in developing this deposit.

    KIGAM experts estimated the potential resources of the new deposit at $15.7 billion, although the exact amount of lithium found in the ground has not been disclosed. According to estimates, the deposit contains high concentrations of lithium up to 5.3%, making it potentially profitable.

    According to previous data, German companies have actively invested in lithium mining in Kazakhstan. Three major enterprises, including GP Gunter Papenburg AG, Knauf Gruppe, and Roxtec, have formed a consortium to develop production of this strategically important metal in the republic.

  • Новое литиевое месторождение в Казахстане

    Новое литиевое месторождение в Казахстане

    В 2023 году специалисты Корейского института геонаук и минеральных ресурсов (KIGAM) объявили о своем открытии нового литиевого месторождения в Казахстане. Информацию о новом объекте, пока без названия, опубликовало издание «Курсив», ссылаясь на Korea Times.

    Открытие месторождения произошло в результате исследований геологических образований на площади 1,6 км² в Восточном Казахстане. Иностранные инвесторы уже проявили интерес к разработке данного месторождения.

    Эксперты KIGAM оценили потенциальные ресурсы нового месторождения в $15,7 млрд, хотя точное количество лития, обнаруженного в земле, не было оглашено. По оценкам, месторождение содержит высокие концентрации лития до 5,3%, что делает его потенциально прибыльным.

    По предыдущим данным, в Казахстане активно инвестировались немецкие компании для добычи лития. Три крупных предприятия, включая GP Gunter Papenburg AG, Knauf Gruppe и Roxtec, объединились в консорциум с целью развития производства этого стратегически важного металла в республике.

  • Компания “Риддер-Полиметалл” планирует запустить проект по добыче руды в Казахстане

    Компания “Риддер-Полиметалл” планирует запустить проект по добыче руды в Казахстане

    Компания “Риддер-Полиметалл”, занимающаяся горнодобывающей деятельностью, намерена начать добычу полиметаллических и медно-колчеданных руд на месторождении Стрежанское, расположенном в Восточно-Казахстанской области. Обладая лицензией, полученной в 2017 году, компания планирует вести подземные горные работы до 2038 года. План горных работ был опубликован на Едином экологическом портале Казахстана, а общественные слушания запланированы на 11 марта 2024 года. После согласования с экологами и общественностью предполагается начать освоение месторождения в текущем году. Запасы участка, включенные в госбаланс в 2016 году, составляют 4 831 тысячу тонн балансовых запасов и 2 362 тысячи тонн забалансовых запасов. Среди ценных компонентов для извлечения – медь, цинк, свинец, золото, серебро, кадмий и висмут. Компания “Риддер-Полиметалл” намерена достичь производительности в 240 тысяч тонн руды в год к концу второго года работы и увеличить ее до 360 тысяч тонн к концу пятого года. Проект также предполагает обеспечение снабжения сырьем обогатительной фабрики в Алтае, которая столкнулась с сокращением мощностей из-за истощения местных месторождений.

  • “Ridder-Polymetal” plans to extract polymetallic and copper-bearing ores at the Strezhansky deposit.

    “Ridder-Polymetal” plans to extract polymetallic and copper-bearing ores at the Strezhansky deposit.

    Ridder-Polymetal, a mining company, is gearing up to extract polymetallic and copper-bearing ores from the Strezhansky deposit located in the East Kazakhstan region. Having secured the necessary license in 2017, the company plans to initiate underground mining operations, slated to continue until 2038.

    The mining plan has been made public on Kazakhstan’s Unified Environmental Portal, with scheduled public hearings on March 11, 2024. Pending coordination with environmentalists and the public, development of the deposit is expected to commence this year.

    The Strezhansky deposit, whose reserves were integrated into the state balance in 2016, boasts significant ore reserves. On the state balance, ore reserves amount to 4,831 thousand tons, while off-balance reserves stand at 2,362 thousand tons. Notably, the deposit holds valuable components including copper, zinc, lead, gold, silver, cadmium, and bismuth.

    Ridder-Polymetal aims to ramp up productivity at the mine, targeting 240 thousand tons of ore per year by the second year of operation, and 360 thousand tons annually by the fifth year.

    Furthermore, the company highlights the strategic significance of the project, emphasizing its role in supplying raw materials to the ore processing plant in Altai. This becomes crucial as the plant’s capacity faces reduction due to the depletion of local deposits.

  • Mundoro Capital Inc. Reflects on Transformative 2023 and Plans for 2024 Expansion

    Mundoro Capital Inc. Reflects on Transformative 2023 and Plans for 2024 Expansion

    In a recent announcement, Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) shared insights into its significant progress throughout 2023 and outlined ambitious plans for the year ahead. The company celebrated a year marked by extensive field programs, fruitful partnerships, and strategic advancements across multiple projects spanning various countries. Notably, the collaborative efforts with partners resulted in the identification of numerous drill targets, showcasing Mundoro’s commitment to exploration and value creation.

    Throughout 2023, Mundoro managed nine active projects with four partners and executed partner-funded programs, totaling exploration expenditures of approximately $14 million. These initiatives propelled multiple targets to drill-ready phase, validating the company’s strategy of disciplined exploration and prospect generation.

    Looking ahead to 2024, Mundoro anticipates regaining 100% control of certain projects following the termination of agreements with Vale Base Metals. This transition presents new partnership opportunities in districts known for their rich mining heritage and substantial mineral deposits. The company remains dedicated to delivering value to shareholders through strategic partnerships and continued exploration.

  • Компания Aurora Limited успешно провела пятый “День Казахстана” на PDAC в Торнто

    Компания Aurora Limited успешно провела пятый “День Казахстана” на PDAC в Торнто

    Торонто, Канада, 4 марта 2024 года – Компания Aurora Limited организовала пятый ежегодный “День Казахстана 2024”, событие, посвященное важности вклада Казахстана в горнодобывающую индустрию и представлению новых инвестиционных возможностей в стране. Мероприятие, проведенное при поддержке лидеров отрасли и представителей правительства, выделило растущий потенциал Казахстана на мировой горнодобывающей арене.

    Мероприятие началось с осмысленного приветственного слова от Каната Шарлапаева, Министра промышленности и строительства Республики Казахстан. Министр Шарлапаев обсудил перспективы и стратегическое видение горнодобывающего сектора Казахстана, в том числе упомянул о принятии нового горнодобывающего кодекса, разработанного с учетом интересов инвесторов. Он подчеркнул, что инвестиции в геологоразведку значительно возросли, достигнув примерно 250 миллионов долларов только в 2022 году. Кроме того, министр выделил усилия по улучшению законодательства, в частности, по уменьшению требований к ликвидационным платежам, чтобы увеличить инвестиционную привлекательность для развития юниорского рынка в Казахстане.

    В своем выступлении Андрес Бланко, руководитель Xcalibur Smart Mapping, ведущей компании в области аэрогеофизики, подробно рассказал об инновационном пилотном проекте на Северном Балхаше. Программа, основанная на Меморандуме с Национальной Геологической Службой Казахстана, предполагает проведение комплексной региональной аэрогеофизической съемки, включая магнитные, радиометрические, гравиметрические и электромагнитные методы, на территории Северного Балхаша и Калбанаримской редкометалльной зоны. Цель проекта – создание современного, предконкурентного набора геофизических данных для привлечения частных инвестиций в геологоразведочные работы в Казахстане.

    Основным моментом “Дня Казахстана 2024” стала премьера документального фильма “Северный Балхаш – Следующий Медный Слон”, представленного компанией Lakeside Minerals и Тревором Райтом. Фильм ярко демонстрирует потенциал Казахстана в обнаружении месторождений мирового класса, что способствует увеличению внимания и инвестиций со стороны международного сообщества. Фильм доступен для просмотра по ссылке – www.lakeside.kz/film

    На мероприятии также выступили высшие руководители компаний RG Gold и Yer-Tai, которые поделились своим успешным опытом от геологоразведки до активной добычи, подчеркнув практические успехи и потенциал горнодобывающего сектора Казахстана.

    Саид Султанов из компании Aurora Limited представил подробный обзор развития геологоразведочного сектора, отметив рост инвестиций и значительный приток в Казахстан мировых горнодобывающих гигантов и юниорских компаний. Эта тенденция подчеркивает перспективность возможностей для геологоразведки, демонстрируя растущий потенциал страны как ключевого места для горнодобывающей деятельности.

    Султанов также объявил о создании Казахстанской Горнорудной Палаты. Это важнейшее событие призвано поддерживать и отстаивать интересы инвесторов и геологоразведочных компаний в Казахстане, еще больше укрепляя стремление страны стать ведущим направлением для инвестиций и операций в горнодобывающую промышленность, особенно для молодых геологоразведочных компаний, стремящихся воспользоваться богатыми возможностями в регионе.

     

    MINEX Forum представляет

    Видео отчет Kazakhstan Day 2024

     

     

  • The Fifth Kazakhstan Day 2024 at PDAC showcased the Country’s Mining Potential and Investment Opportunities

    The Fifth Kazakhstan Day 2024 at PDAC showcased the Country’s Mining Potential and Investment Opportunities

    Toronto, Canada, March 4, 2024 – Aurora Limited successfully hosted the fifth annual Kazakhstan Day 2024, a prestigious event that celebrated Kazakhstan’s significant contributions to the mining industry and highlighted new investment opportunities within the country. The event, organised in collaboration with industry leaders and government representatives, emphasised Kazakhstan’s growing potential in the global mining landscape.

    The day began with an insightful welcome address by Kanat Sharlapayev, Minister of Industry and Construction of the Republic of Kazakhstan. Minister Sharlapayev discussed the promising prospects and strategic vision of Kazakhstan’s mining sector, highlighting the adoption of a new investor-friendly mining code. He noted that exploration investments have increased significantly, with approximately $250 million invested in 2022 alone. The Minister also emphasised ongoing efforts to refine legislation, particularly the reduction of liquidation security requirements, to enhance further the investment appeal for the development of Kazakhstan’s junior mining market.

    Andres Blanco, head of Xcalibur Smart Mapping, the leading airborne geophysics company, delivered a pivotal address on the innovative pilot project in the Northern Balkhash area. This initiative, resulting from a Memorandum of Understanding with the National Geological Survey of Kazakhstan, involves a comprehensive regional airborne geophysical survey using magnetic, radiometric, gravimetric, and electromagnetic techniques over the Northern Balkhash and the Kalbanarim rare-metal zone. The project aims to generate a modern, pre-competitive geophysics dataset to attract private investment in Kazakhstan’s geological exploration efforts.

    A highlight of Kazakhstan Day 2024 was the premiere of the documentary “Northern Balkhash – The Next Copper Elephant,” presented by Lakeside Minerals and Trevor Wright. The film compellingly argues Kazakhstan’s potential to discover world-class deposits, setting the stage for increased global attention and investment. The movie can be watched via this link – www.lakeside.kz/film.

    The event also featured insights from C-level executives of ERG, RG Gold and Yer-Tai, who shared their successful journeys from exploration to active mining, highlighting the practical achievements and potential within Kazakhstan’s mining sector.

    Said Sultanov from Aurora Limited provided a comprehensive overview of the exploration sector’s progress, emphasizing the increasing investments and the notable influx of global mining giants and junior mining companies into Kazakhstan. This trend indicates a promising landscape for exploration opportunities, showcasing the country’s growing potential as a prime location for mining endeavours.

    Sultanov also announced the creation of the Kazakhstan Chamber of Mines, a pivotal development aimed at supporting and advocating for the interests of investors and exploration entities in Kazakhstan. This initiative further solidifies the nation’s commitment to becoming a leading destination for mining investment and operations, especially for junior exploration companies looking to tap into the abundant opportunities within the region.

     

    MINEX Forum presents

    The video recording of Kazakhstan Day 2024

  • Kazakhstan and Canada Strengthen Ties at PDAC 2024 Business Council Session

    Kazakhstan and Canada Strengthen Ties at PDAC 2024 Business Council Session

    The 6th plenary session of the Kazakhstan Canada Business Council (KCBC) took place at the Prospectors & Developers Association of Canada (PDAC) convention in Toronto, marking a significant step forward in the economic cooperation between the two nations. The session, led by esteemed co-chairs, focused on exploring collaboration opportunities in key sectors such as uranium, energy security, education, and sustainability.

    The event was graced by the presence of distinguished guests, including The Honourable Ahmed Hussen, Minister of International Development of Canada, and The Honourable Kanat Sharlapaev, Minister of Industry and Construction of the Republic of Kazakhstan. Their participation underscored the importance of the discussions and the commitment of both governments to fostering stronger bilateral ties.

    During the session, two crucial Memoranda of Understanding (MOUs) were signed. The first is between the National Geological Survey of Kazakhstan and Koan Analytics Inc., and the second is with the Geological Survey of Finland. These MOUs aim to explore the potential establishment of a Centre of Excellence in AI within the framework of the National Geological Survey of Kazakhstan, showcasing the country’s commitment to embracing cutting-edge technologies.

    Mr. Tim Gitzel and Mr. Yussupov, prominent figures in the uranium industry, engaged in discussions on cooperation and the future development of the sector, with a focus on energy security and environmental sustainability. The working group reports presented during the session highlighted the progress and prospects in the mining, education, and agriculture sectors, demonstrating the diverse range of opportunities for collaboration between Kazakhstan and Canada.

    One of the most exciting announcements came from Mr. Darkhan Akhmed-Zaki, Vice-Minister of the Ministry of Science and Higher Education of the Republic of Kazakhstan, who unveiled the country’s ambitious plans to establish an academic hub for higher education. This initiative aims to attract international students and researchers, fostering knowledge exchange and innovation.

    The KCBC plenary session was attended by more than 150 delegates from both nations, reflecting the growing interest in strengthening economic ties between Kazakhstan and Canada. Attendees actively engaged in networking at the KCBC Networking Reception and immersed themselves in Kazakh culture at the Kazakh Yurt photo zone, further enhancing the cultural understanding between the two countries.

    As Kazakhstan and Canada continue to explore new avenues for cooperation, the success of the 6th KCBC plenary session at PDAC 2024 serves as a testament to the strong foundation of their economic partnership and the promising future that lies ahead.

    Watch the video recording of the Plenary session

    Recorded by the MINEX Forum

  • Mining Boom in Southeast Europe Sparks Global Interest and Sustainability Initiatives

    Mining Boom in Southeast Europe Sparks Global Interest and Sustainability Initiatives

    The Western Balkans and the broader Southeast Europe region are emerging as hotspots for international mining companies, drawing attention with their abundant mineral resources ranging from copper and gold to lithium and coal. As global demand for minerals intensifies, these regions are not only pivotal for traditional industrial needs but also play a crucial role in the green transition. International mining companies, including those from Canada, China, Russia, and the United Kingdom, are actively involved in exploration, new project development, and the modernization of existing mining operations.

    Market Presence

    Key players, such as Rio Tinto, known for its involvement in Serbia’s Jadar lithium project, and Zijin Mining, investing in the Čukaru Peki copper and gold mine in Serbia, showcase the region’s appeal to major global entities. Lydian International’s engagement in the Amulsar gold project in Armenia and Eldorado Gold’s Canadian investments in Greece further underline the diverse interest in Southeast Europe’s mineral wealth.

    Trends

    The region is witnessing a heightened focus on metals essential for the green transition, including lithium, nickel, and copper. With global shifts towards electrification and renewable energy, the Western Balkans becomes a focal area for exploration and investment. International companies not only explore new projects but also invest in modernizing existing operations to enhance efficiency, reduce environmental impact, and extend mine life. Scrutiny on environmental and social impacts is growing, prompting companies to adopt higher standards for community engagement, environmental protection, and corporate social responsibility.

    Regional Stability and Investment Climate

    The political and economic stability of the Western Balkans and Southeast Europe significantly influences international mining investments. Efforts towards EU integration and improved governance are positive signals for investors looking to establish a lasting presence.

    Perspectives

    The mineral resources of the Western Balkans hold strategic importance for Europe’s ambition to secure critical raw materials. Geopolitically, this aspect continues to drive international interest in the region. While the area presents substantial opportunities, challenges related to regulatory frameworks, environmental and social governance, and infrastructure must be addressed to unlock its full potential. Moreover, there is a unique opportunity for the region to leverage international investment for sustainable development, emphasizing green mining practices, community development, and contributing to the energy transition.