MINEX Forum

Month: May 2025

  • Uzbekistan and China Advance Talks on Establishing SCO Development Bank

    Uzbekistan and China Advance Talks on Establishing SCO Development Bank

    Representatives from the Ministry of Economy and Finance of Uzbekistan and China’s Ministry of Finance convened virtually to discuss the creation of a Shanghai Cooperation Organization (SCO) Development Bank, according to Trend.

    The meeting brought together Shukhrat Matkarimov, Deputy Director of Uzbekistan’s Department of International Relations, and Zhang Bo, Deputy General Director of China’s Department of International Economic and Financial Cooperation. The two sides conducted an in-depth review of the bank’s proposed structure, governance framework, operational focus, and funding strategies.

    Uzbekistan emphasized the strategic importance of the initiative, viewing the future SCO Development Bank as a catalyst for deepening investment cooperation, financing regional infrastructure projects, and accelerating sustainable economic development across member states.

    Both parties agreed to continue technical consultations at the ministerial and expert levels to refine the bank’s framework and move the project forward.

    This development comes amid deepening economic ties between Uzbekistan and China. Bilateral trade exceeded $13 billion last year, with both governments expressing strong confidence in reaching the $20 billion trade target set by their national leaders.

  • Tungsten West Unveils Restart Plan for UK’s Hemerdon Mine, Targeting 20% of Global Non-China Tungsten Supply

    Tungsten West Unveils Restart Plan for UK’s Hemerdon Mine, Targeting 20% of Global Non-China Tungsten Supply

    Tungsten West, a UK-based mining company, has released a detailed development and economic plan for restarting operations at the Hemerdon tungsten and tin mine in Devon. The company projects that, once operational, the mine could supply over 20% of the global primary tungsten output from outside China—a major boost for Western critical mineral supply chains.

    Fully permitted and construction-ready, the Hemerdon project is expected to produce approximately 332,000 metric tonne units (mtu) of tungsten trioxide and 462 tonnes per year of tin concentrate during steady-state operations. Production could begin within 12 months of securing funding.

    Tungsten West is currently in discussions with multiple potential investors and aims to close a $93-million funding round by the end of 2025. The project benefits from around $300 million in historical investment and promises robust returns, with a projected post-tax life-of-mine cash flow of $456 million, a net present value of $190 million, and an internal rate of return (IRR) of 29.3%—based on a conservative tungsten price of $400/mtu.

    CEO Jeff Court highlighted the project’s strategic importance: “At full capacity, Hemerdon is expected to produce over 20% of the global non-China supply of tungsten and will significantly strengthen the developed world’s supply chain for this critical metal.”

    The plan outlines an initial 11-year mining phase, followed by four years of stockpile processing and 12 additional years of aggregate sales. A long-term expansion program—dubbed “Hemerdon Futures”—could extend mine life beyond 40 years.

    Key investments include a new front-end processing system, upgrades to existing processing facilities, and stringent environmental noise mitigation measures. The mine will process 3.5 million tonnes of ore annually and is forecasted to sit within the lowest quartile of global tungsten producers with an all-in sustaining cost of $144/mtu.

    In response to China’s recent export restrictions on tungsten, which have driven market prices above $400/mtu, Tungsten West emphasized the growing importance of secure, domestic supply chains for dual-use critical metals.

    The company has also received regulatory approval for limited trial processing of 2,500 tonnes of on-site material and plans to issue additional convertible loan notes to bridge funding through financial close. Hannam & Partners is acting as the financial adviser and broker for the restart funding.

  • Mundoro Reports Solid Q1-2025 with Strategic Focus on Copper Exploration Across Serbia, Bulgaria, and the U.S.

    Mundoro Reports Solid Q1-2025 with Strategic Focus on Copper Exploration Across Serbia, Bulgaria, and the U.S.

    Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF) has released its operating and financial results for Q1-2025, highlighting a strategic focus on advancing copper exploration projects in Serbia, Bulgaria, and the United States. The Company reported a stable cash position of $5.2 million with no long-term debt, and net income of $451 for the quarter.

    While total fee income dipped to $740,392, exploration and evaluation expenditures totaled $1.76 million, most of which were partner-funded. Net exploration costs for Mundoro stood at $307,875. Corporate expenses rose modestly to $296,732 due to audit fee accruals.

    Key Exploration Highlights:

    Serbia (BHP-Mundoro Partnership):

    • Borsko Project: Passive seismic and ground AMT surveys were completed with 3D inversion models expected in Q2-2025. Drill planning is underway for a new NW target area.

    • Trstenik Project: Mapping and structural analysis were completed. Delayed forestry permits have pushed drilling plans to later in 2025.

    • South Timok Projects: Ground surveys and structural interpretations advanced across several licenses, identifying new targets in covered terrains.

    Mundoro-Owned Serbian Projects:
    Holding ~419 sq km in the prolific Timok Magmatic Complex, Mundoro is progressing toward potential third-party partnerships.

    Bulgaria (JOGMEC-Mundoro):

    • The EE1 copper project faces permitting delays due to legal appeals. A planned 1,800-meter drill program is pending final government approval.

    USA Projects:

    • Dos Cabezas (AZ): Defined six porphyry targets; partner visits and fieldwork ongoing.

    • Copperopolis (AZ): Generative work confirmed porphyry-style alteration; assay results expected Q2-2025.

    • Picacho (AZ): Geochronology confirms Laramide age, reinforcing porphyry potential.

    Generative Exploration:
    Mundoro continues to explore new opportunities in Serbia’s Cretaceous/Tertiary belts, the U.S. Laramide Belt, and additional global copper trends.

    Despite reduced partner-funded programs, Mundoro remains focused on high-potential copper exploration and expanding its strategic partnerships across tier-one mineral belts.

  • Uzbekistan and Tamam International Discuss New Investment Prospects in Mining Sector

    Uzbekistan and Tamam International Discuss New Investment Prospects in Mining Sector

    First Deputy Minister of Mining Industry and Geology of Uzbekistan, O. Nasritdinhodjaev, held a meeting with a delegation led by the General Director of Tamam International. The talks focused on potential investment opportunities in the country’s geology and mining sector.

    The Uzbek side highlighted the favorable conditions created for both local and foreign investors, including ongoing reforms aimed at enhancing transparency, streamlining procedures, and ensuring alignment with global best practices.

    During the meeting, Tamam International was briefed on Uzbekistan’s investment legislation and fiscal policies, which are designed to attract responsible investors. Special attention was given to transparent mechanisms for granting subsoil use rights, including competitive open-access auctions for geological sites.

    The meeting underscored Uzbekistan’s commitment to fostering international partnerships and further developing its mineral resource base through sustainable and investor-friendly policies.

  • Uzbekistan and Solvay Vostok Discuss Expanding Cooperation in Mining and Technological Metals

    Uzbekistan and Solvay Vostok Discuss Expanding Cooperation in Mining and Technological Metals

    The Ministry of Mining Industry and Geology of Uzbekistan hosted a meeting between Deputy Minister Ulugbek Yusupov and representatives of Solvay Vostok to discuss current and prospective collaborations in the mining sector.

    Discussions focused on ongoing joint initiatives with institutions such as the Institute of Mineral Resources of the University of Geological Sciences and the Uzbek Technological Metals Combine (АО “Uzbeksky Kombinat Tekhnologicheskikh Metallov”). Both parties reviewed the progress of current projects and explored opportunities to deepen technological cooperation.

    A key point on the agenda was the potential establishment of bilateral collaboration between Solvay Vostok and the State Institution “Scientific-Practical Center for Localization and Development of Industrial Cooperation in the Mining Industry.” The sides exchanged views on ways to enhance industrial integration, scientific exchange, and localization of advanced technologies in Uzbekistan’s mining value chain.

    The meeting reaffirmed mutual interest in promoting innovation and building long-term industrial partnerships.

  • Kazakhstan’s President Meets Ivanhoe Mines’ Robert Friedland to Discuss Copper Exploration in Kazakhstan

    Kazakhstan’s President Meets Ivanhoe Mines’ Robert Friedland to Discuss Copper Exploration in Kazakhstan

    On 28 May 2025, the President of Kazakhstan received Robert Friedland, Executive Co-Chairman of the Board of Directors of Ivanhoe Mines Ltd., to discuss prospects for cooperation in geological exploration, metal mining, and processing.

    During the meeting, Friedland informed the President about the launch of large-scale exploration activities in Kazakhstan’s Chu-Sarysu copper basin. Ivanhoe Mines has committed an initial $18.7 million for subsurface studies in the region, with total investments expected to rise to $115 million over the next four years.

    Friedland highlighted that the project will utilize advanced airborne geophysical technologies and digital data analysis to unlock Kazakhstan’s untapped copper resources. He described the initiative as one of the most ambitious copper exploration campaigns in Kazakhstan’s history and noted its potential to reshape the global copper supply landscape.

    The meeting underscored Ivanhoe Mines’ long-term vision for the region and emphasized the strategic importance of high-tech exploration methods in discovering and developing critical mineral assets.

  • Uzbekistan and Turkic Business Delegation Discuss Mining Cooperation and Investment Prospects

    Uzbekistan and Turkic Business Delegation Discuss Mining Cooperation and Investment Prospects

    On 26 May 2025, First Deputy Minister of Mining Industry and Geology of Uzbekistan, O. Nasritdinhodjaev, met with a delegation led by Adem Kula, Secretary General of the Union of Chambers of Commerce and Industry of Turkic States. The meeting served as a platform to strengthen cooperation in the mining sector and promote new investment opportunities.

    During the session, representatives from various foreign companies presented their initiatives and expressed interest in participating in Uzbekistan’s rapidly evolving mineral and geological industries. The Uzbek side welcomed the growing engagement of Turkic state partners and emphasized the government’s commitment to transparent and investor-friendly reforms.

    The delegation’s visit includes follow-up meetings with senior officials from major national mining companies—JSC “Navoi Mining and Metallurgical Company” (NMMC) and JSC “Almalyk Mining and Metallurgical Company” (AMMC). Both companies play a central role in Uzbekistan’s mining sector, particularly in the extraction of gold, copper, and other critical minerals.

    The talks reaffirmed the productive nature of ongoing cooperation between Uzbekistan and its Turkic partners, with both sides expressing readiness to deepen economic and technical collaboration.

  • Uzbekistan and China’s Henan Investment Group Discuss Expansion of Mining and Metallurgy Projects

    Uzbekistan and China’s Henan Investment Group Discuss Expansion of Mining and Metallurgy Projects

    On 27 May 2025, Minister of Mining Industry and Geology of Uzbekistan B. Islamov and senior ministry officials met with a delegation led by Zhu Hongbing, General Director of Henan Investment Group Co., Ltd. The meeting focused on the progress and future prospects of projects being implemented by the Chinese company in Uzbekistan’s mining sector.

    Key topics included the attraction of foreign investment into Uzbekistan’s geology and mining industries. Both sides emphasized the strategic importance of expanding cooperation in geological exploration and metallurgy.

    Representatives of Henan Investment Group highlighted Uzbekistan’s growing investment appeal and underscored the potential for joint ventures, particularly in untapped mineral-rich regions. The Chinese delegation expressed readiness to deepen collaboration and further develop long-term initiatives in the country.

    The Uzbek side reaffirmed its commitment to supporting foreign investors and ensuring transparency in mining-related procedures, including through mechanisms like open auctions for subsoil rights.

  • Uzbekistan and Turkey’s Aydeniz Group Explore New Mining Investment Opportunities

    Uzbekistan and Turkey’s Aydeniz Group Explore New Mining Investment Opportunities

    The Ministry of Mining Industry and Geology of Uzbekistan hosted a meeting between Deputy Minister Ulugbek Yusupov and representatives of Turkish company Aydeniz Group to discuss expanding investment cooperation in the country’s mining sector.

    During the talks, the Uzbek side highlighted the government’s ongoing efforts to foster a favorable investment environment. These include regulatory reforms, improved infrastructure, and investor protections aimed at attracting both local and international partners to participate in mineral exploration and development.

    Particular focus was placed on the transparent allocation of subsoil plots, with officials emphasizing that promising mining areas are now made available through open electronic auctions. This system, accessible to both domestic and foreign investors, is designed to increase fairness, visibility, and competition in the sector.

    The Aydeniz Group expressed strong interest in exploring potential projects and praised Uzbekistan’s commitment to openness and investor-friendly reforms.

  • Ukraine Eyes Mineral Revival with U.S. Deal Amid War and Reconstruction Hopes

    Ukraine Eyes Mineral Revival with U.S. Deal Amid War and Reconstruction Hopes

    Ukraine is revamping its long-neglected minerals sector in an effort to attract billions in foreign investment and secure a critical role in global resource supply chains. The move follows a landmark minerals partnership with the United States, launched on 23 May through a dedicated fund that will channel revenues from new mining licenses into developing strategic resource projects.

    Ecology Minister Svitlana Hrynchuk told Reuters that the deal, heavily promoted by former U.S. President Donald Trump, could unlock vast untapped potential in Ukraine’s natural resources sector. While the country currently derives just 4% of its GDP from natural resources, the minister sees significant room for growth—particularly in the extraction of critical minerals for defence, green energy, and high-tech industries.

    Ukraine boasts deposits of 22 out of 34 critical minerals listed by the European Union. However, much of this potential remains underdeveloped, hampered by Soviet-era bureaucracy and a chronic lack of investment. The war has only worsened the situation, with an estimated 70 trillion hryvnias ($1.7 trillion) in sector losses due to Russian occupation and conflict along a 1,000 km frontline.

    Despite this, Ukraine continues to push forward. A new national strategy is focused on digitising up to 80% of Soviet-era geological data—currently 40% complete—while also reviewing 3,000 mining licenses to identify dormant or underutilised assets. Last year, auctions for mining rights raised 2.4 billion hryvnias, and similar revenue is expected in 2025.

    The U.S. deal, described by Treasury Secretary Scott Bessent as a “full economic partnership,” gives Washington preferential access to new Ukrainian mineral projects. The agreement is also seen as a key step in Ukraine’s EU accession ambitions, with Brussels and the European Bank for Reconstruction and Development supporting modernization efforts.

    Although investor interest is currently dominated by domestic players, growing foreign participation is anticipated—especially in high-demand minerals like titanium, graphite, manganese, and traditional hydrocarbons.