MINEX Forum

Month: March 2026

  • Ferrexpo Restarts Pellet Production at Poltava Plant After Energy Supply Improves

    Ferrexpo Restarts Pellet Production at Poltava Plant After Energy Supply Improves

    Ferrexpo, the London-listed iron ore producer with mining operations in Ukraine, has resumed pellet production at its Poltava Mining and Processing Plant following a temporary suspension earlier in 2026.

    The company confirmed that one pelletizing line has been restarted after improvements in electricity availability and costs from both domestic and imported energy sources. The facility had halted operations in January due to disruptions linked to damage to Ukraine’s energy infrastructure.

    Production and shipments of premium iron ore pellets have already resumed, with deliveries being made to customers across Eastern and Central Europe. Ferrexpo continues to rely on its own fleet of railcars to manage logistics and export operations.

    Acting chairman of the board Lucio Genovese said the restart coincided with improved conditions as winter ended in Ukraine and the power system stabilised.

    “We are pleased that with the arrival of spring in Ukraine, we were able to resume work and once again produce and export our premium iron ore products,” Genovese said, adding that the restart reflects the resilience and adaptability of the company’s workforce.

    Ferrexpo’s operations had previously been disrupted by Russian missile attacks on energy infrastructure in the Poltava region, which forced the company to temporarily halt production and exports in November 2025.

    The company also disclosed an update regarding its Swiss subsidiary, Ferrexpo AG. One of the group’s partner banks, MBaer Merchant Bank AG, recently lost its licence after a decision by the Swiss financial regulator FINMA and is now undergoing liquidation.

    Ferrexpo AG holds approximately $3 million in accounts at the bank, part of the group’s total cash reserves of about $30 million as of the end of February 2026. According to the liquidators, the bank’s assets are sufficient to fully cover customer claims, and Ferrexpo expects to recover the funds, although the timeline remains uncertain.

    The company said the issue has not disrupted its relationships with other financial institutions but confirmed it is exploring alternative banking arrangements to support international transactions.

    Operational disruptions over the past year have weighed on Ferrexpo’s production performance. In 2025, total iron ore output fell 9% year-on-year to 6.14 million tonnes. Pellet production declined sharply by 47% to 3.22 million tonnes, including 3.14 million tonnes of premium pellets and 81,790 tonnes of direct reduction pellets.

    Meanwhile, commercial concentrate production increased more than fourfold year-on-year to 2.92 million tonnes.

  • Brazil Seeks European Partnerships to Develop Critical Minerals Sector

    Brazil Seeks European Partnerships to Develop Critical Minerals Sector

    Brazil is seeking closer cooperation with European countries to develop exploration and processing of critical minerals and rare earth elements, according to Brazil’s Ambassador to Germany, Rodrigo Baena Soares.

    Speaking at a press conference in Hanover ahead of the Hannover Messe industrial technology fair, the ambassador said Europe could become a key partner in building supply chains for minerals essential to the global energy transition. However, he emphasised that Brazil aims to move beyond its traditional role as a raw materials exporter.

    “It is very important that we do not have a traditional scheme of only exporting raw minerals,” Baena said. “We must think about adding value in Brazil and being part of the supply chain with technology transfer.”

    Brazil is particularly interested in cooperation that includes advanced technologies and industrial expertise from European partners, especially Germany, to strengthen domestic capabilities in extraction, processing and manufacturing.

    Although Brazil holds significant mineral reserves, the country has yet to establish itself as a global leader in the extraction and refining of many critical resources.

    According to the Geological Survey of Brazil, the country possesses 94% of the world’s known niobium reserves, about 26% of global graphite reserves, and the third-largest nickel reserves worldwide with roughly 12%. Brazil also holds around 23% of global rare earth reserves.

    Critical minerals such as lithium, cobalt, nickel, graphite, copper, manganese and rare earth elements play a crucial role in technologies linked to the energy transition and advanced manufacturing. They are widely used in wind turbines, electric vehicle motors, electronics, and aerospace systems including satellites and defence technologies.

    Brazil’s potential in the sector will be highlighted during Hannover Messe, which will take place from April 20 to 24 and will feature Brazil as the partner country for this year’s edition. Around 140 Brazilian exhibitors are expected to participate, presenting industrial technologies and innovations to international audiences.

    As part of the event, Brazil plans to organise a dedicated session focused on critical minerals to showcase the country’s geological potential and attract investment.

    The ambassador also pointed to the proposed free trade agreement between the European Union and Mercosur as a framework that could strengthen cooperation in industrial development and resource supply chains.

    Organisers of Hannover Messe say the evolving geopolitical environment and trade tensions globally create an opportunity for deeper economic cooperation between Europe and Latin America.

  • Coal Demand Rebounds in Europe as Energy Security Concerns Drive Temporary Shift

    Coal Demand Rebounds in Europe as Energy Security Concerns Drive Temporary Shift

    Rising uncertainty over Europe’s energy security is prompting several countries to temporarily increase coal use for electricity generation as global supply disruptions and higher gas prices reshape energy markets.

    Thermal coal prices for power generation have climbed roughly 20%, reaching around $135 per tonne. The increase follows escalating tensions in the Gulf and disruptions affecting energy flows through the Strait of Hormuz, as geopolitical tensions between the United States and Israel on one side and Iran on the other place pressure on global energy supply chains.

    With natural gas prices rising, coal-fired power plants have again become economically viable in parts of Europe. Although coal remains one of the most carbon-intensive fuels, the current market environment is forcing governments and utilities to prioritise energy security and cost stability in the short term.

    Despite the recent rise, coal prices remain far below the levels seen during the 2022 energy crisis following the Russia–Ukraine war. At that time, coal prices surged above $400 per tonne, prompting countries such as Germany to reopen coal-fired power plants and temporarily extend the life of existing mines.

    Global coal supply conditions are currently more stable than during the 2022 crisis. Major producers continue to maintain significant reserves, while China — the world’s largest coal producer and consumer — has expanded or reopened several mining operations. Higher prices may also encourage Indonesia, one of the world’s leading coal exporters, to reconsider earlier export restrictions.

    In the longer term, the International Energy Agency expects global coal demand to stabilise or gradually decline by 2030 as renewable energy, nuclear power and natural gas expand their share of the energy mix. However, geopolitical tensions and volatility in global gas markets could slow this transition.

    At the same time, Europe’s energy system is continuing to shift toward renewables. According to data from Ember Energy Research, electricity generated from wind and solar surpassed fossil fuel generation for the first time in 2025. Renewable sources accounted for 30% of EU electricity production, compared with 29% from coal, gas and oil combined.

    Analysts note that coal may still play a limited backup role in Europe’s energy mix, particularly during periods of high gas prices or supply disruptions.

  • Boliden Reviews Kevitsa Mine Operations After Finland Quadruples Mining Tax

    Boliden Reviews Kevitsa Mine Operations After Finland Quadruples Mining Tax

    Swedish mining group Boliden has launched change negotiations at its Kevitsa open-pit mine in northern Finland, a process that could affect up to 285 employees as the company reassesses operations following a significant increase in the country’s mining tax.

    Boliden said the review was triggered by the Finnish government’s decision earlier this year to quadruple the tax applied to metal ores. The levy is calculated based on the taxable value of metals, which is linked to international market prices.

    The Kevitsa mine, located north of Sodankylä in the Lapland region, is one of Europe’s largest nickel and copper operations. Boliden warned that the higher tax burden could undermine the competitiveness of large-scale mining projects in Finland.

    Tom Söderman, general manager of Boliden Kevitsa, said the company believes European mining of critical metals such as nickel and copper should be supported by stable and competitive long-term business conditions.

    According to the company, the tax increase has already forced it to suspend plans for a €1 billion investment programme intended to extend the life of the Kevitsa mine beyond 2034. The company also noted that contractors and service providers linked to the operation could be negatively affected if operational adjustments are implemented.

    The review comes despite Boliden reporting strong financial performance. The company posted profits of 9.4 billion Swedish kronor (approximately €879 million) in 2025, representing a net profit margin of around 10 percent.

    Industry observers say the development highlights growing tensions in Europe between efforts to strengthen domestic supply of critical minerals and policy decisions that may increase costs for mining companies.

  • Poland Weighs New Mining Pact to Balance Coal Profitability and Energy Transition

    Poland Weighs New Mining Pact to Balance Coal Profitability and Energy Transition

    Poland’s government is preparing new policy measures for the coal mining sector as it seeks to balance economic viability with the country’s ongoing energy transition, according to Deputy Minister of State Assets Grzegorz Wrona.

    In an interview with PAP Biznes, Wrona said the Ministry of State Assets and the Ministry of Energy are working on a draft “social agreement” aimed at defining a broader pact between society and the mining industry, rather than a traditional agreement between employers and trade unions.

    The initiative is intended to ensure that coal mining operations remain profitable and sustainable while continuing to support Poland’s electricity generation and industrial development. Wrona emphasised that coal still plays a key role in the country’s energy mix, even as Poland faces growing pressure to meet European climate and regulatory requirements.

    Government officials are examining options that could improve the profitability of the sector, including initiatives focused on coal processing and value-added uses of the resource. According to Wrona, such approaches could allow the industry to remain economically viable without driving up electricity prices.

    The deputy minister acknowledged the complexity of managing the transition, noting that Poland must simultaneously address decarbonisation goals and maintain energy security.

    Industry representatives have also raised concerns about current support mechanisms. Bogdanka CEO Zbigniew Stopa recently stated that some domestically produced thermal coal is being sold below extraction cost due to subsidy programmes, placing companies that do not receive state support at a competitive disadvantage.

    Wrona echoed criticism of the subsidy system, arguing that policies should prioritise mining operations that are economically viable, safe and capable of meeting market demand. He highlighted Bogdanka, along with certain mines in Lesser Poland and Silesia, as examples of operations with strong long-term potential.

    Under Poland’s existing legislation governing hard coal mining, certain companies receive state subsidies to reduce production capacity as part of restructuring efforts. These include major mining groups PGG and PKW, as well as Weglokoks Kraj, whose last mine ceased production at the end of 2025.

    The government’s ongoing policy discussions aim to identify a sustainable framework for the sector while addressing concerns about economic competitiveness, employment and regional development in mining areas.

  • Uzbekistan and Mongolia Plan Joint Uranium Exploration Projects

    Uzbekistan and Mongolia Plan Joint Uranium Exploration Projects

    Uzbekistan’s state uranium company Navoiyuran and Uzbek Overseas Geology Company have begun discussions with Mongolia’s uranium producer Mon-Atom to launch joint geological exploration projects in the country.

    During a visit to Mongolia, the Uzbek delegation held meetings with Mon-Atom’s management to explore cooperation in uranium exploration on prospective sites. According to reports, the partners may begin exploration activities as early as this year.

    A strategic intergovernmental agreement between the geological ministries of Uzbekistan and Mongolia is expected to be signed during an upcoming meeting scheduled for April. The agreement will establish a framework for joint exploration and development initiatives in the uranium sector.

    Following the negotiations, Uzbek Overseas Geology Company and Mon-Atom agreed to proceed with a service contract that will support the preparation of project documentation and licensing materials required for subsoil use.

    At the initial stage of the exploration programme, the partners plan to carry out approximately 60,000 metres of integrated drilling across selected sites. After evaluating the uranium resource potential, the companies will determine further steps for detailed geological assessment.

    The initiative forms part of Uzbekistan’s broader strategy to expand its international exploration activities. Last month, Uzbek Overseas Geology Company launched a two-year geological expedition in Afghanistan, where it is exploring for hydrocarbons, iron and copper across three licence areas.

    Uzbekistan’s Ministry of Geology has also signed a cooperation agreement with Afghanistan’s Ministry of Mines and Petroleum, granting Uzbekistan priority rights to develop hydrocarbon resources discovered during exploration activities.

  • Tau-Ken Samruk and Rwanda’s Ngali Holdings Sign Agreement to Develop Rare Earth Deposits

    Tau-Ken Samruk and Rwanda’s Ngali Holdings Sign Agreement to Develop Rare Earth Deposits

    Kazakhstan’s national mining company Tau-Ken Samruk, a subsidiary of the sovereign wealth fund Samruk-Kazyna, has signed an agreement to jointly develop rare and rare-earth metal deposits in Rwanda in partnership with local investment group Ngali Holdings.

    The agreement was formalised during meetings in Kigali between Samruk-Kazyna chief executive Nurlan Zhakupov and representatives of Rwanda’s mining authorities and investment institutions. Participants included Jean-Guy Afrika, CEO of the Rwanda Development Board, Alice Uwase, CEO of the Rwanda Mines, Petroleum and Gas Board, and Joseph Butera, CEO of Ngali Holdings.

    According to Samruk-Kazyna, the parties signed a Term Sheet outlining plans for joint exploration and development of rare and rare-earth metal deposits in Rwanda. The cooperation will focus on geological exploration and potential mining projects aimed at unlocking the country’s mineral resources.

    Officials from both countries also discussed broader opportunities for collaboration in the mining sector, including the expansion of geological exploration activities and technology exchange.

    Zhakupov noted that relations between Kazakhstan and Rwanda have strengthened following the visit of Rwandan President Paul Kagame to Kazakhstan in 2025, which helped open new avenues for economic cooperation.

    The planned projects highlight growing international interest in rare-earth minerals, which are critical for modern technologies including electronics, renewable energy systems and defence applications. Through the partnership, Tau-Ken Samruk aims to expand its international mining footprint while contributing technical expertise to the development of Rwanda’s mineral sector.

  • Kazzinc Loses Tajik Raw Material Supply Contract Amid Customs Controls

    Kazzinc Loses Tajik Raw Material Supply Contract Amid Customs Controls

    Kazakhstan’s largest gold producer Kazzinc, in which Swiss commodities group Glencore holds a 70.2 percent stake, has reportedly lost a key raw material import contract from Tajikistan following stricter customs controls imposed by Kazakhstan’s State Revenue Committee.

    According to Kazakhstan’s Ministry of Industry and Construction report for 2025, the contract was affected by the application of the “red corridor” customs inspection regime on imported raw materials. Kazzinc relies on imported feedstock for roughly 40 percent of its production needs, and the lost contract involved approximately 40,000 tonnes of raw materials — representing about 20 percent of the company’s imports.

    The material had been supplied from Tajikistan by a company linked to Chinese mining group Zijin Mining. The loss of the contract highlights supply chain challenges facing Kazakhstan’s mining and metallurgical sector.

    Industry data in the report indicate that production of metallic ores, excluding iron ore, declined by 0.7 percent in 2025. The drop was partly attributed to operational changes at the Vasilkovskoye deposit in Akmola region, the country’s largest gold mine operated by Kazzinc, which is transitioning from open-pit to underground mining.

    Resource depletion at several zinc and lead deposits in East Kazakhstan — including the Maleevsky, Tishinsky and Dolinny mines — has also contributed to declining output. As a result, forecasts for 2026 suggest growth in most major metals such as steel, pig iron, rolled products and copper, while production of refined gold and metallic zinc is expected to fall.

    Gold output is projected to decline from 29.45 tonnes to 21.27 tonnes due to depletion at the Vasilkovskoye mine. Zinc production is also expected to drop from 259,600 tonnes to 239,000 tonnes because of declining ore grades and uncertainty surrounding planned zinc concentrate supplies from Russia.

    Overall, production in 2025 declined across several refined metals. Output of metallic zinc fell by 6.6 percent, refined silver by 10.4 percent, refined gold by 1.1 percent and refined lead by 29.6 percent.

    These developments come as Glencore reportedly considers selling its majority stake in Kazzinc as part of a broader portfolio restructuring. Market analysts estimate the value of the asset at around $5 billion.

    Media reports have suggested that Kazakh businessman Shakhmurat Mutalip is in discussions to acquire the stake for approximately $4–4.5 billion. In early 2026, Mutalip registered two new mining companies at the Astana International Financial Centre — KazZinc Group Ltd. and Central Asia Resources Holding Ltd. — both focused on copper, lead and zinc mining and processing.

  • Proposed ERG Ownership Restructuring Raises Geopolitical and Sanctions Concerns

    Proposed ERG Ownership Restructuring Raises Geopolitical and Sanctions Concerns

    A reported restructuring of ownership at Eurasian Resources Group (ERG) is drawing attention from analysts and policymakers due to potential geopolitical implications involving sanctions enforcement, Russian financial influence and the control of critical mineral assets.

    ERG is one of the largest mining groups operating across Eurasia and Africa, with major copper and cobalt operations in the Democratic Republic of Congo. These minerals are essential for battery production, defence technologies and advanced manufacturing, placing the company within supply chains considered strategically important by Western governments.

    According to media reports and industry sources, Kazakh businessman Shakhmurat Mutalip is expected to acquire a significant stake in ERG in a transaction estimated at around $1.4 billion. The move has been interpreted by some observers as part of a broader effort by Kazakhstan’s leadership to reshape ownership structures among major domestic industrial assets.

    However, questions have emerged regarding the potential sources of financing and the broader network of business relationships connected to the proposed transaction. Some reports have suggested possible links between Mutalip and Russian banking institutions including VTB and Sberbank, both of which are subject to Western sanctions. If confirmed, such connections could raise concerns among regulators about exposure to secondary sanctions risks.

    Additional scrutiny has focused on ERG’s chief executive, Shukhrat Ibragimov. Ukrainian authorities have imposed a travel ban on Ibragimov on national security grounds, citing alleged concerns about possible involvement in facilitating sanctions circumvention by individuals connected to Russia. He has not been publicly included in Ukraine’s formal sanctions list.

    Observers have also highlighted business ties between Ibragimov and Kazakh investor Kenes Rakishev, a prominent figure in Kazakhstan’s financial sector. Rakishev is known for longstanding relationships within Kazakhstan’s political and business circles and has previously been associated with networks linked to Chechen leader Ramzan Kadyrov.

    Some reports have further drawn attention to allegations involving Kazakhstan Paramount Engineering, a defence manufacturing company reportedly linked to Rakishev through leaked communications referenced by the Kazakhstani Initiative on Asset Recovery. According to those claims, vehicles produced by the company were later observed in areas of Ukraine during the conflict. These allegations remain a subject of debate and scrutiny.

    The broader concern for policymakers lies in the strategic significance of ERG’s mineral assets. Copper and cobalt resources controlled by the group are central to global supply chains for energy transition technologies, defence systems and advanced industrial production.

    Analysts note that any ownership restructuring that increases exposure to sanctioned financial networks could potentially attract attention from regulators in the United States and the European Union. Western authorities have previously taken enforcement actions where indirect ownership structures were used to bypass sanctions.

    The situation also reflects wider dynamics within Kazakhstan’s political and economic landscape. In recent years, President Kassym-Jomart Tokayev has pursued efforts to reshape elite ownership structures that emerged during the Nazarbayev era. However, analysts note that shifts in corporate control do not necessarily eliminate the influence of longstanding financial and political networks operating across the region.

  • Bosnia’s Nova Ljubija Iron Ore Mine Preparing Bankruptcy Filing Amid Financial Struggles

    Bosnia’s Nova Ljubija Iron Ore Mine Preparing Bankruptcy Filing Amid Financial Struggles

    Iron ore producer Nova Ljubija in Bosnia and Herzegovina is preparing to initiate bankruptcy proceedings after its owners determined that continuing operations is no longer financially viable.

    According to local media reports, the company is currently finalising documentation and is expected to file for bankruptcy in the coming days. Suzana Gasic, deputy director of Nova Ljubija, confirmed the move, noting that prolonged financial difficulties faced by its sole customer, steel producer Nova Zeljezara Zenica, have significantly impacted the mine’s operations.

    Nova Zeljezara Zenica has reportedly been unable to settle outstanding obligations to the mining company, creating a sustained liquidity strain that contributed to the decision to seek bankruptcy protection.

    The Nova Ljubija mine employs around 600 workers and has been a key iron ore supplier to Bosnia’s steel industry. The company is jointly owned by local diversified group Pavgord and mining operator Rudnici Zeljezne Rude Ljubija.

    The situation follows a broader restructuring of steel assets in the country. In June 2025, Luxembourg-based steel giant ArcelorMittal agreed to sell its shares in steel plant operator ArcelorMittal Zenica and iron ore producer ArcelorMittal Prijedor to Pavgord.

    Industry observers note that the difficulties faced by Nova Ljubija reflect broader pressures within the regional steel sector, including financial instability among downstream producers and shifting market conditions.