MINEX Forum

Region: Europe

  • Mundoro Announces Q3-2023 Profitable Financial Results And Portfolio Update

    Mundoro Announces Q3-2023 Profitable Financial Results And Portfolio Update

    November 30, 2023 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) is pleased to report profitable financial results from its operations in the first nine months ending September 30, 2023 (“Q3-2023”).

    Teo Dechev, CEO and President commented: “The Company is pleased to report a profitable period for the nine-months ended September 30, 2023, where Cash Flow from Operations increased to $1,315,362, which is 428% increase over the same period ended September 30, 2022.  The profitable operations are a result of generating value added opportunities for our partners while also providing value added operational services to our partners. This unique business model creates value for our shareholders, partners and the communities where we operate.”

    Financial Highlights and Outlook

    For further information of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the nine-month periods ended September 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    • Strong Cash Position: As of September 30, 2023, the Company held $5,780,203 in cash and cash equivalents (“Cash Position”) and no long-term debt.
    • Fees Earned:  During the three and nine-months ended September 30, 2023, the Company generated $935,476 and $2,394,299, respectively, in Fees and Payments, representing an increase of 110% and 194%, respectively, compared to the same periods in Q3-2022.
    • Corporate Expenses: During the three and nine-months ended September 30, 2023, the Company incurred general and administrative expenses of $431,047 and $1,056,211, respectively, up 15% and 27% compared to the same periods in 2022.
    • Net Income: During the three and nine-months ended September 30, 2023, net income was $75,903 and $1,154,991, compared to a net loss of $16,323 and $498,117 for the same periods in 2022, which represents a 565% and 332% increase, respectively.
    • Positive Cash flow from Operating Activities: Cash flow from operating activities is $1,315,362 during the nine-months ended September 30, 2023 compared to a loss of $400,689 for the nine-months ended September 20, 2022 which represents an increase of 428% compared to the same period in 2022.

    Q3-2023 Exploration Portfolio Highlights

    Follow our weekly updates on: LinkedIn and Twitter @Mundoro

    For further information of the Company’s Summary of Operations, please refer to the MD&A for the nine-month periods ended September 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    Vale-Mundoro Projects, Serbia

    • Completion of Phase II Drill Program at Skorusa Target: In Q3-2023, a phase II drill program was completed that followed up on previous AMT geophysical anomalies and mineralization at depth. The program drilled 1004.4 meters in a single drill hole. Assay results are expected in Q4-2023.
    • Completion of Drilling at Prekostenski Target: In Q3-2023, 291 meters of diamond drilling was completed on a drill hole at the Prekostenski target, testing for possible extensions of mineralization intersected in previous drilling campaigns in areas with geophysical anomalies.
    • Advancing Exploration for Upcoming Drill Programs: In Q3-2023, a passive seismic geophysical survey was completed over three target areas, for which the initial geophysical interpretations were received. In addition, in Q3-2023, a regional structural interpretation was completed to improve the understanding of the structural setting and targeting in the Timok region.  A Phase I drilling program at Branik to follow up on mineralized ore clasts intersected in a previous drilling campaign is planned for Q4-2023 for a total of up to 750 meters with the assays expected in Q1-2024.  A Phase II drill program of 1,600 meters is planned for the Markov Kamen South target area to follow up on potential extensions to mineralization intersected during previous drilling campaigns. Drilling is anticipated to be completed in Q4-2023 with assay results from this drill program anticipated in Q1-2024.  A Phase II drilling program is planned for 800 meters at the Bacevica North target to follow up areas of interest identified with geochemistry and geophysics. Drilling will commence in Q4-2023 with the assays expected in Q4-2023 or Q1-2024.

    Kinross-Mundoro Project

    • Focused on Community Engagement: In Q3-2023, the work program focused on community engagement and permitting in preparation for future drilling.

    BHP-Mundoro Projects

    • Completion of Drilling: In Q3-2023, a follow up drill program to test the extension of an IP anomaly to the south of the East Zone at the south end of the property was completed with one drill hole of 600.5 meters, with assay results expected in Q4-2023. Additionally, a ground gravity survey was completed measuring gravity at 1400 stations across the project, with geophysical interpretation expected in Q4-2023.
    • Advancing Exploration for Upcoming Drill Programs: In Q3-2023, a follow-up grid-based soil geochemical sampling survey covering the Vitanovac and Ponor licenses was completed.  In Q3-2023 a ground gravity survey was completed measuring 1022 stations across the license area. Initial geophysical interpretations are expected in Q4-2023.  A Phase I drilling program is planned to test one target area within the Vitanovac license during Q4-2023.

    JOGMEC-Mundoro Project

    • Advancing Exploration for Upcoming Drill Program: In Q3-2023, a soil geochemical survey and geological mapping was completed. In addition, a follow up AMT geophysical survey for a total of 27 line kilometers was completed with geophysical interpretations expected in Q4-2023. A Phase I drill program is planned for 1,900 meters after receiving all relevant permissions from the local government agencies.

    Vale-Mundoro Projects, Arizona, USA

    • Preparation for Upcoming Drill Program in Dos Cabezas: In Q3-2023, a drill contractor mobilized on to the project in preparation for the Phase 1 Drill Program to commence Q4-2023 over three target areas: Mineral Park, Mescal Canyon and Casey Copper Canyon.
    • Advancing Exploration for Upcoming Drill Program in Picacho: In Q3-2023, project wide drone magnetic and ground gravity surveys began, and are ongoing, with an expected completion in Q4-2023.  Geophysical interpretations are expected in Q4-2023.  A Phase I Drill program is being developed for 2024.

    Qualified Person

    The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The scientific and technical information for the Bulgaria and USA exploration programs has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43-101, and the Company’s Chief Executive Officer.

    About Mundoro Capital Inc.

    Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals.  To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property.  The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.

    For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055.  You can also visit Mundoro’s website www.mundoro.com.

    Caution Concerning Forward-Looking Statements

    This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • DTEK contracts another 70,000 tons of coal imports from Poland

    DTEK contracts another 70,000 tons of coal imports from Poland

    Ukraine’s private energy giant DTEK has contracted an additional 70,000 metric tons of coal from Poland as it prepares for a second winter of Russian attacks on the country’s energy system, the company said in a statement on Nov. 13.

    DTEK has contracted a total of 280,000 metric tons of coal from Poland since September, and has already imported and delivered 78,000 metric tons to its thermal power plants, the company said.

    Last month, the company said it had planned to import 210,000 metric tons of coal to ensure the stable operation of its thermal plants this winter.

    “Our own coal mining always remains a priority for us, but additional shipments of fuel from abroad will allow us to go through the heating season more confidently. We are doing everything to get through this difficult winter and provide Ukrainians with light and warmth,” said General Director of DTEK Energy Ildar Saleev.

    Russia has consistently targeted Ukraine’s energy infrastructure since the start of the full-scale invasion, including sites operated by DTEK.

    The company is actively repairing and restoring power units, extracting coal at maximum capacity as well as reinforcing thermal power plants and coal mines with alternative power sources, Saleev said.

    He also said the company has a reserve of critical equipment to counter the impact of future strikes.

    The military on Nov. 6 warned that Russia is “waiting for the temperature to drop below zero” before launching mass strikes on Ukraine’s energy system.

  • Coal: UK’s last opencast mine shuts after legal row

    Coal: UK’s last opencast mine shuts after legal row

    Documents seen by BBC News show concerns at the Welsh government and UK Coal Authority that Merthyr Tydfil’s Ffos-y-Fran mine may be abandoned.

    Estimated clean-up costs for the site – the size of 400 football pitches – have grown to between £120m and £175m.

    Site operator Merthyr (South Wales) Ltd said it was in “constructive dialogue” with Merthyr Tydfil council.

    Union Unite, which represents 115 workers being made redundant as coal mining stops, said it understood the company was “committed” to restoring the site in future and would not walk away.

    Welsh mountain pony breeder Roy Thomas, 80, who lives metres from the mine’s boundary, called it “a total blight” on his life for the past 16 years and described the mine as a “neighbour from hell”.

    The Welsh government allowed the controversial project to happen close to homes and businesses because it is a “land reclamation scheme” that requires the operator to return it to green hillside, with most of that work due to happen after mining had stopped.

    Today a giant pit – which is about 656ft (200m) deep – remains.

    Mr Thomas described the scene as “absolutely disgusting”, adding that the mounds of spoil material should go back in the hole as there is “millions of tonnes of material in there”.

    Ffos-y-Fran has produced nearly 11.25m tonnes of coal since opening in 2008, and is responsible for 86% of the UK’s total coal output.

    Since September 2022, its owners have been digging without planning permission – an application for more time was refused and the firm appealed an enforcement notice before announcing a closure date of 30 November.

    Negotiations between the firm and the council continue over what happens next.

    The company has admitted “insufficient funds” had been set aside to carry out the agreed restoration work.

    In a letter released under the Freedom of Information Act to campaign group Coal Action Network and shared with BBC News, the UK Coal Authority’s chief executive criticised the council’s approach.

    Writing to the Welsh government on 20 October, Lisa Pinney said there had been “very little visible progress” in preparing for the mine’s closure and “no agreed revised restoration plan or emergency response plan in place if the site should be abandoned”.

    How to manage rising water levels is one issue yet to be resolved, with Ms Pinney writing that, without a clear plan, “there is a clear risk to public safety and to the environment”.

     

  • Can Ukraine become a sweet spot on the global mining market?

    Can Ukraine become a sweet spot on the global mining market?

    umgi has been investing in the sector for over 17 years. Comparing our practical experience of developing mining companies in 5 countries of the world, I would like to highlight the main advantages of setting up a mining business in Ukraine.

    On the importance of communication

    To begin with, Ukraine has considerable potential in the extraction and processing of strategic and critical minerals, but achieving success would require our country to become more visible on the global market. The largest players of the international market are indeed guided by reputable analytical sources in their decision-making. For example, these include an annual survey of mining companies by the Fraser Institute, a Canadian think tank. The research presents a general index of the attractiveness of a country, which is based on the assessment of mineral potential and the perception of state or local policies by companies in the extractive sector. The downside, however, is that Ukraine is not included in this study at all. That is, we realise that one of the primary tasks for the promotion of Ukraine on the world stage is spreading the word about the high potential of our industry. International investors should see why it is profitable for them to invest in the Ukrainian mining industry instead of choosing some other country.

    In general, according to McKinsey & Company, the above annual survey tracks 15 drivers of the extractive industry, which can be roughly divided into 4 priority groups:

      1. Access to geological resources/data (data quality, openness, maps, etc.);
      2. Comparison of business expenses for capital investments and operational activities;
      3. State policies (taxation and tariffs);
      4. Access to experts in the mining sector (availability of skilled workforce).

    There is a sweet spot determined based on the best combination of these drivers, i.e. the so-called group of countries with a high level of mineral resources and government policies favourable to the development of the industry. The countries of this group include the US, Canada, Chile, Australia, Finland, and Morocco. And there are no obstacles for Ukraine to be on this list soon: we have more than enough objective advantages.

    So, why Ukraine?

    Given that our company researches mineral investment markets in all corners of the world every year, I can confidently say that Ukraine has great indicators in many of the above parameters. Firstly, we have high-quality mining resources. Secondly, favourable economic factors play a prominent part, including the resource location (i.e. transport costs, ease of export) and price forecast for target minerals and technologies (mineral extraction challenges). Taxes are only one indicator, and perhaps a less important one given the location-specific nature of mining investment. Comparatively, for example, the relatively low cost of land (one of the largest investment costs) and labour (one of the most important operating costs) are of key importance in making investment decisions.

    I will dwell in more detail on these and other competitive advantages of Ukraine.

    Let me stress that almost all geological information is digitised and public. This means that industry experts are constantly updating the details of research into areas rich in mineral deposits. However, data related to critical minerals that are labelled “For official use” are still restricted. For our part, we support the disclosure of this information to all investors.

    The next advantage is that, unlike many other countries, Ukraine keeps inventory records. Therefore, during mining processes, information is available about the extent to which the deposits are depleted. We also have maps of ownership of land plots and ecological zones. And this is really a very effective toolkit for further work to analyse investment projects.

    Among the economic factors, we should highlight the cost of labour, which is lower in Ukrainian mining compared to the countries of Central and Eastern Europe by 55–65%. The level of taxes in Ukraine also plays an important role in making investment decisions. If we compare the cost of energy resources, they are also cheaper in Ukraine than in some other neighbouring European countries, and this also gives us an advantage. This is primarily due to excise taxes, as they are lower for energy resources compared to other countries. Here we can also add the cost of land — here, too, Ukraine is highly competitive among other countries for international investors. For instance, in Ukraine, the average cost of land where you can extract minerals is about $3,000. At the same time, the average cost of land in Poland is up to $40,000. Paradoxically, in India, this indicator reaches $60,000. Naturally, there are some cases where certain owners want to get much more. This is normal, because it is a market and every owner is entitled to their own expectations.

    One of the criteria used to evaluate the prospects of mining projects in a particular country is the availability of land. And here Ukraine also has an indisputable advantage because of its mechanism for the forced redemption of land plots for public needs. This allows to somewhat align the demands and individual expectations of the owners. It is possible to get a fair price in court because there is a regulatory assessment procedure. The so-called availability of land opens up opportunities for the extraction of any and all minerals, whereas in most other countries, the list of such minerals is limited and clearly defined, or the forced redemption of land plots is prohibited altogether.

    What will help Ukraine join the sweet spot group?

    According to McKinsey & Company, in order to be desirable for investments in the extractive industry, countries can use various incentives to attract exploration companies. The primary incentives include

    – Money or subsidies (direct financing);

    – Foregone revenue: indirect state aid where the state neither allocates funding nor assigns certain taxes;

    – Favourable permit and supervision procedures, availability of high-quality public data.

    Another rather interesting and relevant issue, which is closely scrutinised today due to its importance for investors, is the possibility of establishing the rule of law. This is what Argentina did years ago: they established a legal framework to allow investors to sue businesses, local authorities and even the state in other jurisdictions.

    Obviously, we realise that there are considerable risks associated with the subsoil use, and therefore investments in mining, in Ukraine. This is not only about financing, taking into account military risks. There are also geopolitical, regulatory and workforce (availability and level of expertise) considerations; fluctuations in market prices, etc. However, a considerable list of risks does not mean that doing business here is inadvisable. It just highlights what we have to work with. Some things can be mitigated, others cannot be helped, and certain tasks require the support of the state. Furthermore, now our Government and the Parliament are implementing many positive changes that should make life easier for subsoil users.

    Thus, as we can see in general, Ukraine has very good indicators from the perspective of the investment climate across many parameters. Even when it comes to critical materials, investors see profitable prospects even today. Because any development begins with a new demand. And then comes the strategy together with the vision, followed by large investments and great competition on the world stage.

  • Cyprus echoes mining industry shift, Venus Minerals chairman says

    Cyprus echoes mining industry shift, Venus Minerals chairman says

    Among the discussions surrounding the Act’s pivotal role, the event emphasised its implications for Eastern and South-Eastern Europe’s sustainable development and security.

    Key stakeholders, including major raw materials producers from Greece and Regional Innovation Scheme (RIS) countries, deliberated on the EU’s investment potential in raw materials industries and the critical objective of decarbonization.

    At the heart of these discussions lies the Critical Raw Materials Act, a legislative initiative designed to address strategic dependencies on vital raw materials.

    Having secured passage in the European Parliament in September 2023, the Act is currently under negotiation between the Parliament, member states, and the European Commission.

    The Act seeks to fortify the entire value chain of critical raw materials within Europe, diversify imports to reduce strategic dependencies, enhance the EU’s ability to monitor and mitigate risks of supply disruptions, and promote circularity and sustainability.

    Moreover, it also sets targets to boost domestic capacity for mineral extraction, processing, and recycling.

    Mark Rachovides, Chairman of Venus Minerals, representing Euromines, the voice of the European metals and minerals mining industry, highlighted the Act’s significance and the path toward its adoption by member states.

    Rachovides expressed optimism about forthcoming discussions shaping the planning and regulation of mining activities, the recognition of by-products’ strategic importance, and the Act’s integration into broader EU legislation.

    He stressed the potential for regulatory shifts to influence behaviour, advocating for essential trade-offs in the EU’s transition to a greener economy.

    “There’s a notable change in perspective, with a growing political momentum favouring mining, and downstream users acknowledging the value of an EU-based mining industry,” Rachovides noted.

    This shift in perspective is echoed in Cyprus, where Venus Minerals eyes the development of local resources, aiming to position the island as a primary supplier of raw materials to the EU.

  • Weardale Lithium launches public consultation on test scale lithium extraction plant

    Weardale Lithium launches public consultation on test scale lithium extraction plant

    Weardale Lithium is holding a community consultation event ahead of seeking planning permission to build a lithium extraction pilot plant.

    The company has been trialling the effectiveness of multiple direct lithium extraction (DLE) technologies to extract lithium from geothermal groundwater in Weardale, County Durham.

    The test scale facility would be located on the brownfield, former cement works at Eastgate, near Stanhope. It would involve groundwater being taken from existing high-specification wells to be transported via pipelines, negating the need for regular tanker movements on minor roads.

    Lithium is a critical raw material for electric vehicle batteries, but no commercial lithium production or refining currently takes place in the UK or Europe. Lithium produced and refined in the UK offers cost advantages, supply assurances and an environmental premium over foreign suppliers.

    The development of a pilot processing plant next to the wells ensures Weardale and the surrounding areas will receive the maximum economic benefit by ensuring processing is carried out on site.

    Initially, it is estimated the scheme will create 20 to 50 on site jobs plus additional employment within the local construction sector and supply chains.

    Scaling up to eventual commercial production could produce approximately 10,000 tonnes of lithium carbonate per year, creating around 125 jobs and generating an estimated £1bn of gross economic value for the region.

    Extraction from geothermal brines via DLE processes has been assessed by third parties to be more sustainable than alternative lithium sources. It is a low-impact, low-carbon and low-water usage method of extracting lithium from brines which Weardale Lithium intend to augment using renewable energy sources.

    The application site comprises four main parts:

    Two existing groundwater abstraction wells, south of the River Wear

    A new buried pipeline taking water from the wells to an existing gantry over the river.

    Pipeline gantry across the River Wear using the former conveyor bridge which previously took limestone from Eastgate Quarry to the former cement works. The pipelines will range from 75mm to 150mm in diameter.

    Construction of a pilot lithium processing plant on the former cement works site.

    The planning application is accompanied by comprehensive ecological, noise, air quality, highways, landscape, heritage, groundwater, surface water and flood risk assessments. For the first 12 months of the site’s operation, a Field Trials Stage will be conducted alongside the construction of the pilot plant.

    Stewart Dickson, CEO of Weardale Lithium, said: “Engaging with our neighbours, supporters and stakeholders is a key part of delivering a project that will generate both jobs and economic prosperity in the area whilst securing the supply of domestic lithium, which is of strategic importance to the UK’s net zero strategy.

    “We are keen to share our proposals with the community and look forward to welcoming visitors to the exhibition. We hope our application will gain their support and that the initial investment in lithium extraction can act as a catalyst to both grow the extraction process and attract other green technology operations to Weardale.”

     

  • Wire rod production has been suspended at ArcelorMittal’s Polish plant

    Wire rod production has been suspended at ArcelorMittal’s Polish plant

    ArcelorMittal Poland suspended the production of wire rod at the Sosnowiec plant for the period from November 18 to 27, citing unfavorable conditions on the national market as justification.

    According to the Polish Steel Association, apparent consumption of steel products in Poland this year fell by 17% compared to the previous year. According to European Commission estimates, the country will end 2023 with a GDP decline of 0.4% and inflation of 11.1%.

    The Sosnowiec plant, located in the south of Poland, is a rolling mill that receives billets from the iron and steel mill D a browa Gornicza. Its capacity is 800 thousand tons per year. Wire rod is the main product of the enterprise, so stopping the rolling mill actually means its temporary decommissioning.

    As S&P Global Platts notes, the European long steel market is experiencing a strong decline this year due to the crisis in the regional construction industry. Consumer inventories of rolled steel for construction purposes are low and are unlikely to increase in the foreseeable future.

  • Lithium in Serbia, then and now

    Lithium in Serbia, then and now

    Serbia is unique in the world because over 294,907 people (data from the Internet as of October 18th, 2023) deal with lithium and know everything about mining and obtaining lithium. According to data from 2021, 7,606 papers on lithium-ion batteries (the area of ​​greatest interest when it comes to lithium) were published in the world that year. If the average number of authors on each paper is five, this means that around 38,000 people worldwide deal with lithium. And in Serbia, eight times more people deal with lithium, that is, every 23rd resident of Serbia knows everything about the technology of mining and obtaining lithium.

    Although they acquired their knowledge about lithium from self-proclaimed lithium experts, it did not prevent them from considering themselves experts. (This is a worrying fact that shows how many people in Serbia believe inaccurate and wrong information from social networks.) Serbia still remembers how much damage the group and the party of self-proclaimed experts caused to Serbia. It was enough to consider yourself an expert and become a member of the expert party.

    Since two years ago, a group of self-proclaimed social network experts has emerged who know everything about the technology of mining and obtaining lithium. Some of these self-proclaimed “experts” have become known to the public as lithium “experts” even though they have never dealt with lithium, nor do they have any published work on lithium. The damage that these self-proclaimed experts will cause to Serbia will be calculated later.

    It all started in 2004, when the then Government of Serbia granted a permit for exploratory drilling to a multinational company. It goes without saying that whoever gets the right to exploratory drilling also gets the right to exploitation, if the results are positive. Lithium used to be, in 2004, the most harmless element of the periodic table, at least that’s what some of today’s “experts” advised the government. And also the most useful because in further contracting, according to the unwritten law on incorporation, it could be very useful for contractors from Serbia.

    When large deals are contracted, commissions are also large. Since their opportunity for contracting failed because someone else got the opportunity to mediate in contracting very large jobs, those same former advocates of lithium exploitation became the biggest opponents of that job, with the slogan “to stop everything”. Should others take a commission for the work they contracted first. They decided that they should pledge to postpone that work, until they have the opportunity to accomplish this great work.

    Our great “experts” for lithium need the citizens of Serbia, those who are not among the 294,907 “experts” for lithium, to explain how lithium, from the most harmless and most useful element of the periodic table in 2004, became the most dangerous and harmful element of the periodic table in 2020‒2021. Not even the “scientific” assembly at SAN gave an answer to this question. Anyone who has followed the literature on this subject knows that there have been no revolutionary discoveries in lithium chemistry (apart from advances in battery manufacturing). So the commission made lithium the most dangerous element.

    The Government of Serbia made the mistake of believing the stories of “experts”. The government (ministries of mining and energy, science and environmental protection) should have appointed a working group consisting of people from universities and institutes of various profiles (mining-geological, hydrological, agricultural, then chemists, physicochemists, technologists, machinists, biologists, etc. .), which would propose to the government a decision on this project based on all the existing documents or on the basis of some more that would be done, and on the basis of scientific literature and world experiences in this area.

  • Ukraine’s coal mines turn to women to solve wartime staff shortages

    Ukraine’s coal mines turn to women to solve wartime staff shortages

    After more than a thousand of its workers went to fight Russia’s invasion, a coal mining enterprise in eastern Ukraine suffered a huge staff shortage. Its answer was to allow women to work underground for the first time in its history.

    Over a hundred took up the offer.

    “I took this job because the war started and there were no other jobs,” 22-year-old Krystyna said candidly.

    For five months, she has worked as a technician 470 m below ground, servicing the small electric trains which haul workers more than four kilometres from the lift shaft where they descend to the seams of coal.

    The mine, a vast tower with shafts running more than 600 m under the surface, juts out against the flat landscape and the grey November weather.

    Reuters was asked by the mine’s management not to name it or give the surnames of those interviewed.

    Krystyna only resolved to take the job after overcoming her fear of leaving her four-year-old son, Denys, at home with her mother. Her hometown of Pavlohrad is 100 km (62 miles) from the front, but is often hit by Russian missiles.

    The work is interesting but difficult, she said: the battery lids are heavy and the steam can be unpleasant. The pay is good, however, and she feels a sense of duty to stay and do her bit for those who have gone to fight.

    Her beloved older brother worked in the same mine. He joined the army two weeks after the start of the full-scale invasion, Krystyna said, adding that she worries greatly about him.

    “Our boys were taken to the front, and now we need to support them: there is no-one else to work in the mine now.”

    Ukraine’s coal industry, once one of the largest in Europe, has suffered decades of decline since the collapse of the Soviet Union. The centrally-managed internal market which it supplied suddenly ceased to exist.

    Russia-backed militias in eastern Ukraine took over many coal-rich regions in 2014. After the 2022 invasion, Russia occupied even more mines.

    DTEK, the mine’s owner and Ukraine’s largest private energy company, says nearly 3 000 of its 20 000 mineworkers are fighting.

    Of the thousand miners at this mine and its nearby twin enterprise who went to fight, 42 have been killed.

    Although some women worked in the mines before the war, they were barred from doing jobs underground by the government, which considered the work too physically demanding, a policy in place since the Soviet era.

    After the wartime repeal of that ban, about 400 women now work underground at DTEK’s mines — although that is only 2.5% of the total subterranean workforce.

    “We do everything on the same level as the men– unless its something very heavy that we can’t lift,” 43-year-old Natalia, who also works as a technician inspecting the trains, said.

    She used to work in a shop selling electronics until she lost that job when Ukrainian businesses closed their doors during the initial shock of the invasion.

    When Natalia decided to work in the mine, her 19-year-old son had already worked in a neighbouring mine for a year.

    “Actually I had been convincing him not to go and work there,” she recalled, but she said she was now happily working in the mine and planned to stay, even after the war.

  • Council and Parliament strike provisional deal to reinforce the supply of critical raw materials

    Council and Parliament strike provisional deal to reinforce the supply of critical raw materials

    The political agreement reached today keeps the overall objectives of the original proposal but strengthens several elements. It includes aluminium in the list of strategic and critical materials, reinforces the benchmark of recycling, clarifies the permitting procedure for strategic projects, and requires relevant companies to perform a supply-chain risk assessment on their sourcing of strategic raw materials.

    Ensuring the supply of raw materials locally and globally

    The Commission’s proposed regulation establishes a list of 34 critical raw materials (including 16 strategic ones) and sets targets to increase the EU contribution of these substances (10% for the extraction; 40% for the processing and 15% for the recycling). To achieve this, the proposal called for a quick and simplified permit procedure for strategic extracting projects, to be dealt by a single national contact point. It also called for risk analysis of possible dependencies, member states’ exploration plans, higher investment in research, innovation and skills; and protection of the environment by promoting the circularity and sustainability of raw materials.

    On the global stage, the regulation identified measures to diversify imports of critical raw materials ensuring that not more than 65% of the Union’s consumption of each strategic raw material comes from a single third country.

    Main elements of the agreement

    The provisional agreement adds one critical raw material (aluminium) to the list of strategic raw materials (hence, 34 critical raw materials and 17 strategic raw materials). The compromise text also considers that in addition to the natural graphite (which already in the list) the synthetic graphite will also be a strategic raw material during a period of three years, until the Commission makes the first revision of the list.

    Furthermore, the agreement allows that projects able to produce innovative raw materials that substitute strategic raw materials in relevant technologies can be candidates to become strategic projects

    Member states will have the possibility to object on whether a project will be developed on their territories.

    Realistic benchmarks

    The provisional agreement keeps the benchmarks of 10% for extraction of raw materials and 40% for processing but increases the benchmark for recycling to at least 25% of EU’s annual consumption of raw materials. In addition, there should be substantial increase on the recovery of raw materials present in waste.

    Promoting technologies to moderate consumption

    The co-legislators propose that 18 months after the entry into force of the regulation, the Commission shall present a report on the estimated consumption of each critical raw material for the next three decades.

    Points of single contact

    According to the different administrative systems of each country, member states will be able to designate one or several single contact points, at the level they decide (local, regional or national) and the different stages of the value chain (mining, processing, recycling). Promoters of strategic projects will have a “relevant administrative unit” in these points of single contact who will facilitate the permit granting process for the project.

    Permitting procedure

    The provisional compromise also unifies the timings of the permit procedure. The total duration of the permit granting process should not exceed 27 months for extraction projects and 15 months for processing and recycling projects. While the first step of the environmental impact assessment (the production of the report, which must be conducted by the project promoter) will be not included in the time-line for the project approval, the public consultation needed for an environmental impact assessment will be part of the total duration of the permit process.

    Company risk preparedness

    Large companies exposed to shortages of strategic raw materials in strategic technologies (i.e. battery manufacturers, hydrogen producers, renewable energy generators, data transmission and storage, or aircraft production) will have to regularly carry out a risk assessment of their supply chain of strategic raw materials, which they may present to their board of directors, mapping where the materials come from, what can affect their supply and what are the vulnerabilities to supply disruptions.

    Background

    The Critical Raw Material Act, together with the Net Zero Industry Act and the Reform of the electricity market design is one of the flagship legislative initiatives of the Green Deal Industrial Plan that the Commission presented on 1st February 2023. The three were presented as a package on 16th March. The Council adopted the negotiation mandate on 30th of June.