MINEX Forum

Region: Europe

  • Germany Faces Renewed Calls to Repatriate Gold Stored in the United States

    Germany Faces Renewed Calls to Repatriate Gold Stored in the United States

    Germany is once again under political and public pressure to reconsider the location of its gold reserves, as shifting transatlantic relations and geopolitical uncertainty revive concerns over assets held in the United States.

    The country holds the world’s second-largest official gold reserves and keeps roughly one-third of them, about 1,200 tonnes, in the vaults of the New York Federal Reserve. This storage strategy dates back to the Cold War, when placing bullion abroad was intended to guarantee rapid access in the event of a major global conflict. In addition to New York, Germany also stores gold in London and Paris.

    However, the return of US President Donald Trump to office and the escalation of trade and geopolitical tensions have prompted fresh debate in Berlin. Since April last year, German politicians and fiscal commentators have increasingly questioned whether the United States remains a reliable custodian for such a large share of the country’s reserves.

    Emanuel Mönch, a former senior research official at the Bundesbank, said recently that Germany should reassess its long-standing approach. Speaking to the financial newspaper Handelsblatt, he argued that greater strategic autonomy would justify bringing more gold back to domestic vaults.

    Similar views have been voiced by Michael Jäger, head of the European Taxpayers Association, who has repeatedly urged German authorities to accelerate repatriation plans. This month, he renewed his call after the United States increased pressure over Greenland, warning that political unpredictability could put foreign-held reserves at risk.

    The debate is unfolding against the backdrop of a historic rally in gold prices. The metal has surged to record levels above $5,100 per ounce, up around 80% over the past year. At current prices, Germany’s gold stored in New York alone would be valued at roughly $128 billion.

    Not all economists support the idea. Clemens Fuest, president of the Ifo Institute for Economic Research, cautioned that repatriation could strain diplomatic relations with Washington and potentially trigger unintended economic or political consequences.

    Germany is not alone in facing such pressure. Italy, which ranks as the world’s third-largest holder of gold reserves, has also seen renewed calls to bring home bullion stored in New York.

  • Agnico Eagle Exits Sweden’s Barsele Project, Strengthens Stake in Goldsky

    Agnico Eagle Exits Sweden’s Barsele Project, Strengthens Stake in Goldsky

    Agnico Eagle has agreed to sell its 55% interest in the Barsele gold project in northern Sweden, shifting from direct project ownership to a royalty-based exposure while significantly increasing its equity position in partner Goldsky Resources.

    Under the transaction, Agnico Eagle will receive $20 million in cash and 75.5 million Goldsky shares, valued at C$2.64 each, resulting in Goldsky becoming the sole owner and operator of the Barsele project. The deal also includes a 2% net smelter return royalty retained by Agnico Eagle.

    The sale will be executed through Agnico Sweden AB’s divestment of its stake in Gunnarn Mining AB. Completion is expected by June 30, subject to approvals from the TSX Venture Exchange and Goldsky shareholders.

    Following the transaction, Agnico Eagle’s ownership in Goldsky will increase to approximately 32.5% on a non-diluted basis, up from about 4.1%, with its shareholding rising from roughly 7.4 million to nearly 82.9 million shares. An amended investor rights agreement will allow Agnico Eagle to participate in future equity financings to maintain ownership of up to 19.99% and to nominate up to three directors to Goldsky’s board, though the company said it has no immediate plans to exercise those rights.

    Agnico Eagle said the move reflects ongoing portfolio optimization. While exploration over the past decade has expanded Barsele’s mineral resources, the company noted that additional work is required to move the project toward development.

    Located in Västerbottens Län, around 600 km north of Stockholm, the Barsele project remains one of Sweden’s more advanced gold exploration assets. Agnico Eagle continues to operate producing mines across Canada, Australia, Finland and Mexico.

  • France’s Carester and Malaysia’s Malaco Join Forces on Rare Earth Processing

    France’s Carester and Malaysia’s Malaco Join Forces on Rare Earth Processing

    French rare earth technology company Carester and Malaysia’s Malaco Mining Group have agreed to cooperate on the development of a rare earth separation plant and to explore broader collaboration in rare earth mining, marking a new step in international efforts to diversify critical mineral supply chains.

    The partnership, currently at a pilot stage, will focus on building a rare earth separation facility in Malaysia. According to Benjamin Gallezot, adviser to French President Emmanuel Macron on strategic minerals, the agreement предусматривает передачу технологий Malaco, а также поддержку в вопросах экологического соответствия и соблюдения международных стандартов.

    The project comes as Western economies intensify efforts to reduce dependence on China, which dominates global rare earth production and processing. Rare earth elements are essential inputs for electric vehicles, renewable energy technologies, smartphones and other high-tech applications.

    Malaysia holds an estimated 16.1 million tonnes of rare earth resources but has so far lacked the technological capability to mine and process them domestically. Cooperation with Carester is expected to help close this gap, particularly in separation technologies required before rare earths can be used in permanent magnets and clean technology manufacturing.

    Gallezot said Malaco is already in discussions with several European magnet manufacturers, though specific companies were not named. He also noted interest from Japan, suggesting the project could attract a wider group of international partners.

    In parallel, Gallezot said G7 countries plan to engage with partners outside the group on critical minerals during meetings this year, underlining the growing role of international cooperation in securing diversified and resilient supply chains.

  • EU’s Push for Critical Minerals Raises Concerns Over Securitization and Democratic Backsliding

    EU’s Push for Critical Minerals Raises Concerns Over Securitization and Democratic Backsliding

    The European Union’s drive to secure access to critical raw materials is increasingly being framed as a matter of security, a shift that critics warn could undermine environmental protections, democratic processes, and the rights of local communities.

    Despite accounting for around 5% of the global population, the European Union consumes close to 20% of the world’s mineral resources, a gap that is widening as renewable energy, electric vehicles, digital technologies, and defence needs expand. This imbalance, analysts argue, has encouraged what they describe as a new form of “green imperialism,” aimed at maintaining mineral flows from the Global South and Europe’s periphery to major industrial centres.

    Over the past two decades, access to minerals has shifted from a trade and industrial policy issue to one increasingly treated as an existential security concern. The process accelerated after Russia’s invasion of Ukraine in 2022 and culminated in the EU’s Critical Raw Materials Regulation, adopted in 2024. The regulation designates “Strategic Projects” that benefit from faster permitting, privileged access to funding, and exemptions from certain environmental safeguards, with the stated goal of strengthening Europe’s strategic autonomy.

    Supporters argue the approach is necessary as demand for minerals such as copper, lithium, and rare earth elements is projected to multiply several times by 2030, while global production remains concentrated in a handful of countries. Critics counter that securitization has allowed industrial and political actors to push through projects by weakening environmental oversight, accelerating approvals, and marginalizing opposition.

    Concerns have grown following the European Commission’s designation of dozens of strategic projects through processes that critics describe as opaque and lacking public participation. Civil society organisations report that requests for environmental information have been denied on national security grounds, marking an unprecedented application of defence-related exemptions in environmental governance. In several member states, officials have also portrayed opposition from local communities and environmental groups as threats to public security or economic stability.

    Observers warn that this narrative risks fostering democratic erosion by restricting access to information, delegitimizing environmental activism, and prioritizing industrial interests over public participation. They argue that mining-related conflicts long associated with the “resource curse” in developing countries, such as social polarization, corruption, and weakened rule of law, are now emerging within Europe itself.

    While EU institutions maintain that strategic mineral development is essential for the green transition, defence, and industrial resilience, critics say the current approach reflects a structural contradiction. Efforts to accelerate extraction and processing are colliding with the EU’s own legal commitments to environmental protection, human rights, and transparency.

    As Europe moves to expand domestic mining and overseas supply chains, the outcome of this securitized approach to raw materials policy may determine whether the EU can reconcile strategic autonomy with its democratic and environmental foundations.

  • Ionic Rare Earths Secures UK Grant Offer for Belfast Magnet Recycling Plant

    Ionic Rare Earths Secures UK Grant Offer for Belfast Magnet Recycling Plant

    Australian-listed Ionic Rare Earths announced on Tuesday that its subsidiary has been offered a £12 million ($16.4 million) capital grant from the UK government to support the development of a rare earth magnet recycling facility in Belfast.

    The funding, offered under the UK’s DRIVE35 programme, would contribute to the capital costs of the plant operated by Ionic Technologies, the company’s recycling arm. The grant remains subject to due diligence and standard funding conditions.

    DRIVE35 is a government-backed initiative aimed at accelerating the industrialisation of zero-emission vehicle technologies and strengthening domestic supply chains for critical materials. The UK, in line with other major economies, is seeking to expand domestic production and recycling of critical minerals as part of its strategy to reduce dependence on overseas suppliers by 2035.

    Once operational, the Belfast facility is expected to produce around 400 tonnes per year of high-purity separated rare earth oxides recovered from end-of-life permanent magnets. The plant will use Ionic Technologies’ proprietary long-loop recycling process, designed to return recycled materials directly into high-value magnet applications.

    Ian Constance, chief executive of the Advanced Propulsion Centre UK, one of the bodies involved in administering DRIVE35 funding, said the project would support the UK’s automotive and advanced manufacturing sectors by strengthening access to strategically important materials.

    Ionic Rare Earths said it continues to engage with multiple potential partners and financiers as it works to secure the remaining funding required for the £85 million project.

  • Turkey’s Gokirmak Copper Mine Put Under Review as Owners Sound Out Buyers

    Turkey’s Gokirmak Copper Mine Put Under Review as Owners Sound Out Buyers

    The shareholders behind Turkey’s largest open-pit copper operation have begun exploring a potential sale, capitalising on a strong rally in copper prices, according to people familiar with the process.

    The owners — Akfen Holding AS, Ilbak Holding AS and Bacaci Yatirim Holding AS — have appointed Goldman Sachs Group Inc. to advise on a possible divestment of Acacia Mining Enterprises Inc., which operates the Gokirmak copper mine in Kastamonu province in northern Turkey. The mandate includes assessing interest in either a partial stake sale or a full exit, the sources said.

    Market participants indicate that the shareholders are seeking valuations of up to $1 billion for the entire asset, although pricing expectations could shift depending on demand and market conditions. The sale process remains confidential, and there is no certainty that a transaction will proceed.

    Copper has climbed sharply over the past year, supported by tightening global supply, disruptions at key mining operations, and accelerating demand linked to electrification, renewable energy and grid infrastructure. Prices recently pushed above $13,000 per tonne, reinforcing investor appetite for large-scale producing assets.

    Acacia Mining Enterprises holds an estimated 24 million tonnes of copper-ore reserves and produces roughly 120,000 tonnes of copper concentrate per year, according to disclosures by Ilbak Holding. Export revenues from the operation totaled $265 million in 2024, based on the latest figures from Turkey’s Chamber of Industry.

    Goldman Sachs declined to comment on its role, while the shareholder groups did not respond to requests for comment.

  • Strickland Delivers First Resource for Gradina at Rogozna

    Strickland Delivers First Resource for Gradina at Rogozna

    Strickland Metals has released the first Mineral Resource Estimate (MRE) for the Gradina deposit at its Rogozna project in Serbia, defining 12 million tonnes at 3.0 g/t gold, equivalent to 1.2 million ounces of contained gold. Gradina is one of four large-scale gold and base metals deposits identified at Rogozna and was the last to receive a formal resource.

    The Rogozna project also includes the Shanac (5.30 Moz AuEq), Medenovac (1.28 Moz AuEq), and Copper Canyon (0.81 Moz AuEq) deposits. Strickland said it plans to publish an updated resource for Shanac in the first quarter following its 2025 drilling campaign, which continues to indicate both bulk-tonnage and higher-grade mineralisation potential.

    During 2025, the company completed its largest drilling programme at Rogozna to date, with 79 holes for 46,737 metres. For 2026, Strickland plans to increase drilling to 60,000 metres, a 20% rise year-on-year. In parallel, the company is advancing internal scoping work and pre-feasibility study scenarios, targeting delivery of a pre-feasibility study in the first half of 2027.

    Strickland acquired Rogozna in July 2024 through the $37 million (€31.5 million) purchase of Betoota Holdings, which owns the project via its Serbian subsidiary Zlatna Reka Resources.

  • Sweden Approves Zoning Plan for Nunasvaara South Graphite Mine Near Kiruna

    Sweden Approves Zoning Plan for Nunasvaara South Graphite Mine Near Kiruna

    Sweden has approved a zoning plan for the Nunasvaara South graphite mine near Kiruna, marking an important step in the country’s efforts to accelerate the development of domestic mining projects and strengthen Europe’s access to critical raw materials.

    The project is operated by Talga Group and is expected to produce about 100,000 metric tons of graphite ore annually. This output will be processed into roughly 20,000 tons of battery-grade anode material, primarily for use in electric vehicles and energy storage systems.

    Deputy Prime Minister Ebba Busch said the decision reflects Sweden’s strategic position within Europe’s critical minerals supply chain. She stressed that graphite plays a key role in steelmaking, battery production, and automotive manufacturing, adding that Swedish mining standards rank among the most sustainable globally.

    The decision aligns with the European Union’s broader strategy to expand domestic production of critical minerals and reduce dependence on imports from China and other suppliers, amid rising geopolitical tensions.

    Talga said it is currently focused on building its graphite processing facility in Luleå and expects mining operations at Vittangi to begin around 2029. According to company representatives, the zoning approval removes the most significant regulatory barrier, although several minor permits are still required before production can commence.

    Once operational, the Nunasvaara South mine is expected to supply around 2% of Europe’s projected graphite demand by 2030, with potential to scale up output in the future.

    Sweden is home to a wide range of mineral resources essential for green technologies, including batteries, magnets, telecommunications equipment, and defence applications. The country’s largest mining initiative is state-owned LKAB’s Per Geijer iron ore and rare earths project near Kiruna, which was designated a Strategic Project by the EU in 2025.

  • Allied Critical Metals Launches 20,000 m Drilling Campaign at Borralha Tungsten Project in Portugal

    Allied Critical Metals Launches 20,000 m Drilling Campaign at Borralha Tungsten Project in Portugal

    Allied Critical Metals has launched a fully funded 20,000 metre drilling programme at its wholly owned Borralha Tungsten Project in northern Portugal, marking the company’s most ambitious exploration campaign at the site to date.

    The 2026 programme is designed to build on strong drill results delivered in 2025 and to further define the scale and grade of tungsten mineralisation ahead of economic studies and potential resource expansion. Drilling will combine core and reverse circulation methods across several priority target zones within the Borralha licence area.

    The campaign will focus on step-out and infill drilling aimed at expanding and upgrading the existing mineral resource estimate, which was significantly increased in late 2025. Additional work will test extensions of the Santa Helena Breccia and other prospective zones identified during recent exploration, while also targeting the Venise Breccia north of Santa Helena, a historically recognised high-grade structure associated with wolframite and molybdenum mineralisation.

    Material collected during drilling will also be used for advanced metallurgical testing to support prefeasibility work and economic modelling. The programme is expected to generate key inputs for a Preliminary Economic Assessment that the company is targeting for completion in the first quarter of 2026.

    According to Allied, recent exploration has confirmed both bulk-style mineralisation and higher-grade corridors that could be suitable for future underground mining. The project has already passed several regulatory milestones, allowing it to advance through detailed engineering and permitting stages alongside ongoing drilling.

    The Borralha project is considered one of the more advanced undeveloped tungsten assets in Western Europe. Tungsten is classified as a critical raw material in both the European Union and the United States, highlighting the strategic importance of projects that can contribute to supply diversification away from dominant producers.

  • EU Backs Sweden’s Largest Rare Earth Project but Faces Legal Barriers of Its Own Making

    EU Backs Sweden’s Largest Rare Earth Project but Faces Legal Barriers of Its Own Making

    The European Union is channelling significant financial support into LKAB’s Per Geijer rare earth project in northern Sweden as part of its strategy to reduce dependence on China for critical raw materials. However, the same EU legal framework designed to protect the environment and Indigenous rights is emerging as a major obstacle to the project’s progress.

    The Per Geijer deposit near Kiruna has been granted Strategic Project status under the EU’s Critical Raw Materials Act (CRMA), making it eligible for EU-backed loans, guarantees and other de-risking instruments. The designation reflects the project’s importance to Europe’s green transition, defence capabilities and electric vehicle supply chains. Under the CRMA, the EU aims to mine at least 10% of its strategic raw materials domestically and process 40% within the bloc by 2030.

    To support these targets, Brussels is deploying financing through tools such as InvestEU, the Innovation Fund and European Investment Bank lending, with nearly €3 billion earmarked for mining, processing and recycling projects. Northern Sweden has been identified as a priority region, and Per Geijer is seen as a flagship initiative.

    Despite this political and financial backing, the project remains subject to Sweden’s Environmental Code and EU environmental legislation, including the Environmental Impact Assessment Directive and the Habitats and Birds Directives. These rules require extensive assessments of impacts on biodiversity, water resources, emissions and climate, and allow for legal appeals that can delay projects for years. Strategic status does not provide exemptions from these requirements.

    Additional complexity arises from Indigenous rights considerations. The Per Geijer deposit overlaps with traditional reindeer-herding land used by the Sami people, triggering legal obligations under Swedish law, EU law and international human rights conventions. Requirements for meaningful consultation and protection of minority rights sit uneasily alongside the CRMA’s push for faster permitting.

    Per Geijer is part of a broader LKAB value chain that includes rare earth extraction at Malmberget and processing facilities in Luleå, all of which have also received Strategic Project status. However, the European Commission retains the right to withdraw this status if sustainability criteria are not met or if projects fail to deliver.

    The case highlights a structural tension within EU policy. While Brussels is accelerating funding and political support to secure raw material autonomy, its environmental and rights-based legal framework gives courts and civil society strong tools to slow or block projects. The outcome in Kiruna is increasingly seen as a test of whether the EU can reconcile its industrial ambitions with the legal principles at the core of the Green Deal.