MINEX Forum

Tag: Austria

  • Austrian Lawmakers Seek Probe Into Ferrexpo’s Corporate Structure and Financial Transactions

    Austrian Lawmakers Seek Probe Into Ferrexpo’s Corporate Structure and Financial Transactions

    Austrian lawmakers have submitted a parliamentary inquiry calling for an investigation into the business activities and financial structures linked to Ferrexpo plc and its major shareholder, Konstantin Zhevago, following allegations concerning transfer pricing, corporate transactions and asset ownership.

    The inquiry names several Ferrexpo-related entities, including Ferrexpo AG, The Minco Trust, First-DDSG Logistics Holding GmbH, MAG Handels- und Transport GmbH, MAGferr GmbH, Eliomys Vermögensverwaltung KG, Oxanikus Vermögensverwaltung KG and Luxembourg-based Calexco S.a.r.l. Authorities have also been asked to examine potential business links involving several individuals connected to the companies.

    The request follows reports published by Austrian magazine Profil, Zhevago’s arrest in France in 2022 and Ukrainian sanctions imposed against him in February 2025.

    One of the main issues under review concerns the marketing of iron ore pellets produced by Poltava Mining and Processing Plant. According to allegations cited in the inquiry, pellets were sold through Ferrexpo AG in Switzerland rather than directly to European steelmakers, including Voestalpine, Salzgitter and Thyssenkrupp, at below-market prices, allowing profits to be shifted outside Ukraine. The alleged outstanding debt to the Poltava operation is estimated at more than US$500 million. Ferrexpo has rejected the allegations, stating that all transactions were conducted on market terms and complied with applicable transfer pricing regulations.

    The parliamentary inquiry also requests an examination of Ferrexpo’s historical relationship with Voestalpine, including the sale of interests in VA Intertrading AG to Calexco S.a.r.l., existing commercial agreements and whether any insider information may have been used in securities trading. Austrian financial regulators have been asked to clarify whether investigations into potential market manipulation or insider trading have been conducted.

    Separately, lawmakers are reviewing the activities of First-DDSG Logistics Holding GmbH, which transported Ferrexpo products. The inquiry notes that the logistics company reported losses of €44.8 million in 2022, €42.3 million in 2023 and €41 million in 2024, prompting questions over transfer pricing arrangements and management decisions.

    The inquiry further seeks information regarding four luxury properties in Austria, including Villa Schwarzenfels in Maria-Wörth, two villas in Vienna and another in Pressbaum, to determine whether they are connected to Zhevago and to establish the origin of the funds used for their acquisition.

    The investigation comes as Ferrexpo faces financial pressures. According to the company, it held approximately US$20 million in cash as of April 2026, while awaiting US$90.3 million in outstanding VAT refunds from the Ukrainian government. The company has announced plans to raise at least US$100 million through a share issue, sell the vessel Iron Destiny for US$7.7 million, implement cost reductions and has warned of potential insolvency risks if its financial position does not improve.

  • Austria Extends Mining Licence for Wolfsberg Lithium Project, Boosting Development Certainty

    Austria Extends Mining Licence for Wolfsberg Lithium Project, Boosting Development Certainty

    A key regulatory step has been secured for the Wolfsberg lithium project in Austria, as national authorities granted a two-year extension to its mining licence, strengthening planning certainty for the project’s next development phases. The Wolfsberg project is linked to  and is located in the Carinthia region of southern Austria.

    The licence extension comes at a time of firmer lithium prices and heightened European efforts to secure domestic supplies of critical raw materials. While the regulatory approval provides a stable framework for continued project planning, the transition to production will still depend on external market and financing conditions.

    According to the company, the extended permit supports progress toward establishing a framework for a potential “Decision to Mine,” which is now targeted for completion by the end of 2026. However, any final investment decision will remain conditional on favourable lithium market pricing and the successful securing of project financing.

    Wolfsberg is considered a strategic asset for , which was formed following a business combination with European Lithium. The renewed licence is seen as a crucial enabler for advancing technical and commercial planning, though it does not remove the economic hurdles associated with bringing the project into production.

    The timing of the permit renewal aligns with broader European policy objectives aimed at strengthening raw material security. Wolfsberg is intended to produce spodumene concentrate for use in electric mobility and battery storage markets, in line with the EU’s push to localise supply chains under the .

    Alongside progress at Wolfsberg, European Lithium has recently taken steps to reinforce its corporate position, including divesting part of its stake in Critical Metals Corp. and announcing a diversification move through the planned acquisition of US-based Velta Holding, which owns titanium assets in Ukraine.

    For Wolfsberg, the next major milestone remains the targeted framework for a “Decision to Mine” by the end of 2026, provided market conditions and financing arrangements align.

  • Austrian Court Orders New Environmental Review for Lithium Mining Project

    Austrian Court Orders New Environmental Review for Lithium Mining Project

    An Austrian federal administrative court has overturned a prior decision that waived an environmental impact assessment (EIA) for a proposed lithium mining project by Critical Metals. While the court acknowledged that the project falls below the 10-hectare threshold outlined in national law, it ruled that the Austrian regulation does not fully align with European Union legal requirements.

    As a result, the Carinthian government has been instructed to conduct a case-by-case evaluation to determine whether the project could pose environmental risks, even though its size would normally exempt it from further review. The ruling underscores the potential supremacy of EU law over domestic thresholds in matters involving environmental protection.

    The court also granted permission for an appeal to the Administrative Court of Justice, citing the absence of previous case law addressing whether Austria’s current regulations meet EU standards.

    Critical Metals CEO Tony Sage called the lower court’s decision “surprising” and argued it contradicts the EU’s push for greater self-sufficiency in critical minerals. He added that the ruling is not expected to delay the project and expressed confidence that full environmental approval will ultimately be restored.

  • Austrian Firms Eye Mining, Hydropower, and Tech Investments in Kyrgyzstan

    Austrian Firms Eye Mining, Hydropower, and Tech Investments in Kyrgyzstan

    Austrian companies are exploring new opportunities to participate in Kyrgyzstan’s mining, industrial, hydropower, winter tourism, digitalization, and security technology sectors, the Kyrgyz Ministry of Foreign Affairs announced following high-level meetings in Vienna, Trend reports.

    During the visit, Kyrgyz Deputy Foreign Minister Meder Abakirov held a series of discussions with senior Austrian officials, including Markus Hoffer, Head of the Austria–Central Asia parliamentary friendship group, and members of the Austrian Parliament. Talks centered on strengthening economic and technological cooperation between the two countries, as well as expanding dialogue within the Central Asia+ format.

    Deputy Minister Abakirov also briefed the Austrian side on preparations for Kyrgyzstan’s parliamentary elections scheduled for November 30, 2025, and invited Austria to join as election observers. Hoffer confirmed that Austrian parliamentarians plan to participate as part of an OSCE monitoring mission.

    Economic and Industrial Cooperation

    In a separate meeting with Austrian Deputy Finance Minister Andreas Reichhardt, the two sides reviewed progress on agreements reached during Kyrgyz President Sadyr Japarov’s visit to Austria in November 2024. Key focus areas included finance, natural resources development, and digital transformation initiatives.

    Both parties emphasized Austria’s technological expertise and discussed the involvement of Austrian firms in a range of Kyrgyz projects, including:

    • Mining and industrial production,

    • Hydropower development,

    • Winter tourism and skiing infrastructure,

    • Digital and security technology applications.

    Strategic Dialogue and Regional Role

    Deputy Minister Abakirov also met with experts from the Austrian Institute for European and Security Policy (AIES), where he provided updates on Kyrgyzstan’s reform agenda, current economic and political developments, and the country’s role in regional and global security.

    The discussions were also joined by members of the Kyrgyz-Austrian Friendship Society, underscoring the growing diplomatic and cultural engagement between the two nations.

  • Uzbekistan and Austria Deepen Ties with Focus on Energy, Digitalization, and Infrastructure

    Uzbekistan and Austria Deepen Ties with Focus on Energy, Digitalization, and Infrastructure

    On 20 May, the Ministry of Economy and Finance of Uzbekistan held high-level talks with an Austrian delegation led by Andreas Reichhardt, Deputy Minister of Finance and Director General for Telecommunications, Postal Services, and the Mining Industry of Austria. The meeting underscored a mutual commitment to expanding economic cooperation and advancing practical joint initiatives.

    Representatives from both nations discussed the implementation of priority bilateral projects, focusing on enhancing energy efficiency, modernizing heating systems, and applying innovative technologies across key sectors of Uzbekistan’s economy. The sides agreed to prepare and sign a memorandum of cooperation in the energy sector.

    The Austrian delegation proposed closer collaboration in the digitalization of small and medium-sized enterprises (SMEs), aiming to support sustainable business growth. Additionally, detailed discussions were held on the modernization of tax audit and administration systems, with a goal to boost transparency, oversight, and digital governance.

    Cybersecurity, legal reforms, and institutional strengthening in the area of information security were also on the agenda, reflecting a shared interest in digital resilience. The Uzbek side expressed keen interest in leveraging Austria’s experience with energy-saving technologies and smart urban infrastructure as part of the country’s broader development strategy.

    This dialogue marks a pivotal step toward deepening economic and technological ties between Uzbekistan and Austria, aligning both countries around shared goals of innovation, efficiency, and sustainable growth.

  • AM Resources Expands Portfolio with Acquisition of Extensive Land Package in Austria

    AM Resources Expands Portfolio with Acquisition of Extensive Land Package in Austria

    AM Resources has significantly expanded its portfolio through the acquisition of a vast 1,500km² land package situated in Austria, with a strategic focus on the renowned Austrian Pegmatite Belt nestled within the Austroalpine Nappes. Recognized for its geological richness and abundant mineral reservoirs, the newly acquired region presents a promising prospect for exploration and resource development. CEO David Grondin expressed enthusiasm for the strategic move, emphasizing the company’s commitment to seizing opportunities in a proven mining-friendly jurisdiction. Grondin highlighted AM Resources’ meticulous approach, citing successful exploratory endeavors that confirmed the presence of spodumene on acquired properties. Building upon these findings, the company has staked additional claims within the Austrian Pegmatite Belt, with particular attention given to the Frederick property, which boasts 112 identified pegmatites across a sprawling 52.25km² area. Grondin underscored the significance of this acquisition, positioning it as a pivotal moment in the company’s growth plan and solidifying its presence in one of Europe’s most prospective mineral regions. Leveraging the geological diversity and extensive pegmatite systems within the acquired land, AM Resources aims to capitalize on the potential for significant mineral discoveries in Austria’s Pegmatite Belt.

  • European Lithium doubles Wolfsberg Project footprint on grant of new licenses

    European Lithium doubles Wolfsberg Project footprint on grant of new licenses

    European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has taken another step toward becoming Europe’s first local producer of battery-grade lithium on being granted new mining licenses and extensions which double the footprint of the advanced Wolfsberg Lithium Project in Austria.

    A public hearing conducted by the Austrian Mining Authority has resulted in the new licenses and extensions, which come as the continent marches on in the strengthening transition to green energy.

    The company has been granted six new mining licenses while three existing licenses have been extended with one of the extensions applying to the existing Andreas field and two to the newly assigned Barbara field.

    Austrian fast-track

    European Lithium chairman Tony Sage said: “The grant of these mining licenses further reinforces our belief that Wolfsberg will be the first local producer of battery-grade lithium in Europe to fuel the green energy transition.

    “The Wolfsberg Project benefits from Austria’s robust and mature mining industry that reflects many of the aims of the EU’s proposed Critical Raw Materials Act, including a fast track for critical projects like ours.”

    Beyond existing resource

    Wolfsberg Project tenement map.

    EUR’s mining licenses now extend beyond the existing Wolfsberg lithium resource and almost double the project’s footprint.

    There are now 20 licenses covering the Wolfsberg Project, which almost double the footprint for the proposed underground mining operations.

    The licenses and extensions flow on from the Wolfsberg Project Definitive Feasibility Study (DFS) released in March 2023 in which mine planning and design incorporated an expanded resource.

    At the time, EUR identified several mining fields extending outside existing license areas that had the potential to be mined in the future.

    Since the DFS, the company applied for a new mining field, called Barbara, adjacent to the existing mining field called Andreas, which contains 11 mining licenses.

    The Barbara mining field provides the company with six new licenses along with the three extended licenses.

    READ: European Lithium strengthens critical minerals portfolio on securing Austrian projects with sample grades up to 3.98%

    European Lithium has also recently increased its Austrian critical minerals portfolio by securing other projects separate to Wolfsberg which have returned sample grades up to 3.98% and have potential to add to the company’s lithium bounty.

    “Significant upside”

    “The grant of the new mining licenses and license extensions provides significant upside to mining operations in the future,” the company’s CEO, Dietrich Wanke, said.

    “We are encouraged by this successful grant as we move toward operational readiness of the Wolfsberg Project,” he added.