MINEX Forum

Tag: copper

  • Mundoro Capital Inc. Reports Positive Exploration Results and Financial Update for Q2 2026

    Mundoro Capital Inc. Reports Positive Exploration Results and Financial Update for Q2 2026

    Mundoro Capital Inc., a Vancouver-based mining company, has released an update on its exploration program results and financial performance for the second quarter and six-month period ending June 30, 2026. The company is focusing on generating new property opportunities, particularly in Serbia, while also reducing corporate expenses by 24%. CEO Teo Dechev highlighted the strategic shift towards their Arizona copper assets, with upcoming drill tests planned for the Vitanovac target and advancements in the Borsko drill target in Bulgaria.

    The exploration highlights include the completion of drilling at Skorusa East, with assays received for two significant drill holes, 26-SKO-08 and 26-SKO-09. The company has also initiated new hyperspectral core scanning and petrophysical sampling to enhance their geological understanding. Formal drill proposals have been established for three prospective areas: Borsko, Skoursa East, and Skorusa West, with a focus on refining targets and delineating potential porphyry sources.

    In terms of financial performance, Mundoro reported a fee income of $251,009 for Q2 2026, a significant increase compared to $120,497 in the same quarter of the previous year. Exploration expenditures rose to $2,513,992, reflecting the company’s commitment to advancing its exploration projects. Corporate expenses decreased to $281,162, contributing to a net loss of $325,340 for the quarter, which is an improvement from the previous year’s loss of $540,377.

    Mundoro’s exploration efforts are primarily concentrated in Eastern Serbia, particularly within the Timok Magmatic Complex, known for its copper-gold deposits. The company is also advancing its projects in Arizona, where it has identified several prospective intrusions. The ongoing generative work aims to create long-term royalty opportunities and further property payments through the optioning of mineral projects.

    The company remains focused on refining its geological models and establishing formal drill proposals for its various targets, including the Borsko, Trstenik, and South Timok Corridor projects. Despite facing delays in the permitting process for its EE1 Project in Bulgaria, Mundoro is committed to advancing its exploration initiatives and unlocking the potential of its mineral properties.

  • East Star Resources Partners with Kazakhstan’s Nova Ltd for Major Copper Project Development

    East Star Resources Partners with Kazakhstan’s Nova Ltd for Major Copper Project Development

    East Star Resources (EST), a British company operating in Kazakhstan, has announced a significant partnership with local firm Nova Ltd to establish a joint venture aimed at developing the Rulikha copper project in the East Kazakhstan region. The project will be operated by Orion Development Ltd, which has been tasked with the technical execution of the project, including resource confirmation, feasibility studies, permitting, construction, and the eventual commencement of production. This strategic collaboration is noteworthy as it allows East Star to advance the project without requiring additional funding from its side.

    Nova Ltd, specifically registered in the Astana International Financial Centre (AIFC) to finance the joint venture, boasts shareholders that include prominent figures in Kazakhstan’s natural resources sector. While the identities of these shareholders have not been officially disclosed, speculation suggests they may include notable entrepreneur Aigazy Kusaikov and businessman Askhat Omarov, the latter being associated with billionaire Aydin Rakhimbaev.

    Orion Development, also registered in the AIFC, brings a wealth of experience in the construction and operation of copper mines and processing facilities in Kazakhstan. This team is expected to leverage its expertise to ensure the successful development of the Rulikha project.

    The Nova and Orion teams have previously developed two copper assets in Kazakhstan: the Karshyga and Kamkor projects. The Karshyga site was acquired in February 2017 from British firm Orsu Metals, which had reported reserves of approximately 4.6 million tonnes of ore with an average copper content of 3.02%. Following the acquisition, the team designed, financed, and constructed a copper processing plant, which began operations in 2018, leading to a significant increase in annual revenue.

    The Kamkor project, acquired in 2021, contained around 15.7 million tonnes of copper ore with an average metal content of 0.65%. Construction of its processing facility commenced in January 2022, and it was operational by April 2023, with capital expenditures amounting to $14 million. The facility’s capacity was later increased by approximately 50%, resulting in a substantial rise in project revenues.

    With the Rulikha project, the initial phase requires the partner to drill at least 3,000 meters or fund $1.5 million worth of work. East Star has already secured drilling permits for the main site and plans to initiate operations in the third to fourth quarters of 2026. As the project progresses, Nova’s stake in the joint venture will increase, potentially resulting in a final structure where Nova holds either 75% or 65% of the venture, depending on the financial arrangements.

    Located about 33 km from the Upper Uba project, another copper initiative by East Star, the Rulikha project’s geological exploration target is estimated at a maximum of 23 million tonnes of ore with an average copper equivalent grade of 2.4%. This development marks East Star’s second copper project in Kazakhstan, following the entry of Chinese investors into the Upper Uba project, where East Star aims to retain a 30% stake post-production commencement, while for Rulikha, it aims for a stake between 25% and 35%.

  • Altai Resources Secures Subsoil Use Licence in Kazakhstan

    Altai Resources Secures Subsoil Use Licence in Kazakhstan

    Altai Resources Limited has announced a significant regulatory achievement with the receipt of a formal notification of intent from the Ministry of Industry and Construction of the Republic of Kazakhstan. This notification paves the way for the company to be granted a subsoil use licence adjacent to the Maksut South copper-nickel mine. This development is a pivotal moment for Altai Resources, as it not only enhances their operational capabilities but also expands their exploration footprint within the highly prospective magmatic sulphide belt located in East Kazakhstan.

    The acquisition of this licence is expected to bolster the company’s position in the region, which is known for its rich mineral deposits, particularly in copper and nickel. The magmatic sulphide belt in East Kazakhstan has been identified as a significant area for exploration, and Altai Resources aims to leverage this opportunity to enhance its resource base and contribute to the local mining sector.

    As the demand for copper and nickel continues to rise globally, driven by the transition to renewable energy and electric vehicles, Altai Resources is strategically positioning itself to meet this demand. The company’s expansion into this area aligns with broader industry trends, where mining companies are increasingly seeking to secure access to critical minerals that are essential for modern technologies.

    This development not only reflects Altai Resources’ commitment to growth and exploration but also highlights the supportive regulatory environment in Kazakhstan, which is working to attract foreign investment in its mining sector. The successful acquisition of the subsoil use licence is a testament to the company’s strategic planning and operational execution, setting the stage for future exploration and potential discoveries in the region.

  • Skouries Project: A Landmark Copper-Gold Mine Set to Transform Greece’s Mining Landscape

    Skouries Project: A Landmark Copper-Gold Mine Set to Transform Greece’s Mining Landscape

    Hellas Gold S.A. has announced that the Skouries project, located in northeastern Halkidiki, Greece, is entering its final stages of development. This state-of-the-art copper-gold mine is not only significant on a national level but also holds considerable importance for Europe as a whole. The Skouries project is being developed with advanced technologies and adheres to the principles of responsible mining, ensuring that environmental and social considerations are at the forefront of its operations.

    The Skouries mine is expected to play a pivotal role in enhancing Greece’s position on the European mining map. It is projected to create numerous job opportunities, bolster exports, and contribute significantly to state income. Moreover, the mine will provide a new source of copper, a metal that is increasingly essential for the energy transition, renewable energy initiatives, electric mobility, and future technological advancements.

    With the first production of copper-gold concentrate anticipated in the third quarter of 2026 and commercial production expected to commence by the fourth quarter of the same year, the Skouries project is transitioning from the construction phase to a focus on long-term value creation. This development is expected to have a lasting impact on the local economy and the broader European mining sector, positioning Greece as a key player in the supply of critical minerals necessary for the green economy.

    As the project progresses, stakeholders are optimistic about the potential benefits that Skouries will bring, not only in terms of economic growth but also in establishing a model for sustainable mining practices in the region. The successful implementation of this project could set a precedent for future mining ventures in Greece and beyond, highlighting the importance of balancing resource extraction with environmental stewardship.

  • American Company Acquires Teghut Copper-Molybdenum Mine in Armenia

    American Company Acquires Teghut Copper-Molybdenum Mine in Armenia

    In a significant development for Armenia’s mining sector, the Teghut copper-molybdenum deposit has been acquired by the American company Dynamic Frontier Holdings, led by Konstantin Sokolov. This acquisition marks a notable shift in ownership, as the mine was previously under the control of the Russian bank VTB due to outstanding debts. The announcement was reported by the Armenian media outlet Azatutun.

    Sokolov’s recent appointment as the head of the US State Department’s TRIPP+ fund, which oversees the strategic ‘Trump Route’ project through Armenia, adds a layer of interest to this acquisition. Just months prior, Sokolov had expressed interest in purchasing the mine, which is the second largest in Armenia in terms of copper and molybdenum reserves, estimated at around 450 million tons of ore.

    The mine was previously operated by Vallex Group, owned by businessman Valery Medzhlumyan, who faced financial difficulties leading to the transfer of ownership to VTB in 2018. The outstanding debts of the Teghut company to VTB were reported to exceed 162 billion drams (approximately 440 million dollars) as of 2024.

    Dynamic Frontier Holdings, founded in Texas in August 2025, is not registered in Armenia, indicating a new wave of foreign investment in the country’s mining industry. This acquisition follows the earlier investment in the Amulsar gold mine, highlighting a growing interest from Western investors in Armenia’s mineral resources.

    As the mining industry in Armenia continues to evolve, the involvement of foreign companies like Dynamic Frontier Holdings could signal a shift towards more diversified and potentially more sustainable mining practices. The Teghut mine’s operational history and the recent changes in ownership will be closely monitored by industry stakeholders and investors alike.

  • Teako Minerals Launches Field Program at Tynset Copper-Zinc-Silver Project in Norway

    Teako Minerals Launches Field Program at Tynset Copper-Zinc-Silver Project in Norway

    Teako Minerals Corp. has officially commenced its 2026 field program at the Tynset copper-zinc-silver (Cu-Zn-Ag) volcanogenic massive sulphide (VMS) project located in central Norway. This initiative aims to enhance the company’s existing geological datasets and establish high-priority drill targets in the Storbekken Priority 1 target area. The field program will encompass detailed geological mapping, systematic sampling, and an Induced Polarization (IP) geophysical survey, with the first diamond drilling expected to begin between Q4 2026 and Q1 2027.

    In addition to the fieldwork, Teako has expanded the Tynset Project by securing four new exploration licenses that cover the high-priority Nonsvola and Vingelen target areas, thereby increasing the strike length of the prospective volcanic belt. The company has engaged Geovisor Oy to conduct approximately 10 line kilometres of IP surveying, set to commence in mid-October 2026, which will play a crucial role in refining drill targets.

    The 2026 field program is designed to improve the understanding of the geological and structural characteristics of the area, focusing on the identification of key lithological contacts and the characterization of mineralized outcrops. The integration of geochemical and spectral data will enhance the interpretation of geophysical results, ultimately guiding the drilling efforts towards the most promising areas.

    The Tynset Project, which is 100% owned by Teako, spans 121 square kilometres and includes 14 granted exploration claims. It is strategically located near established infrastructure, including a railway and national road, facilitating access to deep-sea ports. Historical data from previous exploration efforts indicate a favourable geological setting for Cu-Zn-Ag VMS mineralization, with significant soil and stream sediment anomalies suggesting the potential for new discoveries.

    Teako’s commitment to leveraging advanced exploration technologies and strategic partnerships underscores its goal of addressing the increasing demand for critical minerals while delivering value to shareholders. The company’s focus on the Tynset Project, alongside its broader portfolio of over 60 projects in Norway, positions it well within the competitive landscape of mineral exploration and development.

  • Azerbaijan’s Mining Sector: A New Catalyst for Non-Oil Exports

    Azerbaijan’s Mining Sector: A New Catalyst for Non-Oil Exports

    Azerbaijan’s mining sector is increasingly becoming a significant contributor to the country’s non-oil exports, as evidenced by the latest trade data from the first half of 2026. The country reported a remarkable $202.2 million in primary non-oil gold exports, alongside substantial figures for raw copper concentrate at $135.9 million and aluminum products at $58.9 million. However, a crucial detail in the trade report indicates that the gold exports exclude monetary gold, which has led to some misconceptions regarding the relationship between gold imports by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and the country’s export figures.

    The distinction between monetary and non-monetary gold is vital for understanding Azerbaijan’s economic landscape. Monetary gold, held as a reserve by central banks and sovereign wealth funds, does not impact the current account but rather the financial account of the balance of payments. In contrast, non-monetary gold, which is mined and sold on international markets, is reflected in the trade statistics. The $202.2 million in gold exports is attributed to local mining operations rather than SOFAZ’s reserve strategies.

    Key players in this burgeoning mining sector include Anglo Asian Mining PLC and AzerGold CJSC. Anglo Asian Mining has been active in Azerbaijan since the mid-2000s, expanding its operations in the Gadabay and Gosha fields, while AzerGold focuses on the Chovdar mine and other extraction sites. The increase in copper exports, which surged from $12.3 million in H1 2025 to $135.9 million in H1 2026, underscores the growth of the domestic mining industry, driven by enhanced production capabilities and favourable international prices.

    The implications of these developments extend beyond mere export figures. Traditionally reliant on agricultural exports, Azerbaijan is witnessing a shift as mining gains prominence in its non-oil export strategy. The combined revenue from gold, copper, and aluminum reached $397 million in just six months, signalling a potential transformation in the country’s economic focus.

    Furthermore, the geographic aspect of mining development aligns with Azerbaijan’s broader reconstruction strategy, particularly in areas bordering the liberated territories. As geological surveys and mining activities expand into these regions, the contribution of the mining sector to non-oil exports is expected to grow even further in the coming years, despite fluctuations in global commodity prices.

  • Kazakhmys Begins Construction of Kazakhstan’s Deepest Mine Shaft

    Kazakhmys Begins Construction of Kazakhstan’s Deepest Mine Shaft

    Kazakhmys Corporation has embarked on one of the largest investment projects in recent years with the construction of the ‘Air Supply Shaft-2’ at the Nurkazgan deposit in the Karaganda region. The project, which involves an investment exceeding 32.5 billion tenge, aims to enhance the development of the Eastern section of the deposit and marks a significant milestone in the evolution of the Nurkazgan mine.

    The new shaft, projected to reach a depth of 1,283.9 meters, will become the deepest mine shaft in Kazakhstan. Its construction is expected to facilitate the further exploration of ore reserves, improve industrial safety standards, and establish a modern infrastructure that will support the mine’s operations for decades to come. A ceremonial event to mark the commencement of construction was attended by key figures, including Nurmukhamet Abdibekov, Chairman of the Board of Kazakhmys, and other senior executives.

    Abdibekov highlighted the project’s significance, stating that it represents a long-term investment in safety, production development, and the strengthening of the company’s resource base. The primary objective of the project is to uncover the ore reserves in the Eastern section, ensure a fresh air supply to underground workings, and create a safe environment for workers.

    Construction will involve the excavation of over 65,000 cubic meters of rock and the establishment of nine connections with existing mine horizons. The completion of the shaft is anticipated by 2031, after which it will be equipped with advanced technological systems, including a cage lift, main ventilation unit, and a modular heating boiler to warm the air entering the mine.

    Looking ahead, Kazakhmys plans to initiate the construction of the ‘Ventilation Shaft-2′ in 2027, which will complement the newly built shaft and create a unified engineering infrastructure. This infrastructure will ensure effective ventilation and safe operations at the mine, enabling the further exploration of new ore reserves.

    The confirmed reserves at the Nurkazgan deposit, which contain copper, gold, and silver, support the sustainable operation of the mining and processing complex for over 40 years. The project’s implementation is a crucial step in Kazakhmys’ long-term investment programme aimed at enhancing production capacities, improving industrial safety, and reinforcing the company’s resource base.

  • Kazakhmys Begins Construction of Kazakhstan’s Deepest Mine Shaft

    Kazakhmys Begins Construction of Kazakhstan’s Deepest Mine Shaft

    Kazakhmys Corporation has commenced the excavation of the ‘Air Supply-Cage-2’ mine shaft at the Nurkazgan deposit in the Karaganda region, which is set to become the deepest mine shaft in Kazakhstan, reaching a projected depth of 1,284 metres. The investment for this construction is estimated at 32.5 billion tenge. This shaft will serve as a crucial hub for the future infrastructure of the Eastern section of the deposit, primarily aimed at accessing ore bodies located at deep levels, ensuring ventilation for the mine, and facilitating the descent and ascent of workers.

    The project entails a significant volume of work, with approximately 65,000 cubic metres of rock mass expected to be extracted during the excavation process. There are plans for nine intersections with existing levels. The excavation is scheduled to continue until 2031, after which modern equipment will be installed in the shaft, including a cage lift, a main ventilation unit, and a modular boiler that will heat the air entering the underground workings.

    In parallel, Kazakhmys is preparing for a new phase of development at the site, with work on the companion shaft ‘Ventilation-2’ set to begin next year. Once all operations are completed, the finished shafts will form a comprehensive infrastructure for the future extraction of copper, gold, and silver. Geologists estimate that the confirmed reserves at Nurkazgan will allow the mining and processing plant to operate for over four decades.

  • Asia’s Mining Sector Poised for Growth Amid Energy Security Concerns

    Asia’s Mining Sector Poised for Growth Amid Energy Security Concerns

    The Asian mining sector is increasingly capturing the attention of industry influencers on social media, particularly on X, as discussions revolve around energy security, critical minerals, and the rising demand driven by electrification, artificial intelligence (AI), and infrastructure development. Recent insights from GlobalData, a leading intelligence and productivity platform, highlight significant developments across the region, including Vietnam’s decision to allow coal mines to exceed their licensed capacity, India’s push for increased domestic coal production and gasification, and China’s tightening of controls on the extraction of strategic minerals. Furthermore, Indonesia’s evolving regulations regarding nickel and concerns over copper supply further solidify Asia’s pivotal role in global mining investment.

    Smitarani Tripathy, a Social Media Analyst at GlobalData, notes that influencers perceive the Asian mining sector as entering a multi-year growth cycle, propelled by the convergence of energy security issues and the escalating demand for critical minerals. Governments across the region are reportedly prioritising domestic resource development as a strategy to reduce reliance on imports while ensuring a stable supply for strategic industries, including electric vehicles, power transmission, data centres, and advanced manufacturing. This shift indicates a broader transformation in which Asia’s mining sector is evolving from a mere commodity supplier to a strategic component of industrial policy.

    The discussions captured by GlobalData’s platform suggest that copper, nickel, coal, and rare earth minerals are expected to receive heightened policy and investment focus in the coming years. Influencers believe that countries that effectively integrate mining, refining, and downstream processing capabilities will be best positioned to harness value from the global energy transition and the AI-driven infrastructure expansion. Prominent voices in the industry, such as Stephen Stapczynski from Bloomberg, highlight Vietnam’s initiative to boost coal production for energy security, while investors like Paul Johnson emphasize the potential for significant returns in the mining sector. Amit Kumar Gupta, founder of FinTrekk Capital, points out that copper is evolving beyond a traditional industrial commodity, driven by structural trends in AI data centres, power transmission, and vehicle electrification, which are creating sustained demand amidst challenges in bringing new supply online.