MINEX Forum

Tag: critical minerals

  • European Tungsten Prices Reach Highest Level Since 2013 Amid Chinese Export Curbs

    European Tungsten Prices Reach Highest Level Since 2013 Amid Chinese Export Curbs

    European tungsten prices have surged to their highest point since 2013, driven by China’s tightening restrictions on critical mineral exports. The price of ammonium paratungstate (APT)—a vital intermediate in tungsten metal production—has reached $400 per metric ton unit (mtu) on the European spot market, marking an 18% increase since February, according to Reuters.

    The spike follows China’s recent export curbs and quota reductions on key strategic metals, including tungsten, tellurium, molybdenum, bismuth, and indium. These measures, imposed in retaliation to US tariffs earlier this year, have intensified global supply concerns.

    China dominates global tungsten production, accounting for over 80% of the 81,000 tons produced worldwide last year, according to the US Geological Survey (USGS). Tungsten’s exceptional properties—such as its highest melting point of any element, extreme hardness, and excellent electrical and thermal conductivity—make it indispensable across various industries. Initially popularized in incandescent light bulbs, tungsten now underpins sectors ranging from aerospace and semiconductors to defense and industrial drilling.

    Tungsten carbide, second only to diamond in hardness, is crucial for metalworking tools and industrial drills, while tungsten crucibles facilitate the melting of other high-temperature materials. In the defense sector, tungsten is used for “penetrators,” armor-piercing projectiles currently in high demand amid the ongoing conflict in Ukraine.

    China’s Tightening Grip on Exports
    The global tungsten scarcity has been exacerbated by China’s export restrictions. The country’s first tungsten ore mining quota for 2024 was set at 58,000 tons—a 6.5% decrease from the previous year.

    “Since the Chinese export ban was announced, there has been an over-reliance on scrap supplies, but now those are running thin, and there’s growing panic over the inability to secure new primary tungsten material,” said Oliver Friesen, CEO of Guardian Metal Resources.

    The stakes are especially high for the United States, which ceased commercial tungsten mining in 2015 and remains heavily reliant on imports. A looming 2027 deadline mandates the US military to eliminate purchases of tungsten mined or processed in China or Russia—the latter being the world’s third-largest producer.

    North American Efforts to Secure Supply
    In response, Canada’s Almonty Industries recently announced an offtake agreement to provide tungsten oxide exclusively for US defense applications. The company operates tungsten mines in Spain, Portugal, and South Korea.

    “Almonty can produce enough tungsten for US/EU/Korea defense demand but not enough for the entire US/EU/Korea market—defense and civilian combined,” Almonty’s CEO Lewis Black stated. Shares of Almonty rose 4.6% in Toronto following the announcement, giving the company a market capitalization of C$688 million ($492 million).

    “Tungsten is a small market… But the industries that depend on it are exponentially bigger, which is why it is on everyone’s critical mineral list,” Reuters columnist Andy Home noted.

  • EU Urged to Create €10 Billion Fund for Critical Raw Materials

    EU Urged to Create €10 Billion Fund for Critical Raw Materials

    The European Union must establish funds exceeding €10 billion ($11.4 billion) to drive investment in the exploration, mining, and recycling of critical raw materials, according to Bernd Schaefer, CEO of EIT RawMaterials, an EU-funded agency for key minerals.

    The EU has set ambitious 2030 targets for 34 critical minerals, including lithium and copper, which are vital for its green transition. These goals aim for 10% of annual demand to be met through domestic mining, 25% through recycling, and 40% through local processing. Furthermore, no single third country should supply more than 65% of any given mineral—a threshold the EU currently surpasses with China for many materials.

    To reach these targets, Schaefer emphasized the necessity of dedicating part of the bloc’s next seven-year budget from 2028 towards mining and recycling initiatives. “It should probably start with at least a billion or 2 billion euros and have the potential to grow considerably,” Schaefer told Reuters.

    Additionally, Schaefer called for the creation of a €10 billion exploration fund to identify minerals within the EU, which, when combined with private investments, could reach around €100 billion. He stressed the importance of evaluating future consumption and supply for each mineral while converting alliances with international partners into tangible volumes amid rising geopolitical tensions.

    “The Americans are very much hands-on in getting things down the road,” Schaefer said, urging Europe to take decisive action.

    Schaefer also pointed out that Europe’s increased defense spending, a factor not considered when setting its raw material targets, would further heighten demand for minerals such as vanadium, titanium, molybdenum, and chromium. He noted that while the required volumes are not massive, the urgency and sensitivity surrounding their sourcing have intensified, surpassing even that for energy and mobility raw materials.

  • Decarbonising the Mining Industry: Challenges and Innovations

    Decarbonising the Mining Industry: Challenges and Innovations

    The drive to decarbonise the global economy is unearthing new challenges in the mining sector, an industry pivotal to the green transition. Mining provides critical minerals for renewable technologies like solar panels, wind turbines, and electric vehicles. Yet, the sector is responsible for 4-7% of global emissions, primarily from methane released by coal mines. While methane emissions are expected to decline over the next 25 years, attention is turning to the decarbonisation of other mining operations essential for the energy shift.

    The International Energy Agency projects that achieving net-zero emissions by 2050 will require a 50% increase in copper demand by 2040, a doubling of nickel and cobalt needs, and an eightfold surge in lithium demand. Amid these projections, Australian iron ore giant Fortescue Metals Group has positioned itself as an industry leader. Unlike many companies relying on carbon offsets, Fortescue aims for “real zero” by 2030, cutting emissions from its massive Pilbara region operations. Fortescue’s Chairman, Andrew Forrest, has been vocal against the concept of “net-zero,” advocating for tangible emission cuts instead.

    Fortescue’s strategy includes replacing diesel and gas with 2-3 gigawatts of solar and wind power, backed by significant battery storage. The company has also pioneered innovative technologies, such as regenerative battery-powered trains that capture gravitational energy during descents. These designs are part of its $6.2 billion decarbonisation plan, aiming to set new standards for emissions reductions in mining.

    Other global mining operations are also adopting renewables. In the Democratic Republic of Congo, the Kamoa Copper mine signed a deal with CrossBoundary Energy for a 222-megawatt solar array and massive battery system to reduce emissions by around 78,750 tonnes annually. Matthew Tilleard of CrossBoundary Energy called it a “baseload renewable energy solution,” marking a significant step for off-grid mining operations.

    Efforts are also underway to decarbonise mining vehicles. The International Council on Mining and Metals (ICMM) has partnered with manufacturers to develop zero-emission vehicles, with full-scale deployment expected by 2030. Bryony Clear Hill of ICMM noted that battery electric technology is gaining traction, with prototypes already in testing.

    However, the path to decarbonisation remains uneven. Regional differences, infrastructure challenges, and government policies significantly affect progress. According to Gregoire Bellois of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development, some companies make genuine strides, while others only achieve “on paper” progress through divestment. Chinese companies, which are rapidly consolidating control over key minerals like cobalt, remain hesitant to decarbonise due to a lack of regulatory pressure.

    Looking ahead, the European Union’s proposed Carbon Border Adjustment Mechanism (CBAM) could reshape global mining. If implemented, CBAM would levy carbon-intensive companies exporting to the EU, potentially pushing high-emission operations toward markets with fewer regulations.

    While the road to “real zero” is fraught with obstacles, experts agree that every effort to reduce emissions is crucial. As mining scales up to meet unprecedented global demand, the pressure to innovate and cut carbon footprints is more significant than ever.

  • Romania Revives Europe’s Largest Graphite Deposit with €200 Million Investment

    Romania Revives Europe’s Largest Graphite Deposit with €200 Million Investment

    Romania is set to breathe new life into Europe’s largest graphite deposit, located in Baia de Fier, 235 kilometers west of Bucharest, after 21 years of dormancy. Once a bustling site employing 500 workers, the area now stands as a landscape of decaying metal structures and rusted machinery. However, thanks to nearly €200 million ($227 million) in funding from the European Commission, the Romanian Salt Company is preparing to restart operations. This initiative is part of a broader strategy to reduce Europe’s reliance on critical materials from China, reflecting shifting global geopolitical dynamics.

    The European Commission has designated the Baia de Fier site as one of three strategic mining projects in Romania. The country will receive a total of €615 million ($698 million) from Brussels, with graphite extraction prioritized for its applications in electric vehicle batteries, energy storage systems, electronics, and machine manufacturing, according to Andreea Nestian, Financial Director at A3Build, a consulting firm specializing in mining.

    Two other projects highlighted by the EU include metallic magnesium extraction in Budureasa and copper mining in Rovina, both also located in western Romania. “Magnesium is crucial for producing lightweight alloys used in the automotive, aerospace, and defense industries,” Nestian said, underscoring Europe’s heavy dependency on imports. Meanwhile, the Rovina copper deposit is recognized as the second-largest in Europe, although its development has faced legal challenges from environmentalists.

    In a bid to attract further financial support, Romanian authorities have informed Brussels about additional mineral reserves, including titanium, boron, quartz, phosphorus, germanium, tungsten, gallium, and rare earth elements. Romanian Minister of Economy Bogdan Ivan highlighted their significance across diverse sectors, such as aerospace, medical equipment, solar technologies, and defense.

    Despite the optimism surrounding the revival of Baia de Fier, the project faces significant hurdles. Many of the former workers have retired or emigrated, and Romania’s sole faculty of mining is struggling to attract students due to waning interest in the industry. Experts stress that substantial external investment and a skilled workforce will be crucial for the mine’s successful reactivation.

    The Romanian government plans to submit the project proposal to the European Commission in the third quarter of this year, although a start date for mining operations remains undecided.

  • District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals (TSXV: DMX) has unveiled a significant upgrade to its Viken uranium project in central Sweden, announcing a new resource estimate that positions the project as the second largest uranium deposit in the world. The update has driven a substantial increase in the company’s share price, reflecting investor enthusiasm.

    The updated resource now totals 456 million indicated tonnes with a grade of 175 parts per million (ppm) uranium oxide (U3O8), equating to 176 million contained pounds of U3O8. This marks an almost ninefold increase compared to the previous 2010 resource estimate. Inferred resources also saw a significant boost, growing by 44% to 4.33 billion tonnes at a grade of 161 ppm U3O8, yielding 1.53 billion contained pounds.

    District CEO Garrett Ainsworth expressed that the impressive growth in the resource estimate highlights the strong continuity in grade and thickness of the mineralized Alum Shale formation across the Viken deposit. He also mentioned the potential for further expansion of the inferred resource, further underscoring the project’s promising future.

    Following the announcement, District Metals’ shares surged by 23%, reaching C$0.35 per share in afternoon trading on Tuesday, giving the company a market capitalization of C$45.9 million.

    Sweden’s Uranium Revival
    The new resource estimate for Viken is bolstered by the growing momentum for uranium in Sweden. The country is on the cusp of lifting its 2018 ban on uranium exploration and mining. The Swedish government, led by Prime Minister Ulf Kristersson, has been pushing to overturn the ban since 2023, with legislative changes expected to come into effect by January 2024.

    While Sweden’s uranium output is small on the global stage, its resources represent 27% of Europe’s total, according to the Swedish Geological Survey. The global demand for uranium, driven by the need for zero-emission energy sources, is also creating a favorable environment for Sweden’s uranium projects.

    Global Ranking of Viken
    Viken’s resource estimate places it among the largest uranium projects in the world. District Metals’ analysis, compared to other global uranium projects, positions Viken just below BHP’s Olympic Dam polymetallic project in South Australia, based on the total contained uranium.

    Additional Critical Minerals
    In addition to uranium, the Viken deposit hosts significant amounts of other critical minerals. The indicated vanadium resource has increased more than 16 times, with 2.85 billion pounds of vanadium oxide (V2O5) at a grade of 2,836 ppm. The inferred vanadium resource has grown by 45% to 24.29 billion pounds at a grade of 2,543 ppm V2O5.

    The indicated zinc resource totals 413 million pounds, grading 411 ppm zinc, and the inferred resource adds 3.9 billion pounds at a grade of 417 ppm. The nickel resources are also notable, with 332 million pounds of nickel in the indicated category at a grade of 330 ppm, and 3 billion pounds in the inferred category at a grade of 321 ppm.

    Next Steps
    The Swedish government’s plans to lift the uranium mining ban will influence District’s decision on whether to proceed with a preliminary economic assessment for Viken in the fourth quarter of 2023. The new resource estimate is based on 122 holes, including drilling data from previous operators between 2006 and 2012.

  • China Deepens Grip on Uzbekistan’s Mineral Sector Amid Global Race for Critical Resources

    China Deepens Grip on Uzbekistan’s Mineral Sector Amid Global Race for Critical Resources

    As global powers intensify their pursuit of critical minerals, Central Asia has emerged as a strategic pivot. Among its nations, Uzbekistan stands out—not only for its rich deposits of copper, tungsten, molybdenum, and rare earth elements, but also for its increasingly central role in China’s mineral strategy.

    Already heavily involved in the region’s energy and infrastructure sectors, China has taken a proactive investment stance in Uzbekistan’s mining industry. In 2024, Limaomaoli Metal Company launched construction of the Syurenata mining complex in Parkent, aimed at processing 1 million tons of iron ore concentrate annually. Simultaneously, China Baoli Technologies is investing $200 million in a non-ferrous metal facility in the Ipak Yuli Free Economic Zone, targeting up to 45,000 tons of annual output with $18 million in export potential.

    Copper, a linchpin in global energy transition efforts, is another key focus. China Mining Energy Group is spearheading a $200 million copper mining project in Chust (Namangan region), expected to yield 30,000 tons per year and create 420 local jobs. Additionally, Boi Yi Da is planning a new copper processing plant in the same region, while a $2.7 billion project to tap copper and silver reserves in Bobotog is under negotiation.

    For Uzbekistan, these ventures promise significant job creation, technological transfer, and a move up the value chain—critical steps toward its goal of becoming a producer of value-added mineral products. They also reflect Tashkent’s broader push to localize mineral processing, boost exports, and attract FDI into downstream sectors.

    For Beijing, meanwhile, these deals help secure raw materials essential for its green economy and industrial resilience, while also reducing reliance on vulnerable maritime supply routes. The copper and iron ore flowing from Uzbekistan may soon become vital to China’s supply diversification strategy.

    Yet, the growing Chinese footprint is not without challenges. Concerns around environmental degradation and transparency in resource deals are mounting. Public unease over Chinese firms acquiring mineral rights is increasingly voiced in Uzbek media and civil society. Moreover, critics warn that unless Chinese investments support advanced processing, Uzbekistan risks becoming locked into the role of a mid-tier raw exporter.

    There’s also increasing Western interest. France has inked uranium deals with Tashkent, and the U.S. recently signed a critical minerals investment agreement. China’s accelerated moves may reflect efforts to edge out competitors and reinforce dominance over global mineral supply chains.

    Ultimately, China’s growing influence in Uzbekistan’s mining sector presents both a strategic opportunity and a test. A long-term, mutually beneficial partnership will require more than capital—it will demand transparency, environmental responsibility, and alignment with Uzbekistan’s industrial transformation goals.

  • U.S. Strengthens Critical Minerals Alliance with Uzbekistan in Bid to Counter China

    U.S. Strengthens Critical Minerals Alliance with Uzbekistan in Bid to Counter China

    The United States has ramped up its efforts to secure critical mineral supplies by signing a new cooperation agreement with Uzbekistan, focused on boosting American mining investments in the Central Asian nation.

    The announcement follows a series of high-level meetings in Washington, where an Uzbek delegation engaged with U.S. business leaders. While specific companies and investment figures were not disclosed, Uzbekistan’s government confirmed that the deal includes commitments to invest in mineral exploration and extraction, the construction of grinding equipment, and specialist training for Uzbek workers.

    The initiative builds on a September memorandum of understanding aimed at enhancing collaboration in the critical minerals sector. On Wednesday, U.S. Secretary of State Marco Rubio met with Uzbek Foreign Minister Bakhtiyor Saidov, underscoring Washington’s intent to strengthen strategic ties in mineral-rich Central Asia.

    “There’s great potential ahead for investments between our countries and cooperation in the critical minerals and other sectors,” Rubio posted on social media following the meeting.

    Uzbekistan, with its extensive deposits of key elements such as rare earths, lithium, and uranium, has been actively courting foreign investors. In early 2025, President Shavkat Mirziyoyev launched a $2.6 billion national program to develop 76 mining projects targeting 28 different elements. The initiative focuses on utilizing advanced technologies to extract raw materials, improve mineral purity, and produce higher value-added products.

    For the U.S., Uzbekistan represents a vital link in reshaping global supply chains away from China’s dominance. The Trump administration has also expanded its critical mineral diplomacy beyond Central Asia, initiating talks with Pakistan, Ukraine, and the Democratic Republic of Congo. These countries hold strategic reserves of minerals essential for defence, battery manufacturing, and clean energy technologies.

    As competition intensifies for access to global mineral reserves, Uzbekistan’s alignment with U.S. strategic goals may position it as a key player in future resource security initiatives.

  • US Investor James Cameron Offers $5B to Acquire Eurasian Resources Group Amid Kazakhstan’s Rare Earth Push

    US Investor James Cameron Offers $5B to Acquire Eurasian Resources Group Amid Kazakhstan’s Rare Earth Push

    US businessman James Cameron has made a $5 billion offer to acquire Eurasian Resources Group (ERG), according to a letter sent to the company’s board, as the Kazakh mining giant prepares to play a central role in Kazakhstan’s rare earths expansion.

    ERG, headquartered in Luxembourg and 40% owned by the Kazakh government, is a key global producer of copper, cobalt, aluminum, and iron ore. Last year, the company launched a task force to explore Kazakhstan’s reserves of rare earth and rare metals—a strategic move gaining momentum amid geopolitical tensions and a global race to secure critical minerals.

    Talks between ERG and Cameron—not related to the film director of the same name—have reportedly been ongoing since late 2024, according to sources familiar with the matter. Cameron previously served as chairman of FTSE 250 mining firm Petropavlovsk.

    While ERG, the Kazakh government, and Cameron have not publicly commented, the letter seen by Reuters states that Goldman Sachs is in early discussions to advise on the potential acquisition. Financing would be secured through a mix of Cameron’s own capital and equity from investors in the US, Australia, and the Middle East.

    The move comes at a critical time, as Kazakhstan announced a rare earth discovery exceeding 20 million metric tons—a find that could position the country among the top three rare earth holders globally, behind China and Brazil. Prime Minister Olzhas Bektenov has confirmed that previously classified Soviet-era geological data is being declassified to support exploration and investment.

    ERG is poised to play a pivotal role in the country’s plan to increase rare earth production by 40% by 2028. The group once produced one-fifth of the world’s gallium, a strategic metal in semiconductor production, until Chinese output caused a price collapse in 2012. China has since banned gallium exports to the US, further driving American interest in alternative sources.

    The deal could mark a new chapter for ERG, following the death of board chairman and co-founder Alexander Mashkevich last month. With only Patokh Chodiev remaining from the original founding trio, Cameron’s bid could reshape the company’s leadership and strategic direction.

  • 15th MINEX Kazakhstan Forum Highlights Second Phase of Mining Law Reform

    15th MINEX Kazakhstan Forum Highlights Second Phase of Mining Law Reform

    The 15th anniversary MINEX Kazakhstan Forum has officially opened in Astana, bringing together over 450 delegates and more than 100 speakers from 30 countries, including Central Asia, Europe, the Americas, the Middle East, Southeast Asia, Africa, and Australia. The forum emphasizes Kazakhstan’s growing importance in the global mineral resource market.

    The central theme of the event is “A New Era in Kazakhstan’s Mineral Development: From Exploration to Processing.” Key discussions focused on sustainable development, ESG principles, technological innovation, digitization, investment, exploration, and cross-border cooperation.

    During the plenary session, Nikolai Radostovets, Executive Director of the Republican Association of Mining and Metallurgical Enterprises (AGMP), highlighted the need to continue reforms in subsoil use and taxation.

    He praised the government’s proactive efforts in attracting both domestic and foreign investment in geological exploration. Over 3,000 licenses have been issued, demonstrating momentum in the sector. However, Radostovets emphasized that a second phase of subsoil use reform is necessary to address remaining legislative gaps.

    Notably, he proposed splitting the current Subsoil Code into two separate laws — one for hydrocarbons and another for solid minerals — to better address the specific needs of each sector.

    Radostovets also outlined key priorities for transforming the sector:

    • Classifying exploration expenses as tax-deductible,

    • Introducing agreements for processing low-grade deposits,

    • Stimulating the processing of technogenic mineral formations,

    • Developing a new Tax Code with provisions tailored to the mining sector.

    One of the central issues is the introduction of royalties for new and existing deposits. While initial industry reactions were hesitant, similar to past transitions from contracts to licensing, Radostovets expressed optimism that fair and competitive royalty rates will encourage investment and higher value-added processing.

    The executive also called for greater alignment between the Subsoil Code and other legislation, such as the Water and Land Codes, to address legal inconsistencies.

    Legislative amendments — more than 60 proposals — are currently under review by the Ministry of Industry and Construction. A working group will begin public discussions in the coming weeks, and the finalized amendments are expected to be submitted to Parliament in September 2025.

    Radostovets stressed the importance of coal as a strategic resource, advocating for investment in coal chemistry despite global calls to move away from coal combustion. He also promoted the development of industrial clusters, including copper and aluminum clusters, to support local value-added production.

    “We are optimistic. The MINEX Kazakhstan Forum not only facilitates dialogue and debate but helps us move forward with meaningful reforms in Kazakhstan’s mining sector,” Radostovets concluded.

  • Kazakhstan Targets Nearly ₸12 Billion Investment in Rare Earth Metal Development

    Kazakhstan Targets Nearly ₸12 Billion Investment in Rare Earth Metal Development

    Kazakhstan is set to attract nearly ₸11.79 billion (approx. $26 million) in investments for the exploration and development of rare earth metal deposits over the next four years, according to the Ministry of Industry and Construction.

    Currently, Kazakhstan does not produce rare earth raw materials. However, it already extracts several critical metals recognized by the EU, UK, and US, including beryllium, tantalum, niobium, fluorspar, titanium, rhenium, vanadium, antimony, bismuth, scandium, phosphorus, coking coal, bauxite, barite, copper, magnesium, tellurium, and manganese.

    The government has identified cobalt, tungsten, lithium, and other metals used in batteries and magnet production as key priorities. The national mineral reserve includes 56 cobalt deposits, 21 tungsten deposits, and 7 lithium fields. Exploration and production initiatives for lithium are already underway, including partnerships with German investors, potentially totaling $500 million if reserves are confirmed.

    As part of its 2024–2028 strategic plan, Kazakhstan aims to:

    • Expand its resource base,

    • Implement advanced extraction technologies,

    • Modernize production,

    • Develop new standards for critical minerals.

    The state budget and alternative funding sources will support this effort. In addition, Kazakhstan seeks to become a key player in the battery material supply chain. In 2024, it began manganese sulfate processing, capturing 5% of the global market.

    Several mid-term projects are also in development, including:

    • Cobalt, lithium, tin, and tungsten processing facilities,

    • A UK-Kazakh project in Zhezkazgan processing imported heat-resistant nickel alloys to extract rhenium,

    • A Chinese investment in tungsten trioxide production.

    The Ministry of Industry believes these initiatives will significantly strengthen Kazakhstan’s position in rare and critical metal production within three years. Kazakhstan is already a leading global producer of titanium, beryllium, and tantalum, and aims to attract new partners through technology transfer agreements.

    These moves align with Kazakhstan’s broader strategic partnership with the United States, particularly in energy and critical minerals. President Kassym-Jomart Tokayev has emphasized the importance of developing what he called the country’s “new oil” — critical minerals vital for the global energy transition.