MINEX Forum

Tag: gold mining

  • Minrex Resources Reports High-Grade Gold Discoveries at Barje Deposit in Serbia

    Minrex Resources Reports High-Grade Gold Discoveries at Barje Deposit in Serbia

    Minrex Resources has announced promising initial assay results from its 2026 drilling programme at the Barje deposit, a key component of the Tlamino gold-silver project in Serbia. The results highlight the potential for low-cost, high-margin growth, confirming the presence of shallow, high-grade gold and silver mineralisation. All nine holes drilled within the resource envelope intersected gold-silver, with the deposit estimated to contain 670,000 ounces of gold equivalent. The company has expanded its drill programme to approximately 9,000 metres to further explore both resource delineation and greenfield opportunities.

    CEO Max Piirto expressed confidence in the results, stating that they validate the geological model and demonstrate the continuity of high-grade mineralisation. Significant intercepts include 11.4 metres at 1.09 grams per tonne (g/t) gold equivalent from surface, and 10.6 metres at 4.04 g/t from a depth of 37.1 metres. The Barje deposit’s high-grade zone, which contains 470,000 ounces at 4.7 g/t, is particularly noteworthy, as it represents around 70% of the total resource despite comprising only 45% of the tonnage.

    The drilling results have also revealed that most mineralisation is located within 60 vertical metres of the surface, which is advantageous for future mining operations. Minrex is currently drilling into the deeper, thicker parts of the deposit and has expanded its greenfield programme to test the Barje-Liska corridor, a promising area that has not been systematically drilled before.

    In addition to the drilling activities, Minrex has initiated an environmental baseline study to support its permitting process, which is crucial for the development timeline of the project. The company is moving quickly, having only recently acquired the Barje asset, and aims to confirm the continuity of the mineralised system along the corridor.

    As the drilling programme progresses, assays for fourteen additional holes are pending, with results expected in September. The company’s strategic approach aims to replicate the success of the Barje deposit along the corridor, marking a significant step forward in Minrex’s exploration efforts in Serbia.

  • Amulsar Gold Mine Project in Armenia Secures Over $750 Million Investment and Community Development Agreement

    Amulsar Gold Mine Project in Armenia Secures Over $750 Million Investment and Community Development Agreement

    The Amulsar gold mine project in Armenia has attracted significant investment, exceeding $750 million from both public and private sectors. This was announced by Armenian Minister of Economy Gevorg Papoyan during the signing ceremony of a Community Development Agreement, which will see Lydian Armenia CJSC invest over $100 million in the long-term development of local communities. The agreement was signed between the Armenian government, represented by the Ministry of Economy, Lydian Armenia, and the enlarged communities of Jermuk, Vayk, and Sisian.

    Minister Papoyan highlighted that the mine is set to commence operations in September, with the first gold bar expected to be produced shortly thereafter. The project is anticipated to generate annual tax revenues exceeding $100 million, with the state holding a 12.5% share in Lydian Armenia, thus benefiting from the profits. The funds allocated for community development will be used for essential infrastructure projects, including roads and water pipelines, and could be doubled through subsidised co-financing.

    Lydian Armenia has committed to allocating up to $9 million annually for community development, depending on gold prices. The company will establish a Community Development Fund, through which local communities can propose projects for funding. The distribution of funds will be based on a formula that considers the population and proximity of the communities to the mine.

    The Amulsar gold mine, located near Jermuk, is the second-largest pure gold mine in Armenia, with confirmed reserves of 73 tons of gold and 294 tons of silver. Despite its potential, the project has faced opposition from environmental activists concerned about potential groundwater pollution. However, a recent expert opinion concluded that the environmental risks can be managed effectively.

    The signing ceremony was attended by various government officials and community leaders, marking a significant step towards the mine’s operational phase and the anticipated economic benefits for the region. The project is expected to run until 2039, providing a long-term economic boost to the surrounding communities.

  • Azerbaijani Companies Expand Gold and Rare Earth Mining Ventures in Uzbekistan

    Azerbaijani Companies Expand Gold and Rare Earth Mining Ventures in Uzbekistan

    Uzbekistan is broadening its international partnerships in the mining sector, with recent agreements signed with Azerbaijani companies focusing on gold and rare earth metals (REMs), hydrocarbon exploration, and the processing of silver-containing ores, as reported by Gazeta.uz, citing the Ministry of Investments of the Republic.

    AzerGold, an Azerbaijani gold mining company, has gained access to the Akba deposit in the Kashkadarya region. According to Uzgeologiya, over 13 tonnes of extractable gold reserves were added to the state balance last year, with the site’s potential estimated at an additional 50 tonnes. Concurrently, AzerGold will conduct geological studies in promising areas of the Navoi region.

    In the Namangan region, a joint venture will be established for processing silver-containing ore, with processing facilities to be built based on the deposit in the Pap region. Sur Gold and Silver Project will be the partner in this initiative.

    Collaboration with NEQSOL Holding in the field of REMs will cover the Navoi, Tashkent, and Jizzakh regions. This partnership is a continuation of a broader agreement signed in June at the Tashkent Investment Forum, which involves the joint extraction of strategic minerals, including titanium.

    Additionally, the Azerbaijani state oil and gas company SOCAR will undertake exploratory works as part of the ‘Ustyurt’ project, which encompasses six blocks: Terengkuduk, Boyterak, Birkori, Kharoy, Kulboy, and Karakalpak, located in Karakalpakstan. This expansion of Azerbaijani companies into Uzbekistan’s mining sector signals a significant step towards enhancing regional cooperation and resource development.

  • Altyntau Kokshetau Transitions to Underground Mining, Extending Mine Life Until 2047

    Altyntau Kokshetau Transitions to Underground Mining, Extending Mine Life Until 2047

    Altyntau Kokshetau, a prominent gold mining company in Kazakhstan, has announced a strategic shift to underground mining operations at its gold deposit in the Akmolinsk region, effectively extending the mine’s operational life until 2047. This transition marks a significant milestone in the company’s history, which spans over 60 years. The regional akimat reported that underground drilling and blasting works have already commenced, signalling the start of a new phase in resource extraction.

    The decision to move to underground mining is not only a technical advancement but also a vital economic strategy for the region. The company has expanded its mining territory by acquiring an additional 1,057 hectares of land, which is essential for developing the necessary underground infrastructure. This transition is expected to bolster the local economy significantly, as Altyntau Kokshetau is one of the major employers in the area, providing jobs for over 1,700 individuals. The mine contributes 17% to the region’s total industrial output and 23% to its manufacturing sector.

    The sustainability of the mine is crucial for the social stability of the Akmolinsk region. By maintaining operations at this key enterprise, the company is not only preserving jobs but also providing a long-term planning horizon for the local community. The transition to underground mining is projected to create approximately 600 new jobs and generate over 3 billion tenge in annual tax contributions to the local budget.

    In terms of financial investment, Altyntau Kokshetau has committed to investing more than $700 million into the development of the deposit. The planned hybrid approach includes underground mining of three ore zones with an annual capacity of 2 million tonnes, alongside deepening the open pit from its current depth of 540 metres to 680 metres, which will allow for an additional 6 million tonnes of production per year. This comprehensive development strategy underscores the company’s commitment to sustainable mining practices and its role in the regional economy.

  • Lydian Armenia Signs $7 Million Community Development Agreement for Amulsar Mine

    Lydian Armenia Signs $7 Million Community Development Agreement for Amulsar Mine

    Lydian Armenia has formalised a Community Development Agreement with the Armenian government, represented by the Ministry of Economy, and the surrounding communities of Jermuk, Vayk, and Sisian, in relation to the Amulsar mine. Signed on August 31, the agreement stipulates that Lydian Armenia will allocate $7 million annually for community development during both the construction and production phases of the mine. Should the average gold price exceed $3,550 per ounce during production, this annual contribution will rise to $9 million.

    The funding will be distributed through a two-pillar model, with 70% allocated to the communities based on a formula that considers factors such as population, land area used by the Amulsar project, and proximity to mine infrastructure. Each affected settlement, including Jermuk, Kechut, Gndevaz, Saravan, and Gorayk, is guaranteed to receive at least 20% of the total funds designated for its respective community.

    The remaining 30% of the annual contribution will be awarded on a competitive basis to support community development projects. This mechanism is designed to promote initiatives that yield significant, measurable long-term benefits for a broader range of residents. Importantly, the funds will not be directly transferred to community budgets; instead, they will be managed by the Amulsar Community Development Foundation, which Lydian Armenia has established.

    Communities will propose eligible development projects to the foundation, which will then provide funding upon approval. The foundation’s board, comprising four representatives from Lydian Armenia and one from each of the Jermuk, Vayk, and Sisian communities, will have final authority over project approvals.

    The agreement also outlines procedures for oversight, reporting, and auditing of the funds, aiming to ensure transparent and effective management. Lydian Armenia has stated that this agreement creates a predictable and institutionalised framework for the company’s long-term support of the communities surrounding the Amulsar mine, ensuring that the economic benefits of the project translate into tangible development opportunities for local residents.

  • New Enrichment Complex to be Built at the Gagarinskoye Gold Deposit

    New Enrichment Complex to be Built at the Gagarinskoye Gold Deposit

    The Akimat of the Zhambyl region has announced plans to construct an enrichment complex at the Gagarinskoye gold deposit located in the Kordai district. This initiative, led by the company Shokpar-Gagarinskoye, is set to be discussed in public hearings scheduled for September 22. The project aims to establish a processing plant with a capacity of up to 1 million tonnes of ore per year, focusing on the production of lead and zinc concentrates, as well as doré alloy from the ore processing outputs.

    Construction of the enrichment complex is slated for 2026-2027, with commissioning activities expected to commence next year. The facility will be situated 22 km northwest of the village of Alga, near the Almaty-Taraz highway, with the nearest settlement, Sogandy, located over 3 km to the northwest. Additionally, the Almaty railway runs north of the site, with the closest railway station, Otar, approximately 45 km away via dirt roads.

    Last year, reports indicated that the annual capacity of the Shokpar-Gagarinskoye mining and metallurgical complex was projected at 500,000 tonnes, with an estimated cost of 47 billion tenge. Local authorities assisted the investor in securing land, and a public-private partnership was proposed for the construction of an electricity transmission line.

    Recently, the Ministry of Industry announced that the scientific and production association Kazmekhanobr had developed an effective technology for the comprehensive processing of polymetallic ores from the Gagarinskoye deposit, which underpins the project’s construction plans. The new combined gravity-flotation technology aims to extract free gold and silver initially, followed by selective flotation of lead and zinc, and subsequent hydrometallurgical processing of the gold-silver-bearing product.

    According to financial reports for 2025, Shokpar-Gagarinskoye holds two licenses for gold mining at the Shokpar and Gagarinskoye deposits in the Zhambyl region until 2038, having previously held exploration contracts for these mineral sites. Between 2020 and 2021, the company drilled 147 geological exploration wells, amounting to 22,223.5 linear meters of core drilling. Based on updated geological data, a mineral resource assessment was conducted in 2022 in accordance with the JORC Code (2012), including reserves estimation for both open-pit and underground mining methods.

    In terms of environmental considerations, the project documentation includes a material balance for ore processing, indicating a doré alloy output of 1.483 tonnes, 7,100 tonnes of lead concentrate, and 9,000 tonnes of zinc concentrate. Historical data from 2019 indicated that the Gagarinskoye deposit had approved reserves of 2,257.4 thousand tonnes of ore and 10.1 tonnes of gold, with an average gold content of 4.48 grams per tonne.

    The Shokpar deposit was similarly assessed with reserves of 1,554.1 thousand tonnes of ore and 11 tonnes of gold, averaging 7.05 grams per tonne. Plans for the Shokpar deposit included open-pit mining until 2028, transitioning to underground mining by 2035. The Gagarinskoye deposit’s operational plans were revised in 2022, targeting an annual extraction of 500,000 tonnes of ore via open-pit methods until 2026, followed by a shift to underground mining.

    In 2021, Shokpar-Gagarinskoye was sold for 4.2 billion tenge to Sunlight Investments, whose current owners are Ualikhan Atageldiev and Igor Vetiul, with Diyar Kanashov appointed as the director. Recent financial reports detail loans received by the company, indicating ongoing financial activity as it prepares for the upcoming construction and operational phases.

  • Azerbaijani Companies to Explore Gold and Rare Earth Deposits in Uzbekistan

    Azerbaijani Companies to Explore Gold and Rare Earth Deposits in Uzbekistan

    Azerbaijani companies are set to engage in the exploration and development of gold deposits in Uzbekistan, as reported by Gazeta.uz, citing the Uzbek Ministry of Investments, Industry and Trade. The initiative includes geological exploration, processing of silver-containing ores, and the extraction of rare earth metals. Notably, AzerGold is planning to participate in the development of the ‘Akba’ gold deposit located in the Kitab district of the Kashkadarya region. The company will also conduct geological surveys in promising areas of the Nuratin district in the Navoi region.

    In 2025, ‘Uzbekgeologorazvedka’ reported that over 13 tonnes of industrial gold reserves at the ‘Akba’ deposit had been accounted for and placed on the state balance. Further geological exploration in the area could potentially reveal an additional 50 tonnes of gold. This significant find underscores the potential for increased gold production in Uzbekistan, which is becoming an attractive destination for foreign investment in the mining sector.

    Another project involves the extraction of rare earth metals in the Navoi, Tashkent, and Jizzakh regions, with Neqsol Holding acting as the Azerbaijani partner. This collaboration highlights the growing interest in rare earth elements, which are critical for various high-tech applications and are increasingly in demand globally.

    Additionally, in the Namangan region, a partnership with Sur Gold and Silver Project aims to establish a processing plant for silver-containing ores. This project not only signifies the diversification of mining activities in Uzbekistan but also reflects the country’s commitment to enhancing its mining infrastructure and capabilities.

    Overall, these developments indicate a strengthening of economic ties between Azerbaijan and Uzbekistan, particularly in the mining sector, as both countries seek to leverage their natural resources for mutual benefit.

  • Gold Mining in Kyrgyzstan: DGML Project Prospects and Risks for Investors

    Gold Mining in Kyrgyzstan: DGML Project Prospects and Risks for Investors

    As the global gold market experiences fluctuations, the demand for gold remains strong, with prices projected to rise significantly by the end of 2026. In this context, Kyrgyzstan is positioning itself as a potential hub for gold mining, particularly with the involvement of Indian investors in the Solton-Sary project by Deccan Gold Mines Ltd. (DGML). This project marks a significant step towards industrial-scale gold extraction in the region, with plans to process approximately 30,000 tonnes of ore in a pilot phase.

    Kyrgyzstan, unlike its neighbours Uzbekistan and Kazakhstan, has not been a leading gold producer, but untapped reserves could change this narrative. The Solton-Sary site, while not comparable to the Kumtor mine, holds promising resources estimated at 20 tonnes of gold. The project is strategically important not only for DGML but also for the Kyrgyz economy, which is looking to diversify and modernise its mining sector.

    The Solton-Sary project is situated in the Tian Shan mountain range, an area rich in mineral resources. Historical exploration has revealed numerous gold deposits, and the current geological assessments indicate a wealth of untapped potential. The project is set to benefit from existing infrastructure, including a processing plant that was previously operational under Kyrgyzaltyn, which can handle up to 100,000 tonnes of ore annually.

    However, the project is not without risks. Past experiences, such as those faced by Zhong Ji Mining, highlight the importance of community engagement and environmental considerations. Local opposition to mining activities can pose significant challenges, as seen in previous instances where mining operations were halted due to environmental concerns raised by local residents. DGML must navigate these complexities to ensure the project’s success.

    The Kyrgyz government is keen to bolster its mining industry, aiming for a gold production target of 38 tonnes per year by 2030. The revival of the Solton-Sary project is crucial in achieving this goal, especially as production at Kumtor has decreased. The partnership with Indian investors not only enhances Kyrgyzstan’s export potential but also strengthens bilateral relations, potentially paving the way for further investments in the region.

    In summary, the DGML project in Kyrgyzstan represents a significant opportunity for both the country and the investors involved. With careful management of environmental and social factors, the project could lead to substantial economic benefits and establish Kyrgyzstan as a key player in the Central Asian gold mining sector.

  • DPM Metals Achieves Commercial Production at Vareš Silver-Gold Mine Ahead of Schedule

    DPM Metals Achieves Commercial Production at Vareš Silver-Gold Mine Ahead of Schedule

    DPM Metals Inc., a Canadian-based international gold mining company, has announced that it has achieved commercial production at its Vareš silver-gold mine in Bosnia and Herzegovina as of 10 August 2026. This milestone was reached by exceeding an average of 60% of the design throughput capacity and recoveries over a consecutive 30-day period, with daily throughput averaging 72% of the plant’s design capacity. This achievement not only underscores the operational efficiency of the Vareš facility but also positions the mine to reach its full production run-rate of 850,000 tonnes per annum by the end of 2026.

    David Rae, President and CEO of DPM Metals, expressed pride in the team’s dedication and hard work, noting that the early achievement of commercial production reflects the company’s commitment to building and optimising mining operations. Rae highlighted the importance of health and safety standards, local team training, and the transfer of proven operating practices as foundational elements for the mine’s success. He also acknowledged the support from local communities and stakeholders, which has been crucial in reaching this milestone.

    Looking ahead, DPM Metals anticipates that production at Vareš for 2026 will be at the higher end of its guidance range, estimating between 105,000 to 130,000 gold equivalent ounces. This positive outlook is based on strong performance in the first half of the year and the company’s strategic focus on sustainable and efficient gold production.

    DPM Metals operates not only in Bosnia and Herzegovina but also has projects in Bulgaria, Serbia, and Ecuador. The company’s strategic objective is to evolve into a mid-tier precious metals producer, leveraging its portfolio to deliver robust growth and above-average returns for shareholders. The announcement of commercial production at Vareš is a significant step towards achieving this goal, reinforcing DPM’s position in the competitive mining landscape.

    For further details regarding DPM’s production guidance and operational strategies, stakeholders are encouraged to refer to the management’s discussion and analysis available on the company’s website and SEDAR+ platform. DPM Metals continues to navigate the complexities of the mining industry while maintaining a focus on responsible and sustainable practices.

  • DPM Metals to Relocate Ada Tepe Processing Plant to Serbia’s Čoka Rakita Gold Project

    DPM Metals to Relocate Ada Tepe Processing Plant to Serbia’s Čoka Rakita Gold Project

    DPM Metals Inc. (Dundee Precious Metals) has announced that processing equipment from its Ada Tepe gold mine in Bulgaria will be dismantled and relocated for use at the company’s Čoka Rakita gold project in eastern Serbia.

    According to the company’s latest quarterly report, ore processing at Ada Tepe will cease on 15 July 2026, following the final blasting activities completed in mid-April. After operations end, selected processing equipment will be dismantled, refurbished and prepared for installation at the Serbian project.

    DPM expects construction of the Čoka Rakita mine to begin in early 2027. Reusing proven processing infrastructure from Ada Tepe is intended to reduce capital costs, shorten development timelines and lower execution risks as the project advances toward production.

    Alongside the closure of the Bulgarian operation, the company said it will carry out mine rehabilitation in line with European environmental standards. Following reclamation, approximately 95% of the Ada Tepe site is expected to be returned to the Natura 2000 protected area network.

    In its second-quarter update, DPM also reported stable financial performance supported by higher gold-equivalent production from its operating Chelopech mine in Bulgaria and the Vareš operation in Bosnia and Herzegovina.

    The company noted that its strong financial position, supported by a share buyback programme that exceeded US$49 million during the quarter, provides a solid foundation for continued investment and project development across the Balkans.

    DPM Metals plans to publish its full operating and financial results for the second quarter after the close of trading on 30 July 2026.