MINEX Forum

Tag: gold

  • 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.

  • Vast Resources Completes Reverse Takeover of Gulf International Minerals and Re-Admission to AIM

    Vast Resources Completes Reverse Takeover of Gulf International Minerals and Re-Admission to AIM

    Vast Resources plc, a mining and resource development company listed on AIM, has successfully completed a reverse takeover of Gulf International Minerals Limited. This strategic move marks a significant milestone for Vast, as it enhances its portfolio of producing and development-stage projects in Tajikistan and Romania. The completion of the reverse takeover was announced following the passing of all resolutions at a General Meeting held on 18 August 2026, with the re-admission of the company’s enlarged ordinary share capital to trading on AIM set for 19 August 2026.

    As part of the acquisition, Vast has acquired a 49% beneficial interest in the Aprelevka Joint Venture, which operates four active mining licences along the Tien Shan Gold Belt in northern Tajikistan. This venture is expected to yield approximately 11,000 ounces of gold and 130,000 ounces of silver annually from mined ore and tailings. The company has also raised around £7.5 million through a placing and subscription, alongside an oversubscribed retail offer, to fund creditor settlements, professional fees related to the takeover, and the technical development of the Aprelevka assets.

    In addition to the reverse takeover, Vast has undergone a share consolidation, with every 25 existing ordinary shares consolidated into one new ordinary share. Following this, the company will have approximately 1.65 billion ordinary shares in issue.

    Vast Resources has also announced a drilling campaign in Tajikistan aimed at establishing a maiden JORC-compliant resource for the Aprelevka assets. CEO Andrew Prelea expressed optimism about the company’s future, highlighting the potential for growth and the commitment to responsible mining practices in collaboration with the Government of Tajikistan. The company is also exploring opportunities in the broader Central Asian region and plans to restart operations at its Romanian assets, ensuring continued growth.

    This development is seen as a pivotal moment for Vast Resources, positioning the company for future success as it aims to become a profitable mid-tier mining entity with a focus on sustainable practices and operational efficiency.

  • 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.

  • Kazakhstan’s Kazcink Reports Decline in Profit Despite Increased Revenue

    Kazakhstan’s Kazcink Reports Decline in Profit Despite Increased Revenue

    Kazakhstan’s mining giant, Kazcink, has reported a decline in profitability for the first half of 2026, despite an increase in revenue. According to the financial report from Glencore, the Anglo-Swiss commodity group that controls nearly 70% of Kazcink’s shares, the company’s adjusted EBIT fell to $301 million, down from $387 million during the same period last year. Revenue for the first half of 2026 reached $2.458 billion, a slight increase from $2.393 billion in the first half of 2025.

    The increase in revenue can be attributed to higher prices for key metals produced by Kazcink, including zinc and gold, although gold prices have seen a slight decline since early spring. However, the company experienced a reduction in production volumes for both its own and third-party zinc, with a more significant drop in precious metal output. Additionally, a new progressive mineral extraction tax (NDT) on gold, based on price levels, is expected to further impact Kazcink’s profitability this year.

    Kazcink’s adjusted EBITDA for the reporting period was $588 million, significantly lower than the $708 million reported in the same timeframe last year. The company’s depreciation costs also decreased to $287 million from $321 million in the previous year. Furthermore, capital expenditures saw a dramatic reduction of over 50%, falling to $145 million compared to $340 million in the first half of 2025.

    Glencore’s report highlighted a recovery from a $99 million impairment on the Zhairem project, reflecting improved operational performance and more optimistic price forecasts for zinc. In contrast, the Zhairem mining and processing plant reported a loss of $25 million last year, despite generating $307 million in sales.

    Overall, Glencore’s financial performance for the first half of 2026 was robust, with a net profit of $4.4 billion and a nearly twofold increase in adjusted EBITDA to $10.12 billion. The adjusted EBIT surged 3.7 times to $6.65 billion. In 2025, Kazcink reported a net profit of $771 million on revenues of $5.069 billion, indicating a challenging year ahead for the company amidst fluctuating metal prices and production challenges.

  • 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.

  • Anglo Asian Mining Achieves Record First-Half Production as Demirli Copper Mine Ramp-Up Accelerates

    Anglo Asian Mining Achieves Record First-Half Production as Demirli Copper Mine Ramp-Up Accelerates

    Anglo Asian Mining Plc has reported record half-year production results, driven by the accelerated ramp-up of its Demirli copper mine in Azerbaijan. The company’s copper output surged to 5,129 tonnes in the second quarter of 2026, a 38% increase from the 3,711 tonnes produced in the first quarter. Demirli alone contributed 3,250 tonnes of copper during Q2, while the company’s Gedabek operation added 1,879 tonnes. Total first-half copper production reached 8,840 tonnes, a dramatic rise from just 1,188 tonnes in the same period last year. The company also generated a $39.9 million increase in net cash during the quarter, ending June with $69.8 million in cash and reducing debt to $12.2 million. Concentrate sales for the first half totaled 58,577 dry metric tonnes, valued at $125.9 million, with Demirli accounting for $71.4 million of that revenue. Gold production reached 12,329 ounces and silver output hit 92,855 ounces in the half year. Anglo Asian has reaffirmed its full-year guidance of 20,000–25,000 tonnes of copper, 28,000–33,000 ounces of gold, and 170,000–210,000 ounces of silver, with Demirli expected to reach steady-state production during the third quarter. The record performance underscores the successful execution of the company’s growth strategy in Azerbaijan’s mining sector, positioning Anglo Asian for continued strong output in the second half of the year.

     

  • Ausenco Selected to Lead Feasibility Study for Finland’s Ikkari Gold Project

    Ausenco Selected to Lead Feasibility Study for Finland’s Ikkari Gold Project

    Engineering and project delivery firm Ausenco has been awarded a contract to lead the feasibility study for the Ikkari gold project in northern Finland, owned by Rupert Exploration Finland Oy.

    The project is located about 45 km from Sodankylä in the Lapland region and represents a significant grassroots gold discovery made in 2020. Following the completion of a Pre-Feasibility Study in early 2025, the project is now advancing toward development as a staged 3.5 million tonne per year mining operation with a planned mine life of around 20 years.

    The development strategy предусматривает запуск открытой добычи в течение первых десяти лет, после чего проект перейдет на подземную разработку методом long-hole open stoping на оставшийся срок эксплуатации.

    Ausenco will deliver a bankable feasibility study from its Perth office, integrating specialists from its teams in Australia and Canada. The company says the collaborative structure will combine global technical expertise with experience designing and delivering gold mining projects in remote and challenging environments.

    Rupert Resources CEO Graham Crew said the appointment marks an important step in advancing the project toward development.

    “The appointment of Ausenco represents an important milestone in advancing the project towards development,” Crew said. “Their proven ability to integrate teams from Australia and Canada in close collaboration with our project team and local partners ensures the delivery of a world-class study aligned with our strategic objectives.”

    The feasibility study will cover value engineering, project implementation planning and detailed design of the processing plant and supporting mine infrastructure.

    The study will be prepared to AACE Class 3 standards, providing capital and operating cost estimates with an accuracy of approximately ±15%. Ausenco will also act as the Qualified Person responsible for the NI 43-101 technical report.

    The company plans to incorporate energy-efficient technologies and design features aimed at reducing the project’s carbon footprint, supporting Rupert Resources’ broader carbon-neutral targets.

    Reuben Joseph, President for APAC and Africa at Ausenco, said the company looks forward to applying its experience in gold recovery technologies and energy-efficient project design.

    “We are excited to partner with Rupert Resources on their Ikkari project,” Joseph said. “By leveraging our global gold study and project delivery experience, we are well positioned to deliver a robust study that supports Rupert’s operational, environmental and local community goals.”

    Ausenco also emphasised the importance of working with local communities and regional organisations as the feasibility study progresses. The company said it will develop a project delivery framework that incorporates local expertise and aligns with regional standards, aiming to create long-term benefits for the surrounding region.

  • Uzbekistan Reports Major Copper and Gold Reserves at Yoshlik-1 and Qalmoqqir

    Uzbekistan Reports Major Copper and Gold Reserves at Yoshlik-1 and Qalmoqqir

    Uzbekistan has identified major mineral reserves at the Yoshlik-1 and Qalmoqqir deposits, including an estimated 45 million tonnes of copper and more than 5,000 tonnes of gold, President Shavkat Mirziyoyev announced during the launch ceremony of Copper Processing Plant No. 3 at the Almalyk Mining and Metallurgical Complex (AGMK).

    According to the president, the scale of these reserves is sufficient to supply Uzbekistan’s industrial sector with raw materials for at least the next 100 years.

    In addition to copper and gold, the deposits also contain rare metals such as molybdenum, selenium, tellurium and rhenium, which could support the development of new high-tech and innovative industrial projects.

    Mirziyoyev said the commissioning of the new processing facility significantly increases AGMK’s production capacity. Daily output of copper concentrate is expected to rise from 2,400 tonnes to approximately 5,000 tonnes.

    The plant incorporates modern technologies supplied by companies from the United States, Germany, Russia, China and Finland. Operations will be managed through an integrated digital control system using artificial intelligence.

    According to officials, the use of AI-driven monitoring and optimisation systems will reduce energy consumption by around 10%, lower production costs by 15% and increase labour productivity by roughly 10%.

    The expansion of AGMK’s processing capacity forms part of Uzbekistan’s broader strategy to strengthen its mining and metallurgical sector while increasing value-added production from its domestic mineral resources.

    Earlier, Kursiv Uzbekistan reported that the country’s gold and foreign exchange reserves recently exceeded $77 billion for the first time.

  • Illegal Gold Mining Uncovered in Kazakhstan’s Turkestan Region

    Illegal Gold Mining Uncovered in Kazakhstan’s Turkestan Region

    Kazakh authorities have uncovered an illegal gold mining operation in the Sozak district of the Turkestan Region, where a group of individuals was found to be unlawfully exploiting gold-bearing sites.

    According to investigators, 12 people carried out mining activities without the required permits, in violation of environmental regulations and industrial safety standards. As a result of the illegal operations, the group is believed to have extracted around 451 grams of gold.

    A pre-trial investigation has been launched under Parts 1 and 3 of Article 295-1 of the Criminal Code of the Republic of Kazakhstan, which covers offences related to the illegal extraction of mineral resources. Law enforcement agencies have conducted the necessary investigative procedures, and five of the suspects have been placed under house arrest as a preventive measure.

    Prosecutors stressed that unlawful mining poses a serious threat to the environment, undermines the country’s economic security, and carries criminal liability. Authorities said enforcement efforts will continue to deter illegal exploitation of mineral resources.

  • Strickland Delivers First Resource for Gradina at Rogozna

    Strickland Delivers First Resource for Gradina at Rogozna

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

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

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

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