MINEX Forum

Tag: gold

  • Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Bishkek, Kyrgyzstan – Kyrgyzaltyn OJSC, the sole shareholder of Kumtor Gold Company (KGC), has declared that Kumtor’s gold production plan for 2025 is “realistic and fully achievable.” This assertion comes from Kubat Abdraimov, Chairman of the Board of Kyrgyzaltyn, following a recent visit to the Kumtor mine.

    Abdraimov’s confidence stems from KGC’s strong production performance in 2024. Kumtor Gold Company’s 2024 revenue from gold sales reached $989.1 million, significantly exceeding the planned $739.3 million. The mine produced 12,552 kilograms of gold, surpassing its target of 12,509 kilograms.

    During his visit, Abdraimov thoroughly inspected various operations at the mine, including the progress of the underground gold mining project, the testing of recovered tires on dump trucks, the functioning of the gold processing plant, and the condition of the Central and Sary-Tor pits.

    Focus on Equipment and Efficiency

    Abdraimov paid particular attention to the heavy mining equipment repair workshop and the fueling complex. He emphasized the critical role of maintenance in Kumtor’s continuous operation. “The most modern special mining and auxiliary equipment is currently operating at the mine,” he noted. “Considering that the equipment operates in high-altitude and often in harsh weather conditions, and the mine itself does not stop for a minute, various breakdowns are inevitable. Much depends on the repairmen, whose high professionalism no one doubts.”

    He also highlighted the positive impact of the newly commissioned fueling complex, which has strengthened control over diesel fuel usage and resulted in “significant financial resources” being saved.

    Looking ahead, Abdraimov affirmed Kyrgyzaltyn’s commitment to continuous improvement and active promotion of digital transformation initiatives at the mine.

  • Kazakhstan Unveils 38 Major New Mineral Deposits

    Kazakhstan Unveils 38 Major New Mineral Deposits

    Kazakhstan has announced the discovery of 38 new deposits of copper, nickel, coal, gold, and rare earth metals in the first quarter of 2025, according to an official government statement.

    The discoveries were made following extensive geological studies, including aerial photograph analysis, route surveys, drilling, geochemical testing, radiation and water sampling, and desk research.

    The newly identified deposits are estimated to contain:

    • 2.6 million tonnes of rare earth metals
    • 1.1 billion tonnes of brown coal
    • 3.7 million tonnes of copper and nickel
    • 19 tonnes of gold

    The total area of geological and geophysical exploration in Kazakhstan is expected to expand to 2.2 million square kilometres by 2026, up from just 2,000 square kilometres in 2024. This initiative follows a directive from President Kassym-Jomart Tokayev, who has instructed the cabinet to prioritise mineral exploration.

    To support this effort, the government has allocated $44.4 million for geological exploration between 2024 and 2026, with $14.8 million designated for 2025.

    Between 2018 and 2024, mining companies invested approximately $827.3 million in Kazakhstan’s mineral sector. In 2025 alone, exploration investments are expected to reach $206.8 million. A streamlined licensing process—requiring only reporting rather than predefined work volumes—has made the market more accessible to investors.

    Earlier this month, Eurasian Resources Group announced the discovery of a new copper deposit with projected reserves of 250,000 tonnes.

  • Anglo Asian Mining Begins Production at Gilar Underground Mine in Azerbaijan

    Anglo Asian Mining Begins Production at Gilar Underground Mine in Azerbaijan

    Anglo Asian Mining PLC (AIM: AAZ) has commenced production at its Gilar underground mine, situated within the Gedabek site in Azerbaijan. The company targets an output of approximately 2,000 tonnes of ore per day, with expectations to ramp up to a monthly production rate of 50,000 to 60,000 tonnes.

    A maiden JORC mineral resource estimate released on December 11, 2023, revealed that the Gilar deposit holds 6.10 million tonnes of mineralisation. The average grades include 0.88% copper—equating to nearly 54,000 tonnes of copper—and 1.30 grams of gold per tonne, totaling over 255,000 ounces of gold.

    Following the announcement, shares of Anglo Asian Mining rose by 7% in London, bringing the company’s market value to £169.9 million ($226.9 million).

    In 2024, Anglo Asian produced 16,760 gold-equivalent ounces, although production faced disruptions due to a partial environmental shutdown. Operations resumed by the end of the year.

    The company plans to evolve into a multi-asset, mid-tier copper and gold producer by 2029, with copper becoming its primary product. As part of its growth strategy, Anglo Asian intends to bring four new mines into production between 2025 and 2029: Gilar, Zafar, Xarxar, and Garadag.

  • Navoi Mining Secures $500M Eurobond Placement Ahead of IPO

    Navoi Mining Secures $500M Eurobond Placement Ahead of IPO

    Navoi Mining & Metallurgical Company (NMMC) has successfully completed a $500 million corporate bond placement in London, marking a significant step in its financial strategy as it prepares for a stock listing.

    The Uzbekistan state-owned enterprise, ranked as the fourth-largest gold producer globally, operates its vast resources primarily from the Muruntau deposit in the Kyzylkum Desert, which holds an estimated 150 million ounces of gold.

    The newly issued bonds, backed by favourable capital market conditions, carry a five-year tenor with an annual coupon rate of 6.75%. The offering was made available under Regulation S and Rule 144A of the US Securities Act, ensuring broader investor participation.

    Leading financial institutions, including Citi, JP Morgan, Société Générale, and MUFG, acted as joint bookrunners and lead managers for the transaction. Demand for the notes was robust, peaking at over $2.3 billion, making the issue more than 4.6 times oversubscribed.

    “The success of this bond placement reflects strong investor confidence in Uzbekistan’s economic reforms and NMMC’s sustainable growth prospects,” the company said in a statement.

    The proceeds will be directed towards optimising and diversifying NMMC’s credit portfolio under improved terms, as it moves towards its planned initial public offering (IPO) later this year. The Uzbek government has proposed selling up to 5% of the company in the IPO, positioning NMMC for further expansion in international markets.

  • Solidcore Resources Reports Q1 2025 Production Results, Reaffirms Full-Year Outlook

    Solidcore Resources Reports Q1 2025 Production Results, Reaffirms Full-Year Outlook

    Solidcore Resources plc (“Solidcore” or the “Company”) announced its production results for the first quarter ended 31 March 2025. Despite facing temporary shipment delays that impacted sales, the Company reaffirmed its full-year production and cost guidance, citing confidence in a strong recovery during the second half of the year.

    Chief Executive Officer Vitaly Nesis commented, “While sales have been deferred due to shipment delays, the fundamentals of our business remain solid. We expect a meaningful recovery beginning in May as concentrate stockpiles start to unwind.”

    Operational Highlights:

    • Solidcore recorded no fatalities or lost time injuries among its employees and contractors during the quarter.

    • Gold equivalent (GE) production totaled 68 thousand ounces (Koz), a 42% decrease year-on-year, largely due to delays in concentrate shipments from the Kyzyl mine to Amursk POX, impacted by operational challenges linked to international sanctions.

    • Kyzyl’s production of gold in concentrate rose 6% to 97 Koz due to higher ore grades, though shipment delays led to a stockpile of 41 Koz of payable metal.

    • At Varvara, production fell 10% year-on-year as planned, reflecting lower grades and reduced third-party processing.

    • Sales were notably down to 38 GE Koz from 116 GE Koz a year earlier, resulting in revenue of US$ 109 million, a 63% decline year-on-year. A strong rebound is anticipated in the second half as operations normalize.

    Strategic Developments:

    • Solidcore announced the acquisition of the Tokhtar gold property, located near its Varvara hub. The property adds 1.1 million ounces of JORC-compliant Mineral Resources at an average head grade of 2.4 g/t, bolstering the Company’s long-term growth pipeline.

    • The acquisition of the initial 51% interest is on track to complete in Q3 2025, pending regulatory approvals.

    Outlook: The Company reiterated its full-year guidance of 470 GE Koz in production, with Total Cash Costs (TCC) and All-In Sustaining Costs (AISC) expected within the ranges of US$ 1,000–1,100/oz and US$ 1,350–1,450/oz, respectively.

    Solidcore remains well-positioned to navigate near-term operational hurdles and capitalize on favorable gold market dynamics.

  • Vast Resources Advances Mining Operations in Romania and Seeks New Investment Partnerships

    Vast Resources Advances Mining Operations in Romania and Seeks New Investment Partnerships

    Vast Resources, a mining company with operations in Romania, Tajikistan, and Zimbabwe, has announced the continuation of production activities at the Băița Plai polymetallic mine in Romania while initiating discussions for a joint venture with other mining companies to attract foreign investment, according to Economica.net.


    At Băița Plai, Vast reported the mining of 13,562 tonnes during the second half of 2024, alongside the production of 307.8 tonnes of copper concentrate with an average copper grade of 18.06%. Mining operations are running in parallel with underground drilling and reprofiling work.


    The company is also in discussions with potential off-takers and financiers regarding the restart of mining at the Manaila Polymetallic Mine, fully owned by Vast Resources Romania.


    Meanwhile, at the former Hanes Gold Mine, operated under a management contract, Vast has commenced on-site development after a harsh winter. A gravity concentrator has been installed to process gold and polymetallic alluvial minerals directly from the surface, with production expected to start this quarter. Additionally, facilities are prepared to truck significant quantities of ore to Băița Plai for processing, pending approval of new transport permits.


    Vast also confirmed receipt of separation tests for its Blueberry Gold Project, demonstrating gold extraction without the use of cyanide.

  • Kazakh Authorities Shut Down Five Companies Engaged in Illegal Gold Mining

    Kazakh Authorities Shut Down Five Companies Engaged in Illegal Gold Mining

    Kazakhstan’s Ministry of Internal Affairs (MIA) and National Security Committee (KNB), coordinated by the General Prosecutor’s Office, have shut down the operations of five companies involved in illegal mining and processing of gold-bearing materials in the Abai, Zhetysu, East Kazakhstan, and Turkestan regions, according to inbusiness.kz citing Polisia.kz.

    Authorities found that the companies held licenses only for geological exploration but were in fact conducting large-scale illegal extraction of gold-bearing ore using specialized equipment and machinery. During the raids, over 6,700 tons of gold-bearing ore, 300 tons of ore slurry, 120 tons of ammonium nitrate, explosives, and detonators were seized. In addition, 45 pieces of specialized equipment were confiscated on-site.

    A total of 62 individuals, including directors and founders of several limited liability partnerships (LLPs), were detained. Five criminal cases have been registered related to the illegal circulation of precious metals and raw materials containing precious metals. The damage to the state has been assessed as particularly large.

    Kuanlyk Alpis, a representative of the MIA’s Department for Combating Organized Crime, emphasized the importance of the operation in protecting the country’s natural resources and fighting organized crime in the precious metals sector.

  • Gold Mining Operations Expand at Besapantau Deposit in Uzbekistan

    Gold Mining Operations Expand at Besapantau Deposit in Uzbekistan

    In a significant development for Uzbekistan’s mining sector, the Besapantau deposit in the Tamdyn district is emerging as one of the most promising gold mining sites in the country. The deposit, which is part of the Central Mining Administration, is currently engaged in the extraction of gold-bearing ore, marking a new chapter in the region’s mineral resource exploitation.

    Dilshod Jumaniazov, the head of the Besapantau mine, provided detailed insights into the ongoing operations:

    “Currently, ore extraction is underway at the Besapantau and Balpantau quarries, which are part of the mine complex. These sites present complex geological structures, requiring specialized mining techniques. Particular attention is being paid to drilling and blasting operations to ensure efficient and safe extraction.”

    The scale of operations at Besapantau is impressive, with approximately 60 units of heavy mining equipment deployed across the site. This includes state-of-the-art machinery such as Epiroc drilling rigs, Hitachi, Komatsu, and Liebherr hydraulic excavators, as well as Komatsu and Caterpillar dump trucks. This extensive array of equipment underscores the significant investment and technological advancement in the project.

    The extracted ore is transported via railway to Hydrometallurgical Plant No. 2 for processing, integrating the mine into the broader mineral processing infrastructure of the region. This logistical setup ensures efficient handling and processing of the extracted resources.

    Looking towards the future, the Besapantau project is set for substantial expansion:

    • The Besapantau quarry is projected to reach dimensions of approximately 1,750 meters in length, 1,050 meters in width, and 300 meters in depth.
    • The Balpantau quarry will extend to about 1,370 meters in length, 1,350 meters in width, and 200 meters in depth.

    These expansions signify the long-term potential and commitment to the project. Jumaniazov further revealed that the mine has set an ambitious target of extracting over 12 million tons of ore annually, highlighting the scale of operations and the deposit’s significance to Uzbekistan’s mining sector.

    The development of the Besapantau deposit is expected to play a crucial role in boosting precious metal production at the Navoi Mining and Metallurgical Combine, one of Uzbekistan’s largest industrial enterprises. This increase in production capacity aligns with the country’s broader strategy to leverage its mineral resources for economic growth and development.

    This expansion comes at a time when global gold production is facing challenges. According to recent data, Kazakhstan, a neighboring country and significant gold producer, is expected to see a decline in gold production with a Compound Annual Growth Rate (CAGR) of -3.38% between 2023 and 2027[6]. In this context, Uzbekistan’s investment in expanding its gold mining operations at sites like Besapantau could potentially position the country to fill gaps in the global gold supply.

    The Besapantau project represents a significant step forward in Uzbekistan’s mining industry, showcasing the country’s commitment to modernizing its mineral extraction capabilities and boosting its economic output through responsible resource development.

  • Kazakhstan to Auction 50 Mineral Deposits Including Gold, Copper, and Rare Earth Metals

    Kazakhstan to Auction 50 Mineral Deposits Including Gold, Copper, and Rare Earth Metals

    Kazakhstan is set to hold a large-scale electronic auction in June 2025, offering 50 solid mineral deposits, including gold, copper, coal, polymetals, and rare earth elements, according to Almas Kushumov, Director of the Subsoil Use Department at the Ministry of Industry and Construction. He made the announcement during the MINEX Kazakhstan forum.

    The rights will be granted for both exploration and extraction, with deposits containing balance reserves to be auctioned directly for mining. The full list of deposits is expected to be published in the coming days.

    Kushumov noted that 117 deposits were auctioned via e-auctions in 2023–2024, bringing in over 20 billion tenge in signing bonuses for the state. In 2024, 43 new deposits were officially registered, including 22 solid mineral sites. Resource growth figures include:

    • 20 tons of gold

    • 9,000 tons of silver

    • 48,000 tons of copper

    Kazakhstan’s current reserve lifespan is estimated at 33 years for gold and 44 years for copper, based on current production levels.

    Minister of Industry and Construction Kanat Sharlapayev previously stated that companies from the United States, the European Union, and China would be able to participate in the auctions for rare and rare earth metal rights. He emphasized that competition among major players in the global critical materials market—used in dual-use goods, renewable energy tech, electric vehicles, and more—could help maximize Kazakhstan’s revenues.

    Quote:

    “This will be a high-interest auction. The competition between Western countries and China in the rare earth sector gives us the opportunity to attract the best offers,” Sharlapayev said.

  • Kazakhstan Launches New Era of Resource Development at 15th MINEX Forum

    Kazakhstan Launches New Era of Resource Development at 15th MINEX Forum

    Date: April 9, 2025

    The 15th MINEX Kazakhstan Mining and Geological Forum is underway today in Astana under the theme: “A New Era of Kazakhstan’s Mineral Resource Development: From Exploration to Processing.”

    The event brings together around 100 speakers, 450 delegates, and 40 exhibitors from across Central Asia, Europe, North America, Africa, the Middle East, Australia, China, India, Malaysia, and Singapore.

    In her keynote address, Zhannat Dubirova, Vice Minister of Industry and Construction, highlighted recent digitalization milestones achieved in the country’s resource sectors:

    “Since the beginning of this year, we have launched the Unified Subsoil Use Platform, which now provides 22 digitized public services. So far, it has processed 506 applications. Investors can now apply directly through the portal to participate in auctions. In January, this led to $40 million in investments across 21 sites.”

    She also announced that manual oversight of more than 3,000 licenses and contracts related to solid mineral resources had been fully digitized.

    Almas Kushumov, Director of the Subsoil Use Department at the ministry, presented the results of state-led geological surveys:

    “There is growing business interest in resource development. Over the last two years, 117 subsoil plots and deposits were auctioned electronically, generating more than 29 billion tenge in subscription bonuses. In June 2025, we plan to auction 50 gold, silver, coal, and rare metal deposits.”

    The forum is also addressing pressing issues such as Kazakhstan’s role in global critical mineral supply chains, investment climate improvements, uranium sector development, and nuclear energy expansion.

    The event will conclude with a session on talent development and national capacity building, followed by a gala awards ceremony honoring achievements in the mining sector, hosted by the Mining Chamber of Kazakhstan.

    Kazakhstan’s mineral sector is undergoing a significant transformation, driven by government initiatives aimed at boosting economic growth, industrial diversification, and expanding geological exploration.