MINEX Forum

Tag: gold

  • Kazakhstan to Auction 50 Gold, Copper, Coal, and Rare Metal Deposits in June

    Kazakhstan to Auction 50 Gold, Copper, Coal, and Rare Metal Deposits in June

    Kazakhstan will auction 50 deposits of gold, copper, coal, and rare metals in June via its Unified Subsoil Use Platform, representatives from the Ministry of Industry and Construction announced at the 15th MINEX mining and geological forum.

    These deposits, which already have confirmed mineral reserves, will be offered for extraction under licenses valid for up to 25 years. Participating companies must develop a mining plan and specify the development timeline for each site.

    According to the ministry, companies from the United States, the European Union, and China have already applied to participate in the auction.

    Almas Kushumov, Director of the Subsoil Use Department at the Ministry of Industry and Construction of Kazakhstan:
    “These are deposits with proven reserves. We will auction them for extraction — gold, coal, rare and polymetallic deposits. Soon we will publish detailed information on the Unified Subsoil Use Platform. All interested parties will be able to submit documents online and take part in the auction.”

    Experts say that such auctions play a key role in attracting foreign investment to Kazakhstan’s resource sector — especially since some mineral-rich areas have yet to be announced due to incomplete documentation.

    Kushumov noted that in 2024 alone, 23 new deposits of solid minerals were officially added to the national register for the first time.

    “In terms of gold alone, state reserves increased by 20 tonnes. Every year, based on geological exploration results, new reserves are confirmed, added to the state balance, and then made available for extraction.”

  • Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC, an AIM-listed gold, copper, and silver producer focused on Azerbaijan, has successfully extracted the first ore from its new underground mine, Gilar, located at the Gedabeksite.

    A maiden JORC mineral resources estimate, released on 11 December 2023, revealed that the Gilar deposit holds 6.10 million tonnes of mineralisation, with average grades of 0.88% copper (totaling nearly 54,000 tonnes) and 1.30 g/t gold (containing over 255,000 ounces).

    Earlier this month, the company mined 1,267 tonnes of ore from Gilar, averaging 0.65% copper(peaking at 1.63%) and 1.36 g/t gold (reaching up to 3.27 g/t). While development tunnels are still under construction, the extracted ore will be stockpiled until processing begins.

    Anglo Asian aims to steadily increase production in the coming months, targeting 50,000 to 60,000 tonnes of ore per month.

    Reza Vaziri, CEO of Anglo Asian, stated:
    “We are thrilled to reach this key milestone at Gilar after years of exploration and development. Our team’s dedication has been instrumental in this achievement. With 54,000 tonnes of copper and 255,000 ounces of gold confirmed, Gilar is pivotal to our strategy of becoming a mid-tier, copper-focused producer. We are now focused on scaling production to meet our monthly target.”

  • Aurania Resources’ potential gold discovery in France

    Aurania Resources’ potential gold discovery in France

    Aurania Resources CEO Keith Barron recently showcased a remarkable quartz sample containing visible gold from Brittany, France, at the PDAC convention in Toronto. The sample boasts an impressive 46% gold content, a grade Barron likened to legendary discoveries such as the Croesus mine in Ontario. This discovery has sparked significant interest, with Aurania Resources applying for concessions in Brittany’s high-grade gold area and expecting permits by early summer. The project could also lead to a polymetallic opportunity, with gold revenue potentially funding the extraction of byproducts like antimony.

    Barron, who holds a 43% stake in Aurania, is deeply invested in the company’s success, both financially and personally. He expressed his determination to make the venture profitable, saying, “If the company doesn’t make money, I don’t make money, and I intend to make a lot of money”.

    You can find more details in the Northern Miner article or watch the PDAC JV video.

  • Scythian Mining Group Advances London Stock Listing Plans

    Scythian Mining Group Advances London Stock Listing Plans

    Scythian Mining Group Ltd has reaffirmed its commitment to pursuing a listing on the London Stock Exchange’s AIM market. Despite facing challenges in 2023-2024, the mining company is moving forward with its plans to go public. Previously, the company struggled with a lack of funds, which hindered its progress on its flagship gold project in Kazakhstan. As a result, drilling operations planned for the year did not take place, as the expected funding from Canadian investors failed to materialise. The company had initially announced its intention to list on the London Stock Exchange’s AIM market in late 2023. Following this announcement, updates were scarce until now. Scythian Mining has now appointed London-based brokerage firm, Tavira Securities, to assist in planning a pre-IPO fundraising of up to $10 million. This staged funding will cover drilling, exploration, and other costs before the Initial Public Offering (IPO). The company remains optimistic about its chances of going public on the London Stock Exchange’s AIM market.

    In late 2023, Scythian discovered a significant copper-gold (Cu-Au) porphyry system in Kazakhstan. Subsequently, Scythian negotiated a 50/50 joint venture with the US-based company IG Global. The joint venture has applied for two new exploration licenses in the region. Under the terms of the agreement, IG Global will finance and conduct exploration activities for the first two years. This arrangement allows Scythian to concentrate on exploring and developing the Kokkus project and preparing for its IPO. To manage its interest in the project, Scythian has established a new wholly-owned subsidiary, Scythian Copper Ltd.

  • 12 Gold Mining Companies Acquire 31 Gold-Bearing sites in Navoi

    12 Gold Mining Companies Acquire 31 Gold-Bearing sites in Navoi

    A fierce competition for gold-bearing land unfolded on 4th February as 12 companies participated in an electronic auction for 31 sites in the Navoi region of Uzbekistan. The auction, held on the E-auksion platform, saw intense bidding, with one lot’s price skyrocketing 110 times its initial value after a 10-hour battle.

    Initially, the plots were listed at prices ranging from 26.3 million UZS ($2,190) to 52.5 million UZS ($4,375). Due to fierce competition, prices rose sharply, and the 31 plots were sold for a total of 25.1 billion UZS ($2.09 million), which is 23 times their combined starting value.

    The most expensive plot sold was the Sop-10/24 site in the Nurota district. After more than 10 hours of bidding, Xinlong Mining Drilling won the lot for 3.6 billion UZS ($300,000), 110 times higher than the initial price. This company also acquired the second most expensive gold plot, Sop-14/24, for 1.9 billion UZS ($158,333) after 183 bidding rounds. In total, Xinlong Mining Drilling secured rights to eight gold sites for 9.1 billion UZS ($758,333).

    Other notable purchases include:

    • Neo Gold Mining: 4 plots for 2.7 billion UZS ($225,000)
    • Zhonghuitong Mining Group: 4 sites for 1.13 billion UZS ($94,167)
    • Golden Diggers: 3 plots for 3.24 billion UZS ($270,000)

    Several companies won two lots each: Ipotekaon, King of Gold Mining, Samnurgold, and YVN Gold. AAA Human, Golden SPV One, Kamron Mir Gold, and Orom Medical Center each secured one plot.

    The auctions were highly competitive, with some lots seeing over 200 bidding rounds. Winners have gained rights to extract gold from these areas using artisanal mining methods, as required by current legislation.

    This auction highlights the growing interest in Uzbekistan’s gold mining sector and the potential for significant investments in the Navoi region’s mineral resources.

  • Uzbekistan’s Gold and Currency Reserves Increase in January 2025

    Uzbekistan’s Gold and Currency Reserves Increase in January 2025

    In January 2025, Uzbekistan’s foreign exchange reserves experienced growth, as reported by the Central Bank. According to the data, the total value of assets in reserves reached $42.9 billion by February 1st, which is a $1.72 billion (4.17%) increase compared to the previous month. The value of gold rose by $3.02 billion, reaching $35.06 billion. This increase is attributed to the rise in global prices for the precious metal, with the price per troy ounce approaching $2900. Additionally, the physical volume of gold reserves also increased from 382.57 tons (12.3 million troy ounces) to 391.9 tons (12.6 million troy ounces). However, the country’s foreign currency reserves decreased by $1.29 billion, falling below $7.3 billion. Of these, $442.3 million are held in accounts with other central banks and the International Monetary Fund, while $6.75 billion are in foreign commercial banks.

  • A bizarre mining business’s fake audit reveals the potential for fraudsters at Companies House

    A bizarre mining business’s fake audit reveals the potential for fraudsters at Companies House

    A multibillion-pound mining firm, Gofer Mining plc, has been exposed as a firm with a fake audit and a true threat to tax fraud in the UK.

    At first glance, Gofer Mining appears to be just another large corporation, with its headquarters located in Canary Wharf and interests in mining in various parts of the world, including Greece, Congo, Kenya, Greenland, Tibet and Ukraine. However, a closer inspection reveals the company’s true colors – it has not filed accounts for several years, and its director, the “Duke of Commonwealth,” appears to have declared his own country, the Union State of British Commonwealth.

    According to the company’s account files, Gofer Mining has nearly 4,000 employees and has issued over 10 million passports in its new country. Gofer Mining’s involvement in a high-stakes attempt to seize control of a Ukrainian goldmine in 2020 highlights concerns over weak checks and a lack of enforcement at Companies House, the UK’s official register of companies.

    Investigations conducted by Dan Neidle, a former senior tax lawyer and founder of the Tax Policy Associates thinktank, have revealed evidence suggesting that Gofer Mining’s accounts have been falsified. Further concerns arise from Neidle’s findings that Gofer Mining was audited by a firm linked to its own director, Michail Roerich, rather than an independent auditor. There is no evidence of the named auditor, accounting firm Smith Barclay LLP, and its address is completely fake.

    Gofer Mining has a complex network of other companies associated with it, collectively claiming to have billions of assets on their balance sheets or tied up in shares. Furthermore, the firm has a past association with the now-defunct British Technology Bank, which claimed to be part-owned by the Bank of England.

    Roerich denied any involvement in falsifying the company’s accounts and instead stated that the company was being exploited by criminals. However, an investigation by The Observer found that the company’s Auditor, James Whitelaw, has no trace and the named accountancy firm, Smith Barclay LLP, was actually an offshoot of his partner, Roerich’s, current employer. Moreover, a warning notice from the FCA has also noted non-autorisation. Gofer Mining remains active despite prompt action being urged.

    The case highlights concerns over weak checks and a lack of enforcement at Companies House and questions around the veracity of audited accounts in the UK. Neidle stated that the UK is a “business centre” that fraudsters find particularly vulnerable and allured by Companies House’s access, independence, and reputation. Therefore, improvements are necessary to prevent fake auditors and document arrangements. Campaigners including Dan Neidle, warn that Companies House should not leave loopholes like loopholes against fraudulent entities.

    In response to the allegations, Companies House stated that they take fraud allegations seriously and that they are developing systems and processes to determine the accuracy of information.

  • East Star Resources Discovers New Copper and Gold Deposits in Kazakhstan

    East Star Resources Discovers New Copper and Gold Deposits in Kazakhstan

    British company East Star Resources Plc has released interim results from its geological exploration at three sites in Kazakhstan—Verkh-Uba, Talovskoye, and Snezhnoye. Having operated in the country for over three years, the investor is searching for copper and gold, with Verkh-Uba being considered the most promising site.

    In early February, the company completed drilling three exploratory wells at Verkh-Uba, discovering new copper deposits beyond previously explored areas. A total of 238 core samples have been sent to the ALS KazLab laboratory in Karaganda for analysis. According to a preliminary JORC estimate, the deposit contains 20.3 million tonnes of ore with an average copper content of 1.16%, zinc at 1.54%, and lead at 0.27%.

    East Star Resources plans to continue exploration in 2025 to assess the site’s development potential. The company aims to start open-pit mining of non-ferrous metals in the coming years.

    In addition to copper deposits, the Snezhnoye site has also shown potential, with initial studies identifying a significant gold anomaly in an area previously used for small-scale artisanal mining.

  • Solidcore Exceeds Production Plan by 3%

    Solidcore Exceeds Production Plan by 3%

    Solidcore Resources plc, formerly Polymetal, surpassed its 2024 production target by 3%, producing 490,000 ounces of gold equivalent, according to the company’s official report. This marks a modest 1% increase year-on-year.

    The bulk of the production came from the Kyzyl asset (Bakyrchik deposit), contributing 320,000 ounces, with the remainder produced at the Varvarinsk hub facilities.

    Gold-bearing ore extraction reached 5.2 million tonnes, slightly below 2023 levels. The processing of this ore remained stable at 6.37 million tonnes. However, the average gold content in the ore gradually declined year-on-year to 2.8 g/t.

    In terms of sales, Solidcore saw a 17% increase in the volume of finished products sold, reaching 536,000 ounces of gold equivalent. This was largely driven by the Kyzyl project, which contributed 365,000 ounces to the total, a 35% rise from the previous year. The positive performance was partially due to the unloading of concentrate stockpiled the previous year, following logistical challenges.

    The increased sales volume, combined with record-high gold prices, led to a near-doubling of Solidcore’s revenue, which reached $1.327 billion. As of the end of 2024, the company’s net cash position had risen to $374 million.

    Looking ahead to 2025, Solidcore forecasts a decrease in production to 470,000 ounces, primarily due to the planned reduction in gold content and recovery rates at both the Kyzyl and Varvarinsk operations.

  • Amulsar Gold Mine Set for September 2025 Opening, Says Minister

    Amulsar Gold Mine Set for September 2025 Opening, Says Minister

    Mining operations at the Amulsar gold deposit in Armenia are anticipated to begin in September-October 2025, according to Armenian Economy Minister Gevorg Papoyan.

    The minister confirmed that a high-quality audit had deemed the project both feasible and profitable. He stated, “We believe the financing issue will be resolved shortly. With $500 million already invested, an additional $100 million will be contributed by the company, and the remaining $150 million will be financed by our financial institutions.”

    Construction work is scheduled to start in the spring, with the aim to kick off mining operations by autumn, providing a significant boost to Armenia’s economy and industry.

    Project Progress and Financial Investments

    Hayk Aloyan, CEO of Lydian Armenia, the company holding the license for the Amulsar gold deposit, revealed that 70-80% of the required work to commence operations has already been completed. An additional $250 million is needed to finalise the project.

    Lydian Armenia plans to produce approximately 210,000 ounces of gold annually, potentially generating $500 million in revenue and $120 million in taxes at current global prices.

    In a significant development, on 27 December 2024, Lydian Armenia signed an agreement to transfer 12.5% of its shares to the Armenian government.

    About the Amulsar Deposit

    The Amulsar gold deposit, Armenia’s second-largest pure gold deposit, contains around 31 million tons of ore and 40 tons of pure gold. Located 13 km from the resort town of Jermuk, between the Arpa and Vorotan rivers, the mine has faced delays due to environmental protests.

    Concerns have been raised about the potential contamination of groundwater in Jermuk and Lake Sevan. Despite protests in 2018-2019 and 2020, the Investigative Committee of Armenia reported in August 2021 that there are no significant environmental threats from the mine’s operation if appropriate measures are taken.

    In conclusion, the imminent start of mining at Amulsar promises to be a pivotal moment for Armenia’s economy and industrial sector.