MINEX Forum

Tag: investment

  • UK Launches £50 Million Critical Minerals Accelerator Programme

    UK Launches £50 Million Critical Minerals Accelerator Programme

    The UK government has unveiled the Critical Minerals Accelerator, a £50 million initiative aimed at bolstering domestic production, processing, and recycling of critical minerals as part of its Vision 2035 strategy. On 1 September, the Department for Business and Trade (DBT) hosted an information session detailing the programme’s funding structure, eligibility criteria, and application process, chaired by Grace Humphries, Head of Critical Minerals (Strategy and Domestic).

    The programme allocates £25 million in competitive grants across two funding streams. Projects classified as Pilot to Pre-Commercial, which are at Technology Readiness Level (TRL) 6 and above, can receive between £1 million and £3 million over an 18 to 36-month period. Meanwhile, Demonstrator to Commercialisation projects, which are further along at TRL 8 and above, can secure grants ranging from £150,000 to £1 million over a shorter timeframe of 6 to 18 months. Importantly, applicants must be UK-registered companies, and even if extraction occurs overseas, the funded activities must take place within the UK.

    The application process is designed to be accessible, with match funding requirements varying based on company size—ranging from 50% for small firms to 70% for larger organisations. Notably, applicants are not required to have full funding secured at the application stage, only sufficient evidence to sustain project delivery for the first six months.

    During the session, Wilkie Briggs, Policy Advisor on the Critical Minerals Team, and Alice Kaiser, Scheme Delivery Manager, addressed various questions from potential applicants, clarifying aspects such as TRL definitions, project structuring, and funding intensity. The application window closes on 30 September 2026, with funding decisions expected by December and grant agreements signed by January 2027.

    The programme is framed around three strategic priorities: driving economic growth, enhancing economic security, and fostering domestic resilience. This aligns with broader UK and European goals concerning critical raw materials. The Accelerator particularly encourages projects that build on existing UK value chains and demonstrate commercial viability through partnerships and collaborations.

    The Q&A session revealed ongoing uncertainties among applicants regarding TRL thresholds, consortium structures, and grant funding limits. The DBT has indicated a willingness to assist applicants in navigating these complexities, emphasising the importance of aligning projects with the programme’s objectives.

    As the UK seeks to establish a robust critical minerals sector, the Critical Minerals Accelerator represents a significant step towards achieving self-sufficiency and sustainability in this vital industry. The conversation surrounding these initiatives will continue at the upcoming MINEX Europe Forum in Ireland, where industry stakeholders will discuss the intersection of UK and European critical minerals policies and the necessary investment frameworks to support them.

  • AMG Critical Materials to List Shares on Frankfurt Stock Exchange

    AMG Critical Materials to List Shares on Frankfurt Stock Exchange

    AMG Critical Materials N.V. has announced plans to apply for a secondary listing of its shares on the Frankfurt Stock Exchange, expected to take effect in 2026. This strategic move aims to broaden the company’s investor base and enhance liquidity for its shares. Dr. Heinz Schimmelbusch, Chairman and CEO of AMG, highlighted that Germany has been integral to AMG’s industrial and technological heritage for over a century. The company operates nine production sites in Germany and has invested significantly in critical materials and technologies, including lithium and catalyst recycling. The Frankfurt listing will complement AMG’s existing primary listing on Euronext Amsterdam, where it has been publicly traded since 2007. AMG does not intend to issue new shares in conjunction with this secondary listing. The company is committed to providing critical materials and technologies to support a less carbon-intensive world, focusing on energy storage materials and advanced metallurgy. With approximately 3,500 employees and operations worldwide, AMG continues to strengthen its position in the critical materials sector, particularly in the lithium and vanadium markets. The company will also provide an information document in compliance with EU regulations regarding the listing.

  • Turkey’s Strategic Role in the Global Critical Minerals Landscape

    Turkey’s Strategic Role in the Global Critical Minerals Landscape

    In the August 2026 issue of Ekonomi-Analiz, a new article titled “The New World’s Oil: Critical Minerals and Turkey’s Strategic Position” by Selçuk Bostancı, Corporate Communications Coordinator at MAPEG  explores the evolving significance of critical minerals in the global economy and Turkey’s potential to emerge as a key player in this arena. The article argues that critical minerals, including lithium, cobalt, nickel, graphite, and rare earth elements, have transcended their traditional roles as mere inputs for the mining sector. Instead, they are now viewed as essential components of energy security, industrial capacity, and national defence, positioning them at the forefront of global competition akin to oil and natural gas.

    Why these minerals matter so much

    The reasoning given is straightforward: nearly every piece of modern technology — from smartphones and electric vehicles to wind turbines, defense systems, space technology, and data centers — depends on these raw materials. Being “critical” isn’t just about scarcity; it’s about how essential a mineral is to the economy, energy, defense, or advanced technology, and how disruptive it would be if supply were interrupted. Lithium, nickel, cobalt, and graphite are singled out for battery technology; rare earths for electric motors and high-performance magnets; and copper for everything from power grids to electric vehicles. The piece frames this as a value chain running from mining through refining, advanced materials, and finished products — arguing that while advanced technology is the visible face of the energy and tech transition, mining is its invisible foundation.

    A global race is underway

    Citing the International Energy Agency’s 2026 projections under its “Stated Policies” scenario, the article notes that demand for critical minerals is expected to nearly double by 2040. But the bigger issue, it argues, isn’t rising demand itself — it’s that production and especially processing capacity are concentrated in a small number of countries, turning critical minerals into a matter of supply security. This is pushing the US, China, and the EU, among others, to pursue new mining investment, processing facilities, recycling, and strategic stockpiles. The EU’s Critical Raw Materials Act, for instance, sets 2030 targets for extraction, processing, and recycling. The underlying point: future competition won’t just be between countries that hold mineral resources, but between those that can actually process those resources into high-value products.

    Turkey’s strategic standing

    Turkey’s geological diversity is presented as a real opportunity in this new landscape. A Critical and Strategic Minerals Report published by the Ministry of Energy and Natural Resources identifies 37 mineral types considered critical or strategic for the country.

    One standout example cited is the rare earth element site at Eskişehir-Beylikova. More than 125,000 meters of drilling there identified an estimated resource of around 694 million tons of rare earth material, and a pilot production facility is already running. Work is now underway to build out full industrial-scale capacity, including separation and processing. The article uses Beylikova to make a broader point: strategic value today isn’t just about owning a deposit — it depends equally on extracting, separating, and processing the ore into high-value products that industry can actually use. It notes that Turkey’s mineral assets — boron chief among them — along with its rare earth work and other critical minerals initiatives, show mining increasingly being tied together with technology and industry.

    Giving back to nature while extracting

    Growing demand for critical minerals comes with a responsibility, the article argues: sustainable mining. Today’s approach to mining isn’t just about extracting economic value from the ground — it also means restoring sites back to nature and the community once operations end.

    It points to concrete evidence of this in Turkey through MAPEG’s (General Directorate of Mining and Petroleum Affairs) nationwide project tracking rehabilitated mining sites and mining-related social responsibility work, known as TÜRMES. As of August 2026, the project has documented 205 rehabilitated mining sites across 35 provinces, covering roughly 13,252 hectares of restored land, with close to 23.9 million trees and plants replanted, and 185 mining-related social responsibility projects recorded. This data is made publicly available and transparent through a TÜRMES information map on MAPEG’s website, letting anyone see how sites across different regions of Turkey have been returned to nature after mining activity. The article presents these figures as proof that a mining model which “produces while also giving back to nature” is achievable with the right planning and rehabilitation practices.

    Turning underground value into future value

    The closing section argues that as electrification, defense technology, digitalization, and AI continue to advance, mineral raw materials will only grow more strategically important. Turkey, with its mineral diversity, mining experience, industrial base, and geostrategic location, is well positioned for this shift. But the article stresses that future value in mining won’t be measured by reserve size alone — it will come from combining resources with science and technology, converting them into high-value products, and doing so sustainably. It suggests this is exactly why the “new world’s oil” comparison for critical minerals keeps gaining resonance: what will ultimately determine future wealth isn’t simply what lies underground, but what we’re able to turn that underground value into — above ground, and with nature in mind.

  • 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.

  • Kazakhstan Aluminium Producer Faces Billions in Tax Adjustments

    Kazakhstan Aluminium Producer Faces Billions in Tax Adjustments

    Kazakhstan’s leading aluminium producer, the Kazakhstan Electrolysis Plant (KEZ), part of the Eurasian Resources Group (ERG), has been hit with substantial tax adjustments amounting to billions of tenge. This follows a thematic inspection by the Kazakh tax authorities concerning transfer pricing practices for transactions conducted between 2018 and 2021. The tax authorities concluded their investigation in February 2024, resulting in a demand for additional tax payments totalling 2.448 billion tenge, excluding penalties and interest. The company has contested these findings through the judicial system, but initial court decisions did not favour KEZ.

    As of February 2026, KEZ paid the additional taxes, alongside penalties and fines totalling approximately 5.5 billion tenge, which included 2.4 billion tenge in additional taxes, 1.4 billion tenge in penalties, and 1.7 billion tenge in fines. Despite these payments, KEZ maintains that its transfer pricing policies comply with Kazakh legislation and OECD guidelines, prompting further appeals in higher courts. A subsequent ruling from the cassation court supported KEZ’s position, declaring the tax authority’s notification illegal and ordering the return of the paid amounts.

    Transfer pricing in Kazakhstan typically involves setting prices for goods and services in international transactions that differ from market rates, often leading to profit redistribution to more favourable tax jurisdictions. This practice poses significant risks, particularly in sectors like aluminium production, where costs can vary greatly due to transportation and additional expenses.

    The KEZ produces approximately 265,000 tonnes of primary aluminium annually, sourced from bauxite mined in Kazakhstan’s Kostanay region. In 2024, ERG exported 180,000 tonnes of aluminium to the European Union and Turkey. For the fiscal year 2025, KEZ reported revenues nearing 360 billion tenge, with a profit of 79.4 billion tenge.

    In June 2025, ERG announced plans to issue three-year securities from KEZ worth up to $100 million, backed by the Development Bank of Kazakhstan. The company has also engaged in significant lending activities, providing short-term loans totalling over $313,000 in 2025. Additionally, KEZ has been active in debt operations, securing various credit lines and refinancing existing debts, indicating a robust financial strategy amidst regulatory challenges.

    The financial report underscores KEZ’s commitment to maintaining liquidity and generating sufficient cash flow to support its operations and obligations, even as it navigates the complexities of tax compliance and international trade dynamics.

  • Strategic Gains in Tungsten and Rare Earths: Almonty, Aurubis, and MP Materials Thrive Amidst Political Support

    Strategic Gains in Tungsten and Rare Earths: Almonty, Aurubis, and MP Materials Thrive Amidst Political Support

    In a landscape marked by increasing geopolitical tensions and a growing emphasis on domestic production, Almonty Industries, Aurubis, and MP Materials are emerging as key players in the mining sector, benefiting significantly from substantial financial backing from Washington and Brussels. The recent US decision to prohibit the export of tungsten waste and scrap without a licence highlights the strategic importance of tungsten, particularly as Almonty Industries prepares to ramp up operations at its Sangdong mine in South Korea. This mine, which is set to begin processing in July, boasts nearly 140,000 tonnes of ore valued at approximately USD 68 million. Almonty is well-positioned to address the ongoing supply shortage, with a remarkable 498% revenue increase to CAD 43 million and a gross margin of 60.7% reported in their latest quarterly figures. The company’s robust cash position of CAD 1.2 billion, bolstered by an USD 800 million senior notes offering, allows for significant investments, including a planned expansion of production capacity.

    Meanwhile, Aurubis, the Hamburg-based copper smelter, is navigating a complex year, marked by high metal prices and strong demand for sulphuric acid, alongside delays in its US expansion project. The company reported a 31% increase in operating earnings before tax (EBT) to EUR 374 million for the first nine months of the 2025/26 financial year, driven by rising copper prices and increased revenue from sulphuric acid. However, setbacks in the Richmond project have tempered investor enthusiasm, with full ramp-up now expected to be delayed by six months.

    On the other hand, MP Materials is showcasing operational progress with a 41% increase in NdPr production and a 127% rise in sales volume. Despite a GAAP loss of USD 20.3 million, the company is securing future revenues through strategic supply contracts with the US Department of Defense, which guarantees a minimum price for NdPr over the next decade. The company is also making strides in its magnet production, with expectations of over 1,000 tonnes of NdPr production in the upcoming quarter.

    The political support from both the US and EU is proving beneficial for these companies, as they navigate the complexities of the market. Almonty Industries is leveraging its strategic tungsten asset, while Aurubis is focused on solid operational performance despite expansion delays. MP Materials is capitalising on lucrative contracts and production advancements, although its share valuation remains a concern as market expectations may be overly optimistic. Overall, while the commodities boom is celebrated in stock markets, the path to sustained success for these companies is fraught with challenges and uncertainties.

  • Advancements in Geological Exploration and Risk Management in Central Asia

    Advancements in Geological Exploration and Risk Management in Central Asia

    The demand for critical minerals is reshaping the role of Central Asia, particularly Kazakhstan and Uzbekistan, in global supply chains, while highlighting the urgent need for verified geological information. Many raw materials in the region remain unexplored, and the extent of its mineral wealth is still largely speculative, based on historical data and limited new findings. Leaders from the five Central Asian countries agree on the necessity to explore, balance, and utilise natural resources efficiently and economically for national interests.

    Central Asia is not only rich in copper, uranium, tungsten, lithium, graphite, titanium, and rare earth elements but also holds over 38% of the world’s manganese ore reserves and significant quantities of other critical minerals. Uzbekistan alone boasts reserves of over 30 types of critical minerals, with plans for 76 projects worth $2.6 billion aimed at developing 28 rare minerals by 2030. In Kyrgyzstan, the Kyzyl-Ompol deposit holds an estimated 20 million tonnes of titanomagnetite, while the Kutessai-2 site contains approximately 60,000 tonnes of various critical minerals.

    Kazakhstan is actively mining and integrated into global raw material supply chains, with rare earth exports quadrupling by early 2025 compared to 2020. The country joined the Minerals Security Partnership in 2024 and plans to invest nearly $5.3 billion in the development of its rare metals and minerals sector by 2028, including geological research.

    Experts believe that with detailed geological exploration using new technological solutions, the overall reserves of critical minerals in Central Asia could increase significantly. Recent geological exploration at the Kuiraktykol deposit in Kazakhstan saw resource estimates rise from 20 million tonnes to 282 million tonnes, illustrating the potential for discovery through modern methods. The rapid global economic changes and the rise of green energy and high-tech industries have intensified the demand for strategic raw materials, making extensive geological surveys essential for development.

    At the MINEX Kazakhstan 2026 forum, discussions highlighted the need for innovative approaches in geological exploration, emphasising a shift from traditional methods to systematic targeting based on modern capabilities. The reliance on archival data for over 55% of geological information underscores the importance of verifying historical data to mitigate exploration risks. The forum also addressed the balance between speed and quality in geological surveys, advocating for investments in reliable data rather than merely land.

    The implementation of advanced technologies, such as geophysical methods and remote sensing, has transformed the landscape of geological exploration, enabling the identification of previously inaccessible mineral deposits. The integration of these technologies is crucial for enhancing the efficiency and accuracy of geological assessments, ultimately leading to more successful exploration outcomes. As Central Asia continues to evolve its approach to resource exploration, the MINEX forum serves as a vital platform for international dialogue on the future of the mining industry in the region.

  • NGMK’s Investment Projects: Boosting Gold Production and Modernisation

    NGMK’s Investment Projects: Boosting Gold Production and Modernisation

    The Navoi Mining and Metallurgy Combinat (NGMK) in Uzbekistan is making significant strides in gold production and modernisation, as highlighted during the MINEX Kazakhstan 2026 forum. The company has increased its gold output to 98.2 tonnes in the previous year, achieving a net profit of $3.5 billion, a 64% increase, largely due to favourable market conditions where the average price per ounce exceeded $3,400. NGMK plays a crucial role in Uzbekistan’s strategy for 2030, which aims to elevate the country’s gold production from 118 tonnes to 175 tonnes. This ambitious target positions NGMK as a leader in the region, which currently accounts for 7.5% of global gold production, with nearly half of that attributed to the NGMK.

    To maintain its growth momentum, NGMK is leveraging various tools for sustainable development, including geological exploration, advanced technologies, and infrastructure improvements. The company has invested significantly in expanding the Muruntau mine, which has been recognised as a global leader in gold production. The mine’s dimensions have grown substantially since its inception in 1967, and recent investments have further enhanced its capacity.

    In addition to expanding existing operations, NGMK is also focusing on exploring new mineral deposits. The company has acquired licenses for new areas and is conducting geological exploration to confirm gold reserves in regions like Kokpatas and Daugiztau. The resource base of NGMK currently stands at approximately 140 million ounces of gold, with ongoing efforts to increase this through the processing of lower-grade ores.

    Investment in infrastructure is another key focus for NGMK, with over $1 billion allocated for 2025 alone. This includes modernising existing facilities and introducing new technologies to improve operational efficiency. The company has successfully implemented various projects aimed at enhancing its processing capabilities and expanding its mining fleet, which is crucial for meeting the growing demand for gold.

    Digital transformation is also a priority for NGMK, with a strategy in place to modernise operations by 2030. This includes the adoption of information technologies for geological exploration, automated inventory calculations, and real-time monitoring of production processes. The integration of artificial intelligence and machine learning is helping to optimise operations and reduce human error, thereby improving overall efficiency.

    As NGMK continues to evolve, its commitment to sustainable practices and technological advancement positions it well for future growth in the competitive global mining landscape. The company’s proactive approach to investment and innovation not only strengthens its market position but also contributes to Uzbekistan’s economic development and industrial sovereignty.

  • Australia and Europe: A Collaborative Approach to Critical Minerals Supply Chains

    Australia and Europe: A Collaborative Approach to Critical Minerals Supply Chains

    In 2026, two significant reports highlight the escalating challenges Europe faces regarding raw materials. The European Investment Bank indicates that the EU must ramp up its annual mineral exploration budget from approximately €200 million to €2 billion to meet the objectives of the Critical Raw Materials Act, marking a tenfold increase. Currently, the EU accounts for a mere 3% of global mineral exploration budgets, while Australia and Canada contribute 16% and 20%, respectively. Additionally, the International Energy Agency’s Global Critical Minerals Outlook reveals a 9% decline in global critical minerals investment in 2025, alongside a more than 10% drop in exploration spending, all while processing capacity becomes increasingly concentrated.

    The rising prices of base metals, with copper and tin increasing by one-third and lithium prices more than doubling, underscore the urgency of the situation. This is no longer just a mining issue; it is a matter of Europe’s industrial competitiveness and economic security, particularly in the context of the energy transition.

    Australia’s role in this scenario is pivotal. Beyond financial investment, Europe requires experienced management teams, geologists, engineers, and companies willing to navigate the complexities of project development. Australia has cultivated a robust ecosystem for resource exploration and development, with the Australian Securities Exchange (ASX) being a leading market for financing junior resource companies. This expertise is increasingly being leveraged in Europe.

    A notable example is Vulcan Energy, which is developing its Phase One Lionheart lithium and renewable energy project in Germany. The company has successfully produced battery-quality lithium hydroxide from geothermal brine, marking a significant milestone in European lithium production. Vulcan has secured a €2.2 billion financing package, including €250 million from the European Investment Bank, to fund its ambitious project.

    Other Australian companies are also making strides in Europe. GreenX Metals is exploring the Tannenberg copper project in Hesse, Germany, while EQ Resources operates the Barruecopardo tungsten mine in Spain. These projects highlight the potential of revisiting historic mining regions with modern techniques and international capital.

    The collaboration extends beyond Europe, with Australian companies like St George Mining developing projects in Brazil while partnering with Spanish firms to enhance processing technologies. This tri-lateral approach exemplifies the interconnected nature of global resource supply chains.

    As European investors increasingly seek opportunities in early-stage exploration, the potential for collaboration between Australian and European entities grows. The relationship between these regions could be crucial in building resilient critical minerals supply chains that are essential for future industrial demands. Matthew Reynolds, a key figure in fostering these connections, emphasises the importance of international partnerships in addressing the global raw materials challenge.

  • Tajikistan Revises Economic Forecast: Investments Up, Aluminum Down

    Tajikistan Revises Economic Forecast: Investments Up, Aluminum Down

    The government of Tajikistan has officially revised its economic development forecast for the period 2027–2029, signalling a significant shift in the nation’s growth strategy. The new medium-term scenario highlights a strategic pivot towards industrial expansion, moving away from the traditional reliance on primary commodity exports. This adjustment comes in response to changing domestic dynamics and evolving global commodity trends, as the country seeks to bolster its economic resilience.

    Key revisions in the macroeconomic framework indicate a substantial increase in expectations for inbound investments, which are now seen as a primary pillar for the revised outlook. The government has set ambitious targets for heavy manufacturing and freight transportation, reflecting a proactive approach to enhancing industrial capacity. This shift is essential as Tajikistan aims to diversify its economic base and reduce vulnerability to fluctuations in global commodity prices.

    Conversely, the forecast for aluminum production—a historically significant export for Tajikistan—has been downgraded. The government has reduced its production and revenue projections for this sector, aligning with broader regional warnings from institutions such as the Asian Development Bank and the Eurasian Fund for Stabilization and Development. Analysts have previously highlighted the cooling global prices for primary metals, including aluminum, as a potential headwind for the Tajik economy.

    Additionally, specific segments within the agricultural sector have also seen downward adjustments in forecasts, indicating challenges in this area as well. The revised economic model for 2027–2029 reflects a proactive adjustment to these cooling commodity markets, with a clear focus on enhancing industrial capacity and promoting domestic investment.

    As Tajikistan navigates this shifting economic landscape, the government’s strategic pivot towards industrialisation could play a crucial role in stabilising the economy and fostering sustainable growth. The implications of these changes for Tajikistan’s trade balance with regional partners and the exact percentage targets for GDP growth remain areas of interest for further analysis.