MINEX Forum

Tag: investment

  • 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.

  • New Uranium Complex Launched at Zhalpak Mine in Kazakhstan

    New Uranium Complex Launched at Zhalpak Mine in Kazakhstan

    The mining company ‘Ortalyk’ has officially launched a new uranium processing complex at the Zhalpak mine, with an initial capacity of 500 tonnes of uranium per year. This development is part of a broader project aimed at enhancing the production infrastructure, ultimately targeting a project capacity of 900 tonnes annually.

    Gumar Sergazin, Deputy Chairman of the Atomic Energy Agency, highlighted the significance of developing uranium mining enterprises and exploring new deposits to strengthen Kazakhstan’s mineral resource base. He expressed confidence that this new phase of the Zhalpak mine’s development will not only boost the company’s production capabilities but also contribute to the growth of the nuclear sector in Kazakhstan. Additionally, it was reported that Kazatomprom has added six new promising uranium sites to its portfolio, indicating a strategic move towards expanding the country’s uranium mining operations. This initiative aligns with Kazakhstan’s goals to enhance its position in the global uranium market, given its status as one of the leading producers of uranium worldwide.

  • Shugyla Gold to Commence Gold Production at Akdingek Deposit in 2027

    Shugyla Gold to Commence Gold Production at Akdingek Deposit in 2027

    Shugyla Gold LLP is set to begin gold extraction at the Akdingek deposit in the Zharminsky district of the Abai region, with production slated to start in 2027. The company plans to extract 100,000 tonnes of gold-bearing ore annually, utilising open-pit mining techniques and employing blasting operations. The mine is expected to operate for five years, from 2027 to 2031, with a daily production capacity of 137 tonnes.

    The geological structure of the Akdingek deposit allows for open-pit mining to a depth of 40 metres. While the specific gold content in the ore has not been disclosed, the project documentation indicates that mining operations will be conducted in shifts, with a continuous work schedule throughout the year. The site will be powered by a diesel-electric station.

    In January 2025, Shugyla Gold announced plans to extract placer gold from the valleys of the Büyük and Colorado rivers, also located in the Zharminsky district. This area is part of the Boko-Vasilyevsky ore field, with confirmed reserves estimated at 905,100 cubic metres of ore, containing 202.4 tonnes of pure gold at an average concentration of 0.224 grams per cubic metre.

    The company aims to mine 392,700 cubic metres of ore from this site between 2026 and 2028. However, financial reports for 2024 indicate that Shugyla Gold incurred a loss of 4.8 billion tenge, a significant increase from a loss of 200.1 million tenge in 2023. Despite these losses, the company reported its first revenue of 281.1 million tenge in 2024, marking a shift from its previous focus solely on mineral exploration.

    Shugyla Gold is owned by Shugyla Kent LLP, both of which are registered at the same address in the Akzhal village of the Zharminsky district. Shugyla Kent also owns KST Production, based in Ust-Kamenogorsk, which is managed by Tazlime Sarsebaeva and Abzal Nuriyev.

  • Uzbekistan Accelerates Geological Sector Transformation Through Digitalisation

    Uzbekistan Accelerates Geological Sector Transformation Through Digitalisation

    Uzbekistan is embarking on a significant transformation of its geological sector, aiming to attract up to $30 billion in investments by 2030 through the implementation of digital solutions and artificial intelligence. President Shavkat Mirziyoyev recently presented an ambitious plan to modernise the mining and geological industries, highlighting the need for a comprehensive national geological database to enhance global investor interest in new projects. Currently, Uzbekistan lacks a unified geological data platform, unlike Kazakhstan, which has had its Unified Subsoil Use Platform operational since 2025. The establishment of a digital geological map is deemed essential, as it will integrate historical data with current information, thereby improving the attractiveness of Uzbekistan’s geological resources to international investors.

    To facilitate this transformation, Uzbekistan plans to digitise over 36,000 reports and other information sources stored in various formats. This process is expected to take several years, drawing on the experiences of Russia and Kazakhstan, which have already undertaken similar initiatives. The new Centre for Technological Transformation will oversee the digitisation efforts, which will include compiling geological maps, drilling data, laboratory results, and production indicators into a single electronic database. Such a consolidation is anticipated to enhance the efficiency of discovering new mineral deposits.

    The government’s strategy includes leveraging artificial intelligence to expedite the analysis of geological data, improve resource estimation, and enhance drilling operations. Specific targets have been set, including a 10% reduction in the cost of geological exploration and a doubling of the speed at which new deposits are identified. Additionally, the number of investment proposals is expected to quadruple as a result of these digital advancements.

    Currently, only 40% of Uzbekistan’s mineral resources have been explored, but the government is keen to increase this figure significantly. By 2030, the country aims to boost its reserves of gold, silver, and copper substantially. Uzbekistan is home to over 30 types of critical minerals and is actively pursuing 76 investment projects worth approximately €2.4 billion. However, further exploration is necessary for some deposits, particularly for rare earth metals and uranium.

    The government has outlined plans for 44 projects between 2026 and 2030 that will incorporate artificial intelligence and machine learning in geological activities, focusing on six key mining enterprises. These projects aim not only to automate production processes but also to enhance geological exploration through digital transformation. The use of advanced technologies, including digital geological modelling, is already being implemented by major companies like the Navoi Mining & Metallurgy Combinat.

    Furthermore, Uzbekistan is working on a geospatial monitoring system to ensure transparency and accountability in the mining sector. This system will require all mining operators to submit their reports in a machine-readable format, facilitating quicker and more accurate verification of compliance with regulations. The geospatial monitoring initiative aims to prevent illegal activities and ensure adherence to environmental standards, using aerial and satellite technology to monitor mining operations effectively. As of June 2026, information on over 2,000 mineral deposits has already been integrated into this new system, marking a significant step towards a more modern and efficient geological sector in Uzbekistan.

  • European Lithium Prepares for Merger with Critical Metals Amid Shareholder Movements

    European Lithium Prepares for Merger with Critical Metals Amid Shareholder Movements

    European Lithium is gearing up for a significant merger with Nasdaq-listed Critical Metals Corp., with a crucial deadline approaching in September. The company has filed an application with the Australian Securities Exchange to list 193,019 new shares, a move that reflects confidence from its directors who have exercised options at A$0.08 per share. This decision indicates management’s belief in the company’s future, even as it prepares for a shift in ownership structure due to the merger.

    The merger will see Critical Metals acquire all outstanding shares and options of European Lithium through two interlocking schemes of arrangement under Australian law. Shareholders of European Lithium will receive 0.035 shares of Critical Metals for each share they hold, resulting in approximately 41% ownership of the new entity. The total valuation of the merger is estimated at around US$835 million. A variation agreement signed in July has introduced a special sale facility for shareholders with smaller holdings, allowing for cash returns instead of shares.

    As the merger approaches, European Lithium’s financial health appears stable, with A$306 million in cash and US$11 million in marketable securities as of March 31, 2026. However, the recent share issuance ahead of the merger could complicate the exchange ratio calculations for investors.

    At the heart of this merger is the Tanbreez rare earth project in Greenland, which Critical Metals is advancing. The project is gaining momentum, with operational progress reported, including active drill rigs and preparations for a pilot plant. A US$30 million acceleration program has been approved, aiming for first ore production by late 2028 or early 2029.

    Analysts are divided on the outlook for Critical Metals, with some expressing optimism about the Tanbreez project’s potential, while others have downgraded their ratings due to concerns over project timelines. This divergence in analyst opinions is likely to impact European Lithium’s valuation post-merger.

    Recent trading activity has seen European Lithium’s share price fluctuate, with a notable drop of 4.2% recently, although the stock has seen substantial gains over the past year. As the merger deadline approaches, the decisions of shareholders will be critical in determining the outcome of this significant corporate transaction.

  • Talco Extends non-binding Agreement to Acquire 60% Stake in Eastern Aluminum Extrusion Factory

    Talco Extends non-binding Agreement to Acquire 60% Stake in Eastern Aluminum Extrusion Factory

    Saudi Arabia’s Al Taiseer Group Talco Industrial Company has announced a six-month extension of its non-binding memorandum of understanding (MoU) to acquire a 60% stake in the Eastern Aluminum Extrusion Factory, located in Dammam. This extension, which will last from August 24, 2026, to February 23, 2027, provides additional time for the completion of due diligence procedures, as stated in Talco’s filing to the Saudi Exchange.

    Founded in 1976, Talco has established itself as a pioneer in the manufacturing of aluminum-related products within Saudi Arabia and the broader Gulf region. The company currently boasts a production capacity of up to 60,000 metric tonnes per annum, catering to the global market. The initial MoU was signed in November 2025, and the agreement has already seen a previous extension in March 2026.

    Talco’s core business segments include aluminium extrusion and thermoset powder coating, which encompasses advanced polyester and epoxy metal coatings. Additionally, the company manufactures various accessories, such as rubber gaskets and weatherstrips, designed for sealing systems. The ongoing procedures related to the proposed transaction indicate that Talco is committed to expanding its footprint in the aluminium sector, which is crucial for the development of infrastructure and manufacturing capabilities in the region.

    As the deadline for the MoU approaches, industry observers will be keen to see how this acquisition could enhance Talco’s operational capabilities and market presence. The aluminium industry is witnessing significant growth, driven by increasing demand in construction, automotive, and packaging sectors, making this acquisition a strategic move for Talco in maintaining its competitive edge.

  • Azerbaijan Aims to Elevate Aluminum Industry Through Strategic Partnerships

    Azerbaijan Aims to Elevate Aluminum Industry Through Strategic Partnerships

    Azerbaijan is positioning its aluminum industry as a cornerstone of its industrial diversification strategy, particularly through recent discussions with China’s Xinjiang Joinworld Co., Ltd. While Azerbaijan already boasts an established aluminum sector, led by Azeraluminium as the only primary aluminum producer in the South Caucasus, the focus of these talks extends beyond mere production increases. The discussions aim to leverage foreign technology, investment, and expertise to enhance the existing industrial capacity, thereby elevating the country’s position in the global industrial value chain.

    Economy Minister Mikayil Jabbarov highlighted that the collaboration with Xinjiang Joinworld is centred on joint projects that incorporate modern technologies and innovative solutions. This approach signifies a shift from merely increasing aluminum output to developing advanced capabilities that can produce higher-value products. The potential for Azerbaijan lies in transforming raw aluminum into products such as sheets, rolled products, and specialized alloys, which can significantly boost industrial value compared to exporting basic aluminum.

    Azerbaijan’s existing foundation for this expansion includes previous modernization efforts aimed at increasing production capacity and developing rolled aluminum products. Past collaborations with German technology partners have also focused on enhancing production and processing capabilities. The ongoing discussions with Chinese firms, including Wanji and Sunstone, indicate a strategic exploration of various segments within the Chinese industrial ecosystem, rather than a singular investment focus.

    The benefits of these partnerships extend beyond foreign capital; technology transfer is crucial. Modern metallurgical production demands sophisticated equipment and process management, and partnerships with experienced international companies can expedite the development of these capabilities domestically. Additionally, Azerbaijan has already established aluminum as a significant non-oil export, with over 40,500 tons exported in 2022, valued at $114 million. The country is now aiming to shift towards higher-value processed products.

    This strategy aligns with Azerbaijan’s broader economic diversification goals, utilising its strengths in energy, infrastructure, and logistics to create new revenue streams. Given that aluminum production is energy-intensive, Azerbaijan’s energy resources offer a competitive edge. The country’s strategic location along the Middle Corridor, which connects China and Europe, further enhances its potential as a manufacturing hub for regional markets, including Türkiye and Central Asia.

    The development of the Western Industrial Park underscores Azerbaijan’s commitment to deeper processing and stronger connections between raw material extraction and manufacturing. However, while discussions with Xinjiang Joinworld are promising, concrete details regarding investment size, production capacity, and timelines are still pending. The true economic impact will only be realised if these discussions culminate in a tangible joint venture and production plan.

    Ultimately, the key question for Azerbaijan is not why it needs China, but how it can synergise its existing industrial base with international technology and investment to produce more sophisticated and valuable aluminum products. This could mark a significant evolution in Azerbaijan’s aluminum narrative, transforming it into a vital player in the global market.

  • EU’s Strategic Investment in Critical Raw Materials: A Pathway to Economic Security and Enlargement

    EU’s Strategic Investment in Critical Raw Materials: A Pathway to Economic Security and Enlargement

    The European Union (EU) is urged to link its economic security objectives with its enlargement strategy through strategic investments in critical raw materials (CRM) projects. This approach aims to achieve dual goals: enhancing the EU’s economic security while fostering development in enlargement partners. To ensure the success of these projects, public financing is deemed essential, alongside strict adherence to environmental, social, and governance (ESG) standards, as well as governance reforms in partner countries. While these initiatives may not eliminate the EU’s critical dependencies immediately, they are viewed as long-term investments crucial for the EU’s economic stability.

    The EU’s commitment to high standards is positioned as a means to maintain its credibility as a transformative actor in the region, countering narratives of neo-colonialism. The EUISS  study highlights the competitive landscape, noting that China has already established a significant presence in the Western Balkans’ mining sector, particularly through Zijin Mining’s control of major copper deposits in Serbia. Meanwhile, the US is expanding its mining interests in Ukraine, including the Dobra lithium project. The article warns that a short-sighted approach could lead to strategic failures for the EU.

    Moreover, the EU is encouraged to support projects that develop localized value chains, integrating mining, clean processing, advanced manufacturing, and recycling. This strategy aims to foster sustainable development in enlargement partners, moving beyond mere resource extraction to broader industrial development. The EU-Ukraine Strategic Partnership on Raw Materials, initiated in 2021, serves as a foundation for this approach, with an emphasis on localizing key stages of production to enhance value creation.

    Investing in local value chains is presented as a means to counter perceptions that the EU seeks to exploit partner societies for its own gain. By demonstrating that CRM partnerships can lead to sustainable development and shared economic security, the EU can strengthen its position in the region. The article also points out the importance of addressing processing monopolies held by external actors, which could leave Europe reliant on third parties despite increased extraction capacities.

    The EUISS  study concludes by reiterating that both economic security and enlargement are strategic objectives that must be approached with foresight. Given that new mines typically take over 16 years to reach production, the focus should be on long-term outcomes. Support for strategic CRM projects should be integrated into broader governance reform efforts, ensuring that the same standards of transparency and environmental protection that apply within the EU are upheld in partner countries. Only through this comprehensive approach can CRM partnerships bolster Europe’s economic security and the rationale for enlargement.

  • China’s Ambitious Plans for a New Gold Hub in Hong Kong

    China’s Ambitious Plans for a New Gold Hub in Hong Kong

    This summer marked a significant shift in the global gold market as Hong Kong initiated trial trading under a new centralized settlement system for precious metals. This development is poised to alter the dynamics of gold trading worldwide, as China continues to establish a sovereign mechanism for trading and settling transactions in physical gold. In January 2026, the Hong Kong government and the Shanghai Gold Exchange signed a cooperation agreement to create a government-owned entity, the Hong Kong Precious Metals Centralized Settlement Company, known as ‘Gondzin Settlements’. This system offers a comprehensive range of gold-related services, from the deposit and withdrawal of physical gold to the settlement of transactions, including over-the-counter deals.

    The Gondzin Settlements system is seamlessly integrated with a network of certified vaults, allowing for efficient management of both cash balances and physical gold operations. A massive certified vault capable of holding 2,000 tonnes of gold is set to be constructed in Hong Kong, significantly surpassing the UK’s gold reserves, which were approximately 310 tonnes this spring. Establishing such a vault is a complex task, requiring robust physical security and risk management systems, but China appears undeterred.

    The urgency of establishing a gold hub in Hong Kong has been amplified by recent geopolitical tensions, particularly the ongoing conflict in the Persian Gulf, which has threatened the stability of existing gold trading hubs in the United Arab Emirates. Experts suggest that the creation of the Hong Kong gold hub is part of a long-term strategy by Beijing to enhance the yuan’s status as a global reserve currency, backed by physical gold, reminiscent of the Bretton Woods system.

    Interestingly, the recent five-year socio-economic development plan for Hong Kong, which extends to 2030, notably omits any mention of the gold hub, raising questions about its future integration into the broader economic strategy. The system also offers clients the option to operate through ‘unallocated’ accounts, allowing for faster transactions without the need to physically move gold bars.

    In partnership with the Shanghai Gold Exchange, the ‘Delivery Connect’ service has been launched to facilitate cross-border transactions and gold movement between Hong Kong and mainland China. The Gondzin Settlements has become an international member of the Shanghai Gold Exchange, enabling market participants to store physical gold in designated warehouses in Hong Kong, ensuring its free movement.

    China is effectively creating its own ecosystem for precious metal trading, attracting participation from major global banks, including JPMorgan, HSBC, and UBS. One potential outcome of this system is the decoupling of gold prices from the traditional London fixing, which has been dominated by the London Bullion Market Association (LBMA) for the past decade. The Hong Kong hub is being positioned as an alternative to London, with the potential to establish its own pricing mechanism if it achieves sufficient trading volumes.

    The status of ‘Good Delivery’, a standard set by the LBMA for gold and silver bars, is also a topic of interest. Currently, only bars from refineries with Good Delivery status are accepted in the new Chinese system, but there is potential for Gondzin Settlements to develop its own standards in the future. This ambitious Chinese initiative increases the demand for gold imports, particularly from Russia, which has seen a significant rise in gold exports to Hong Kong, from under $1 billion in 2022 to $10.8 billion last year. This trend not only reflects rising gold prices but also growing physical volumes.

    The establishment of the Hong Kong gold hub opens up new avenues for Russian companies and banks, particularly in circumventing sanctions through alternative payment methods. Despite Western threats of secondary sanctions, China has not turned away from Russian gold, indicating a complex interplay of geopolitical and economic factors that will shape the future of the global gold market.

  • Investment Programme Advances at Nurkazgan Mine with New Infrastructure Developments

    Investment Programme Advances at Nurkazgan Mine with New Infrastructure Developments

    The Nurkazgan mine’s Western section is undergoing significant advancements as part of its investment programme aimed at enhancing production infrastructure and improving extraction efficiency. A key milestone in this initiative is the construction of a crushing and conveyor complex, along with ore pass No. 16, located at a depth of -140 metres. This project is set to facilitate the continued extraction of lower levels of the deposit and enable the transition to continuous ore transportation to the surface. Over 8.4 billion tenge will be allocated for the creation of this autonomous infrastructure network across various levels of the mine.

    The majority of the funding, exceeding 6 billion tenge, is earmarked for the construction of the crushing and conveyor complex at the -140 metre level, which is expected to commence operations by the end of 2026. The remaining funds will support the establishment of a service base, which will be relocated underground to optimise processes. Plans for 2027 include the commissioning of an underground explosives storage facility with a capacity of 30 tonnes at the 0 metre level, alongside the launch of a repair station. By 2028, the construction of a refuelling station at the -60 metre level is anticipated to be completed.

    The necessity for extensive modernisation stems from the progressive shift of mining operations to deeper levels of the mine, and subsequently, the development of the Eastern section of the Nurkazgan deposit. As part of the project, builders are excavating conveyor drifts, transfer chambers, and crushing chambers, where technological equipment will soon be installed. The rock mass will be transported by load-haul-dump (LHD) machines over minimal distances and dropped into the ore pass, where a crushing complex will be installed to process large rock blocks.

    A significant advantage of this project is its execution by the Corporation’s own resources. All phases of the work are being carried out by internal specialised divisions and relevant services, ensuring a high level of coordination, quality of work, prompt resolution of emerging issues, and effective use of internal resources. The management, coordination, and support of the project are overseen by the Capital Production Projects Department. Construction and installation work is being performed by the G. Omarov Shaft Construction Trust, while the installation of conveyor equipment is managed by the Repair and Mechanical Specialised Management. The manufacturing of technological equipment and metal structures is provided by Maker LLP. Quality control of mechanical and electrical work is conducted by the respective services of the chief mechanic and chief energy specialist of Nurkazgan TKO.

    Crushed ore will be fed into a new conveyor cascade with a total length of 844 metres. With a belt width of 1200 mm and a speed of 3.5-4 m/s, the system will ensure the continuous lifting of 1200 tonnes of ore per hour to a height of nearly 100 metres. At this point, the complex will connect with the existing main conveyor 3.2. The scheme includes the physical extension of the existing mainline and the phased augmentation of current main conveyors, creating a seamless transport artery for delivering ore from the depths of the mine directly to the processing plant.

    In addition to direct economic benefits and reduced fleet maintenance costs, the project enhances workplace safety. The automation of processes for moving large volumes of rock mass will completely remove personnel from potentially hazardous areas of underground mining. The implementation of these engineering solutions will ensure uninterrupted ore delivery, improve production efficiency, and establish a reliable foundation for the sustainable operation and long-term development of the Nurkazgan mine.