MINEX Forum

Tag: joint venture

  • Uzbekistan Launches Joint Venture with Chinese Company for Mining Machinery Parts Production

    Uzbekistan Launches Joint Venture with Chinese Company for Mining Machinery Parts Production

    Today, on the eve of the Day of Mining and Metallurgical Industry Workers of the Republic of Uzbekistan, a ceremonial event was held in the Akhangaran district to mark the commencement of the joint venture LLC “HG-AMMC.” This venture is being implemented in collaboration with China’s “Huigong (Hebei) Machinery Group Co., Ltd.”

    The event saw the participation of the leadership of the Almalyk Mining and Metallurgical Combine, the president and specialists of Huigong (Hebei) Machinery Group, and various public representatives. It was noted that this enterprise is the result of agreements made during President Shavkat Mirziyoyev’s official visit to China in January of this year.

    The joint venture will undertake the project “Production of Spare Parts for Mining Machines.” This project is valued at $23 million, with an annual production capacity expected to reach $37.5 million. The partner company will produce over 282 types of spare parts for mining machinery. Additionally, an experimental project to convert oil into electricity will be implemented to reduce operational costs of mining equipment and promote green energy at the joint venture.

    The products manufactured will primarily meet local market needs and eventually be exported. The construction of the joint venture is expected to create 150 new jobs. The implementation of this project will significantly contribute to the industrial success of Uzbekistan and support economic growth.

    The event concluded with a symbolic ribbon-cutting ceremony, marking the beginning of construction.

  • Tau-Ken Altyn Plans Expansion and Diversification of Processing Line

    Tau-Ken Altyn Plans Expansion and Diversification of Processing Line

    Tau-Ken Altyn, a refining plant in Astana and subsidiary of the national company Tau-Ken Samruk, is gearing up to broaden its range of processed raw materials and manufactured products. This announcement was made by Bakyt Chirchikbayev, the chairman of the board of Tau-Ken Samruk, during the MINEX-2024 forum. Chirchikbayev stated that the company is actively conducting research to expand both its processed raw materials and finished products, including catalyst recycling and the development of the jewelry sector. He highlighted the successful implementation of waste processing from the refining plant, leading to nearly zero-waste production.

    In 2019, Kaysar Zhumagaliyev, the chairman of the Kazakhstan Jewelers Association, emphasized that the requirement to pay value-added tax (VAT) when purchasing refined gold from Tau-Ken Altyn led jewelers to prefer buying gold from pawnshops and informal miners.

    Chirchikbayev also mentioned another intriguing project—a joint venture (laboratory) in Karaganda with the Australian company ALS. This venture aims to expand the company’s scope by offering its services to other companies, particularly subsidiaries of Tau-Ken Samruk.

  • Gold Processing Plant in Astana Plans to Develop Jewelry Sector

    Gold Processing Plant in Astana Plans to Develop Jewelry Sector

    “Tau-Ken Altyn,” a gold refining plant in Astana and a subsidiary of the national company “Tau-Ken Samruk,” is set to broaden its range of processed raw materials and manufactured products, announced Bakyt Chirchikbayev, chairman of the board of “Tau-Ken Samruk.” The company aims to enhance both the variety of processed materials and the output of finished products, including the processing of catalysts and the expansion of the jewelry sector, as stated during the MINEX-2024 forum.

    Chirchikbayev highlighted that last year, following successful research endeavors, the company initiated the processing of solid industrial waste from the gold refining plant, leading to virtually zero-waste production.

    Kaysar Zhumagaliyev, chairman of the association of legal entities “Jewelers’ League of Kazakhstan,” noted in 2019 that the obligation to pay value-added tax (VAT) when purchasing refined gold from “Tau-Ken Altyn” had prompted jewelers to prefer acquiring gold from pawnshops and informal miners.

    Chirchikbayev also mentioned another intriguing project, a joint venture (laboratory) in Karaganda with the Australian company ALS. The joint venture aims to diversify the company’s activities by providing services to other firms, particularly subsidiaries of “Tau-Ken Samruk”.

  • Joint Venture “Kogodai” Plans to Resume Copper Exploration in Eastern Kazakhstan

    Joint Venture “Kogodai” Plans to Resume Copper Exploration in Eastern Kazakhstan

    The joint venture “Kogodai,” holding a license since 2013 for the exploration of copper and associated metals in the Kogodai area of the Kurchum district of the East Kazakhstan region, intends to resume copper exploration in the region. Between 2014 and 2023, the company conducted geological exploration, resulting in the estimation of mineral resources categorized as inferred. Now, “Kogodai” plans to conduct geological exploration in all previously established and assumed 10 mineralization zones of the Kogodai site, the Lotoshnoye site, two geophysical anomalies, and continue the exploration of the Kogodai deposit. This information was disclosed in materials for public hearings scheduled in the Maraldy village of the Kurchum district on April 12.

    The geological exploration area covers 52.2 square kilometers. Search routes on foot will be executed within the contractual territory. Drilling is planned to be carried out using mobile drilling rigs of the SKB-5/LF-90 type with the use of Boart Longyear drill bits, which will require 59.6 thousand liters of diesel fuel in 2024.

    For the power supply of the field camp, three gasoline generators FPG 9800E FORZA will be used. The fuel consumption of one generator will be 2.78 tons per year.

    Coring drilling of exploration wells is envisaged for exploring ore bodies at depth. Most of the planned wells will be drilled to a depth of 200-250 meters. The total volume of coring drilling will include 20 wells with a total volume of 3000 linear meters.

    Cores extracted from core barrels (samples in the form of cylindrical columns) will be washed and placed in core boxes. As the wells progress, a label indicating the depth will be attached after each run.

    The participants of the JV “Kogodai” are the social entrepreneurship corporation “Yertis” (belongs to the financial management of the akimat of the East Kazakhstan region) and the company “Orsu Metals Kazakhstan,” a subsidiary of Harrsin Management B.V., whose ultimate beneficiaries are not disclosed.

    In the 2010s, the copper projects Kogodai and Karchiga in the East Kazakhstan region were developed by the British company Orsu Metals, registered on AIM (one of the platforms of the London Stock Exchange). The company faced difficulties in financing projects and delisted its shares from AIM in 2016.

    Earlier this year, Citibank forecasted that an increase in green energy targets would increase copper demand by an additional 4.2 million tons by the end of the decade. In this case, copper prices could reach $15,000 per ton by 2025, which is 75% higher than the price of copper at the beginning of January. On April 9th, investment bank analysts noted that the price of copper on the London Metal Exchange approached $9,500 per ton, trading near 15-month highs.

    Last summer, the village of Maraldy was often mentioned in the headlines due to the dissatisfaction of the local population with the plans of the company “VSAM Production” to build a gold mining plant for 250 thousand tons of ore per year. Near the village, geological exploration companies Maralicha and Maralicha-Gold were searching for gold. Gold mining was planned to be conducted by open-pit mining – local residents feared the contamination of springs and the river by harmful substances, as well as other possible issues due to mining activities.

  • Rupert Resources Offers to Acquire B2Gold’s Stake in Finnish Gold Exploration

    Rupert Resources Offers to Acquire B2Gold’s Stake in Finnish Gold Exploration

    Aurion Resources (TSXV: AU) received notification from its joint venture partner, B2Gold (TSX: BTO), regarding an acquisition offer for B2Gold’s 70% interest in their gold exploration JV focused on the Central Lapland greenstone belt in northern Finland. The offer, extended by Rupert Resources (TSX: RUP), aligns with Rupert’s exploration efforts in the same region, particularly centered around its Rupert Lapland project, home to the significant Ikkari discovery. This proposition entails issuing roughly 28.6 million shares to B2Gold, valuing the transaction at approximately C$102.8 million ($76 million) based on Rupert’s share price as of March 8, 2024. Rupert’s stock, however, observed a 1.1% decline to C$3.55 by midday Monday, despite confirming preliminary discussions with B2Gold. The potential acquisition would expand Rupert’s exploration targets, encompassing 293 sq. km. of the Sirkka shear zone, including the Helmi discovery and the Kutuvuoma prospect. With a right of first refusal per a 2019 shareholders agreement, Aurion has until May 9, 2024, to decide on its course of action regarding the proposed sale by B2Gold. The transaction remains contingent upon final agreements, due diligence completion, and regulatory green lights. Simultaneously, Aurion’s stock experienced a notable surge of 11.5% to C$0.58 per share on Monday, elevating the company’s market capitalization to C$76.8 million ($57 million).

  • Foreign investors have united to search for copper in the Republic of Kazakhstan

    Foreign investors have united to search for copper in the Republic of Kazakhstan

    Getech Group and East Star Resources plc have decided to establish a joint venture for copper exploration in Kazakhstan. Both foreign companies are registered in the United Kingdom, according to the AK&M news agency.

    The name of the new subsidiary has not been disclosed yet. It is known that East Star will lead the operational activities. Getech states that it will analyze the mineral structures and copper systems from under-explored sedimentary basins in Kazakhstan. The company’s geologist data will complement the capabilities of artificial intelligence.

    The enterprises aim to identify new prospective areas rich in copper in the republic and subsequently commence joint mining operations. Before deciding on the development of deposits and obtaining licenses, Getech’s stake in the project will be 5%. As part of the deal, the company has a call option for 5% of the JV’s shares at zero cost after receiving permission for geological exploration.

    East Star already holds nine licenses for mineral exploration in Kazakhstan. Specialists are studying three mineral regions: the Rudny Altai belt, the Chu-Ili ore belt, and the Eastern Kostanay.

    Reminder: Another foreign investor, Rio Tinto, plans to conduct exploration of copper deposits in the Ulytau region.