China is exploring the recovery of critical minerals from coal waste, with researchers highlighting fly ash and coal gangue as potential sources of strategic metals including germanium, gallium, lithium and aluminum.
According to a new report, China’s extensive coal mining and power generation infrastructure could be leveraged to recover valuable metals from by-products that have traditionally been treated as industrial waste.
“The coal refuse contains a variety of metal elements and could become an important source of critical metal supply,” said Dai Shifeng, a member of the Chinese Academy of Sciences and professor at the China University of Mining and Technology-Beijing.
Coal gangue refers to the rock separated from coal during mining, while fly ash is the fine mineral residue left after coal combustion. Although typically disposed of or used in construction materials such as cement, both materials can contain economically valuable concentrations of critical minerals and rare earth elements.
Researchers argue that China’s integrated coal industry provides a strong foundation for resource recovery. Existing coal washing, chemical processing and power generation facilities could potentially be adapted to extract strategic metals from waste streams, reducing the need for additional mining.
The approach could support China’s growing demand for critical minerals used in semiconductors, batteries, electric vehicles, renewable energy technologies and defence applications, while also improving resource efficiency and reducing industrial waste.
However, the report notes that commercial recovery remains technically challenging. Metal concentrations vary significantly depending on the geological characteristics of individual coal deposits, and fly ash from different coal sources is often blended during power generation, resulting in inconsistent feedstock quality that can affect the economic viability of extraction.
Researchers nevertheless believe rising demand for critical minerals will continue to improve the prospects for recovering metals from coal waste, building on China’s existing experience in extracting germanium from coal-related resources.
Spain is strengthening its position in the European critical minerals supply chain through a new 2026-2030 Action Plan for the Sustainable Management of Mineral Raw Materials, backed by €414 million in public investment to support exploration, mining, processing and innovation.
The initiative includes the launch of the National Mineral Exploration Program (PNEM), with €182 million allocated to mineral exploration aimed at unlocking the country’s resource potential and supporting exploration companies. The strategy also introduces 34 measures covering regulatory reform, institutional coordination, research, innovation and the development of the domestic mining value chain.
The plan aligns with the EU Critical Raw Materials Act (CRMA), which seeks to increase domestic extraction, processing and recycling of strategic minerals to reduce Europe’s dependence on external suppliers.
Tin project advances in Andalucía
Among the projects expected to benefit is Elementos’ Oropesa Tin Project in the Andalucía region, Spain’s largest mining jurisdiction, which accounts for around 90% of the country’s metallic mining production.
The project has been designated as being of “Overriding Public Interest” by the regional government and has been included in Andalucía’s Project Accelerator Unit, recognising its economic, environmental and social importance.
Elementos believes Oropesa could eventually supply around 10% of the European Union’s tin demand, while a proposed domestic smelting facility would allow more than 10% of EU tin consumption to be processed within Spain. The company has signed an option agreement to acquire up to a 50% interest in the nearby Robledallano tin smelter, supporting downstream processing and reducing transport costs and emissions.
The Oropesa project hosts an ore reserve of 15.9 million tonnes grading 0.36% tin and a mineral resource of 19.6 million tonnes at 0.39% tin, with a definitive feasibility study outlining a projected 12-year mine life.
Tungsten production expands
EQ Resources is also strengthening Spain’s strategic minerals sector through its Barruecopardo tungsten mine, one of the largest tungsten operations outside China, Russia and North Korea.
The company produced approximately 1,680 tonnes of tungsten trioxide (WO₃) concentrate during FY2025 and aims to increase annual production to 3,000-3,500 tonnes across its operations in Spain and Australia.
In June 2026, EQ Resources launched a 36-hole drilling programme at Barruecopardo to extend the mine’s life and evaluate deeper mineralisation. The project currently hosts a 22.9 million tonne resource grading 0.2% WO₃ with an estimated mine life of approximately nine years.
With around 85% of global tungsten supply currently originating from China, Spain’s expanding production is expected to contribute to efforts to diversify global supply chains for this critical mineral.
Spain’s new investment programme, together with ongoing permitting reforms and support for downstream processing, is expected to strengthen the country’s role as a strategic supplier of critical minerals within the European Union.
The owners of Eurasian Resources Group (ERG) are considering a major restructuring that would separate the company’s Kazakhstan operations from its international mining assets, according to people familiar with the discussions.
The proposed split would divide the group between its two principal private shareholders, Shakhmurat Mutalip and Shukhrat Ibragimov. ERG currently generates most of its revenue from iron ore, ferrochrome and aluminium production in Kazakhstan, while also operating mining assets in the Democratic Republic of Congo and Brazil.
Under the proposal, Shukhrat Ibragimov, ERG’s Chief Executive Officer and Chairman since 2024, would exchange his family’s 20% shareholding for ownership of the international business, which would be transferred into a newly created company. Shakhmurat Mutalip and the Government of Kazakhstan, which holds a 40% stake in ERG, would retain ownership of the group’s Kazakhstan mining and metallurgical operations.
If completed, the restructuring would strengthen Mutalip’s influence over ERG’s domestic business, while allowing Ibragimov to focus on the company’s international portfolio, particularly its operations in the Democratic Republic of Congo. ERG owns several producing and development-stage assets in the country, including Metalkol, one of the world’s largest cobalt producers and a significant copper supplier.
The discussions follow Mutalip’s acquisition of a 39.3% stake in ERG in May from the families of co-founders Patokh Chodiev and Alexander Mashkevich, reflecting a broader transition in Kazakhstan’s business landscape. Last month, the chairman of Mutalip’s construction company was appointed Chief Executive Officer of ERG’s Kazakhstan business.
According to sources, approximately US$2 billion of ERG’s debt would be transferred to the new international company. The business would continue to face operational challenges in the Democratic Republic of Congo, including illegal mining activities affecting concessions operated by Metalkol and Boss Mining SAS.
The potential restructuring comes amid growing international interest in critical mineral supply chains. The United States has increased its engagement in the Democratic Republic of Congo’s mining sector as part of efforts to diversify supplies of copper and cobalt away from China. In December, Washington signed a strategic partnership with the Congolese government aimed at supporting American investment in mining and infrastructure projects.
Neither ERG nor representatives of the shareholders immediately commented on the reported plans.
Austrian lawmakers have submitted a parliamentary inquiry calling for an investigation into the business activities and financial structures linked to Ferrexpo plc and its major shareholder, Konstantin Zhevago, following allegations concerning transfer pricing, corporate transactions and asset ownership.
The inquiry names several Ferrexpo-related entities, including Ferrexpo AG, The Minco Trust, First-DDSG Logistics Holding GmbH, MAG Handels- und Transport GmbH, MAGferr GmbH, Eliomys Vermögensverwaltung KG, Oxanikus Vermögensverwaltung KG and Luxembourg-based Calexco S.a.r.l. Authorities have also been asked to examine potential business links involving several individuals connected to the companies.
The request follows reports published by Austrian magazine Profil, Zhevago’s arrest in France in 2022 and Ukrainian sanctions imposed against him in February 2025.
One of the main issues under review concerns the marketing of iron ore pellets produced by Poltava Mining and Processing Plant. According to allegations cited in the inquiry, pellets were sold through Ferrexpo AG in Switzerland rather than directly to European steelmakers, including Voestalpine, Salzgitter and Thyssenkrupp, at below-market prices, allowing profits to be shifted outside Ukraine. The alleged outstanding debt to the Poltava operation is estimated at more than US$500 million. Ferrexpo has rejected the allegations, stating that all transactions were conducted on market terms and complied with applicable transfer pricing regulations.
The parliamentary inquiry also requests an examination of Ferrexpo’s historical relationship with Voestalpine, including the sale of interests in VA Intertrading AG to Calexco S.a.r.l., existing commercial agreements and whether any insider information may have been used in securities trading. Austrian financial regulators have been asked to clarify whether investigations into potential market manipulation or insider trading have been conducted.
Separately, lawmakers are reviewing the activities of First-DDSG Logistics Holding GmbH, which transported Ferrexpo products. The inquiry notes that the logistics company reported losses of €44.8 million in 2022, €42.3 million in 2023 and €41 million in 2024, prompting questions over transfer pricing arrangements and management decisions.
The inquiry further seeks information regarding four luxury properties in Austria, including Villa Schwarzenfels in Maria-Wörth, two villas in Vienna and another in Pressbaum, to determine whether they are connected to Zhevago and to establish the origin of the funds used for their acquisition.
The investigation comes as Ferrexpo faces financial pressures. According to the company, it held approximately US$20 million in cash as of April 2026, while awaiting US$90.3 million in outstanding VAT refunds from the Ukrainian government. The company has announced plans to raise at least US$100 million through a share issue, sell the vessel Iron Destiny for US$7.7 million, implement cost reductions and has warned of potential insolvency risks if its financial position does not improve.
Central Asia and Mongolia will remain resilient to geopolitical shocks and record the highest growth rates of the EBRD countries of operation in 2026 and 2027, according to the latest Regional Economic Prospects report published on 3 June 2026, by the European Bank for Reconstruction and Development (EBRD). The combined economies of Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan are projected to grow by 5.6% in 2026 and 5.3% in 2027.
These are compelling headline figures. Yet beneath them lies a more consequential story—one that the OECD’s March 2026 report, Advancing Security and Transparency for the Governance of Critical Raw Materials in Central Asia, articulates with rare precision: the region is not merely growing; it is repositioning itself at the very heart of the global critical raw materials race.
The mining sector is no longer a background variable in Central Asia’s development story. It is the plot itself.
MINEX Asia 2026 is where it gets real. Join EBRD and OECD peers presenting on Kazakhstan’s scale, Tajikistan’s green pivot, Uzbekistan’s processing ambitions—and the governance gaps that determine success.
The Regional Narrative: Resilience With Structural Depth
Growth prospects remain robust but are increasingly dependent on the pace of domestic reforms and efforts to strengthen resilience to external shocks. Strong domestic consumption, rising real wages, and robust capital investment are real. But so are the fault lines: downside risks include energy price volatility, supply-chain disruptions, economic sanctions, and slower growth in the region’s largest trading and economic partners, Russia and China.
The OECD note adds a structural dimension that the growth forecasts alone cannot convey. Central Asia’s substantial yet untapped resource base, combined with its location between major markets in Europe and Asia, raises the region’s relevance in CRM geopolitics and efforts to diversify global supply chains. This is a geostrategic statement. The region holds extraordinary assets: Kazakhstan, already the world’s largest producer of uranium, produces and processes around twenty of the 34 CRMs included on the European Union’s official list. The Kyrgyz Republic and Tajikistan both host some of the world’s largest antimony reserves. Uzbekistan possesses some of the largest copper reserves globally and is advancing lithium and molybdenum production.
Taken together, these endowments amount to a critical minerals portfolio of exceptional strategic depth. Whether the region can translate that portfolio into durable prosperity is the central question of the coming decade.
Country by Country: Where the Headlines Don’t Tell the Full Story
Tajikistan: Gold and Strategic Minerals
Tajikistan: Gold and Strategic Minerals
Tajikistan’s economic performance continues to confound those who underestimate it. In March 2026, Moody’s upgraded Tajikistan’s sovereign credit rating to B2 with a stable outlook, citing the country’s continued economic resilience. The EBRD projects growth easing to 7.9 per cent in 2026 — still remarkable for a landlocked, remittance-dependent economy navigating elevated regional volatility.
The mining dimension is crucial. Gold remains the cornerstone of export revenue and fiscal stability, and Tajikistan’s antimony sector is poised for a structural step-change. Tajikistan possesses the world’s second largest antimony reserves, and China’s effective ban on antimony exports to the US and EU provides a significant window of opportunity. Together, France and Belgium accounted for 77% of Tajikistan’s antimony exports in 2024. With TALCO nearing completion of a new antimony metallurgical plant, Dushanbe is finally beginning to capture processing value rather than simply shipping raw material.
But what I find most intriguing about Tajikistan’s trajectory is the emerging convergence of green energy and artificial intelligence with its mining ambitions. The Rogun Hydropower Project — set to have an annual capacity of over 3,600 megawatts once fully operational — would cover most of Tajikistan’s domestic consumption and create the conditions for green aluminium production, with approximately 70 per cent of output earmarked for export to Kazakhstan and Uzbekistan. Cheap, clean electricity is not merely an industrial asset — it is the foundation for competitive mining, smelting, and increasingly, data infrastructure.
Tajikistan has initiated groundbreaking infrastructure projects, including the launch of “Area AI” — the world’s first dedicated AI Zone — a technopark and cluster designed to serve as a hub for research, development, and application of AI technologies. The country has forged partnerships with international tech firms including Perplexity AI, Google DeepMind, Yotta and Presight to accelerate technology transfer and innovation. The government has declared 2025–2030 the “Years of Digital Economy and Innovation Development.” Taken alongside the Rogun-powered industrial ambitions, this is Tajikistan’s bid to become not just a minerals supplier but a genuinely integrated green industrial economy — using AI and clean energy together to escape the extractive trap.
The key vulnerability remains Tajikistan’s dependence on Russia, where a slowdown would depress the remittance inflows that underpin household incomes. That risk is real and should not be minimised. But the strategic direction of travel is clear — and it is more ambitious than most Western observers appreciate.
Kyrgyzstan: The Kumtor Imperative and Exploration Needs
Kyrgyzstan remains the region’s most dramatic case study in resource-dependent growth. Kumtor Gold Company — nationalised in 2022 after nearly three decades of Canadian stewardship — generated net profit exceeding USD 706 million in 2025, contributes 10–15 per cent of GDP, and represents nearly two-thirds of the country’s mineral exports. The March 2025 discovery of an additional 147 tonnes of gold reserves extended the mine’s productive life to at least another 17 years.
Underground mining operations, launched in August 2025, are transformative. At current gold prices hovering above USD 4,500 per ounce, Kumtor’s economics are exceptional — and the government’s plan to process tailings estimated to contain over 100 tonnes of gold adds further upside. Fixed capital investment rose by 25.5 per cent year on year thanks to strong investment in infrastructure, energy and housing.
Yet the near-term outlook has darkened. The European Union’s 20th sanctions package, announced in late April, restricts exports of dual-use goods to Kyrgyzstan and tightens controls on its financial and logistics sectors. The EBRD has revised its 2026 growth forecast down to 8.7 per cent as a result. This is a significant geopolitical constraint on what would otherwise be an exceptionally strong growth story — and it underscores the OECD’s broader finding that regulatory unpredictability and governance gaps impose real costs on the region’s investment attractiveness.
The OECD note also flags a structural vulnerability that sits beneath the Kumtor euphoria: limited exploration since independence means that the Kumtor mine, accounting for 90% of the Kyrgyz gold exports, is set to close in 2031 due to reserves depletion — and the lack of exploration since independence will make it harder to offset this decline quickly. The reserve discovery of 2025 has bought time but not resolved the underlying fragility.
Kazakhstan: Scale, Strategy, and Industrial Output
Kazakhstan’s mining profile is defined by scale and global strategic significance. The country holds the world’s largest chromium reserves, accounts for roughly 40 per cent of global uranium output, and produces massive quantities of refined copper, largely exported to major industrial buyers like China and Türkiye.
Graphite is a high-potential sector for Kazakhstan. With the exploitation of its Sarytogan deposit — added to the EU’s list of strategic raw material projects and reported to contain 30% of the world’s graphite reserves — Kazakhstan is expecting to become a crucial player on the world graphite market.
The tungsten story is equally striking. Kazakhstan holds roughly 2 million tonnes of tungsten resources out of approximately 3.6 million tonnes of global reserves. A joint venture between Kazakhstan’s Tau-Ken Samruk and US-based Cove Kaz Capital Group has been formed to develop the Severniy Katpar tungsten project, with the US International Development Finance Corporation issuing Letters of Interest for up to USD 700 million in potential financing — marking Washington’s most significant entry yet into the region’s critical minerals sector.
Yet the near-term picture carries a real cautionary note. In Kazakhstan, the extractive industry contracted by 11.4 per cent year on year in Q1 2026 following disruptions to the Caspian Pipeline Consortium pipeline and an incident at the Tengiz oil field. The EBRD projects Kazakhstan’s GDP growth moderating to 4.7 per cent in 2026 and 4.5 per cent in 2027 — the lowest in the region, reflecting the inherent vulnerability of commodity-led economies to infrastructure and logistics shocks.
Uzbekistan: The Ambitious Reformer
Uzbekistan’s ambitions deserve particular attention. The country is the world’s fifth-largest uranium supplier, a top-ten gold producer, and is rapidly positioning itself as a critical minerals investment destination. Uzbekistan has actively signed Memorandums of Understanding with Western partners, including the United States, for securing supply chains in the mining and processing of Critical Minerals and Rare Earths. The government has also launched massive industrial initiatives to bolster its critical minerals sector.
The Almalyk Mining and Metallurgical Complex (AMMC) and its specialised subsidiaries targeting tungsten, molybdenum, rhenium, lithium, and graphite signal a genuine strategic shift from raw extraction towards value-added processing. Whether governance and transparency standards keep pace with ambition will be the decisive variable.
The Structural Challenge: From Resource Extraction to Value Creation
Both the EBRD and the OECD converge on a single, uncomfortable truth: Central Asia’s growth is impressive, but its mining sectors remain structurally exposed. The OECD note identifies several systemic vulnerabilities that macro-growth figures obscure.
On reserves reporting: Most countries still operate on Soviet-era GKZ classification systems that differ fundamentally from international CRIRSCO standards — creating information asymmetries that deter sophisticated investors and complicate due diligence. Kazakhstan has made progress through its KAZRC system; other regional peers have barely started.
On foreign investment dynamics: Foreign actors, predominantly Chinese, actively invest in Central Asia’s mining industry. China has been a primary investor in the mining sectors of the Kyrgyz Republic and Tajikistan, and is increasing its presence in Kazakhstan and Uzbekistan, not only by investing in extraction facilities but also by supporting the development of initial processing capabilities. This creates a strong strategic dependency that the region’s governments are increasingly aware of — and that Western partners, including the EU, UK, and US, are now actively looking to balance through alternative commercial partnerships.
On the Trans-Caspian International Transport Route (TITR): Traffic along the corridor (the Middle Corridor) has increased dramatically as exporters seek reliable East–West trade alternatives. Kazakhstan in particular has long relied on the corridor for its mineral, chemical, and agricultural exports, with a substantial portion of its uranium exports to Western markets utilising this bypass route. This corridor is central to the region’s ability to diversify export markets.
On ESG and governance: The OECD is frank: mining in the region is still heavily influenced by large state-owned enterprises with overlapping regulatory and commercial roles, needing stronger occupational health and safety oversight and remediation of legacy environmental risks. These are not peripheral concerns — they are the conditions on which Western investment and international supply chain partnerships will ultimately be conditioned.
The Strategic Opportunity
The OECD projects global demand for many critical raw materials to increase multifold over the coming decades to meet the needs of the green and digital transitions. Central Asia sits atop a significant share of the reserves that will need to come online to meet that demand. The region holds massive global shares of manganese ore, chromium, lead, zinc, titanium, aluminium, copper, cobalt, and molybdenum.
That is an extraordinary endowment. Translating it into durable prosperity requires three things that remain in genuinely short supply across the region: transparent governance, world-class ESG practice, and the institutional capacity to negotiate from strength with both regional and global partners.
This is precisely why platforms like the MINEX Forum matter. The conversation between producers, investors, policymakers, and development finance institutions that happens at these gatherings is not peripheral to the critical minerals agenda. It is where the terms of engagement are shaped.
Conclusion: Cautious Optimism, Clear Conditions
The EBRD’s projection of robust regional growth is credible. The OECD’s assessment of the region’s critical minerals potential is genuinely exciting. But both institutions are equally clear-eyed about the conditions that must be met for that potential to be realised responsibly.
Central Asia’s mining sectors are not simply economic contributors. They are strategic assets in the most consequential industrial transformation of our era. Their management — balancing extraction with environmental stewardship, concentrating revenue into productive capital formation, building institutional capacity, and securing diversified partnerships — will determine whether current growth translates into sustainable prosperity or rehearses the resource curse that has constrained other commodity-rich regions.
The next chapter will be written in mining offices, government ministries, and international forums across Dushanbe, Bishkek, Astana, Tashkent, and Ulaanbaatar. We should be not merely watching — we should be in the room.
References:
Central Asia and Mongolia to see highest economic growth in the EBRD regions
Arthur Poliakov is the Managing Director of the United Kingdom-based company Advantix Ltd and the Executive Chairman and founder of the MINEX Forum. He has over 30 years of experience in international business communications, event management, and natural resource markets.
He is currently organising the upcoming 12th MINEX Asia Forum (24–25 June 2026, Ankara, Turkey), the 10th MINEX Europe Forum (28–30 October 2026, Trim, Ireland), and the 14th MINEX Eurasia Conference (30 November 2026, London, United Kingdom).
Mongolia has failed to identify a suitable investor for the development of the Borteeg section of the Tavantolgoi coal deposit group after none of the bids submitted in an international tender met government requirements.
The Mongolian government has now decided that the project will be managed by state-owned coal producer Erdenes Tavantolgoi. According to Minister of Economy and Development Jadamyn Enkhbayar, coal production and exports at the site will proceed with the participation of domestic companies, local media outlet Montsame reported.
The open tender, announced in February, invited both Mongolian and foreign companies to invest in the development of the Borteeg deposit and participate in exploiting its reserves.
Under the tender conditions, the winning bidder was expected to finance and construct all required infrastructure for coal extraction, processing, sales and transportation. A key condition imposed by the government required Mongolia to receive at least 51% of total sales revenue throughout the life of the project.
According to the Ministry of Economy and Development, seven companies from Mongolia and abroad submitted proposals. A working group evaluated the bids based on financial and economic returns, experience in implementing similar projects and the existence of a comprehensive development plan.
However, none of the proposals scored highly enough to proceed to the negotiation stage, ministry officials stated.
The Borteeg section is estimated to contain 424.2 million tonnes of coal reserves. Annual production capacity could reach up to 15 million tonnes.
Turkish President Recep Tayyip Erdoğan announced that Türkiye is continuing joint mining and oil operations with Syria’s new government, describing the cooperation as part of Ankara’s broader strategy to strengthen energy independence and reinforce its position as a regional energy hub.
Speaking at the second Istanbul Natural Resources Summit (INRES), Erdoğan said collaboration between Türkiye and neighboring Syria in the energy and mining sectors remains active. He emphasized that achieving full energy independence is one of Türkiye’s top strategic priorities and noted that the country aims to replicate in energy and mining the same level of success it has achieved in its defense industry.
Erdoğan also highlighted Türkiye’s growing importance in global energy transit, stating that the country’s infrastructure currently enables natural gas imports from more than 50 companies across 39 countries. According to Erdoğan, upcoming investments will increase Türkiye’s daily LNG capacity from 161 million cubic meters to 200 million cubic meters, further strengthening its role as a key bridge between energy-producing and energy-consuming nations.
The remarks came a day after Erdoğan reaffirmed during a phone call with U.S. President Donald Trump that Türkiye’s support for Syria remains ongoing, stressing that maintaining stability in the country is important for the wider region.
The Vatican has launched a new international initiative encouraging investors to withdraw funding from the mining sector, marking an unprecedented move by the Catholic Church to target a specific industry on ethical grounds.
Announced on Friday and supported by senior Church officials and around 40 faith-based organisations, the initiative aims to promote stronger environmental protection and fair labour practices within mining operations. Companies that fail to meet these expectations could face pressure through divestment.
Cardinal Fabio Baggio said the expansion of mining activities in many parts of the world has led to significant social tensions and environmental damage. He described the initiative as a reflection of the Church’s commitment to human dignity and ethical responsibility.
The move builds on previous Vatican guidance urging Catholics to divest from sectors such as fossil fuels and armaments, but represents the first time the Church has directly called for disinvestment from mining.
Rev. Dario Bossi, one of the project’s coordinators, said the initiative invites Catholic institutions and broader faith communities to reconsider their investment strategies in response to the social and environmental impacts of mining. The Vatican has not disclosed which organisations are participating or identified specific companies that could be affected.
The announcement comes at a time of rapidly increasing global demand for critical minerals such as lithium, cobalt and copper, driven by the transition to clean energy and digital technologies. According to the International Energy Agency, demand for these materials could triple by 2030 and quadruple by 2040.
While parts of the mining industry have acknowledged the need for improved sustainability practices—through initiatives such as the International Council on Mining and Metals—the Vatican’s intervention highlights growing scrutiny from non-governmental actors.
Cardinal Alvaro Ramazzini of Guatemala, who participated in the launch, emphasised that legal compliance alone is not sufficient, calling on governments and corporations to align their actions with broader principles of justice.
The initiative adds a new ethical dimension to the global debate over responsible sourcing of minerals at a time when demand for these resources is accelerating.
On 18 March the US Commercial Service hosted a webinar featuring experts from the Kazakh government and industry. The central message was clear: Kazakhstan is no longer presenting itself simply as a resource-rich country. It is actively seeking to become a more significant destination for investment, processing, industrial partnerships and long-term supply chain co-operation.
If you are tracking the global energy transition and supply chain security, this is a market that demands your attention. Here are my biggest takeaways from the session:
A market defined by scale, ambition and strategic importance
Kazakhstan’s resource base remains one of its greatest strengths. Speakers highlighted that mining and metallurgy continue to play a major role in the national economy, while reforms are being introduced to improve transparency, modernise infrastructure and create a more attractive environment for foreign investors.
Particular attention was given to coal, mining and critical minerals as sectors with major growth potential. Kazakhstan is pursuing a pragmatic approach to energy development, combining its natural resource base with efforts to attract technology, financing and international partners. For U.S. companies, this is increasingly being framed not only as a commercial opportunity, but also as a chance to help build more resilient allied supply chains.
The Sheer Scale of the Resource Opportunity
Kazakhstan holds a formidable position on the global energy map, but it’s the untapped potential that is most striking:
Massive Reserves: The country sits on 33 billion tonnes of coal reserves, ranking 8th globally—enough to sustain production for over 300 years.
Cost Advantages: Kazakh coal prices hover around $25 to $50 per tonne—a fraction of the cost in other global markets. Furthermore, the cost of geological exploration is incredibly low at just $11 per square kilometre, compared to $167 in Australia and $203 in Canada.
The Coal Chemistry Boom: Currently, only 3% of Kazakhstan’s coal is processed. Shifting towards deep processing (synthetic fuels, ammonia, urea, methanol) represents a $25 billion untapped market.
Modernising the Energy Grid
As power demand surges—driven by industrialisation and the rise of AI—Kazakhstan is heavily focussed on modernising its infrastructure. The Ministry of Energy plans to introduce 26 gigawatts of new power capacity over the next decade. This includes a near-term plan to add 7.6 GW of new coal-fired capacity, requiring an estimated $16 billion in investment by 2030. The government is actively seeking technological partnerships for carbon capture and storage (CCS) and ultra-supercritical boiler technologies to ensure this growth aligns with clean energy standards.
Critical minerals are becoming central to the conversation
One of the most interesting aspects of the discussion was the growing focus on critical minerals and rare earth-related opportunities.
Kazakhstan is developing a more comprehensive strategy for critical raw materials, with plans to define priority minerals, support processing and encourage higher-value production. The direction of travel is clear: the country wants to move further up the value chain and become more than simply an exporter of raw materials.
This was particularly relevant in light of the tungsten discussion that followed.
Looking ahead to 14-16 April: MINEX Kazakhstan Forum in Astana
The next important date in the calendar is 15 April, when Julie M. Stufft , U.S. Ambassador to the Republic of Kazakhstan, will speak at the strategy session on Critical Minerals and Global Strategic Alliances at the 16th MINEX Kazakhstan Forum in Astana.
Also speaking will be Dominic Heaton Dominic Heaton, CEO of Cove Kaz Capital Group, who will present the Severniy Katpar case study.
This is especially significant because Severniy Katpar and Verkhnee Kairakty together hold 1.4 million tonnes of tungsten trioxide under JORC standards, representing around 70% of Kazakhstan’s total tungsten reserves. The project involves an estimated $1.1 billion joint venture investment, with potential support from U.S. EXIM and the U.S. International Development Finance Corporation totalling up to $1.6 billion.
That level of financial and diplomatic backing underlines how strategically important this project could become, not only for Kazakhstan, but also for broader allied efforts to secure critical mineral supply chains.
Why these matters
What stood out most from the 18 March webinar was the alignment now emerging between Kazakhstan’s resource ambitions and international demand for secure, diversified supply chains.
Kazakhstan offers scale, geological potential and a strategic location between major markets. The United States and other partners bring financing, technology and industrial expertise. If those elements come together effectively, the result could be a new phase of co-operation built around mining, processing, infrastructure and critical minerals development.
For anyone following energy security, industrial policy or strategic resource investment, Kazakhstan is becoming increasingly difficult to ignore.
The webinar made that case convincingly. The 15 April MINEX Forun sessions should offer an important next step in showing how these opportunities may translate into practical projects and partnerships.
Eldorado Gold Corporation has reported a series of significant high-grade discoveries across its exploration portfolio, reinforcing the potential for mine life extensions and future production growth in Canada and Greece. The company also confirmed it has launched studies to assess a possible expansion of processing capacity at its Lamaque Complex in Quebec.
At Lamaque, recent drilling identified four new high-grade zones around the Ormaque deposit and the historic Lamaque Mine. These include the newly defined Ormaque South-East zone, extensions to the west of Ormaque, the Garnet Zone north of the deposit, and additional mineralization at Lamaque South. The results confirm the presence of multiple stacked and laterally continuous vein systems located close to existing infrastructure, strengthening the case for low-risk, capital-efficient growth. On the back of these results, Eldorado has begun studies to increase throughput at the Sigma mill from around 2,500 tonnes per day toward its fully permitted capacity of 5,000 tonnes per day.
In Greece, exploration at the Olympias mine outlined a new North West zone with high gold, silver, lead and zinc grades located within 200 metres of current underground workings. Drilling at the West Flats area also intercepted thick massive sulphide mineralization beyond the existing resource, pointing to further expansion potential. In parallel, Eldorado confirmed the discovery of a gold-copper skarn system along the Stratoni Fault, near historic mining operations, adding a new target style to the Kassandra district.
The company said these discoveries highlight strong upside across its portfolio and support continued investment in exploration. Eldorado plans a substantially expanded drilling programme in 2026 across Quebec, Greece and Turkiye, with total exploration spending expected to rise to between $75 million and $85 million as it targets both resource growth near existing mines and earlier-stage discovery opportunities.
