The mining industry lags significantly behind in adopting artificial intelligence (AI), creating vulnerabilities as AI advancements rapidly transform industries globally. According to experts, while AI-driven efficiencies could enhance exploration, processing, and predictive maintenance, few mining companies are leveraging these technologies to their full potential. This gap presents an existential threat, as data-driven decision-making and automation in mining could reduce costs, enhance safety, and improve productivity. Without integrating AI, the mining sector risks falling behind in innovation and competitiveness, impacting future profitability and sustainability.
Tag: mining
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Turkey and China Sign MOU to Boost Cooperation in Mining and Critical Minerals
Turkey and China have signed a memorandum of understanding (MOU) to enhance their cooperation in the mining sector, with a strong focus on critical minerals like rare earth elements. China, which dominates the global supply of rare earths, producing 70% of the world’s output and 90% of refined materials, has reinforced its strategic role in this partnership.
The announcement was made during an international mining conference held in Tianjin, China, where Alparslan Bayraktar, Turkey’s Minister of Energy and Natural Resources, and his Chinese counterpart, Wang Guanghua, formalized the agreement. Bayraktar highlighted the significance of critical minerals in high-tech production and emphasized Turkey’s goal to process 570,000 tonnes of rare earth elements annually. This will allow Turkey to capitalize on its Eskişehir reserve, the second-largest in the world.
This latest agreement follows a prior MOU focused on energy transformation, signed during Bayraktar’s visit to China in May. Turkey aims to attract investments from major Chinese companies, such as BYD, to support its electric vehicleand battery production sectors. Additionally, Bayraktar held discussions with CNOS, a key player in China’s nuclear industry, and SPIC, one of China’s largest energy companies, to explore partnerships in renewable energy and modular reactors.
In a statement on his official X account, Bayraktar emphasized the potential of joint mining projects, stating that such collaborations could significantly impact the future of the global mining industry.
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Kazatomprom Signs Major Uranium Sale Agreement with China
Kazakhstan-based Kazatomprom, the world’s largest uranium miner, announced on Tuesday that it has finalized a significant agreement with CNNC Overseas and China National Uranium Corporation for the sale of natural uranium concentrates. The cumulative value of this transaction, combined with previous deals with these Chinese entities, represents over 50% of Kazatomprom’s total asset book value.
While the company did not disclose the volume of the uranium involved, it stated that the deal will require approval from shareholders at a meeting scheduled for November 15.
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Critical Metals Corp Secures Extension for Greenland’s Largest Rare Earth Deposit
Critical Metals Corp. announced on Tuesday that it has obtained an extension for the exploitation license of its Tanbreez project in Greenland, which holds the world’s largest rare earth deposit. The company is now required to submit exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by June 30th, 2026, and start mining operations by the end of 2028.
Chairman and CEO Tony Sage expressed that the extension is a “significant milestone,” reflecting strong local support and the potential for job creation in the region. The drilling program, which began in September, has concluded, with extracted rare earth material securely stored. A portion has been sent for analysis to ALS laboratory in Ireland, and the company expects to receive results in the coming months.
Located in Southern Greenland, the Tanbreez project contains over 27% heavy rare earth elements (HREE), which are more valuable than lighter rare earth elements. Once operational, the mine will supply rare earth elements to Europeand North America, with year-round direct shipping access through deep-water fjords connecting to the North Atlantic. The orebody, Kakortokite, covers an 8 km by 5 km area and is 400 meters thick.
In addition to Tanbreez, Critical Metals owns Europe’s first fully permitted lithium mine, the Wolfsberg lithium project in Austria, and debuted on the Nasdaq in March. Construction at Wolfsberg is expected to be completed by 2026, with supply commitments to BMW beginning in 2027. The company has also secured a partnership with Obeikan Investment Group to establish a lithium hydroxide plant in Saudi Arabia. Following this announcement, shares in Critical Metals rose over 2.8%, with the company’s market capitalization reaching $536.6 million.
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Rio Tinto Calls for New Mines to Meet Demand for Key Energy Metals
The world needs more mines to meet the growing demand for energy-transition metals such as copper, according to Rio Tinto Group chairman Dominic Barton. Speaking in a Bloomberg TV interview, Barton stated that mergers and acquisitions alone will not solve the impending supply gap. “As an industry, we’re not going to inorganic our way out of this challenge,” Barton said, referring to the industry’s reliance on deals for growth. He highlighted the need for new mining projects in at least five key commodity areas.
While global mining mergers and acquisitions (M&A) have surged recently—driven by strong cash flows and the increasing demand for green energy metals—Barton emphasized that building new mines is essential. BHP Group has been one of the most active players, notably making a move on Filo after its $49-billion bid for Anglo American was rejected.
Unlike BHP, Rio Tinto has remained relatively quiet in the M&A space, choosing instead to invest hundreds of millions into exploration, with a primary focus on copper and lithium. However, Barton confirmed that the company is still evaluating acquisition opportunities. “We’re just going to have to build more,” he said, stressing the urgent need to discover and mine more copper in the next 30 years.
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C29 Metals Seeks New Exploration Licenses in Kazakhstan
In a recent development, the geological exploration company C29 Metals Limited has submitted applications for new exploration licenses in Kazakhstan. The areas of interest are situated to the south and north of the company’s current exploration site, according to inbusiness.kz. C29 Metals is looking to secure rights to study two sections of land: one covering 213 km² near the Ulutau Uranium Project and another 39 km² site close to the Botaburum mine. The company considers these zones promising based on historical drilling data and satellite imagery. It is estimated that the subsurface may contain 3,800 tonnes of uranium oxide. Currently, the Australian company holds full ownership of the Ulutau project. However, it remains unclear how they plan to proceed with extraction, as current legislation stipulates that mining of this metal must involve organizations with a majority stake held by Kazatomprom.
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Kazatomprom Begins Geological Exploration at the Eastern Section of Zhalpak Deposit
Kazatomprom, the leading uranium company in Kazakhstan, has received permission to conduct geological exploration at the Eastern section of the Zhalpak deposit. This authorization will enable the company to investigate and refine the uranium reserves in this area. Previously, exploration funded by Kazatomprom discovered uranium deposits of categories P1 and P2. The potential reserves at the Zhalpak deposit are preliminarily estimated at 30 thousand tons of uranium. The new geological exploration aims to convert these resources into reserves of categories C2 and C1 and to determine more accurate uranium reserves. The exploration project is planned for six years, after which the calculated reserves will be recorded on the state balance sheet. Currently, Kazatomprom is extracting uranium from 26 deposits and accounted for about 20% of the world’s primary uranium production in 2023.
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Anglo American Restructures Trading Operations Post-BHP Bid
Anglo American Plc, a major mining company, is downsizing its trading operations following a restructuring initiative spurred by a takeover attempt from BHP Group Ltd. earlier this year. Approximately 10 employees from Anglo American’s London and Singapore offices have recently departed due to job cuts. Notable departures include Sebastian Castelli, head of metals origination, and Mark Sainsbury, head of structured origination.
As part of the restructuring, Anglo American announced internally that it will cease entering long-term agreements to buy commodities that it does not already produce. This strategic shift comes after BHP’s attempted acquisition, which, if successful, would have established a major commodities conglomerate. Although BHP eventually abandoned the takeover bid, the move prompted Anglo American to expedite its business overhaul, including plans to divest its platinum business and exit from coal, diamonds, and nickel markets.
The company is now concentrating on key commodities and reducing its cost-heavy business units. A spokesperson for Anglo American declined to comment on the recent developments, and neither Castelli nor Sainsbury provided statements regarding their departures.
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Changes in Uranium Mining Tax Rates Announced for 2025
In 2025, the Republic of Kazakhstan will see a change in the mineral extraction tax (MET) rate on radioactive metals, according to the press center of the atomic company Kazatomprom. Starting from the first day of the new year, the tax on the extraction of valuable minerals will be set at 9%. From 2026, a differentiated tax will be introduced, allowing the MET rate to vary between 4% and 18%.
The rate will depend on the actual amount of uranium extracted under each specific contract, as well as the cost of natural uranium concentrate. If the annual extracted volume is up to 500 tons, the enterprise will be taxed at 4%. For annual production levels up to 1,000 tons, the rate will rise to 6%, up to 2,000 tons — 9%, up to 3,000 tons — 12%, and up to 4,000 tons — 15%. If more than 4,000 tons of uranium is mined in a year, the MET will reach 18%.
It is important to note that if a certain weighted average price of uranium is exceeded, the tax rate will increase. For example, if the average cost exceeds $70 per pound of concentrate, the tax rate will increase by 0.5%. If the price surpasses $110 per pound, an additional 2.5% will be added to the existing rate.
Until the end of 2024, uranium companies will continue with the current taxation procedure. Since January 1 of last year, the MET has been 6%. The management of Kazatomprom expects that in 2026, all subsidiaries and joint ventures of the national company will be able to benefit from the differentiated tax calculation approach.
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Glencore Retains 70.2% Stake in Kazakh Mining Business Amid Price Disagreement
Glencore, the global trading company, has decided to retain its 70.2% stake in the Kazakh mining business after failing to agree on a sale price, according to “Kursiv” citing Bloomberg. Glencore has been simplifying its operations by divesting smaller or non-core assets. The decision to sell its Kazakh assets was made in early summer when Chinese buyers showed interest. This included the Vasilkovsky gold mine, managed by KazZinc.
Potential investors were unable to meet Glencore’s price expectations, which Bloomberg estimates to be several billion dollars. As a result, the company opted not to proceed with the sale. Under existing rules, investors can acquire a part of the enterprise only if the other partner declines the purchase. The co-owner of KazZinc, Tau-Ken Samruk (holding a 29.8% stake), has not commented on the potential deal.
KazZinc is a major producer of non-ferrous metals. According to Glencore, last year the enterprise produced 173,900 tons of zinc, an increase of 27,500 tons from the previous year. Additionally, in 2023, KazZinc produced 35,600 tons of lead, 14,800 tons of copper, and 598,000 ounces of gold.