MINEX Forum

Tag: mining

  • Mongolia Fails to Select Investor for Borteeg Coal Project

    Mongolia Fails to Select Investor for Borteeg Coal Project

    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.

  • Erdoğan Says Türkiye and Syria Continue Joint Mining and Oil Operations

    Erdoğan Says Türkiye and Syria Continue Joint Mining and Oil Operations

    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.

  • Vatican Launches Global Initiative Urging Disinvestment from Mining Sector

    Vatican Launches Global Initiative Urging Disinvestment from Mining Sector

    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.

  • Unpacking Kazakhstan’s $25 Billion Mining and Critical Minerals Revolution

    Unpacking Kazakhstan’s $25 Billion Mining and Critical Minerals Revolution

    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.

    Resources:

    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 Uncovers Multiple High-Grade Zones and Eyes Expansion at Key Assets

    Eldorado Gold Uncovers Multiple High-Grade Zones and Eyes Expansion at Key Assets

    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.

  • Kazakhstan to invest $500 million in high-resolution geological mapping to boost mineral exploration

    Kazakhstan to invest $500 million in high-resolution geological mapping to boost mineral exploration

    Kazakhstan’s government is launching a new phase of subsoil exploration aimed at significantly expanding geological coverage using modern prospecting methods, in line with instructions from President Kassym-Jomart Tokayev.

    As part of this effort, 20 projects were developed last year to carry out geological mapping at a scale of 1:50,000 across a total area of 100,000 square kilometres, with plans to cover an additional 30,000 square kilometres of the most prospective areas each year. This represents a major increase in detail compared with the Soviet-era standard of 1:200,000 mapping.

    Over the next three years, the government plans to allocate 240 billion tenge, or around $500 million, to implement these projects, conduct seismic surveys in poorly studied sedimentary basins, and build modern geological infrastructure. By comparison, total investment in the sector over the past 15 years amounted to $469 million.

    The programme includes analysis of remote sensing data, aerogeophysical and geochemical surveys, and extensive fieldwork. Areas were selected based on factors such as reserve depletion, the absence or minimal presence of subsoil users, and potential for priority minerals. The identified zones show high prospects for discoveries of copper, gold, lead, zinc, rare earth elements, barite and bauxite.

    Seismic exploration is also planned in underexplored oil and gas basins, including the North Torgai, Shu-Sarysu and Syrdarya regions. In parallel, Kazakhstan intends to modernise its laboratory and analytical base and continue the digitalisation of geological data.

    According to the government, the shift to detailed geological mapping at this scale will significantly improve the accuracy of geological forecasts and align Kazakhstan with international best practice seen in the European Union, Canada, Australia and China. Detailed regional mapping is viewed as a foundation for identifying promising areas, reducing geological and investment risks, and attracting private investment into exploration and mining.

  • Portugal Emerges as Potential Hub for Critical Minerals as Exploration Intensifies

    Portugal Emerges as Potential Hub for Critical Minerals as Exploration Intensifies

    Europe is closely monitoring developments in Portugal as private companies carry out preliminary studies to assess the presence of critical minerals beneath the country’s surface. The growing interest is driven by the need to secure supplies of rare earths and other strategic elements essential for modern technologies, amid efforts by the European Union to reduce its dependence on China.

    Brussels has already fast-tracked several extractive projects linked to critical raw materials, and new geological data suggest that Portugal’s resource potential may be broader than previously assumed. According to Luís Martins, a geologist at Portugal’s National Laboratory for Energy and Geology (LNEC), the country is on the verge of a new mining-driven transformation. He noted that Portugal has strong expertise in mining and environmental management compared with many other European states.

    Exploration activities, including test drilling, are currently underway in parts of the Alentejo and the Northwest Transmontano regions, such as Moncorvo, an area with a long mining history. Martins stressed, however, that commercial extraction remains a distant prospect, explaining that rare earth elements are often associated with iron deposits, as seen in Moncorvo.

    In the Alentejo, areas including Monforte-Tinoca, Assumar, Crato-Arronches, and Penedo Gordo have already revealed the presence of highly sought-after elements. These include zircon, hafnium, titanium, niobium, tantalum, yttrium, and scandium. While not all of these minerals fall strictly within the rare earth category, many are classified as strategic or critical, heightening EU interest.

    Martins explained that rare earth elements comprise 17 chemical elements, including the 15 lanthanides as well as scandium and yttrium, which share similar chemical properties and often occur in the same deposits. These materials are vital for a wide range of industrial and technological applications due to characteristics such as magnetism, luminescence, and electrical resistance.

    The prospect of expanded mining activity raises concerns about environmental impacts, landscapes, and traditional rural livelihoods. Resistance has already been seen in northern Portugal, where communities have opposed lithium mining projects. Despite this, Martins believes economic considerations are likely to prevail. He pointed to two major untapped gold deposits in Montemor and Jales/Gralheira, which together could yield up to one million ounces of gold, currently valued at approximately 3.6 billion euros.

  • Tahltan Nation Backs IBA for Skeena’s Eskay Creek Gold-Silver Project

    Tahltan Nation Backs IBA for Skeena’s Eskay Creek Gold-Silver Project

    The Tahltan Nation has voted in favor of the Impact Benefit Agreement linked to the development and future operation of Skeena Resources’ Eskay Creek gold and silver project in British Columbia. Support for the agreement was confirmed following a referendum held among Tahltan Nation members.

    Skeena, which is dual-listed and owns the Eskay Creek project outright, said the IBA sets out a comprehensive framework for shared benefits between the company and the Tahltan Nation. These include employment and business opportunities for Tahltan members and enterprises, training and education programs aimed at building long-term capacity, funding for a facility to support Tahltan elders, and meaningful financial participation in the project.

    The company noted that a decision by the Tahltan central government board on whether to formally grant consent for the Eskay Creek project is expected to be considered in January 2026.

    Skeena executive chairperson Walter Coles said the ratification of the agreement reflects extensive collaboration and trust between the parties, adding that the IBA establishes new industry benchmarks for First Nation involvement in environmental protection and benefit-sharing. Senior vice president of external affairs Justin Himmelright подчеркнул, что соглашение рассматривается как основа долгосрочного и содержательного партнерства, подчеркнув значительную роль Tahltan Nation в формировании экологических, культурных и экономических приоритетов проекта.

    According to Skeena, the agreement formalizes years of cooperation and is intended to ensure that Tahltan values are embedded throughout the life of the Eskay Creek project.

  • KGHM Signs Impact and Benefit Agreement with Sagamok Anishnawbek for Canadian Mine Project

    KGHM Signs Impact and Benefit Agreement with Sagamok Anishnawbek for Canadian Mine Project

    Polish mining group KGHM has signed an impact and benefit agreement with the Sagamok Anishnawbek First Nation in Canada as part of plans to develop a new copper and nickel mine in Ontario. The agreement relates to the Victoria project, located about 35 kilometers west of the city of Sudbury.

    The arrangement provides for the participation of Sagamok Anishnawbek members in various stages of the project, including mine development and environmental protection activities. The agreement was signed last week by Sagamok Anishnawbek Chief Angus Toulouse and Marek Bednarz, chief executive officer of KGHM International, the Canadian subsidiary of KGHM Polska Miedź.

    KGHM, whose largest shareholder is the Polish state, is one of Poland’s largest industrial companies and among the world’s leading producers of copper and silver. The company acquired the Victoria copper and nickel deposit in 2012 but suspended development for several years due to declining mineral prices. The project was revived approximately three years ago as market conditions improved.

    According to KGHM Polska Miedź CEO Andrzej Szydło, the agreement represents a key milestone in advancing the Victoria project and demonstrates the company’s commitment to social dialogue and maintaining strong relations with local communities. KGHM also noted that it has worked with the Sagamok Anishnawbek for more than a decade during exploration activities and throughout the permitting process.

    The company said the agreement is intended to ensure stable cooperation throughout the mine’s entire lifecycle, from construction and production to eventual closure. It also provides tangible economic and development benefits for the Sagamok Anishnawbek community and guarantees its involvement in environmental protection measures linked to the project.

    The signing comes amid broader efforts by Canadian and Ontario authorities to attract international investment into the mining sector. At the same time, analysts have highlighted the importance of Indigenous consent, noting that First Nations have historically borne disproportionate environmental and social impacts from mining developments.

  • East Star and Xinhai Agree on Joint Development of Verkh-Uba Copper Project in Kazakhstan

    East Star and Xinhai Agree on Joint Development of Verkh-Uba Copper Project in Kazakhstan

    UK-listed East Star Resources Plc has announced that it has signed a preliminary agreement with China’s Xinhai Mining Services Limited to jointly develop the Verkh-Uba copper deposit in Kazakhstan.

    Under the terms of the agreement, Xinhai Mining Services will lead the phased development of the project, which is estimated to require investments of around 65 million US dollars. The parties expect to finalize and sign a binding agreement within the next six months.

    The Chinese partner will fully finance all stages of project development, including approximately 5000 meters of additional drilling to refine resource estimates and the construction and commissioning of a mining and processing facility with an annual capacity of 1 million tonnes. As investment volumes increase at each stage, Xinhai’s stake in the joint venture will rise from an initial 15 percent to as much as 70 percent.

    East Star noted that the involvement of a strategic partner will reduce project risks and accelerate development timelines. The joint venture will also allow the company to redirect its efforts toward the discovery and evaluation of additional deposits, as East Star holds several other promising gold and copper licenses. These include the Talovskoye and Rulikhinskoye sites, with the latter estimated under JORC standards to contain 23 million tonnes of copper ore at an average grade of 2.4 percent.

    In Kazakhstan, East Star focuses on the exploration of gold and base metals and has been conducting exploration activities for more than three years at three sites: Verkh-Uba, Talovskoye, and Snezhnoye. In February 2025, the company reported the identification of additional base metal resources, with JORC-compliant estimates for Verkh-Uba at that time placing resources at 20.3 million tonnes of ore containing 1.16 percent copper, 1.54 percent zinc, and 0.27 percent lead.