MINEX Forum

Tag: mining

  • Mundoro Capital Grants BHP Option to Earn 100% Interest in Serbian Copper-Gold Licences

    Mundoro Capital Grants BHP Option to Earn 100% Interest in Serbian Copper-Gold Licences

    Canadian exploration and development company Mundoro Capital Inc. has granted an earn-in option to a subsidiary of BHP Group for seven copper and gold exploration licences within Serbia’s Timok Magmatic Complex, one of the most prolific mineral belts in the Tethyan region.

    Under the agreement, BHP can earn up to 100% ownership of the licences — which span 418 square kilometres — by funding US$35 million (€30 million) in exploration expenditures over ten years, the company announced on Monday.

    BHP will also make annual option payments beginning at $323,000, increasing by 2% annually, and milestone payments of $2 million each for specific resource declarations, up to a total of $10 million, or a single $10 million payment upon exercising the option if no resource is declared.

    Mundoro will initially operate the project, managing exploration activities and earning operating fees. Once BHP invests at least $20 million or completes 40,000 metres of drilling, it may assume operational control. Upon exercising the option, BHP will also start making annual advance royalty payments to Mundoro.

    To date, Mundoro and its partners have invested C$15.4 million ($11 million) into the project, which hosts multiple exploration targets. The most advanced prospects include:

    Skorusa copper-gold porphyry system, with an intercept of 201.2 metres grading 0.11% Cu and 0.11 g/t Au.

    Tilva Rosh prospect, where trenching returned 12 metres at 30.39 g/t Au and 171.27 g/t Ag.

    Other promising targets include Markov Kamen, Orlovo, D-vein, Prekostenski, Zlot 1–3, Bukova, Tilva Mare, Glavica, Bacevica North, Gorunov, Oblez SE, and Branik.

    The Timok Magmatic Complex is home to several major deposits and producing mines, including Cukaru Peki, Bor, Majdanpek, Veliki Krivelj, and Coka Rakita, positioning this partnership to further strengthen BHP’s exploration footprint in Europe’s key copper-gold corridor.

  • Ferro-Alloy Resources Publishes Feasibility Study for Balasausqandiq Vanadium Project in Kazakhstan

    Ferro-Alloy Resources Publishes Feasibility Study for Balasausqandiq Vanadium Project in Kazakhstan

    Ferro-Alloy Resources Limited has released the results of the feasibility study (FS) for the first stage of development of the Balasausqandiq vanadium deposit in southern Kazakhstan, confirming the project’s strong economic potential.

    According to preliminary estimates, the total investment required for the first phase amounts to $520 million, with the company currently in talks with potential investors to secure financing.

    The project envisions the annual production of 8,500 tonnes of vanadium pentoxide (V₂O₅) and 247,000 tonnes of carbon black substitute (CBS) over a 20-year mine life. A second phase is expected to quadruple production capacity while maintaining a similar project timeframe. The net present value (NPV) of the project is estimated at $748 million.

    One of the project’s main advantages lies in the unique composition of the Balasausqandiq ore, which consists of black shale that does not require pre-concentration – unlike typical vanadium-bearing titanomagnetite ores that require beneficiation and high-temperature roasting. This gives the project significant cost advantages compared to conventional vanadium production.

    The FS confirmed the high economic viability and low operating costs of the project, indicating that Balasausqandiq could position Ferro-Alloy Resources as one of the world’s leading vanadium producers.

    The company also noted additional opportunities to enhance value-added production, which will be further examined during the detailed design phase.

    Nick Bridgen, CEO of Ferro-Alloy Resources Limited, emphasized the growing global demand for vanadium and the looming supply deficit expected from 2029 onward.

    “By 2035, the vanadium shortfall could exceed the total global production level recorded in 2024,” he said, underscoring the strategic importance of the Balasausqandiq project for the global vanadium supply chain.

  • Pasechnik Appeals to Putin for Funds Amid Mining Crisis in Occupied Luhansk

    Pasechnik Appeals to Putin for Funds Amid Mining Crisis in Occupied Luhansk

    Leonid Pasechnik, the Kremlin-appointed leader of the self-proclaimed Luhansk People’s Republic (LPR), has asked Russian President Vladimir Putin to help secure salary payments for miners in the occupied Luhansk region. According to Ukraine’s Center for Countering Disinformation (CCD), Pasechnik’s appeal reflects the severe deterioration of the mining sector, where most mines have been handed over to Russian companies.

    These operators had pledged investment but later declared the mines unprofitable, opting instead to mothball or liquidate production. The CCD reports that the situation has left many miners without pay, creating a desperate social and economic crisis in the region.

    The challenges are compounded by Russia’s own coal sector, which is suffering under international sanctions and the loss of export markets. Mines across Russia are shutting down, wages are going unpaid, and layoffs are spreading — leaving little incentive for companies to inject resources into the occupied Donbas territories.

    The mining crisis unfolds as Moscow grapples with broader financial troubles. The Russian government projects a $68 billion budget deficit by the end of 2025, nearly double previous forecasts, driven by falling oil and gas revenues and soaring wartime expenditures.

  • Bulgaria and University of North Dakota to Research Rare Earth Metals

    Bulgaria and University of North Dakota to Research Rare Earth Metals

    The Bulgarian Energy Holding has signed a Memorandum of Understanding (MoU) with the University of North Dakota, USA, to conduct joint research on rare earth metals in Bulgaria. The agreement was formalized during Prime Minister Rosen Zhelyazkov’s visit to the United States for the 80th session of the UN General Assembly.

    “Today’s signing is extremely important for the development not only of the Bulgarian mining industry, but also for the technological progress of Bulgaria and the USA,” said Zhelyazkov. He emphasized that by leveraging the scientific potential of the University of North Dakota, Bulgaria can unlock new opportunities offered by its natural resources.

    The government press service noted that the collaboration marks a significant step in strengthening ties between the two countries in science, mining, and technology.

  • Pakistan and Poland Eye Expanded Cooperation in Energy, Mining, and Agriculture

    Pakistan and Poland Eye Expanded Cooperation in Energy, Mining, and Agriculture

    Federal Minister for Commerce Jam Kamal Khan met with Poland’s Ambassador to Pakistan, Maciej Pisarski, on Wednesday to discuss expanding trade, investment, and energy cooperation. Talks highlighted opportunities in hydrocarbons, mining, and agriculture as areas of mutual interest.

    Khan praised the longstanding presence of Poland’s state-owned energy firm ORLEN, which has invested approximately $500 million in Pakistan’s oil and gas sector over the past 26 years. ORLEN now plans to double its investment over the next decade, a move that could further strengthen bilateral energy ties.

    Ambassador Pisarski pointed to new exploratory concessions in Sindh and Balochistan as particularly promising, while also underscoring the need to resolve pending issues to sustain investor confidence.

    The commerce minister encouraged Polish companies to explore partnerships in Pakistan’s agriculture value chain, especially in cold storage and processing facilities for fruits and vegetables. He also urged Poland to consider investment in Pakistan’s mining sector, highlighting copper and lignite reserves.

    Pisarski noted Poland’s global expertise in both energy and mining and expressed Warsaw’s readiness to explore joint ventures. The two sides agreed to pursue concrete initiatives and high-level engagements to convert proposals into projects.

    Khan reaffirmed Pakistan’s commitment to facilitating Polish investors, while Pisarski emphasized Poland’s interest in deepening its economic partnership with Islamabad.

  • Boldyn Networks and Nokia Launch Private 5G to Revolutionize Mining at Callio Pyhäjärvi

    Boldyn Networks and Nokia Launch Private 5G to Revolutionize Mining at Callio Pyhäjärvi

    Boldyn Networks, in collaboration with Nokia, has deployed a private 5G network at the Callio FutureMINE site in Pyhäjärvi, Finland. The project transforms one of Europe’s deepest mines into a next-generation testbed for mining innovation.

    The site, which operated as a copper mine for more than 60 years, now provides a real-world environment for technology companies to trial and validate mining equipment.

    Underground mines present some of the most extreme challenges for communications. Their depth, complex tunnel structures, and harsh conditions make reliable connectivity difficult to achieve. The Boldyn solution, powered by Nokia’s Modular Private Wireless (MPW), is designed to deliver stable, high-performance coverage across multiple underground levels and a tunnel system stretching several kilometres to depths of up to 1.5 kilometres. The network offers ultra-low latency and high bandwidth, enabling the deployment of advanced mining applications that improve safety, automation, and operational efficiency.

    The private 5G system forms the foundation of Callio’s ambition to operate as a fully automated test mine. It enables the remote control of machinery and vehicles from the surface, reducing the need for personnel in hazardous environments while maximising productivity and minimising downtime.

    Several advanced technologies are already being tested at the facility. Automation and tele-remote systems allow autonomous vehicles and equipment to be operated from above ground, supporting safer and more efficient mining. A next-generation voice communication system replaces outdated walkie-talkies with reliable mobile connectivity across all levels of the mine, enhancing coordination and response times.

    In addition, Finnish software firm Cybercube is testing digital twin and real-time positioning technology, which integrates 3D mapping with operational control. This provides continuous visibility of personnel, vehicles, and assets in environments where GPS is unavailable. Such tools improve situational awareness, evacuation planning, and overall safety management.

    The deployment demonstrates how secure, industrial-grade 5G networks can meet the unique demands of mining. By enabling automation, real-time control, and continuous communications, the Callio project showcases how next-generation connectivity can transform underground operations, making them safer, more sustainable, and more efficient.

  • China Tightens Grip on Tajikistan’s Antimony Industry

    China Tightens Grip on Tajikistan’s Antimony Industry

    In Tajikistan’s mountainous heartland, the Soviet-era Saritag antimony mine stands testament to China’s growing influence in Central Asia. Run by the joint venture Talco Gold, a collaboration between Tajik and Chinese companies, the mine produces over 5,000 tonnes of antimony concentrate daily, crucial for many industrial applications. The ore is crushed, ground in large drums, and then separated from the metal using chemical reagents before being dried and bagged as 30% pure antimony. This large-scale operation was made possible by a significant Chinese investment in 2022, which is now being followed by the construction of a new purification plant.

    Pictures of Tajikistan’s long-time President Emomali Rakhmon coexist with portraits of Chinese leader Xi Jinping on posters juxtaposing the country’s past with its present economic reality. While remnants of the Soviet era remain, China has overtaken Russia as the dominant power in the region’s crucial mining sector.

    The full potential of the mine is yet to be unlocked. China’s ambitious $359 million project aims to build a state-of-the-art purification plant on the site, allowing for even greater control over the antimony production chain.

    The Chinese investment, pouring in, signals a strategic move to secure access to vital resources and cement political ties. While offering much-needed economic boost to Tajikistan, it raises concerns about resource dependence and potential environmental consequences.

    This narrative paints a picture of delicate balance: economic prosperity coupled with increasing reliance on a single partner, leaving Tajikistan to navigate the complex landscape of China’s expanding geopolitical footprint in Central Asia.

  • Kyrgyzstan Boosts Mineral Output in Early 2025 Amid Sector Consolidation

    Kyrgyzstan Boosts Mineral Output in Early 2025 Amid Sector Consolidation

    Kyrgyzstan recorded significant growth in gold, silver, coal, and natural gas production during the first half of 2025, according to data from the Kyrgyz Geological Service. Despite the increase, the number of active companies in the sector fell, reflecting a wave of license revocations and industry consolidation.

    Compared to the same period in 2024, the country produced an additional 700 kg of gold and 1.1 million cubic meters of natural gas. Silver production surged from 198 kg to 3.8 tons, while coal output rose from 3.1 million to 4.4 million tons.

    The state resource balance for January–June 2025 was as follows:

    • Regular gold: 5.8 tons

    • Placer gold: 57 kg (up from 28.3 kg)

    • Silver: 3.8 tons (up from 198 kg)

    • Coal: 4.4 million tons (up from 3.1 million tons)

    The sector also delivered stronger fiscal results, with tax and non-tax revenues climbing from 17.9 billion KGS ($205.2 million) in 2024 to 27.8 billion KGS ($318.5 million) in 2025. Industrial production reached 30.7 billion KGS ($352 million), an increase of nearly 3 billion KGS ($34.4 million).

    At the same time, licensing activity slowed. Authorities revoked 199 production licenses in the first half of 2025, citing inactivity, while only 15 new licenses were issued, compared with 26 during the same period last year. Expired permits were reallocated to other operators.

    Officials welcomed the rise in output as a positive contribution to GDP and a sign of improved efficiency. However, the report warned of risks to construction resources such as marble, sand, and gravel, which are being rapidly depleted due to high demand from the building sector.

    Experts caution that while the surge in mining strengthens revenues and energy security, long-term sustainability will require careful planning to prevent overexploitation of finite resources.

  • The Devil is in the Detail: Key Concerns of Kazakhstan’s Mining Sector Investors

    The Devil is in the Detail: Key Concerns of Kazakhstan’s Mining Sector Investors

    While Kazakhstan has established itself as one of the most attractive jurisdictions for geological exploration investment, recent developments have unsettled international partners. Ruslan Baimishev, President of the Kazakhstan Mining Chamber, outlined these concerns during a panel discussion in Almaty, as reported by LS.

    Baimishev noted that major industry players invest with long-term horizons—often 10 to 15 years—making regulatory stability crucial. He acknowledged that reforms in 2018 had positioned Kazakhstan as a globally competitive mining jurisdiction. However, he warned against backtracking, citing attempts to reintroduce restrictive policies, such as stricter reserve reporting rules and restricted access to geological data.

    “During the last parliamentary session, several draft laws initially welcomed by MPs were later amended, effectively reverting to outdated practices and deviating from international standards,” Baimishev explained. Though these changes were ultimately halted, the mere attempt sent worrying signals to investors.

    Another pressing issue is tax reform. The new Tax Code, set to take effect in 2026, introduces higher land lease fees, which could discourage large-scale exploration. Baimishev argued that while the intent—to incentivise faster project development—is logical, investors need clarity on post-exploration taxation. He also criticised proposed royalty rates, which, despite being marketed as investor-friendly, may apply unevenly, disadvantaging existing license holders.

    On a positive note, Baimishev praised ongoing government-business dialogue and improvements in geological data accessibility. However, he urged further refinements, particularly in licensing procedures for restricted areas.

    Separately, Nikolai Radostovets of the Republican Association of Mining and Metallurgical Enterprises raised concerns over a proposed 1% R&D levy. While 30% would fund geological studies—a sector priority—he argued the remaining 70% should support industry-specific innovation rather than being absorbed into the state budget.

    Saken Shayakhmetov of Kazakhmys added that without strategic R&D investment, Kazakhstan risks falling behind technologically as mineral reserves deplete.

  • U.S. and Ukraine Earmark $150 Million for Minerals Deal

    U.S. and Ukraine Earmark $150 Million for Minerals Deal

    The United States and Ukraine have committed $150 million to establish a reconstruction investment fund designed to channel foreign capital into Ukraine’s natural resources sector.

    Announced on 17 September by Ukraine’s Economy Minister, Oleksii Sobolev, the fund will see Washington and Kyiv invest $75 million each, with the U.S. contribution provided through the International Development Finance Corporation (DFC). Ukraine will finance its share in two instalments, drawn from this year’s and next year’s budgets.

    “This is definitely enough to make the first proper large-scale investments,” Sobolev told journalists.

    The initiative forms part of a wider U.S.-Ukraine resources agreement, signed in April, granting Washington favourable access to projects in natural resources, infrastructure, and defence. The fund will operate on a project-by-project basis, with both parties contributing only once an investment is approved.

    DFC officials visited Ukraine earlier this month, inspecting potential starter projects such as titanium, zirconium, and hafnium deposits in Kirovohrad Oblast. Mateo Goldman, DFC’s Senior Vice President for Investments, said: “Our $75 million investment is a major step to activating the fund and opening the Ukrainian market to new investment opportunities.”

    The fund’s board is expected to finalise its structure by late November, including the appointment of an administrator and approval of investment guidelines.

    Prime Minister Yulia Svyrydenko described the initial funding as a demonstration of “trust and long-term commitment” from Washington, noting that reinvested profits over the next decade will bolster Ukraine’s economic recovery.

    With U.S. interest in Ukraine’s critical raw materials and gas reserves, Kyiv hopes the partnership will accelerate both energy security and post-war reconstruction.