MINEX Forum

Tag: mining

  • European Tungsten Prices Reach Highest Level Since 2013 Amid Chinese Export Curbs

    European Tungsten Prices Reach Highest Level Since 2013 Amid Chinese Export Curbs

    European tungsten prices have surged to their highest point since 2013, driven by China’s tightening restrictions on critical mineral exports. The price of ammonium paratungstate (APT)—a vital intermediate in tungsten metal production—has reached $400 per metric ton unit (mtu) on the European spot market, marking an 18% increase since February, according to Reuters.

    The spike follows China’s recent export curbs and quota reductions on key strategic metals, including tungsten, tellurium, molybdenum, bismuth, and indium. These measures, imposed in retaliation to US tariffs earlier this year, have intensified global supply concerns.

    China dominates global tungsten production, accounting for over 80% of the 81,000 tons produced worldwide last year, according to the US Geological Survey (USGS). Tungsten’s exceptional properties—such as its highest melting point of any element, extreme hardness, and excellent electrical and thermal conductivity—make it indispensable across various industries. Initially popularized in incandescent light bulbs, tungsten now underpins sectors ranging from aerospace and semiconductors to defense and industrial drilling.

    Tungsten carbide, second only to diamond in hardness, is crucial for metalworking tools and industrial drills, while tungsten crucibles facilitate the melting of other high-temperature materials. In the defense sector, tungsten is used for “penetrators,” armor-piercing projectiles currently in high demand amid the ongoing conflict in Ukraine.

    China’s Tightening Grip on Exports
    The global tungsten scarcity has been exacerbated by China’s export restrictions. The country’s first tungsten ore mining quota for 2024 was set at 58,000 tons—a 6.5% decrease from the previous year.

    “Since the Chinese export ban was announced, there has been an over-reliance on scrap supplies, but now those are running thin, and there’s growing panic over the inability to secure new primary tungsten material,” said Oliver Friesen, CEO of Guardian Metal Resources.

    The stakes are especially high for the United States, which ceased commercial tungsten mining in 2015 and remains heavily reliant on imports. A looming 2027 deadline mandates the US military to eliminate purchases of tungsten mined or processed in China or Russia—the latter being the world’s third-largest producer.

    North American Efforts to Secure Supply
    In response, Canada’s Almonty Industries recently announced an offtake agreement to provide tungsten oxide exclusively for US defense applications. The company operates tungsten mines in Spain, Portugal, and South Korea.

    “Almonty can produce enough tungsten for US/EU/Korea defense demand but not enough for the entire US/EU/Korea market—defense and civilian combined,” Almonty’s CEO Lewis Black stated. Shares of Almonty rose 4.6% in Toronto following the announcement, giving the company a market capitalization of C$688 million ($492 million).

    “Tungsten is a small market… But the industries that depend on it are exponentially bigger, which is why it is on everyone’s critical mineral list,” Reuters columnist Andy Home noted.

  • US-Ukraine Investment Agreement Faces Long Road to Mining and Energy Sector Boost

    US-Ukraine Investment Agreement Faces Long Road to Mining and Energy Sector Boost

    The recently ratified investment agreement between Ukraine and the United States, championed by US President Donald Trump, is not anticipated to deliver tangible results for at least a decade, experts told the Financial Times.

    The agreement, approved by Ukraine’s parliament on May 8, outlines the establishment of a joint “reconstruction investment fund” to support future mining and energy projects. Despite optimism, industry leaders warn that substantial challenges lie ahead, including Russia’s ongoing war on Ukraine, heavily damaged infrastructure, restricted Soviet-era geological data, corruption risks, and unexploded ordnance contamination.

    According to Eric Rasmussen, former head of natural resources at the European Bank for Reconstruction and Development, “It could be 10-15 years — that’s the sort of timeline we talk about.” Peter Bryant of the advisory group Clareo echoed these sentiments, stating that the deal “does little to de-risk the supply chain in the next 10 years.”

    Ukraine boasts significant natural resources, including iron ore, coal, lithium, graphite, and titanium-bearing ores. It is also Europe’s third-largest gas producer. While oil and gas fields may be quicker to develop, mining projects are expected to face lengthy geological exploration before reaching feasibility.

    Ukrainian Minister Yulia Svyrydenko mentioned that the reconstruction fund would be operational “within a few weeks,” although profits are expected to be reinvested for the first decade.

    US-backed TechMet, which aims to secure Ukrainian lithium, called the agreement promising but noted the long-term commitment required. DTEK, Ukraine’s largest private energy firm, expressed optimism, signaling that Ukraine was “open for business.”

    However, not all are convinced. One mining executive remarked skeptically, “This romantic idea that there’s lakes of lithium to be tapped is just not the case.”

  • Decarbonising the Mining Industry: Challenges and Innovations

    Decarbonising the Mining Industry: Challenges and Innovations

    The drive to decarbonise the global economy is unearthing new challenges in the mining sector, an industry pivotal to the green transition. Mining provides critical minerals for renewable technologies like solar panels, wind turbines, and electric vehicles. Yet, the sector is responsible for 4-7% of global emissions, primarily from methane released by coal mines. While methane emissions are expected to decline over the next 25 years, attention is turning to the decarbonisation of other mining operations essential for the energy shift.

    The International Energy Agency projects that achieving net-zero emissions by 2050 will require a 50% increase in copper demand by 2040, a doubling of nickel and cobalt needs, and an eightfold surge in lithium demand. Amid these projections, Australian iron ore giant Fortescue Metals Group has positioned itself as an industry leader. Unlike many companies relying on carbon offsets, Fortescue aims for “real zero” by 2030, cutting emissions from its massive Pilbara region operations. Fortescue’s Chairman, Andrew Forrest, has been vocal against the concept of “net-zero,” advocating for tangible emission cuts instead.

    Fortescue’s strategy includes replacing diesel and gas with 2-3 gigawatts of solar and wind power, backed by significant battery storage. The company has also pioneered innovative technologies, such as regenerative battery-powered trains that capture gravitational energy during descents. These designs are part of its $6.2 billion decarbonisation plan, aiming to set new standards for emissions reductions in mining.

    Other global mining operations are also adopting renewables. In the Democratic Republic of Congo, the Kamoa Copper mine signed a deal with CrossBoundary Energy for a 222-megawatt solar array and massive battery system to reduce emissions by around 78,750 tonnes annually. Matthew Tilleard of CrossBoundary Energy called it a “baseload renewable energy solution,” marking a significant step for off-grid mining operations.

    Efforts are also underway to decarbonise mining vehicles. The International Council on Mining and Metals (ICMM) has partnered with manufacturers to develop zero-emission vehicles, with full-scale deployment expected by 2030. Bryony Clear Hill of ICMM noted that battery electric technology is gaining traction, with prototypes already in testing.

    However, the path to decarbonisation remains uneven. Regional differences, infrastructure challenges, and government policies significantly affect progress. According to Gregoire Bellois of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development, some companies make genuine strides, while others only achieve “on paper” progress through divestment. Chinese companies, which are rapidly consolidating control over key minerals like cobalt, remain hesitant to decarbonise due to a lack of regulatory pressure.

    Looking ahead, the European Union’s proposed Carbon Border Adjustment Mechanism (CBAM) could reshape global mining. If implemented, CBAM would levy carbon-intensive companies exporting to the EU, potentially pushing high-emission operations toward markets with fewer regulations.

    While the road to “real zero” is fraught with obstacles, experts agree that every effort to reduce emissions is crucial. As mining scales up to meet unprecedented global demand, the pressure to innovate and cut carbon footprints is more significant than ever.

  • Uzbekistan Opens Nation’s First 1,000-Meter Skip Shaft at Zarmitan Mine

    Uzbekistan Opens Nation’s First 1,000-Meter Skip Shaft at Zarmitan Mine

    On April 30, 2025, Uzbekistan marked a historic milestone in its mining industry with the inauguration of the country’s first 1,000-meter-deep skip shaft. The event was held at the Zarmitan deposit, part of the Southern Mining Department in the Koshrabot district of Samarkand Region, under the investment project “Development of Lower Horizons of the Zarmitan Deposit.”

    The ceremonial launch was attended by Deputy Minister of Mining and Geology U. Yusupov, Chairman of the Board of NMMC JSC K. Sanakulov, leaders of the plant’s enterprises, representatives of Mine Construction Alliance S.r.o, media personnel, plant workers, and industry veterans.

    As part of the project, the skip shaft—measuring 6.5 meters in diameter—was deepened to 1,000 meters. This engineering achievement, which incorporates innovative construction solutions and digital technologies, will significantly boost ore transport efficiency, reduce operational costs, and create 90 new jobs. The projected annual economic benefit is estimated at 19.2 billion Uzbek soums.

  • District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals (TSXV: DMX) has unveiled a significant upgrade to its Viken uranium project in central Sweden, announcing a new resource estimate that positions the project as the second largest uranium deposit in the world. The update has driven a substantial increase in the company’s share price, reflecting investor enthusiasm.

    The updated resource now totals 456 million indicated tonnes with a grade of 175 parts per million (ppm) uranium oxide (U3O8), equating to 176 million contained pounds of U3O8. This marks an almost ninefold increase compared to the previous 2010 resource estimate. Inferred resources also saw a significant boost, growing by 44% to 4.33 billion tonnes at a grade of 161 ppm U3O8, yielding 1.53 billion contained pounds.

    District CEO Garrett Ainsworth expressed that the impressive growth in the resource estimate highlights the strong continuity in grade and thickness of the mineralized Alum Shale formation across the Viken deposit. He also mentioned the potential for further expansion of the inferred resource, further underscoring the project’s promising future.

    Following the announcement, District Metals’ shares surged by 23%, reaching C$0.35 per share in afternoon trading on Tuesday, giving the company a market capitalization of C$45.9 million.

    Sweden’s Uranium Revival
    The new resource estimate for Viken is bolstered by the growing momentum for uranium in Sweden. The country is on the cusp of lifting its 2018 ban on uranium exploration and mining. The Swedish government, led by Prime Minister Ulf Kristersson, has been pushing to overturn the ban since 2023, with legislative changes expected to come into effect by January 2024.

    While Sweden’s uranium output is small on the global stage, its resources represent 27% of Europe’s total, according to the Swedish Geological Survey. The global demand for uranium, driven by the need for zero-emission energy sources, is also creating a favorable environment for Sweden’s uranium projects.

    Global Ranking of Viken
    Viken’s resource estimate places it among the largest uranium projects in the world. District Metals’ analysis, compared to other global uranium projects, positions Viken just below BHP’s Olympic Dam polymetallic project in South Australia, based on the total contained uranium.

    Additional Critical Minerals
    In addition to uranium, the Viken deposit hosts significant amounts of other critical minerals. The indicated vanadium resource has increased more than 16 times, with 2.85 billion pounds of vanadium oxide (V2O5) at a grade of 2,836 ppm. The inferred vanadium resource has grown by 45% to 24.29 billion pounds at a grade of 2,543 ppm V2O5.

    The indicated zinc resource totals 413 million pounds, grading 411 ppm zinc, and the inferred resource adds 3.9 billion pounds at a grade of 417 ppm. The nickel resources are also notable, with 332 million pounds of nickel in the indicated category at a grade of 330 ppm, and 3 billion pounds in the inferred category at a grade of 321 ppm.

    Next Steps
    The Swedish government’s plans to lift the uranium mining ban will influence District’s decision on whether to proceed with a preliminary economic assessment for Viken in the fourth quarter of 2023. The new resource estimate is based on 122 holes, including drilling data from previous operators between 2006 and 2012.

  • Vast Resources Advances Mining Operations in Romania and Seeks New Investment Partnerships

    Vast Resources Advances Mining Operations in Romania and Seeks New Investment Partnerships

    Vast Resources, a mining company with operations in Romania, Tajikistan, and Zimbabwe, has announced the continuation of production activities at the Băița Plai polymetallic mine in Romania while initiating discussions for a joint venture with other mining companies to attract foreign investment, according to Economica.net.


    At Băița Plai, Vast reported the mining of 13,562 tonnes during the second half of 2024, alongside the production of 307.8 tonnes of copper concentrate with an average copper grade of 18.06%. Mining operations are running in parallel with underground drilling and reprofiling work.


    The company is also in discussions with potential off-takers and financiers regarding the restart of mining at the Manaila Polymetallic Mine, fully owned by Vast Resources Romania.


    Meanwhile, at the former Hanes Gold Mine, operated under a management contract, Vast has commenced on-site development after a harsh winter. A gravity concentrator has been installed to process gold and polymetallic alluvial minerals directly from the surface, with production expected to start this quarter. Additionally, facilities are prepared to truck significant quantities of ore to Băița Plai for processing, pending approval of new transport permits.


    Vast also confirmed receipt of separation tests for its Blueberry Gold Project, demonstrating gold extraction without the use of cyanide.

  • China Deepens Grip on Uzbekistan’s Mineral Sector Amid Global Race for Critical Resources

    China Deepens Grip on Uzbekistan’s Mineral Sector Amid Global Race for Critical Resources

    As global powers intensify their pursuit of critical minerals, Central Asia has emerged as a strategic pivot. Among its nations, Uzbekistan stands out—not only for its rich deposits of copper, tungsten, molybdenum, and rare earth elements, but also for its increasingly central role in China’s mineral strategy.

    Already heavily involved in the region’s energy and infrastructure sectors, China has taken a proactive investment stance in Uzbekistan’s mining industry. In 2024, Limaomaoli Metal Company launched construction of the Syurenata mining complex in Parkent, aimed at processing 1 million tons of iron ore concentrate annually. Simultaneously, China Baoli Technologies is investing $200 million in a non-ferrous metal facility in the Ipak Yuli Free Economic Zone, targeting up to 45,000 tons of annual output with $18 million in export potential.

    Copper, a linchpin in global energy transition efforts, is another key focus. China Mining Energy Group is spearheading a $200 million copper mining project in Chust (Namangan region), expected to yield 30,000 tons per year and create 420 local jobs. Additionally, Boi Yi Da is planning a new copper processing plant in the same region, while a $2.7 billion project to tap copper and silver reserves in Bobotog is under negotiation.

    For Uzbekistan, these ventures promise significant job creation, technological transfer, and a move up the value chain—critical steps toward its goal of becoming a producer of value-added mineral products. They also reflect Tashkent’s broader push to localize mineral processing, boost exports, and attract FDI into downstream sectors.

    For Beijing, meanwhile, these deals help secure raw materials essential for its green economy and industrial resilience, while also reducing reliance on vulnerable maritime supply routes. The copper and iron ore flowing from Uzbekistan may soon become vital to China’s supply diversification strategy.

    Yet, the growing Chinese footprint is not without challenges. Concerns around environmental degradation and transparency in resource deals are mounting. Public unease over Chinese firms acquiring mineral rights is increasingly voiced in Uzbek media and civil society. Moreover, critics warn that unless Chinese investments support advanced processing, Uzbekistan risks becoming locked into the role of a mid-tier raw exporter.

    There’s also increasing Western interest. France has inked uranium deals with Tashkent, and the U.S. recently signed a critical minerals investment agreement. China’s accelerated moves may reflect efforts to edge out competitors and reinforce dominance over global mineral supply chains.

    Ultimately, China’s growing influence in Uzbekistan’s mining sector presents both a strategic opportunity and a test. A long-term, mutually beneficial partnership will require more than capital—it will demand transparency, environmental responsibility, and alignment with Uzbekistan’s industrial transformation goals.

  • Kazakhstan to Auction 50 Gold and Rare Metal Deposits in June 2025

    Kazakhstan to Auction 50 Gold and Rare Metal Deposits in June 2025

    Kazakhstan’s Ministry of Industry and Construction has announced that 50 deposits containing gold and rare metals will be made available for exploration and production rights via an electronic auction set for June 2025.

    Almas Kushumov, Director of the Ministry’s Department of Subsoil Use, revealed the plans during the MINEX Kazakhstan forum. According to Kushumov, the auction will include deposits with confirmed balance reserves of gold, coal, rare metals, and polymetals.

    The auction will take place through the Unified Subsoil Use Platform (minerals.e-qazyna.kz), and all procedures — including document submission — will be handled online. Licenses granted through this process will cover both exploration and production, with the latter valid for 25 years.

    Companies from the United States, European Union, and China have already expressed interest and submitted applications. The Ministry expects to publish the full list of 50 available deposits in the coming days.

    Between 2023 and 2024, Kazakhstan successfully awarded 117 deposits through similar electronic auctions, raising more than KZT29 billion (approximately $55.9 million) in signing bonuses.

    Kazakhstan currently has over 9,000 registered deposits, including 987 solid mineral sites. Due to outdated geological data—some of it over 30 years old—the government is putting strong emphasis on both exploration and production.

    The 2018 introduction of the Code on Subsoil and Subsoil Use has notably improved the investment environment, reportedly tripling private capital inflow into the sector.

    The state mining firm Tau-Ken Samruk is also pushing forward with exploration at the Kuirektykol rare earth site, where recent studies suggest the potential for significant new reserves that could elevate Kazakhstan’s standing as a global rare earth leader.

  • Kazakhstan Targets Nearly ₸12 Billion Investment in Rare Earth Metal Development

    Kazakhstan Targets Nearly ₸12 Billion Investment in Rare Earth Metal Development

    Kazakhstan is set to attract nearly ₸11.79 billion (approx. $26 million) in investments for the exploration and development of rare earth metal deposits over the next four years, according to the Ministry of Industry and Construction.

    Currently, Kazakhstan does not produce rare earth raw materials. However, it already extracts several critical metals recognized by the EU, UK, and US, including beryllium, tantalum, niobium, fluorspar, titanium, rhenium, vanadium, antimony, bismuth, scandium, phosphorus, coking coal, bauxite, barite, copper, magnesium, tellurium, and manganese.

    The government has identified cobalt, tungsten, lithium, and other metals used in batteries and magnet production as key priorities. The national mineral reserve includes 56 cobalt deposits, 21 tungsten deposits, and 7 lithium fields. Exploration and production initiatives for lithium are already underway, including partnerships with German investors, potentially totaling $500 million if reserves are confirmed.

    As part of its 2024–2028 strategic plan, Kazakhstan aims to:

    • Expand its resource base,

    • Implement advanced extraction technologies,

    • Modernize production,

    • Develop new standards for critical minerals.

    The state budget and alternative funding sources will support this effort. In addition, Kazakhstan seeks to become a key player in the battery material supply chain. In 2024, it began manganese sulfate processing, capturing 5% of the global market.

    Several mid-term projects are also in development, including:

    • Cobalt, lithium, tin, and tungsten processing facilities,

    • A UK-Kazakh project in Zhezkazgan processing imported heat-resistant nickel alloys to extract rhenium,

    • A Chinese investment in tungsten trioxide production.

    The Ministry of Industry believes these initiatives will significantly strengthen Kazakhstan’s position in rare and critical metal production within three years. Kazakhstan is already a leading global producer of titanium, beryllium, and tantalum, and aims to attract new partners through technology transfer agreements.

    These moves align with Kazakhstan’s broader strategic partnership with the United States, particularly in energy and critical minerals. President Kassym-Jomart Tokayev has emphasized the importance of developing what he called the country’s “new oil” — critical minerals vital for the global energy transition.

  • Xanadu Mines Withdraws Key Resolution on Khuiten Metals Put Option at EGM

    Xanadu Mines Withdraws Key Resolution on Khuiten Metals Put Option at EGM

    Xanadu Mines Ltd has announced the outcome of its Extraordinary General Meeting, revealing that a key resolution concerning the exercise of a 25% Put Option related to Khuiten Metals Pte Ltd was not presented to shareholders. The company had previously communicated its intention to withdraw the resolution ahead of the meeting.

    The move may have strategic implications for Xanadu Mines, potentially affecting its investment structure and stakeholder expectations. The decision marks a notable moment in the company’s evolving approach to portfolio management and partnerships.

    Xanadu Mines Ltd, listed on the ASX and TSX, operates primarily in Mongolia, offering investors exposure to copper-gold discoveries and low-cost growth opportunities. Its flagship Kharmagtai project remains central to its exploration portfolio.

    The company currently holds a market capitalization of $64.45 million and maintains a strong technical sentiment rating of “Strong Buy,” with an average daily trading volume of 96,971 shares.