MINEX Forum

Tag: mining

  • Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC, an AIM-listed gold, copper, and silver producer focused on Azerbaijan, has successfully extracted the first ore from its new underground mine, Gilar, located at the Gedabeksite.

    A maiden JORC mineral resources estimate, released on 11 December 2023, revealed that the Gilar deposit holds 6.10 million tonnes of mineralisation, with average grades of 0.88% copper (totaling nearly 54,000 tonnes) and 1.30 g/t gold (containing over 255,000 ounces).

    Earlier this month, the company mined 1,267 tonnes of ore from Gilar, averaging 0.65% copper(peaking at 1.63%) and 1.36 g/t gold (reaching up to 3.27 g/t). While development tunnels are still under construction, the extracted ore will be stockpiled until processing begins.

    Anglo Asian aims to steadily increase production in the coming months, targeting 50,000 to 60,000 tonnes of ore per month.

    Reza Vaziri, CEO of Anglo Asian, stated:
    “We are thrilled to reach this key milestone at Gilar after years of exploration and development. Our team’s dedication has been instrumental in this achievement. With 54,000 tonnes of copper and 255,000 ounces of gold confirmed, Gilar is pivotal to our strategy of becoming a mid-tier, copper-focused producer. We are now focused on scaling production to meet our monthly target.”

  • Uzbekistan Boosts Rare Metal Exploration and Production with $2.6 Billion Investment

    Uzbekistan Boosts Rare Metal Exploration and Production with $2.6 Billion Investment

    Uzbekistan has announced a major push into the exploration and production of rare metals, unveiling 76 new industry projects worth a combined $2.6 billion. The initiative, detailed on the official website of the country’s president, highlights Uzbekistan’s ambition to become a key player in the global race for strategically important resources.

    President Shavkat Mirziyoyev recently reviewed a report from the Ministry of Mining and Geology, which revealed that Uzbekistan has identified deposits of over 30 rare metals, including lithium, tungsten, molybdenum, germanium, and vanadium. Over the next three years, the government plans to significantly increase funding for geological exploration and scientific research to enhance the extraction of these valuable resources.

    A key focus will be on improving the extraction of rare metals from ore deposits and industrial waste, as well as developing high-value-added production. One example is the processing of waste from the Ingichka tungsten mine, which began producing concentrates in mid-2024. Additionally, 18 similar projects aimed at recovering rare metals from industrial byproducts are already in the pipeline.

    To support these efforts, Uzbekistan will establish technoparks in the Samarkand and Tashkent regions, areas rich in tungsten and molybdenum reserves. The country also plans to build new laboratories, training centers, and leverage international expertise to advance enrichment technologies.

  • Adriatic Metals CFO Michael Horner Acquires 4,700 Shares

    Adriatic Metals CFO Michael Horner Acquires 4,700 Shares

    Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) has announced that its Chief Financial Officer, Michael Horner, has purchased 4,700 ordinary shares of the company. The transaction took place on the London Stock Exchange (LON:LSEG) on Monday, with share prices ranging between £2.01 and £2.02, totaling an investment of £9,449.

    Horner’s purchase is viewed as a positive indicator of confidence in the company’s future, as insider transactions by senior executives often signal strong internal expectations. Adriatic Metals, a key player in the mining industry, is required to publicly disclose such transactions to maintain transparency and investor trust.

    The notification marks Horner’s first reported share acquisition since assuming his role. Managing Director & CEO Laura Tyler was responsible for arranging and authorizing the announcement, ensuring compliance with regulatory requirements.

    By making this investment, Horner adds to the growing record of executive share dealings at Adriatic Metals, offering investors further insights into the leadership’s commitment to the company’s long-term success.

  • LKAB to Replace Aging Sorting Plant in Vitåfors

    LKAB to Replace Aging Sorting Plant in Vitåfors

    Swedish mining company LKAB has announced plans to replace its aging sorting plant in Vitåfors, which has reached the end of its service life. The new facility will be constructed adjacent to the existing plant on a 24,000-square-meter site, improving efficiency and accommodating larger volumes of iron ore processing.

    “The sorting plant has served us well over the years, but it no longer meets modern operational requirements in terms of work environment and technology. Additionally, we need to handle greater production volumes,” said Monika Sammelin, Area Manager at LKAB.

    The project will begin with excavation work to create space for the new plant, followed by foundation engineering and groundwork preparations. A construction contract will be signed when building work officially begins.

    This initiative follows an earlier agreement in June 2024, when LKAB partnered with NCC to build a direct reduction plant and related infrastructure in Malmberget. The companies are now expanding their collaboration in the Swedish Ore Fields.

    “By being involved from an early stage, we can provide both resources and specialist expertise to ensure an efficient project implementation. We are pleased to support LKAB’s continued growth,” said Helena Hed, Head of NCC Green Industry Transformation.

  • Kazakhstan’s Solidcore Resources Invests in Renewable Energy with Bank Loan

    Kazakhstan’s Solidcore Resources Invests in Renewable Energy with Bank Loan

    Solidcore Resources plc, a gold mining company, has announced a significant investment in renewable energy projects. The company has secured a seven-year loan from Kazakhstan’s CentreCredit Bank to fund several renewable energy initiatives.

    The funds will be used to launch renewable energy projects at the Bakyrchik and Varvarinskoye deposits. At Bakyrchik, a 17 MW solar power plant will be constructed, while at Varvarinskoye, a 23 MW solar plant will be built alongside a 40 MW gas piston unit to ensure energy supply during periods of low sunlight.

    Approval for infrastructure related to the Kyzyl project is expected to take place this year, with alternative energy generation expected to begin in 2026.

    This deal marks the first debt financing transaction after Polymetal International plc was rebranded and its key development strategy was updated. Going forward, Solidcore plans to collaborate with CentreCredit Bank and other local banks.

    The mining company estimates that atmospheric emissions will be reduced by 27% compared to 2023 levels. The renewable energy projects are expected to reduce dependence on external energy sources, particularly coal-fired power plants, and mitigate the impact of rising energy costs.

  • Savannah Resources to Resume Drilling at Barroso Lithium Project After Suspension Lifted

    Savannah Resources to Resume Drilling at Barroso Lithium Project After Suspension Lifted

    Savannah Resources (LON: SAV) will immediately restart fieldwork and drilling at its Barroso lithium project in Portugal after the government lifted a temporary suspension order.

    The British company had paused work earlier this month following a precautionary injunction filed by landowners challenging the government’s approval for Savannah to access land it does not own. However, authorities issued a “reasoned resolution” stating that delays would be costly and harmful to the public interest, according to Savannah’s statement.

    Despite the news, Savannah’s stock fell 1.02% to £4.36 per share in London on Friday, giving the company a £95 million ($120 million) market capitalization.

    Barroso’s spodumene deposit is Europe’s largest, with recent prospecting results indicating it could exceed the previously estimated 28 million tonnes of high-grade lithium. However, the project has faced strong local opposition, including protests, legal battles, and refusals to sell land. Approximately 24% of the required land is privately owned, while 75% consists of common land (“baldios”).

    First Lithium Output in 2027

    Savannah aims to build four open-pit mines to supply lithium for 500,000 to 1 million electric vehicle batteries annually. The company is targeting first production by 2027.

    Once operational, Barroso is expected to produce 1.5 million tonnes annually over a 14-year mine life, based on a 20.5-million-tonne resource at 1.05% lithium oxide.

  • Ukraine’s Rare Earth “Deal” with the US: More Political Theater than Economic Reality

    Ukraine’s Rare Earth “Deal” with the US: More Political Theater than Economic Reality

    As US Treasury Secretary Scott Bessent toured Ukraine this week, President Volodymyr Zelenskyy put forward a proposal for potential rare earth mining deals—reminiscent of the legendary “Potemkin villages.” This maneuver appears designed to court former President Donald Trump, who has suggested Ukraine’s rare earths could secure continued US military support.

    While a formal agreement may be announced during the Munich security conference, the reality of such a deal is tenuous at best. Ukraine does not currently produce rare earths, has no proven reserves, and is unlikely to become a significant player in the global market. Developing a rare earth mine would require either massive US funding or tax incentives, with little financial return.

    The numbers further undermine the proposal. The US annually imports just $200 million worth of rare earths, while Trump has speculated about securing $500 billion worth. Even the only major non-Chinese rare earth producer, Lynas, posted revenues of just $293 million last year.

    Moreover, despite their strategic-sounding name, rare earths are largely used in mundane manufacturing applications—fridge magnets and lighter flints account for more consumption than defense-related uses like missiles and lasers. The US’s relatively small manufacturing sector cannot absorb a significant share of global supply, even with optimistic projections.

    Some commentators have suggested the US may actually be eyeing Ukraine’s lithium or mineral sands. However, Ukraine’s lithium resources are modest at best, dwarfed by US reserves. Similarly, its ilmenite reserves are just 1% of the global total.

    Ultimately, while a rare earth agreement may bolster political ties and diplomatic optics, it is unlikely to reshape global minerals markets or offer tangible benefits for either side. The true advantage seems to lie in the political theater rather than economic substance.

  • Kazakhstan’s Unified Subsoil Use Platform Processes 506 Applications

    Kazakhstan’s Unified Subsoil Use Platform Processes 506 Applications

    Since the launch of minerals.e-qazyna.kz, authorities have processed 506 applications from subsoil users for geological exploration, mining, and other state services. This was announced during an expanded meeting of the Ministry of Industry and Construction of Kazakhstan.

    According to Vice Minister of Industry Zhanat Dubirova, by 2025, the Unified Subsoil Use Platform (USP) will offer a seamless process, from application submission to auction participation and license issuance for exploration or extraction.

    The official noted that the full launch of the USP in early 2024 was the result of extensive work since July 2024. Developers analyzed international geological portals from Canada, the UK, Finland, and the UAE, redesigned business processes, and restructured the platform’s architecture.

    Currently, the website provides 22 state services in geology and subsoil use. To facilitate transactions, an “electronic wallet” service has been introduced, allowing companies to pay subscription bonuses directly on the platform.

    The National Geological Service has digitized and uploaded approximately 56,200 secondary geological reports. Additionally, the monitoring of contractual obligations for solid mineral deposits and the submission of annual reports by exploration and mining companies has been automated.

    In January 2024, the USP auctioned 26 subsoil plots, with investors acquiring 21, generating 20.69 billion tenge in revenue.

  • Poland May Extend Copper Output Tax Reduction Beyond 2027

    Poland May Extend Copper Output Tax Reduction Beyond 2027

    Poland’s Finance Minister, Andrzej Domański, announced on Monday that a planned reduction in the copper output tax could be extended beyond 2027. The government is considering prolonging tax relief measures to support the industry amid economic challenges.

    Earlier in the day, Domański confirmed that the tax cuts would lower government revenues by approximately 500 million zlotys ($123.4 million) in 2026 and 700 million zlotys in 2027. The move aims to provide financial relief to copper producers, ensuring competitiveness in the global market.

    The Polish government’s decision on whether to extend the tax reduction beyond 2027 will depend on economic conditions and industry performance in the coming years.

  • Ukraine’s Critical Materials Sector: Challenges and Investment Opportunities

    Ukraine’s Critical Materials Sector: Challenges and Investment Opportunities

    Ukraine’s critical materials sector is at a crossroads as industry experts and policymakers seek solutions to investment barriers and economic growth challenges. The recent conference, Strategic Resources of Ukraine: Scenarios for the Development of the Subsoil Use Industry, held as part of the Economic Growth Strategy of Ukraine until 2040, outlined key issues and opportunities in the mining sector. The event was organized in collaboration with the Boston Consulting Group and the think tank We Build Ukraine.

    Ukraine’s mining industry, a major contributor to GDP and exports, is facing significant obstacles, including asset losses, supply disruptions, and infrastructure damage due to the ongoing conflict. While the Kryvyi Rih basin remains under Ukrainian control, non-ferrous metals, including rare earth elements and precious metals, present potential growth areas. However, challenges such as outdated geological data, a lack of strategic policies, and complex land acquisition processes hinder investment.

    On a global scale, access to critical raw materials is essential for industries, technological progress, and renewable energy development. However, risks such as high geographic concentration of production, lengthy project development times, and environmental concerns contribute to market volatility.

    To attract investors, Ukraine must address several barriers, including the absence of a clear state policy on critical materials, outdated classification systems, and limited support for businesses seeking mining rights. Additionally, the country lacks fiscal incentives, export support, and mechanisms to insure against war-related risks.

    Despite these challenges, Ukraine remains an attractive destination for investment in critical raw materials. By creating economic clusters and strengthening policies, the country can enhance its economic resilience, improve energy independence, and attract international investors. A strategic approach to resource development could unlock Ukraine’s vast raw material potential, contributing to long-term economic stability.