MINEX Forum

Tag: Mining industry

  • Kazakhstan’s Mining Industry Grows 8.5% in First Seven Months of 2025

    Kazakhstan’s Mining Industry Grows 8.5% in First Seven Months of 2025

    Kazakhstan’s mining industry recorded an 8.5% increase in output in January–July 2025, according to figures presented at a government press conference on the country’s socio-economic performance.

    The official website of the Prime Minister noted strong results from companies extracting hydrocarbon raw materials: oil production rose by 11.9%, while gas output increased by 14.3%. Coal enterprises also posted gains, with fuel production up 10.6% despite ongoing logistical challenges.

    The manufacturing sector also saw positive momentum, expanding by 6.1%. Minister of National Economy Serik Zhumangarin highlighted ongoing efforts to diversify the economy and deepen raw material processing. Over the reporting period, machinery production rose by 14%, oil refining by 8.6%, and chemical manufacturing by 6%.

    Investments in fixed capital increased by 16.1% overall, with particularly strong growth of 38.7% in manufacturing.

  • Uzbekistan’s Navoi Mining Targets $20 Billion Valuation in Potential London–Tashkent IPO

    Uzbekistan’s Navoi Mining Targets $20 Billion Valuation in Potential London–Tashkent IPO

    Navoi Mining & Metallurgical Co. (NMMC), one of the world’s largest gold producers, has selected Citigroup, Morgan Stanley, and JPMorgan Chase to lead a possible dual listing in London and Tashkent, according to sources familiar with the matter. The Uzbekistan state-backed miner is eyeing a valuation of around $20 billion, including debt, buoyed by a near-30% surge in gold prices this year.

    The company is considering issuing London-listed global depositary receipts alongside a domestic listing in line with an April presidential decree requiring state-backed firms to go public both locally and internationally. NMMC is also working with Rothschild & Co. as an IPO adviser.

    The planned share sale, which could involve 10% to 15% of the government’s stake, forms part of Uzbekistan’s broader privatization drive. The same decree also calls for an IPO of 25% of the $1.7 billion national investment fund, UzNIF. Officials are still weighing which offering to launch first.

    Gold prices have roughly doubled over the past three years, hitting a record above $3,500 an ounce in April, driven by central bank purchases, investor demand, and heightened geopolitical risk. The rally has lifted mining stocks globally, with Newmont Corp. and Barrick Gold Corp. among those benefiting.

    NMMC, the world’s fourth-largest gold miner, produced 3.1 million ounces of gold last year, generating $7.4 billion in revenue and $4 billion in operating profit, according to its annual report.

    For London, the IPO could provide a much-needed boost after the exchange suffered its weakest first half for new listings in nearly 30 years. The city has long been a preferred destination for mining and emerging market listings.

    No final decision has been made on the offering’s timing or structure, and representatives for NMMC, the banks, and Rothschild declined to comment.

  • Uzbekistan Explores Cooperation with Utah in Mining and Geological Sectors

    Uzbekistan Explores Cooperation with Utah in Mining and Geological Sectors

    On May 16, 2025, First Deputy Minister of Mining Industry and Geology, O. Nasritdinhojaev, along with representatives from the Ministry, met with a delegation from the U.S. state of Utah.

    During the meeting, the parties discussed the ongoing reforms in Uzbekistan’s mining sector, the investment opportunities being created, and explored prospects for cooperation in investments, advanced technologies, and scientific research, considering Utah’s economic potential and its advanced expertise in the mining and geological fields.

    Additionally, both sides exchanged views on improving the qualifications of lecturers and students of the University of Geological Sciences under the Ministry of Mining Industry and Geology. Discussions also included the possibility of opening branches of Utah-based universities specializing in geology and mining—such as the University of Utah and Utah State University—in Uzbekistan.

  • Uzbekistan’s Mining Ministry Discusses Cooperation with SinoPowell Capital

    Uzbekistan’s Mining Ministry Discusses Cooperation with SinoPowell Capital

    The Ministry of Mining Industry and Geology of Uzbekistan hosted a meeting between First Deputy Minister O. Nasritdinkhodjaev and Steve Powell, Managing Director of SinoPowell Capital (USA).

    During the discussion, the parties reviewed recent reforms in the mining and geological sectors, as well as key projects led by JSC “Uzbek Technological Metals Plant.” They also explored opportunities for strengthening long-term cooperation in the industry.

    The meeting highlighted Uzbekistan’s commitment to modernizing its mining sector and attracting foreign investment, with SinoPowell Capital expressing interest in potential projects and joint initiatives aimed at enhancing technological advancements and production efficiency.

    Both sides agreed on the importance of continued dialogue to facilitate mutual growth and innovation in the field of technological metals.

  • Nationalist Surge in Romania’s Election Shakes Mining Sector and Western Alliances

    Nationalist Surge in Romania’s Election Shakes Mining Sector and Western Alliances

    Romania’s political future has entered uncharted territory after George Simion, a pro-Trump, nationalist candidate, surged ahead in the first round of the presidential election, triggering political upheaval and potentially redefining the country’s economic and geopolitical direction.

    Simion, who ran on a platform of economic nationalism, sovereignty, and resistance to foreign influence, resonated with voters increasingly disillusioned by EU integration and the perceived foreign control over Romania’s resources. In the wake of his strong showing, the current prime minister has indicated plans to resign, signaling a broader shake-up in governance.

    The implications of Simion’s rise are particularly significant for Romania’s critical minerals sector. The country is rich in rare earth elements, copper, and gold—resources that have attracted the attention of North American companies seeking alternatives to Chinese supply chains. Projects such as Euro Sun’s and Glencore’s Rovina Valley copper-gold venture have been labeled strategic by European authorities. However, Simion’s rhetoric against multinational corporations and foreign-led mining initiatives raises concerns about the future of such projects.

    The specter of increased resource nationalism looms large, with industry insiders warning that a Simion-led government may enforce tighter regulations, raise royalties, or revisit current licenses. These moves could deter foreign investment and reverse recent progress toward a stable, investor-friendly mining environment.

    Simion’s ascent also risks disrupting Romania’s role as a reliable US ally in Eastern Europe. With NATO’s eastern flank under strain due to Russia’s war in Ukraine, any pivot in Bucharest’s foreign policy stance could ripple across the region’s security architecture.

    The second and decisive round of voting, set for May 18, will determine whether this populist shift becomes a permanent fixture. The backdrop to this year’s vote includes the annulled results of a prior election marred by fraud accusations and alleged Russian interference, adding further tension to an already volatile political landscape.

  • Uzbek Geologists Discover New Coal Seams at Urikli Site

    Uzbek Geologists Discover New Coal Seams at Urikli Site

    Specialists from the Surkhandarya Field Expedition, part of the Hissar Central Geological Exploration Expedition under JSC “Uzbekgeologorazvedka,” are conducting underground and surface tunneling operations to assess coal reserves at the Urikli site.

    During the course of the underground exploration, coal seams numbered 3, 4, 5, and 6 were identified. Geological exploration continues, with further assessments underway to determine the full extent and potential of the deposit.

    These efforts form part of a broader initiative to explore and utilize Uzbekistan’s mineral resources more effectively.

  • Navoi Mining and Metallurgical Combine Produces Gold Worth $2.2 Billion in Q1 2025

    Navoi Mining and Metallurgical Combine Produces Gold Worth $2.2 Billion in Q1 2025

    In the first quarter of 2025, the Navoi Mining and Metallurgical Combine (NMMC) produced goods worth 27.8 trillion Uzbek soums (approx. $2.2 billion), according to the company’s press service.

    From January to March, NMMC extracted 753,500 ounces of gold. The combine also invested $118.4 million under its investment program and created nearly 700 new jobs. Through cost optimization efforts, the company managed to reduce production costs by 786 billion soums.

    During the reporting period, the combine completed the feasibility study for operations at the Muruntau deposit. This project aims to increase ore supply to the second hydrometallurgical plant to 60 million tonnes.

    In addition, over 100 units of equipment were acquired to support development at the Kokpatas and Daugyztau deposits.

    Previously, Kursiv Uzbekistan reported that NMMC received the highest rating for its anti-corruption performance.

  • Altynalmas Outlines Ambitious Development Plans for Maikainzoloto During Executive Visit

    Altynalmas Outlines Ambitious Development Plans for Maikainzoloto During Executive Visit

    Balamir Makhanov, Chairman of the Board of JSC “AK Altynalmas”, has visited the Maikainzoloto site as part of a working trip, where he met with the company’s workforce to present a roadmap for future development.

    Altynalmas, one of Kazakhstan’s top three gold producers, continues to invest in modernization and expansion across five key regions. The Maikainzoloto asset, recently integrated into the company’s strategic portfolio, is now a focal point for comprehensive growth.

    “Maikainzoloto is a valuable asset within our company structure. We see significant potential here and are committed to ensuring its sustainable development through modernization, new technologies, and resource base expansion,” said Makhanov during the meeting.

    To extend operational life and boost production, five new exploration licenses have been acquired. Among the most promising sites is the Alpys deposit, where exploration is already planned. Additionally, the company aims to construct a processing plant to treat historic tailings, accumulated since the deposit was first developed.

    Altynalmas continues to emphasize corporate social responsibility, focusing on occupational safety, modern personnel and equipment tracking systems, working conditions, and professional development programs. The company also actively supports local communities, investing in social infrastructure, education, and sports initiatives.

    As part of the visit, Altynalmas officially introduced Daniyal Nabiev as the new General Director of Maikainzoloto. With extensive management experience in industrial enterprises, Nabiev’s appointment reflects Altynalmas’ commitment to robust and dynamic growth.

    The outlined development strategy and leadership transition underscore Altynalmas’ determination to strengthen its position in the mining sector while contributing to the socio-economic growth of the Pavlodar region.

  • JSW Seeks to Delay $345M in Social Security Payments Amid Deepening Cash Crunch

    JSW Seeks to Delay $345M in Social Security Payments Amid Deepening Cash Crunch

    JSW SA, the European Union’s largest producer of coking coal, has requested permission from Poland’s social security office to defer this year’s payments as it struggles with declining coal prices and rising operational costs. The company is asking to postpone the payment of 1.3 billion zloty ($345 million), proposing to settle the amount in installments starting January 2026.

    This marks the second plea for financial relief from the state by the state-controlled miner in a single week. On Monday, JSW also announced plans to seek a 1.6 billion zloty refund from Poland’s power price subsidy fund in a bid to stabilize its finances.

    JSW’s Deputy CEO Remigiusz Krzyzanowski stated during an earnings call that the board is “closely monitoring the financial and liquidity situation” and actively taking steps to prevent a cash shortfall. Despite initiating a cost-cutting and investment-trimming strategy in late 2024, the company has had to draw 2.2 billion zloty from its financial reserve fund this year alone to support cash flow.

    Analysts remain concerned. Erste Group’s Jakub Szkopek warned that JSW’s measures to reduce spending are “definitely too small,” forecasting that the miner will continue consuming significant reserves. He cautioned that if trends continue, JSW may deplete its cash reserves within two to three quarters.

    JSW, which employs over 32,000 people, is due to release its Q1 earnings report on May 20. On Friday, its shares rebounded slightly after an initial 3.6% dip, ending the week with a modest 2.1% gain.

  • Kazakhstan Proposes Rare Earth Research Center in Astana Amid EU Cooperation Push

    Kazakhstan Proposes Rare Earth Research Center in Astana Amid EU Cooperation Push

    President Kassym-Jomart Tokayev has proposed the creation of a Regional Research Center for Rare Earth Metals in Astana, aiming to deepen strategic cooperation between Central Asia and the European Union. The announcement came during the “Central Asia – European Union” summit held in Samarkand. According to the president, rare earth elements represent a key area of partnership as Kazakhstan currently produces 19 out of 34 raw materials deemed critical for the EU economy, including uranium, titanium, copper, lithium, cobalt, and tungsten.

    Kazakhstan, in collaboration with the European Bank for Reconstruction and Development (EBRD), is already advancing exploration projects and integrating modern, sustainable practices in the mining sector. The proposed research center would provide companies and investors with up-to-date information on available deposits, technologies, and development prospects.

    During the summit, Tokayev also declared Kazakhstan’s readiness to boost exports to the European Union by $2 billion. This follows recent news of the discovery of a rare earth deposit in the Karaganda region, estimated to contain around one million tons of resources.