MINEX Forum

Tag: Mining industry

  • 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.

  • Portugal Discovers Rare Mineral Deposits, Poised to Become a Strategic Player in Europe

    Portugal Discovers Rare Mineral Deposits, Poised to Become a Strategic Player in Europe

    In a groundbreaking development, rare mineral deposits have been identified in Portugal, potentially positioning the country as a strategic protagonist in the global market and transforming its future, as well as that of Europe. The discovery comes at a time when the importance of rare earth elements in the development of cutting-edge technologies is gaining global prominence. Historically, regions like Ukraine and market-dominant powers such as China have dominated this sector. However, the recent findings in Portugal could shift this dynamic.

    According to MiningWatch Portugal, an independent network monitoring the country’s extractive industry, four significant rare earth deposits have been located in the Alentejo region, near the border with Estremadura. These deposits are situated in Monforte-Tinoca, Assumar, Crato-Arronches, and Penedo Gordo.

    In Monforte, Iberian Resources Portugal has already secured a contract for prospecting and research, uncovering not only rare earths but also valuable minerals like gold, silver, lead, zinc, tungsten/wolfram, and tin. Similarly, in Assumar, the same company has submitted a request for prospecting and investigation, targeting similar minerals. Additionally, exploration contracts have been issued for sites in Crato and Arronches.

    Meanwhile, in Penedo Gordo, Acúrcio Henriques Parra has applied for prospecting and investigation rights. This area has confirmed deposits of rare earths, alongside other valuable minerals such as zirconium, hafnium, titanium, niobium, tantalum, yttrium, and scandium.

    These discoveries could significantly enhance Portugal’s role in the global supply chain of rare minerals, reducing Europe’s reliance on external markets and fostering technological advancement.

  • Navoiyuran Reports Record Revenue and Profit Growth in 2023

    Navoiyuran Reports Record Revenue and Profit Growth in 2023

    In 2023, Navoiyuran, Uzbekistan’s leading uranium producer, achieved a remarkable 92.7% increase in revenue, reaching 11.6 trillion UZS. The company’s gross profit from product sales and operating profit more than doubled, hitting 8.67 trillion UZS and 6.15 trillion UZS, respectively. This significant growth underscores Navoiyuran’s strong performance in the global uranium market.

    The company’s retained earnings stood at 6.16 trillion UZS, while its net profit surged from 2.64 trillion UZS in 2022 to 5.31 trillion UZS in 2023, marking a twofold increase. However, total expenses also rose sharply, growing 2.6 times to exceed 2.53 trillion UZS. The primary driver of this increase was a more than threefold jump in other operating expenses, which climbed from 0.65 trillion UZSto 2.14 trillion UZS.

    Earlier in January, Navoiyuran reported a doubling of output in monetary terms, from 6.7 trillion UZSto 13.7 trillion UZS. The company also solidified its position as one of Uzbekistan’s top three taxpayers, contributing 4.6 trillion UZS to the state budget in 2023.

    Navoiyuran, which ranks sixth globally in uranium production, accounts for 7% of the world’s uranium output, producing over 3,800 tons annually. In 2023, Uzbekistan’s uranium concentrate production increased by 11%, reaching 6.7 trillion UZS  in eight projects in 2024, including $50 million in foreign investments.

  • Kazakhstan’s Mining Sector Boosts Local Industry with 70 Contracts Worth 39.6 Billion Tenge

    Kazakhstan’s Mining Sector Boosts Local Industry with 70 Contracts Worth 39.6 Billion Tenge

    From 2020 to 2024, mining companies in Kazakhstan have signed 70 contracts worth a total of 39.6 billion tenge to purchase products from domestic manufacturers, according to the country’s Ministry of Industry and Construction. This initiative is part of a broader effort to strengthen ties between the mining sector and local industries, including machine-building, metallurgical, metalworking, and chemical enterprises.

    Over the past five years, the ministry has facilitated the signing of 353 long-term agreements valued at 226.1 billion tenge between mining companies and local suppliers. These contracts cover a wide range of products, such as pumping equipment, valves, transformers, conveyor systems, automation tools, metal structures, wheels, rubber-metal linings, lime, reagents, and spare parts.

    Additionally, light industry enterprises have been supplying specialized clothing, footwear, and personal protective equipment (PPE) to mining operations. The majority of these offtake contractsare concentrated in the East Kazakhstan, Karaganda, Pavlodar, and Aktobe regions. The East Kazakhstan region leads in the number of agreements, largely due to the presence of two major mining companies, KAZ Minerals and Kazzinc.

  • Kazakhstan Showcases Its Geological Potential at PDAC 2025 in Toronto

    Kazakhstan Showcases Its Geological Potential at PDAC 2025 in Toronto

    The Prospectors & Developers Association of Canada (PDAC) 2025, the largest international mining convention, has officially opened in Toronto. The event brings together key industry leaders, investors, and government representatives from around the world.

    As part of the exhibition, Kazakhstan inaugurated its national pavilion, highlighting the country’s geological potential. The opening ceremony was attended by Deputy Minister of Industry and Construction Iran Sharkan, AIFC Governor Renat Bekturov, Kazakhstan’s Ambassador to Canada Dauletbek Kusainov, and PDAC Vice President Karen Rees.

    One of the key events on the first day was the international forum “Meet Kazakhstan: The Power of Geology in the Ninth Largest Nation.” Speaking at the session, Deputy Minister Iran Sharkan emphasized Kazakhstan’s rich geological heritage and mineral resources, including lithium, niobium, and tantalum.

    “Kazakhstan has a strong history in geological exploration and mining. We are committed to creating favorable conditions for investment and cooperation with both local and international partners. We actively adopt new exploration and mining technologies, while also prioritizing environmental sustainability in resource extraction and processing,” he stated.

    The panel featured leading global experts in the mining and metallurgy sector, including Canada’s Deputy Minister for Lands and Mineral Resources Rinaldo Genti, Cove Capital founding partner Pini Althaus, Neo Performance Materials VP of Corporate Development Vasileios Tsianos, Hatch Minerals Managing Director Konrad Blake, and European Commission Deputy Head of Mission Madalina Ivanica.

    PDAC 2025 will run until March 5, with the Kazakh delegation actively engaging in meetings with partners and representatives from major mining companies.

  • Kazakhstan to Launch Five New Non-Ferrous Metallurgy Projects

    Kazakhstan to Launch Five New Non-Ferrous Metallurgy Projects

    Kazakhstan is set to commission five new projects in the non-ferrous metallurgy sector this year, with a total investment of 42.5 billion tenge. The initiative is expected to create approximately 1,300 permanent jobs, according to the QazIndustry project monitoring and analysis directorate.

    Among the new ventures are the production of gold dore alloy, cathode copper, and aluminum profiles. Once operating at full capacity, these projects are projected to generate 35.5 billion tenge in annual output, including 4.5 billion tenge worth of exports and 31 billion tenge in import substitution.

    Last year, the sector saw the launch of 10 projects worth 139.4 billion tenge, creating over 1,500 jobs. These included the production of gold dore alloy, refined copper sheets, aluminum rod, refined lead, and copper and aluminum ingots. The total production capacity of the newly launched projects is estimated at 117.2 billion tenge, with 71.7 billion tenge allocated for exports and 45.5 billion tenge for the domestic market.

    Currently, 36 projects worth approximately 2.2 trillion tenge are under development in the non-ferrous metallurgy sector. These projects are expected to generate over 9,800 permanent jobs, with around 7,600 in rural areas and 2,200 in urban centers. Once fully operational, they will contribute an estimated 2.1 trillion tenge in production output, including 1.2 trillion tenge in exports and 900 billion tenge in import substitution.

    The Karaganda region leads in the number of ongoing and planned projects in this sector. Non-ferrous metallurgy remains one of Kazakhstan’s key industrial sectors, driven by the country’s rich reserves of copper, zinc, nickel, lead, aluminum, gold, silver, and other valuable metals.