MINEX Forum

Tag: Mining industry

  • 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.

  • Kazakhstan’s Industry Minister Discusses Subsoil Use Reforms with Mining Chamber

    Kazakhstan’s Industry Minister Discusses Subsoil Use Reforms with Mining Chamber

    Kanat Sharlapaev, the Minister of Industry and Construction of Kazakhstan, held a quarterly meeting with members of the Kazakhstan Mining Chamber Association. The association unites 45 companies, both domestic and foreign investors.

    The Minister emphasized that junior and large international companies entered Kazakhstan after reforms in the subsoil use sector and are making significant contributions to the geological study of the country’s territory.

    He also underscored the importance of private investments and the introduction of advanced technologies in geological exploration.

    During an open dialogue, Kanat Sharlapaev and Chamber members discussed the further development of international reporting standards, taxation issues, and challenges affecting the investment climate.

    The Minister stressed the need to continue the reform process in the subsoil use sector and called for more active cooperation with the Association to develop Kazakhstan’s geological sector.

  • AGMK Receives ESG Rating of 3 from Sustainable Fitch

    AGMK Receives ESG Rating of 3 from Sustainable Fitch

    Sustainable Fitch has assigned JSC Almalyk Mining and Metallurgical Complex (AGMK) an ESG Entity Rating of 3 with an entity score of 56, highlighting both strengths and challenges in the company’s sustainability practices.

    The rating acknowledges AGMK’s sustainable development strategy, governance framework, and environmental policies, despite the inherent ecological impact of its mining and metallurgical operations. The assessment also considers the company’s alignment with global taxonomies, contribution to UN Sustainable Development Goals (SDGs), and integration of ESG principles into business operations.

    As one of Uzbekistan’s largest non-ferrous metals producers, AGMK exports copper, silver, and gold to over 17 countries. Its vertically integrated production covers exploration, mining, processing, and finished product creation. While essential for various industries, these activities result in high energy consumption, greenhouse gas emissions, and significant water and waste usage.

    On the environmental front, AGMK benefits from strong policies and a clean record of major incidents over the past three years, though Scope 3 emissions remain undisclosed. Socially, the company reports low employee turnover, but serious workplace accidents and limited gender diversity remain concerns. Governance-wise, AGMK is strengthened by an independent internal audit function, effective risk management, and a low CEO pay ratio in 2023, although independent directors are a minority on its board.

    Despite challenges, the rating reflects AGMK’s continued commitment to sustainability and corporate responsibility.

  • Ivanhoe Mines and Pallas Resources Launch Major Copper Exploration in Kazakhstan

    Ivanhoe Mines and Pallas Resources Launch Major Copper Exploration in Kazakhstan

    Canadian mining company Ivanhoe Mines and UK-based Pallas Resources have announced a joint venture for geological exploration in the Chu-Sarysu Copper Basin in Kazakhstan, according to Interfax-Kazakhstan.

    The Chu-Sarysu Basin is the third-largest sedimentary-hosted copper basin in the world. Experts predict that this project could lead to one of the biggest copper discoveries in Central Asia in recent decades.

    The companies have secured the largest exploration license package in Kazakhstan, covering 16,000 square kilometers—a scale comparable to Ivanhoe Mines’ past exploration projects in Mongolia and the Democratic Republic of Congo.

    According to Robert Friedland, founder of Ivanhoe Mines, Kazakhstan has the potential to become a global hub for copper production. The U.S. Geological Survey estimates that the Chu-Sarysu Basin holds up to 25 million tons of copper resources.

    While the exact start date for exploration has not been disclosed, the companies plan to invest $18.7 million in the first two years. The project will utilize advanced airborne geophysical technologies and digital data analysis, elevating Kazakhstan’s geological exploration to a new level.

  • Ferrexpo Shares Plunge Amid $3.8 Billion Civil Claim in Ukraine

    Ferrexpo Shares Plunge Amid $3.8 Billion Civil Claim in Ukraine

    Shares of Ferrexpo PLC, a London-listed iron ore producer, dropped as much as 51% following the announcement of a $3.8 billion civil claim filed against its Ukrainian subsidiary, Ferrexpo Poltava Mining. The claim, issued by Ukrainian authorities, accuses the company of illegal mining and environmental damage.

    After experiencing its largest intraday decline on record, Ferrexpo pared its losses to a 23% drop. The company issued a statement denying the allegations, noting that the current accusations have “transformed” from prior claims of illegal waste product sales. Ferrexpo confirmed that its Ukrainian subsidiary intends to vigorously defend its position in court.

    In January, the company addressed earlier accusations made by Ukraine’s Prosecutor General’s Office against four senior managers concerning the sale of waste products. Ferrexpo argued that these materials were not a separate mineral resource and had been sold for years under state inspections until September 2021.

    Ferrexpo’s Poltava mine, located in central Ukraine, is its largest operation and critical to its business. Before the Russian invasion in 2022, Ferrexpo ranked as the world’s third-largest exporter of iron ore pellets.

    The legal battle in Ukraine, coupled with the ongoing war, presents significant challenges for Ferrexpo as it works to defend its largest subsidiary and stabilize investor confidence.

  • Metinvest Announces 2024 Operational Results: Steel and Mining Performance Highlights

    Metinvest Announces 2024 Operational Results: Steel and Mining Performance Highlights

    Metinvest B.V., the parent company of a leading international vertically integrated group of steel and mining companies, has released its operational results for the fourth quarter and the full year ending 31 December 2024.

    In the fourth quarter of 2024, the Group produced 489 thousand tons (kt) of crude steel, reflecting a 14% decrease compared to the previous quarter’s output of 568 kt. Despite this quarterly decline, the annual crude steel production for 2024 reached 2,099 kt, marking a 4% increase from the 2,025 ktproduced in 2023.

    The Group’s iron ore concentrate production showed a positive trend, with 3,493 kt produced in the fourth quarter, a 4% rise from the third quarter’s 3,347 kt. For the full year, iron ore concentrate output surged to 15,733 kt, a significant 42% increase compared to 11,092 kt in 2023.

    However, coking coal concentrate production experienced a decline, with 1,057 kt produced in the fourth quarter, down 7% from the previous quarter’s 1,135 kt. Annually, coking coal concentrate output fell to 4,277 kt, a 22% decrease from 5,455 kt in 2023.

    These results highlight the Group’s resilience in iron ore production despite challenges in steel and coking coal output. Metinvest continues to play a pivotal role in the global steel and mining sectors, adapting to market dynamics and maintaining a strong operational presence.