MINEX Forum

Tag: Mining industry

  • BGV Group Management Forges International Partnerships in Critical Raw Materials Sector

    BGV Group Management Forges International Partnerships in Critical Raw Materials Sector

    In early 2025, BGV Group Management, led by Gennadii Butkevych, signed cooperation agreements with three international partners during Ukrainian Week 2025 in Washington, USA. These agreements lay the groundwork for future collaboration in the critical raw materials (CRM)sector, with a focus on advancing joint initiatives. The parties have committed to further refining the terms of cooperation and accelerating the implementation of these projects.

    For nearly a decade, BGV Group Management has been a key player in the extraction and processing of graphite and beryllium. Since 2015, the company has invested approximately $100 million in the mining sector, primarily targeting greenfield projects within the CRM industry.

    Gennadii Butkevych, founder and investor of BGV Group Management, emphasized the significance of these agreements, stating, “The signing of these documents marks a pivotal step in establishing international partnerships and expanding our global presence. With global attention on the CRM industry, our company has been building expertise and executing projects in this field for years.”

    The company’s flagship project, BGV Graphite, is being developed at the Balakhivske deposit in Ukraine’s Kirovohrad region. By early 2025, BGV completed the preliminary feasibility study (PFS)and pilot technological tests for the final product. In collaboration with Finland’s Metso, the company is working on basic engineering for an enrichment plant, with construction slated to begin in the first quarter of 2026.

    Additionally, BGV has made significant strides in producing battery-quality graphite. In 2024, the company, in partnership with Germany’s ANZAPLAN, successfully conducted tests to achieve 99.99% purity and produce spherical graphite (SPG), a key component in lithium-ion batteries. Design work for the SPG production plant is expected to commence in 2025.

    Another major initiative is the BGV Beryllium project, which includes verification drilling and extensive studies to explore the potential for extracting zinc and rare earth elements. The company aims to complete the PFS for this project by 2025, adhering to international standards.

  • Metinvest’s Northern Mining Boosts Production with Second Roasting Machine

    Metinvest’s Northern Mining Boosts Production with Second Roasting Machine

    Metinvest Group’s Northern Mining and Processing Plant (Northern Mining) has launched a second roasting machine to meet increased demand from European partners, according to Metinvest.Media. Now, both LURGI 552 A and LURGI 552 B are operational, enhancing pellet production.

    The decision was preceded by extensive preparations and repairs. Last autumn, both units underwent comprehensive maintenance, with LURGI 552 B receiving quarterly repairs and an equipment inspection to boost reliability. LURGI 552 A also had similar improvements, including an overhaul of the rotary intake system to ensure efficient product shipment.

    To fulfill European contracts on time, the company decided to operate both machines simultaneously. This required additional workforce efforts, with employees at Pelletizing Shop No. 2 (PSM-2) working weekends and night shifts. The launch process took a full week, involving detailed inspections of all mechanisms and equipment.

    Currently, both machines are operating at a capacity of 460-463 tonnes of pellets per hour, ensuring timely deliveriesand stable exports to European customers.

    “The market sets its own rules, and we must maintain the company’s reputation and competitive edge. This brings new challenges for Northern Mining’s teams, especially at the Central Processing Plant-2, where specialists will need to periodically operate the second roasting machine to meet production goals. However, our employees are rising to the challenge, demonstrating dedication and responsibility. More production means higher revenue, increased tax contributions, and more funds for wartime needs,” said Dmytro Malykh, Director of Production and Planning at Metinvest’s Mining Division.

    Earlier, GMK Center reported that 2024 marked a turning point for Northern Mining due to the reopening of Odesa ports, which enabled the resumption of iron ore exports by sea. This development helped stabilize production and increase capacity. Additionally, operations at the Gannivsky open pit resumed during the summer, reaching nearly full capacity by the end of the year.

  • NMMC Receives ESG Rating from Sustainable Fitch, Reinforcing Industry Leadership

    NMMC Receives ESG Rating from Sustainable Fitch, Reinforcing Industry Leadership

    Navoi Mining & Metallurgical Company (NMMC), the world’s fourth-largest gold producer, has received its first Environmental, Social, and Governance (ESG) rating from Sustainable Fitch. The company was assigned a rating of ‘3’ on a 1 to 5 scale (where 1 represents low risk and 5 represents high risk) and an overall ESG score of 51 out of 100.

    The rating reflects a detailed assessment of NMMC’s sustainability initiatives, corporate governance, environmental performance, and social responsibility programs. The company’s environmental and social performance received a ‘3’ rating, acknowledging strong policies on emissions and water management, absence of major environmental incidents, and a low gender pay gap. Meanwhile, its corporate governance scored a ‘2’, recognizing adherence to international financial reporting standards, systematic internal audits, and structured risk management.

    NMMC’s ESG rating is consistent with global mining industry peers, reflecting the sector’s inherent environmental challenges, including high energy and water consumption, greenhouse gas emissions, and industrial waste generation. Importantly, NMMC is the first company in Uzbekistan’s mining sector to receive a public ESG rating, highlighting its commitment to transparency and sustainability leadership.

    “Sustainability is a key pillar of our business strategy and crucial for long-term growth and investor confidence,” stated Eugene Antonov, First Deputy CEO and Head of Transformation at NMMC. He emphasized that the company’s ESG principles are central to its transformation program, aligning with Uzbekistan’s 2025 ‘Year of Environmental Protection and the Green Economy’ initiative and the national ‘Uzbekistan-2030’ strategy.

    Boris Samoylenko, Head of ESG at NMMC, reinforced that the rating validates NMMC’s ongoing sustainability efforts and serves as a benchmark for further improvements in line with global best practices.

  • NMMC Receives First-Ever ESG Rating, Reinforcing Sustainability Commitment

    NMMC Receives First-Ever ESG Rating, Reinforcing Sustainability Commitment

    Navoi Mining & Metallurgical Company (NMMC), the world’s fourth-largest gold producer, has received its debut ESG Entity rating from Sustainable Fitch, marking a significant milestone in its sustainability journey. The company was assigned an ESG rating of ‘3’ (on a scale from 1 to 5, where 1 represents low risk and 5 represents high risk) and an overall entity score of 51 out of 100.

    The rating was based on a comprehensive assessment of NMMC’s sustainability strategy, corporate governance, environmental impact, and social responsibility programs. The company’s environmental and social performancereceived a favorable ‘3’ rating, highlighting strong internal policies on emissions and water management, the absence of major environmental incidents, and a low gender pay gap. Additionally, corporate governance was rated at ‘2’, recognizing adherence to international financial reporting standards, systematic internal audits, and structured risk management.

    NMMC’s ESG rating aligns with global mining industry standards, acknowledging the sector’s inherent environmental challenges, such as high energy and water consumption, greenhouse gas emissions, and industrial waste generation. Notably, NMMC is the first company in Uzbekistan’s mining sector to receive a public ESG rating, reinforcing its industry leadership and commitment to international sustainability principles.

    The company’s ESG efforts are part of a large-scale transformation program, in line with Uzbekistan’s national strategy “Uzbekistan-2030”. With 2025 declared the “Year of Environmental Protection and the Green Economy”in Uzbekistan, NMMC aims to further enhance its sustainability practices and strengthen investor confidence.

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

    Ukraine’s Critical Materials Sector: Challenges and Investment Potential

    Ukraine’s critical materials sector was the focus of the “Strategic Resources of Ukraine” Conference, held within the framework of the Economic Growth Strategy until 2040. The event, developed by Boston Consulting Group in partnership with the We Build Ukraine think tank, assessed investment prospects and key challenges in the industry.

    The metals and mining industry remains a cornerstone of Ukraine’s economy, contributing 6.1% to GDP and 30% of total exports (as of 2021). Despite the country’s vast reserves and historically low-cost structure, the industry faces asset losses, infrastructure damage, and labor shortages due to the ongoing war. Ferrous metals mining, concentrated in the Kryvyi Rih basin, remains largely under Ukrainian control, while non-ferrous materials, including precious metals and rare earth elements, are crucial for sectoral growth. However, the war has shifted export dynamics, increasing dependence on raw ore exports and leading to profitability declines and logistical challenges.

    Globally, the demand for critical raw materials is intensifying, driven by their essential role in industrial production, technological development, and renewable energy. However, supply chains face high geographic concentration, long project development timelines, declining resource quality, environmental concerns, and climate risks.

    Investment in Ukraine’s mining sector is hindered by multiple barriers:

    • State policy gaps, including the lack of an updated critical materials strategy and an outdated mineral classification system.
    • Institutional shortcomings, such as fragmented geological data, secrecy in resource information, and complex land acquisition procedures.
    • Limited state support, with no fiscal incentives, war risk insurance, or export assistance for mineral companies.

    Despite these obstacles, Ukraine has significant potential to attract international investment in critical raw materials extraction, processing, and exports. The country must develop a long-term strategy to leverage its mineral wealth, strengthen economic independence, and accelerate green energy transition.

  • Azerbaijan’s Mining Industry Production Volume Revealed for 2024

    Azerbaijan’s Mining Industry Production Volume Revealed for 2024

    The production volume in Azerbaijan’s mining industry totaled 41.2 billion manats in 2024, according to data from the State Statistics Committee.

    This represents a decrease of 3.7 billion manats or 8.3% compared to the previous year. In 2023, the mining industry production volume was 44.9 billion manats.

    Key figures for 2024:

    • Metal ore mining: 382 million manats
    • Other mining sectors: 256 million manats
    • Mining industry services: 2.5 billion manats

    Other sectors within the mining industry also contributed to the overall production volume. The extraction of metal ores accounted for 382 million manats, while other mining activities generated 256 million manats. Additionally, mining-related services amounted to a production value of 2.5 billion manats.

    Despite the year-over-year decrease, the mining sector continues to play a major role in Azerbaijan’s economy, accounting for a significant portion of the country’s industrial output

  • Critical Raw Materials: A Catalyst for Ukraine’s Economic Transformation

    Critical Raw Materials: A Catalyst for Ukraine’s Economic Transformation

    Ukraine’s abundant deposits of critical raw materials could serve as a key driver for its economic growth and global market integration, according to We Build Ukraine co-founder Oleksandr Kubrakov.

    Kubrakov points out that the current closed nature of Ukraine’s mining sector poses a major challenge for investors. He recommends several reforms: aligning Ukraine’s mineral reporting standards with international frameworks, streamlining land acquisition for mining operations, and introducing industry incentives. He also emphasizes the need to digitize geological data, particularly through AI technology, to make it more accessible.

    Beyond just extraction, Kubrakov envisions developing comprehensive value chains – from building infrastructure to establishing local processing facilities and manufacturing finished products, such as electric vehicle components and medical-grade titanium items.

    The country holds impressive positions globally in terms of mineral reserves, ranking eighth in coal, fifth in iron ore, and fourth in manganese ore (a crucial element in glass, ceramic, and steel production).

  • Kyrgyzstan Produces 26 Tons of Gold in 2024

    Kyrgyzstan Produces 26 Tons of Gold in 2024

    In 2024, Kyrgyzstan extracted 26 tons of gold, according to Meder Masheyev, the Minister of Natural Resources. This total includes 400 kilograms of alluvial gold. Preliminary figures also show coal production at 4.1 million tons and oil at 290,000 tons.

    Additionally, 182.5 tons of new gold deposits were added to the state reserves. The State Commission on Mineral Reserves reports Kyrgyzstan’s total gold reserves now stand at 1,016 tons, indicating a significant resource base for future development.

  • Armenia Grants All Necessary Permits for Amulsar Gold Mine Operations

    Armenia Grants All Necessary Permits for Amulsar Gold Mine Operations

    On January 10, Armenian Minister of Environment Akop Simidyan confirmed that Lydian Armenia has secured all required permits to begin operations at the Amulsar gold mine. The company has conducted all necessary environmental assessments, including two Environmental Impact Assessments (OVOS). Despite opposition from local activists since 2018, the government is moving forward with the project. A memorandum of understanding signed in 2023 between the government, Lydian Armenia, and the Eurasian Development Bank has ensured financial backing, with $150 million allocated for the continuation of construction and equipment purchases. In 2024, local organizations and citizens near the mine expressed their opposition, but the government remains committed to restarting operations, with expectations to begin full-scale mining by late 2025.

  • Kazakhstan Revives Mining at Key Deposits in 2024

    Kazakhstan Revives Mining at Key Deposits in 2024

    In 2024, several mining companies in Kazakhstan resumed operations at significant deposits, submitting project plans through the Unified Environmental Portal.

    OralElectroService has returned to the Uzynzhal deposit in the Karaganda region, targeting 500,000 tons of zinc-lead ore annually. The project will use open-pit mining until 2033 before transitioning to underground methods, with total reserves of 12.5 million tons.

    In East Kazakhstan, Taskara will mine gold and silver at the Taskora deposit. The three-year project focuses on processing 31,000 tons of ore annually.

    In the Zhambyl region, Ushalyk Gold Operating plans to extract 727,000 tons of ore at the Ushalyk deposit over four years, processing up to 250,000 tons annually to produce flotation concentrate.

    These initiatives highlight the mining sector’s sustained importance in Kazakhstan’s economy.