MINEX Forum

Tag: Mining industry

  • 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.

  • Vale and GreenIron Partner to Decarbonize Mining Supply Chains

    Vale and GreenIron Partner to Decarbonize Mining Supply Chains

    Vale has announced a memorandum of understanding with Swedish company GreenIron, focusing on decarbonizing mining industry supply chains in Brazil and Sweden. The collaboration includes feasibility studies for a direct reduction plant in Brazil, to be managed by GreenIron, and the provision of Vale’s iron ore for GreenIron’s commercial operations in Sandviken, Sweden. This partnership aligns with global sustainability goals, targeting innovative solutions to reduce emissions in iron and steel production while strengthening ties between Brazilian and Swedish industries.

  • Resolutions for Mining Companies in 2025: Lessons from 2024 Challenges

    Resolutions for Mining Companies in 2025: Lessons from 2024 Challenges

    As 2024 concludes, mining expert Timothy Foden reflects on the year’s recurring challenges, emphasizing the heightened sovereign risks mining companies face globally. From resource nationalism in Mexico and Burkina Faso to the geopolitical instability of Africa’s Coup Belt, mining firms must navigate complex environments. Foden advises companies to safeguard investments by maintaining licenses, documenting interactions with officials, and structuring agreements for international arbitration. Additionally, he highlights the critical need to work with proven legal experts who can secure favorable outcomes in disputes with sovereign nations.

  • Kazakhstan’s Mineral Reserves Expected to Last Up to 40 Years

    Kazakhstan’s Mineral Reserves Expected to Last Up to 40 Years

    Kazakhstan’s mineral reserves are projected to last for 20 to 40 years, depending on the resource, according to Akbarov, head of the country’s Geological Committee. During a briefing at the Central Communications Service, Akbarov noted that while the situation for many resources is stable, with an average reserve life of 20 years, some deposits face significant geological and technical challenges.

    Key resources such as gold are estimated to last for 20 years, while copper reserves may sustain production for up to 40 years. However, certain deposits are nearing depletion, with reserves sufficient for only 5 to 10 years.

    To address this, Kazakhstan is intensifying efforts in geological exploration. Starting next year, the country will transition from a 1:200,000 scale to a more detailed 1:500,000 scale for geological mapping. This shift aims to identify hidden and geologically complex deposits, enhancing the mineral resource base. Akbarov emphasized that these initiatives could significantly boost the efficiency of exploration and replenish Kazakhstan’s mineral reserves.

  • Kazakhstan Considers New Royalty-Based Tax Model for Mining Sector

    Kazakhstan Considers New Royalty-Based Tax Model for Mining Sector

    Kazakhstan plans to transition from its current mineral extraction tax to a royalty-based system, calculated on the sale value of mineral raw materials. Minister of Industry Kanat Sharlapayev believes this will enhance transparency and attract foreign investors. The new model aims to incentivize domestic processing by imposing lower taxes on minerals processed locally compared to those exported raw. The proposal is set to be included in the 2026 Tax Code. Additionally, the minister emphasized boosting geology research as a fundamental science, advocating increased state funding.

  • United States and Uzbekistan Sign MOU to Strengthen Cooperation on Critical Minerals

    United States and Uzbekistan Sign MOU to Strengthen Cooperation on Critical Minerals

    Ambassador Jonathan Henick and First Deputy Minister of Geology Omonullo Nasritdinxodjaev signed a Memorandum of Understanding (MOU) today to enhance cooperation between the United States and Uzbekistan in the area of critical minerals. The signing took place just before Uzbekistan’s participation in MINExpo INTERNATIONAL, the world’s largest mining industry event, set for September 24-26, 2024, in Las Vegas, Nevada.

    This agreement follows the announcement made during the September 2023 Presidential Summit in New York, where President Biden, President Mirziyoyev, and the presidents of Kazakhstan, Kyrgyz Republic, Tajikistan, and Turkmenistan agreed to launch a Critical Minerals Dialogue. The MOU aims to promote economic cooperation, drive investment in clean energy initiatives, and safeguard Central Asia’s ecosystems.

    Critical minerals and rare earth elements are vital to clean energy technologies and are becoming increasingly important in global economies. The United States is actively encouraging private sector investment in Uzbekistan’s mining sector. The MOU underscores both nations’ commitment to maintaining high environmental, labor, and governance standards in the global mining sector.

    Ambassador Henick stated, “The United States and Uzbekistan must cooperate to establish resilient and secure supply chains that can support the future energy landscape. This memorandum reflects our shared goal to diversify global mineral supply chains and expand our Strategic Partnership with Uzbekistan.”