Tag: Mining industry

  • Kazakhstan Sees Significant Increase in Non-Ferrous Metal Production in April 2024

    Kazakhstan Sees Significant Increase in Non-Ferrous Metal Production in April 2024

    In April 2024, Kazakhstan significantly boosted the production of various non-ferrous metals. The country extracted 13.84 million tons of copper ore and 57,000 tons of copper-zinc ore during the month. These figures represent an increase of nearly 7% and 3% respectively compared to the previous year.

    Between January and April, miners extracted 52.16 million tons of copper ore, an 8.2% rise from 2023 levels, according to data released by the National Bureau of Statistics. In April alone, Kazakh companies produced 39,520 tons of unprocessed copper, up 8.4% year-on-year. Overall, nearly 160,000 tons of this metal were produced in the first four months of 2024, marking a 13.2% increase.

    The extraction of gold-bearing ores also showed positive growth in April. A total of 2.93 million tons were extracted, a slight increase of 1.3% from the previous year. The production of gold-bearing concentrates surged by 53.2% year-on-year, reaching approximately 34,000 tons. Additionally, the production of refined gold increased by 1.3 tons in April, nearly hitting the 6.5-ton mark, which is a 25.8% rise.

  • Title: Polymetal Announces Name Change to Solidcore Resources plc Amid Sanctions and Business Restructuring

    Title: Polymetal Announces Name Change to Solidcore Resources plc Amid Sanctions and Business Restructuring

    Gold mining company Polymetal has announced its intention to rename the business to Solidcore Resources plc, according to a release obtained by “Kursiva”. The move comes in the wake of U.S. sanctions following the sale of its Russian operations, which retained the name “Polymetal”. The company’s leadership is seeking shareholder approval for the new name. Polymetal’s release also highlights that the sale of its Russian business has significantly reduced debt and increased liquidity, necessitating investments of over $1 billion in projects in Kazakhstan and Central Asia, particularly the new Irtysh GOK and merger and acquisition deals. The company notes that due to ongoing complex geopolitical and macroeconomic conditions, and the lack of access to major debt financing sources, the board recommends not paying dividends for the year ending December 31, 2023. Polymetal has also completed its re-domiciliation from Jersey to the Astana International Financial Centre (AIFC) and is now listed on the AIX and Moscow Exchange.

  • Court Overturns Illegal Seizure of Solid Metals’ Property in Kazakhstan

    Court Overturns Illegal Seizure of Solid Metals’ Property in Kazakhstan

    In a landmark decision, the specialized inter-district administrative court of Zhetysu region has annulled two critical resolutions connected to the unlawful seizure of land and assets from the company Solid Metals. On April 9, 2024, the court invalidated the Sarkand district akimat’s Resolution No. 275, which had transferred a land plot granted to Solid Metals for temporary compensated land use into communal property. Additionally, the court overturned the regional coordination council’s decision to revoke the investment status of Solid Metals’ plant construction project.

    These resolutions were originally made possible due to a raid in November 2019, facilitated by former Vice Minister of Industry and Infrastructure Development (MIIR) Timur Toktabayev. Toktabayev, later arrested and sentenced to seven years for abuse of office, had acted in the interests of certain entrepreneurs, illegally transferring sites with discovered mineral deposits under the guise of exploration. This led to significant state losses amounting to billions of tenge.

    Solid Metals, which had legally acquired 420,000 tons of technogenic mineral formations (TMF) in 2017 and invested heavily in a processing plant, was forcibly evicted from their property by Aksenger Ltd, a company allegedly set up to facilitate this illegal takeover. Despite proving the legality of their acquisition in court, Solid Metals continues to battle for the return of their assets, emphasizing the need for transparent legal proceedings to mitigate external pressures on the judicial process.

  • Kazakhstani Deputies Propose Measures to Sustain Mining Towns Amid Resource Depletion

    Kazakhstani Deputies Propose Measures to Sustain Mining Towns Amid Resource Depletion

    Kazakhstan is home to numerous towns where mining enterprises are the backbone of local economies. However, according to Majilis deputy Ekaterina Smyshlyaeva, approximately thirty mining sites in the country are nearing critical depletion levels, reports kaztag.kz. The closure of these key enterprises would result in significant job losses for a large portion of the population, leading to a downturn in other sectors such as services and small businesses, ultimately causing population decline in these towns and settlements.

    To delay the closure of mining operations and proactively prepare new employment opportunities in these monocities, deputies have proposed several measures. They suggest monitoring the extraction levels at mining sites that may cease operations within the next decade and striving to extend the life of valuable deposits. This would require subsoil users to ensure comprehensive processing of extracted minerals, including the utilization of technogenic mineral wastes.

    For sites already at critical depletion, the recommended solution is to conduct further exploration to extend their operational life. In areas with low profitability, there is a proposal to expand the application of a special tax regime. Additionally, deputies emphasize the need to address economic diversification in towns and settlements facing the closure of mining enterprises within ten years. This includes preemptively retraining workers who will soon lose their jobs due to the shutdowns.

  • Uzbekistan Launches Joint Venture with Chinese Company for Mining Machinery Parts Production

    Uzbekistan Launches Joint Venture with Chinese Company for Mining Machinery Parts Production

    Today, on the eve of the Day of Mining and Metallurgical Industry Workers of the Republic of Uzbekistan, a ceremonial event was held in the Akhangaran district to mark the commencement of the joint venture LLC “HG-AMMC.” This venture is being implemented in collaboration with China’s “Huigong (Hebei) Machinery Group Co., Ltd.”

    The event saw the participation of the leadership of the Almalyk Mining and Metallurgical Combine, the president and specialists of Huigong (Hebei) Machinery Group, and various public representatives. It was noted that this enterprise is the result of agreements made during President Shavkat Mirziyoyev’s official visit to China in January of this year.

    The joint venture will undertake the project “Production of Spare Parts for Mining Machines.” This project is valued at $23 million, with an annual production capacity expected to reach $37.5 million. The partner company will produce over 282 types of spare parts for mining machinery. Additionally, an experimental project to convert oil into electricity will be implemented to reduce operational costs of mining equipment and promote green energy at the joint venture.

    The products manufactured will primarily meet local market needs and eventually be exported. The construction of the joint venture is expected to create 150 new jobs. The implementation of this project will significantly contribute to the industrial success of Uzbekistan and support economic growth.

    The event concluded with a symbolic ribbon-cutting ceremony, marking the beginning of construction.

  • European Mine Owners Explore Green Future with Underground Energy Storage

    European Mine Owners Explore Green Future with Underground Energy Storage

    As mining operations wind down across Europe, mine owners are turning to innovative solutions for a sustainable future, eyeing underground energy storage as a pathway to a low-carbon economy.

    Active deep mine operators in Slovenia, Germany, The Czech Republic, and Finland are investigating the potential of underground gravity energy storage offered by Edinburgh-based firm Gravitricity, providing green opportunities to mining communities grappling with dwindling employment prospects.

    Gravitricity’s revolutionary energy storage system, dubbed GraviStore, utilizes heavy weights totaling up to 12,000 tons suspended in deep shafts by cables attached to winches. This presents a promising alternative for end-of-life mine shafts, mitigating the need for costly infilling and decommissioning processes.

    Teaming up with energy multinational ABB and lifting specialists Huisman, Gravitricity aims to commercialize the technology for mine operators, transforming recently decommissioned mines into potential sites for sustainable energy storage solutions.

    Projects are already underway, including installations at the Velenje mine in Slovenia, Pyhäsalmi Mine in Finland, Darkov Mine in the Czech Republic, and Grube Teutschenthal mine in Germany. At Velenje, feasibility assessments for installing systems in specific shafts are ongoing, with potential pilot projects on the horizon.

    Martin Wright, Founder, and Executive Chairman of Gravitricity, emphasized the transformative potential of gravity energy storage, presenting not only an alternative to decommissioning but also fostering economic and employment opportunities in declining mining communities.

    Gravitricity’s successful demonstration of the GraviStore technology with an above-ground 250 kW demonstrator underscores its viability, showcasing its ability to rapidly respond to demand fluctuations and its potential in frequency response and backup power markets.

  • Anglo Asian Mining Unveils Major Copper Discovery in Azerbaijan

    Anglo Asian Mining Unveils Major Copper Discovery in Azerbaijan

    Anglo Asian Mining (AAM), a leading British mining entity operating in Azerbaijan, has disclosed a substantial copper finding at the Kharhar site, marking a significant milestone in the nation’s mining landscape.

    In adherence to Joint Ore Reserve Committee (JORC) standards, the revelation delineates a copper mineralization zone estimated at 24.9 million tons with an average copper content of 0.48%. Notably, from 22 million tons of ore, approximately 106,000 tons of copper have been identified, contributing to a total mineral reserve estimate of 119,000 tons.

    Scheduled for copper production initiation in 2026, AAM aims to extract approximately 9,000 tons annually over a span of seven years, leveraging open-pit mining methodologies due to the site’s favorable terrain.

    The original contract inked between Anglo Asian Mining and Azerbaijan in 1997 entailed the development of six sites, with Azerbaijan holding a 51% stake and Anglo Asian Mining possessing 49%. A revised agreement in September 2021 expanded this contract to cover eight areas, granting AAM rights to three additional blocks while ceding rights to one site.

    Industry analysts foresee substantial revenue streams stemming from the Kharhar site and other contract zones, underscoring the pivotal role of the mining sector in diversifying Azerbaijan’s economy away from oil dependence. Azerbaijan, in alignment with global standards, is actively exploring innovative techniques, seeking investments, and concentrating efforts on recently liberated territories known for their significant mineral reservoirs.

    Azerbaijan’s mineral resource base, as outlined in the State Programme for Geological Exploration and Efficient Utilization of Mineral Resources Base for 2020-2024, is undergoing comprehensive exploration and development, particularly in liberated territories rich in gold, mercury, copper, and other minerals.

  • Report Reveals Human Rights Abuses in Race for Energy Transition Minerals

    Report Reveals Human Rights Abuses in Race for Energy Transition Minerals

    A recent report from the U.K.-based Business and Human Rights Resource Center sheds light on a concerning trend accompanying the global push for low-carbon technologies. As nations like the United States and Europe increasingly pivot towards renewable energy sources, the demand for critical minerals used in electric vehicles, wind turbines, and solar panels has surged. However, this transition is not without its consequences. The report highlights over 400 allegations of human rights abuses across 16 countries in Eastern Europe and Central Asia over the past five years. These allegations are linked to the extraction, smelting, and refining of metals and minerals essential for the energy transition, such as copper, zinc, uranium, and iron.

    The surge in demand for these minerals has led to a market worth $320 billion in 2022, according to the International Energy Agency. To meet the ambitious goal of net-zero greenhouse gas emissions by 2050, production of these materials will need to increase six-fold by 2040. Many of these resources are located in some of the world’s least-developed countries, where environmental regulations and labor protections may be lax.

    The report identifies numerous cases of alleged abuses, ranging from health and safety concerns for workers to environmental pollution. In Russia, which holds significant reserves of rare-earth minerals, over 100 allegations were recorded, including instances of workplace accidents and toxic pollution. Similar issues were reported in other countries like Armenia, Ukraine, and Kazakhstan, where inadequate safety measures and environmental contamination have sparked community protests.

    One concerning trend highlighted in the report is the close ties between extractive companies and political elites. In several countries, oligarchs with political connections own or control major mining operations, potentially influencing regulatory oversight and accountability mechanisms.

    Despite the gravity of these findings, the report suggests that the documented allegations may only scratch the surface due to repression and censorship in some of the countries studied. Independent journalists and human rights defenders face obstacles in investigating and reporting on abuses, leading to underreporting of incidents.

    The report’s authors call for increased transparency, community consultation, and respect for human rights in the extraction and processing of energy transition minerals. They emphasize the importance of ensuring that the transition to renewable energy promotes shared prosperity and fair treatment of workers and communities.

  • Uzbekistan Aims to Tap into Mining Potential, President Urges Action

    Uzbekistan Aims to Tap into Mining Potential, President Urges Action

    Main Body: The domestic geological sector receives an annual allocation of one trillion sums, with last year’s implementation of targeted programs pushing the production volume in the mining industry to nearly $11 billion. However, the bulk of this output is directed towards precious and non-ferrous metals, despite a vast untapped potential for minerals crucial to industry. Thirty-two such valuable minerals have been identified in the country. In response, during a presentation on January 15th, the head of state issued directives to harness opportunities in this sphere. Measures, plans, and proposals were discussed at today’s meeting. With technological advancements driving global developments, there’s a growing demand for rare earth metals in industries like electric vehicles, green energy, and electronics. Consequently, prices for molybdenum, tellurium, selenium, and graphite have surged in recent years. The President emphasized the significant prospects emerging and underscored the need to expand exploration of existing and new deposits of critical raw materials. Currently, six types of such materials are extracted in the country, with the potential to derive high-value-added products from platinum group metals, indium, vanadium, as well as minerals containing tungsten, molybdenum, rhenium, zinc, and manganese. For instance, the production of previously non-existent powder metallurgy products worth $300 million annually and equipment and components worth $100 million annually could be organized. A critical raw material agreement with the European Union has recently been reached, opening access to this vast market. In light of this, officials have been tasked with formulating, with the involvement of foreign experts and investors, a program of promising projects worth $500 million for rare earth metals. Emphasis is placed on developing this direction with a scientific approach, establishing a project office for this purpose, and engaging leading institutions and research centers. The meeting also addressed increasing the production of precious metals at the Navoi Mining and Metallurgical Combine. Responsible officials reported on opportunities for further increasing both reserves and gold production volumes. The President instructed to reduce production costs at the combine by 10-15%, expand industrial cooperation and localization. A directive was issued to establish a Scientific Center for Advanced Technologies in Precious Metals.

  • Polish Mining Industry Faces Challenges, Ministry Official Warns

    Polish Mining Industry Faces Challenges, Ministry Official Warns

    During the European Economical Congress in Katowice, Marta Jamo, the director of the Ministry of Industry’s analytics department, highlighted the critical state of Poland’s mining sector. Despite turning a profit last year, the industry struggles to convert it into tangible assets, she stated. Jamo pointed out the persistent issue of high coal piles, stemming from past practices of unregulated imports and a lack of understanding of market and energy industry demands. Emphasizing the urgency, she stressed the need to address the social contract.