MINEX Forum

Tag: mining investment

  • TETHYS and Hartree Announce Life‑of‑Mine Offtake Agreement for the Cataltepe Polymetallic Project in Türkiye

    TETHYS and Hartree Announce Life‑of‑Mine Offtake Agreement for the Cataltepe Polymetallic Project in Türkiye

    TETHYS, a Turkish-incorporated critical minerals and strategic infrastructure platform with projects across Eurasia, and Hartree Metals LLC, a subsidiary of the global commodities firm Hartree Partners LP — a leading independent commodities trading and asset management company — have entered into a life-of-mine offtake and commercial prepayment arrangement to support concentrate exports from the Cataltepe polymetallic mining project in north-western Türkiye.

    The agreement establishes a long-term commercial partnership between the two companies, anchored on the Cataltepe operation. Production from the mine is expected to be processed at the Kalkım flotation facility, generating zinc, lead, and copper concentrates for export to international smelting markets.

    Under the arrangement, Hartree Metals has provided a commercial advance payment to support the restart of operations and ongoing production activities, and will purchase and export 100% of the zinc, lead, and copper concentrates produced for the life of the operation. Production at Cataltepe is expected to commence shortly, with monthly shipments increasing progressively as operations ramp up.

    The transaction demonstrates a shared commercial understanding of the project and a mutual commitment to establishing reliable concentrate supply chains in Türkiye. For TETHYS, the agreement represents the commercial activation of its flagship Turkish operation and a significant milestone in its broader strategy to develop a multi-country portfolio of critical mineral assets across Eurasia. For Hartree Metals, it signifies a deepening of its commercial engagement with Türkiye’s expanding mining sector.

    Prof. Dr Leyla Keser, Chairperson of TETHYS Gateway Trading LLC, said: “The Cataltepe offtake agreement is a landmark transaction for TETHYS and a strong endorsement of the project’s commercial potential. We are delighted to be partnering with Hartree Metals as our long-term trading partner and look forward to building on this relationship as TETHYS continues to develop its portfolio of mineral assets across the region.”

  • Uzbekistan–Turkey Business Forum: A Key Opportunity for MINEX Forum Partners

    Uzbekistan–Turkey Business Forum: A Key Opportunity for MINEX Forum Partners

    The MINEX Forum team is delighted to participate in the upcoming Uzbekistan–Turkey Business Forum on 5 May at the Hilton Hotel. This event serves as a vital precursor to our broader regional discussions, focusing on concrete industrial proposals and joint investment ventures.

    The forum is a collaborative effort between OSTIM, the Ministry of Mining Industry and Geology of Uzbekistan, and TMK. It offers a deep dive into Uzbekistan’s ambitious industrial roadmap, specifically focusing on critical minerals and deep processing.

    Key highlights include presentations on:

    • The R&D Park for critical minerals.

    • Technopark initiatives for high-value metal processing.

    • Graphtech’s latest mining developments.

    Our representatives will be on the ground to discuss how these initiatives align with the broader goals of value creation and regional connectivity that we champion at MINEX. We invite our colleagues and partners to join us for a day of high-level networking and strategic planning.

  • AltynGold Celebrates ‘Transformational’ 2025 as Production and Profits Soar

    AltynGold Celebrates ‘Transformational’ 2025 as Production and Profits Soar

    AltynGold (ALTN), the Kazakhstan-based gold miner, has reported a “transformational” set of annual results for the year ending 31 December 2025. The company saw a massive surge in financial performance, driven by a 50% increase in processing capacity at its flagship Sekisovskoye mine and a significantly higher global gold price.

    The miner’s production figures exceeded expectations, with gold poured rising 44% to 53,852oz, comfortably beating the full-year target of 50,000oz. This operational success, coupled with a realised gold price of US$3,474/oz (up 42% year-on-year), saw AltynGold’s revenue jump by 82% to US$175.4m.

    Financial Highlights at a Glance

    • Net Profit: Increased by 135% to US$62.0m.

    • Adjusted EBITDA: Doubled to US$101.4m.

    • Net Debt: Reduced significantly by US$31.3m to US$18.5m.

    • Safety Record: Achieved its fifth consecutive year without a lost-time incident.

    Looking ahead, AltynGold is poised for further growth. Management is currently evaluating plans to at least double mining capacity at Sekisovskoye to 2.0–2.5Mte per annum, which would elevate the company to mid-tier producer status with an output exceeding 100,000oz in the medium term. Additionally, the company is progressing its application for a production licence at the adjacent Teren-Sai exploration project, with approval expected in 2026.

    With the company deleveraging rapidly and cash generation remainng strong, the Board is also keeping the introduction of a dividend policy under review. Analysts have noted that the company’s valuation remains “extremely attractive” compared to its peers, with the current share price of 1,140p nearly matching the net present value of cash flows from existing operations alone.

  • Kazakhstan’s Baiterek Holding Eyes $2.5 Billion in Annual Mining Finance as Two Rare Earth Projects Enter Bank Review

    Kazakhstan’s Baiterek Holding Eyes $2.5 Billion in Annual Mining Finance as Two Rare Earth Projects Enter Bank Review

    Kazakhstan’s state development holding Baiterek is considering financing two rare earth metal extraction projects through its subsidiary the Bank for Development of Kazakhstan, a senior holding official has revealed, as the group targets at least $2.5 billion in annual mining and metallurgical sector financing in 2026.

    Speaking to journalists on the sidelines of MINEX Kazakhstan 2026 in Astana, Baiterek managing director Aydin Akan confirmed that two rare earth projects are currently being assessed under a programme the Bank for Development of Kazakhstan launched in November last year. “There is a pool of projects they are looking at,” he said, cautioning that timelines for approval and disbursement remain uncertain as both projects must complete the bank’s internal procedures and have their project documentation pass mandatory state expert review — a process requiring at least six months of preparation.

    The rare earth projects may also receive financing through Qazaqstan Investment Corporation, another Baiterek subsidiary, which takes equity stakes of typically less than 50% in projects for a defined period before exiting through sale to the private sector. “We are ready to enter the capital and be participants, co-partners in a project — support it and at a certain point exit through sale to the private sector,” Akan said, emphasising that the operational lead must always remain with a private company.

    Baiterek’s broader mining sector financing reached $2.5 billion in 2025 out of a total loan portfolio of approximately $20 billion, and Akan said he expects that figure to be maintained or exceeded in 2026. “The dynamics are very good. We are growing twofold on an annual basis,” he said.

    Crucially, Akan was clear about the boundaries of Baiterek’s mandate: the holding does not finance exploration or extraction, but exclusively targets the creation of added value from raw materials. “Our mandate is precisely the financing of processing capacity construction — we finance the creation of added value from raw materials,” he said, listing the instruments available as direct loans, equipment leasing, working capital financing, guarantees and equity participation through QIC. The emphasis on processing aligns directly with Kazakhstan’s broader strategic push to move up the mineral value chain and reduce dependence on raw material exports.

  • Kazakhstan Plans 11% Rise in Coal Output to 128.9 Million Tonnes in 2026 as Investment Surges and New Licences Come to Market

    Kazakhstan Plans 11% Rise in Coal Output to 128.9 Million Tonnes in 2026 as Investment Surges and New Licences Come to Market

    Kazakhstan’s mining operators plan to increase coal production by 11% in 2026, targeting output of 128.9 million tonnes against the 115.9 million tonnes extracted in 2025 — itself a 7% increase on the prior year — according to Energy Minister Yerlan Akkenzhenov, speaking at a government session.

    The accelerating production trajectory is backed by a significant uplift in sector investment. Approximately 553.5 billion tenge is earmarked for the coal industry in 2026, nearly doubling the 305 billion tenge invested in 2025 according to data drawn from mining contract work programmes. Before the end of the year, the Ministry of Energy also plans to hold an auction offering subsoil use rights across approximately ten coal deposits, signalling continued confidence in the sector’s expansion.

    Kazakhstan holds the world’s tenth-largest coal reserves, with 33.6 billion tonnes of the fossil fuel contained within its subsoil — sufficient to sustain extraction at current rates for more than 300 years. The country’s coal base underpins both its domestic energy system and a growing export trade.

    Of the 115.9 million tonnes produced in 2025, 85.9 million tonnes were directed to domestic consumption, serving the municipal heating sector, power generation and industrial users. A further 30 million tonnes were exported, with Russia, Poland, Uzbekistan, Turkey, India and Malaysia among the principal destination markets.

  • Caspian Sunrise Expands into Mining with $25–45 Million Acquisition in Kazakhstan

    Caspian Sunrise Expands into Mining with $25–45 Million Acquisition in Kazakhstan

    UK-based oil and gas company Caspian Sunrise plc is moving to diversify its portfolio through the acquisition of mining assets in Kazakhstan, with a deal valued between 25 and 45 million dollars.

    Under the agreement, the company will acquire 100 percent of Kazikhan Limited, which holds stakes in several entities licensed to explore and develop deposits of manganese, gold, silver, copper, and molybdenum.

    Among the key assets, GRK Borly LLP holds a production licence for manganese with confirmed reserves of approximately 8 million tonnes, while Zhambas PV controls exploration licences for gold and copper, including an estimated 700 kilograms of gold.

    The transaction reflects Caspian Sunrise’s strategic shift toward mining, aimed at increasing profitability while reducing reliance on Kazakhstan’s oil and gas sector. Company leadership views mining projects as requiring lower upfront capital and offering greater resilience to regulatory pressures and commodity price volatility.

    Kazikhan is owned by private shareholders linked to the Oraziman Family Concert Party, which collectively holds a controlling stake in Caspian Sunrise, highlighting a close alignment between the entities involved in the transaction.

    Caspian Sunrise’s core operations remain centred on its BNG contract area in western Kazakhstan, where it is engaged in crude oil exploration and production, alongside oilfield services. However, the latest acquisition follows an earlier move in December, when the company announced the purchase of another Kazakhstan-based asset containing titanium, zirconium, gold, and rare earth elements located near Ekibastuz.

    The expansion signals a broader strategy to build a diversified resource portfolio, positioning the company to benefit from both traditional hydrocarbons and the growing demand for critical and industrial minerals.

  • Kazakhstan Shifts Focus to Critical Minerals as Exploration Accelerates

    Kazakhstan Shifts Focus to Critical Minerals as Exploration Accelerates

    Kazakhstan is intensifying its geological exploration efforts as it adapts to shifting global demand and prepares for a gradual decline in oil production. While the country has long relied on its vast natural resources, current priorities are increasingly focused on rare and critical minerals, which are emerging as key drivers of future economic growth.

    Over the past year alone, 17 new deposits have been discovered, underscoring the continued potential of the country’s subsoil. Exploration activity has expanded significantly, with geological survey coverage reaching more than 2 million square kilometres. Authorities plan to extend mapping across an additional 100 thousand square kilometres this year, supported by 20 approved project initiatives involving national and industry stakeholders.

    Kazakhstan’s mineral base remains substantial, with approximately 10 thousand deposits identified across the country. Proven reserves include gold, silver, copper, and phosphorites, while total reserves across major resources exceed 2369 tonnes of gold, 4.3 billion tonnes of oil, 3.8 trillion cubic metres of gas, 33.5 billion tonnes of coal, and 26.7 billion tonnes of iron ore.

    A key development is the creation of a certified laboratory complex under the National Geological Service, scheduled for completion by 2028. The facility, valued at 14 billion tenge, will enhance analytical capabilities and support more precise geological data processing.

    According to officials, rising global demand for copper, gold, and rare earth elements is driving a strategic shift in the sector. Greater emphasis is now being placed on improving data accuracy, increasing transparency, and strengthening the investment climate. Over the next three years, the government plans to allocate approximately 240 billion tenge to geological exploration, while also preparing to auction new перспективные участки starting in 2027.

    This renewed focus is partly driven by declining oil output in certain regions, where production has dropped significantly due to resource depletion. In response, exploration is expanding into underexplored sedimentary basins such as the Aral and Syrdarya regions.

    Kazakhstan is also attracting growing private investment, with around 280 billion tenge injected into exploration over the past three years. Rare earth and rare metals are becoming central to this strategy, including deposits such as Kuyryktikol, discovered in 2025, which contains significant reserves of cerium, neodymium, and yttrium.

    More than 100 known deposits across the country contain critical minerals such as tungsten, molybdenum, lithium, beryllium, niobium, tantalum, germanium, and gallium. These materials are essential for high-tech industries, including electric vehicles, electronics, and energy systems, further boosting Kazakhstan’s export potential.

    The evolving structure of the mining sector reflects a broader transformation. Unlike in the past, when extraction often focused on individual elements, modern development requires integrated approaches and advanced technologies. This shift is increasing the sector’s reliance on innovation and international collaboration, as Kazakhstan positions itself as a key supplier in the global critical minerals market.

  • Altyndara Advances Development of Koktaszhal and Kyzylshoki Deposits in Kazakhstan

    Altyndara Advances Development of Koktaszhal and Kyzylshoki Deposits in Kazakhstan

    A new phase of development has begun at the Koktaszhal and Kyzylshoki deposits in Kazakhstan’s Karaganda region, following the transfer of the project to Altyndara. The company is preparing to expand geological exploration and gradually scale up production across both sites.

    As part of its development strategy, the investor has outlined plans to increase mining activity and construct a processing plant at the Kyzylshoki site. Total investment in the project is expected to exceed 500 million dollars, reflecting a long-term commitment to unlocking the resource base.

    The initiative is projected to create more than 800 jobs and generate broader economic benefits for the region, including growth in supporting services and infrastructure development.

    Preliminary estimates indicate that ore resources at the deposits exceed 50 million tonnes, with confirmed copper reserves surpassing 500 thousand tonnes. The project was previously held by Altai Polymetally before transitioning to its current operator.

    The expansion underscores ongoing efforts to strengthen Kazakhstan’s mining sector by advancing resource development, attracting investment, and increasing domestic production capacity.

  • Kazakhstan at PDAC 2026: The Next Major Frontier for Mineral Discoveries?

    Kazakhstan at PDAC 2026: The Next Major Frontier for Mineral Discoveries?

    This year marked a significant milestone as the Kazakhstan Chamber of Mines took the lead as the official organiser of Kazakhstan Day — and what a resounding success the debut turned out to be!

    Despite a packed PDAC schedule, the session drew an impressive crowd of over 130 industry leaders, investors, and exploration experts. The atmosphere in the room confirmed one thing: the global mining community is paying very close attention to Central Asia.

    MINEX Forum was proud to support the event as the Official Media Partner, capturing the insights that are shaping the next wave of exploration in the region.

    Key Highlights from the Plenary Session: The tone was set by Ruslan Baimishev, President of the Kazakhstan Chamber of Mines:

    “Kazakhstan is entering a new era of exploration — driven by robust reforms, international partnerships, and the soaring global demand for copper and critical metals.”

    We also heard high-level perspectives from H.E. Dauletbek Kussainov, Ambassador of Kazakhstan to Canada, and Iran Sharkhan, Vice-Minister of Industry and Construction.

    Expert Insights & Project Showcases: The technical session, “Unlocking New Discovery Potential in Kazakhstan,” featured a stellar line-up including Tim Barry (Arras Minerals), Charlie Liu (Zijin Mining), Simon Cooper (Pallas Resources), and world-renowned experts Anna Fonseca and Professor Jeffrey Hedenquist.

    The afternoon shifted to tangible opportunities, with project presentations from AMG Ltd, Kogadyr Gold, Taskora, and Muzbel. As Tim Barry aptly put it: “Kazakhstan offers unique opportunities for Canadian juniors to enter new jurisdictions — and the future looks bright.”

    Kazakhstan is no longer just a “prospective” jurisdiction; it is rapidly becoming the territory where the next big copper success stories are being written.

    Special thanks to the Kazakhstan Day partners:

    • General Sponsors: Aurora Minerals Group, NAC Kazatomprom, Pallas Resources.

    • Sponsors: Arras Minerals, TauGold Copper.

    Missed the session?  📺 Watch the session recordings and download expert presentations at:

  • Kazakhstan Highlights Exploration Drive and $500m Investment Plan at PDAC 2026

    Kazakhstan Highlights Exploration Drive and $500m Investment Plan at PDAC 2026

    A Kazakh delegation led by Vice Minister of Industry and Construction Iran Sharkhan took part in PDAC 2026, the world’s leading mining and exploration conference hosted by the Prospectors & Developers Association of Canada in Toronto.

    During the event, the Ministry of Industry and Construction, in partnership with the Kazakhstan Chamber of Mines and Aurora Minerals Group Limited, and with support from the Embassy of Kazakhstan in Canada, organised the international forum “Kazakhstan Day.” The session focused on the country’s geological potential and exploration opportunities.

    The forum drew representatives from major international and Canadian mining companies, including Zijin Mining Group, B2Gold, First Quantum Minerals, Hatch, Arras Minerals and Xcalibur Smart Mapping.

    In his address, Iran Sharkhan stressed that the government places strategic importance on improving the geological knowledge base of Kazakhstan’s territory. Over the next three years, approximately $500 million is expected to be allocated to geological exploration, exceeding the total state investment in exploration over the previous three decades.

    According to the Vice Minister, systematic expansion of exploration activities and the opening of new territories for prospecting will create improved conditions for foreign investment and deeper international cooperation in the mining and metallurgical sector.

    Participants were also presented with an overview of key geological discoveries made in 2024–2025, along with successful examples of joint projects implemented with foreign partners.

    On the sidelines of PDAC, the head of the delegation held a series of bilateral meetings with Canadian and international mining executives interested in launching new projects in Kazakhstan. Discussions focused on cooperation in critical minerals, the application of advanced exploration and mining technologies, and potential joint ventures in downstream processing of Kazakh raw materials.

    Officials said Kazakhstan’s participation at PDAC 2026 underscored sustained international interest in the country’s resource base and demonstrated its readiness to expand partnerships with Canadian and global investors across the mining value chain.