MINEX Forum

Tag: mining investment

  • Ukraine Eyes Mineral Revival with U.S. Deal Amid War and Reconstruction Hopes

    Ukraine Eyes Mineral Revival with U.S. Deal Amid War and Reconstruction Hopes

    Ukraine is revamping its long-neglected minerals sector in an effort to attract billions in foreign investment and secure a critical role in global resource supply chains. The move follows a landmark minerals partnership with the United States, launched on 23 May through a dedicated fund that will channel revenues from new mining licenses into developing strategic resource projects.

    Ecology Minister Svitlana Hrynchuk told Reuters that the deal, heavily promoted by former U.S. President Donald Trump, could unlock vast untapped potential in Ukraine’s natural resources sector. While the country currently derives just 4% of its GDP from natural resources, the minister sees significant room for growth—particularly in the extraction of critical minerals for defence, green energy, and high-tech industries.

    Ukraine boasts deposits of 22 out of 34 critical minerals listed by the European Union. However, much of this potential remains underdeveloped, hampered by Soviet-era bureaucracy and a chronic lack of investment. The war has only worsened the situation, with an estimated 70 trillion hryvnias ($1.7 trillion) in sector losses due to Russian occupation and conflict along a 1,000 km frontline.

    Despite this, Ukraine continues to push forward. A new national strategy is focused on digitising up to 80% of Soviet-era geological data—currently 40% complete—while also reviewing 3,000 mining licenses to identify dormant or underutilised assets. Last year, auctions for mining rights raised 2.4 billion hryvnias, and similar revenue is expected in 2025.

    The U.S. deal, described by Treasury Secretary Scott Bessent as a “full economic partnership,” gives Washington preferential access to new Ukrainian mineral projects. The agreement is also seen as a key step in Ukraine’s EU accession ambitions, with Brussels and the European Bank for Reconstruction and Development supporting modernization efforts.

    Although investor interest is currently dominated by domestic players, growing foreign participation is anticipated—especially in high-demand minerals like titanium, graphite, manganese, and traditional hydrocarbons.

  • Kazakhstan Advances Geological Data Digitization, Aiming for 86% Completion by 2025

    Kazakhstan Advances Geological Data Digitization, Aiming for 86% Completion by 2025

    Kazakhstan is making major strides in the digitization of its primary geological data as part of a nationwide initiative to enhance subsoil management. According to the Ministry of Industry and Construction, 60% of sector-specific geological information has already been digitized.

    In 2024 alone, approximately 1.906 million geodata units—representing 42% of the remaining volume—were processed. Combined with results from 2023, a total of 2.7 million records have been converted so far. These include over 2.47 million paper documents and graphical materials, 75,000 magnetic tapes, and around 50,000 cartridges.

    Looking ahead to 2025, Kazakhstan plans to digitize an additional 1.2 million units, pushing the digitization level to 86%. This progress brings the country closer to establishing a comprehensive and modern digital geological database.

    One of the key benefits of this digital transformation is its potential to attract foreign investment. By offering fast and convenient access to detailed geological data, Kazakhstan positions itself as a more transparent and investor-friendly destination in the natural resources sector.

  • Uzbekistan’s Mining Minister Meets Traxys North America to Boost Investment and Cooperation

    Uzbekistan’s Mining Minister Meets Traxys North America to Boost Investment and Cooperation

    The Minister of Mining Industry and Geology of Uzbekistan, B. Islamov, held a meeting with a delegation led by Mark Kristoff, President of Traxys North America LLC.


    During the discussions, the delegation was briefed on Uzbekistan’s ongoing reforms aimed at modernizing its mining and geological sectors. The meeting focused on opportunities to strengthen international cooperation, attract foreign investment into mineral exploration, and improve production processes.


    Both parties expressed mutual interest in expanding collaboration, with emphasis on leveraging Traxys’s global experience and capital in support of Uzbekistan’s resource development goals.

  • Navoi Mining and Metallurgical Works Posts Strong Q1 Results Amid Sustainability and Efficiency Push

    Navoi Mining and Metallurgical Works Posts Strong Q1 Results Amid Sustainability and Efficiency Push

    Navoi Mining and Metallurgical Works (NGMK) reported steady operational performance for Q1 2025, with a production volume of 27.8 trillion UZS, marking a 0.7% year-on-year increase.

    Gold output reached 753,500 ounces, slightly up from 748,100 ounces in the same period of 2024, reinforcing NGMK’s position as a leading gold producer. The company invested $118.4 million under its Investment Program, while 697 new jobs were created in the quarter.

    Cost optimization efforts resulted in a 786 billion UZS reduction in production expenses. Under the Localization Program, products worth 349.8 billion UZS were sold, and inter-industry cooperation purchases exceeded 1.8 trillion UZS.

    NGMK’s flagship Muruntau deposit, the world’s largest gold reserve (101 million ounces), remains its core asset, with total company reserves estimated at 148 million ounces.

    In February, Sustainable Fitch assigned NGMK an ESG rating of “3”, the first public ESG rating in Uzbekistan’s mining sector — highlighting progress in environmental, social, and governance practices.

    Key sustainability initiatives included:

    • Planting 65,850 seedlings along the M-37 highway and at GMZ-1;

    • Over 300,000 trees planted across industrial sites, all tracked via an electronic platform as part of the “Green Space” project;

    • Ongoing “Labor Protection Month” initiative aimed at reducing workplace injuries;

    • Recognition as a national leader in cybersecurity for 2024.

    To expand the company’s resource base, NGMK is actively adopting advanced exploration and development practices.

    Corporate governance remained robust:

    • 3 meetings of the Supervisory Board, covering 11 key issues;

    • 25 meetings of the Board of Directors, resulting in 41 decisions.

    NGMK continues to balance production growth with environmental responsibility and workforce safety, setting benchmarks in Uzbekistan’s mining sector.

  • 15th MINEX Kazakhstan Forum Highlights Second Phase of Mining Law Reform

    15th MINEX Kazakhstan Forum Highlights Second Phase of Mining Law Reform

    The 15th anniversary MINEX Kazakhstan Forum has officially opened in Astana, bringing together over 450 delegates and more than 100 speakers from 30 countries, including Central Asia, Europe, the Americas, the Middle East, Southeast Asia, Africa, and Australia. The forum emphasizes Kazakhstan’s growing importance in the global mineral resource market.

    The central theme of the event is “A New Era in Kazakhstan’s Mineral Development: From Exploration to Processing.” Key discussions focused on sustainable development, ESG principles, technological innovation, digitization, investment, exploration, and cross-border cooperation.

    During the plenary session, Nikolai Radostovets, Executive Director of the Republican Association of Mining and Metallurgical Enterprises (AGMP), highlighted the need to continue reforms in subsoil use and taxation.

    He praised the government’s proactive efforts in attracting both domestic and foreign investment in geological exploration. Over 3,000 licenses have been issued, demonstrating momentum in the sector. However, Radostovets emphasized that a second phase of subsoil use reform is necessary to address remaining legislative gaps.

    Notably, he proposed splitting the current Subsoil Code into two separate laws — one for hydrocarbons and another for solid minerals — to better address the specific needs of each sector.

    Radostovets also outlined key priorities for transforming the sector:

    • Classifying exploration expenses as tax-deductible,

    • Introducing agreements for processing low-grade deposits,

    • Stimulating the processing of technogenic mineral formations,

    • Developing a new Tax Code with provisions tailored to the mining sector.

    One of the central issues is the introduction of royalties for new and existing deposits. While initial industry reactions were hesitant, similar to past transitions from contracts to licensing, Radostovets expressed optimism that fair and competitive royalty rates will encourage investment and higher value-added processing.

    The executive also called for greater alignment between the Subsoil Code and other legislation, such as the Water and Land Codes, to address legal inconsistencies.

    Legislative amendments — more than 60 proposals — are currently under review by the Ministry of Industry and Construction. A working group will begin public discussions in the coming weeks, and the finalized amendments are expected to be submitted to Parliament in September 2025.

    Radostovets stressed the importance of coal as a strategic resource, advocating for investment in coal chemistry despite global calls to move away from coal combustion. He also promoted the development of industrial clusters, including copper and aluminum clusters, to support local value-added production.

    “We are optimistic. The MINEX Kazakhstan Forum not only facilitates dialogue and debate but helps us move forward with meaningful reforms in Kazakhstan’s mining sector,” Radostovets concluded.

  • Kazakhstan Aims to Attract 12 Billion Tenge for Rare Earth Metals Development

    Kazakhstan Aims to Attract 12 Billion Tenge for Rare Earth Metals Development

    Kazakhstan plans to attract nearly 12 billion tenge (approx. $26.7 million) in investments to develop its rare earth and critical mineral deposits, according to the Ministry of Industry and Construction. Currently, the country does not produce rare earth raw materials, but it extracts critical metals such as beryllium, tantalum, niobium, fluorspar, titanium, rhenium, vanadium, antimony, bismuth, scandium, phosphorus, coking coal, bauxite, barite, copper, magnesium, tellurium, and manganese.

    The ministry highlighted cobalt, tungsten, lithium, and other battery and magnet metals as key priorities. Kazakhstan has 56 cobalt deposits and 21 tungsten deposits, with one tungsten mining project already underway in the Almaty region with foreign investors. Additionally, there are seven lithium deposits, with two mining and processing initiatives in progress.

    To boost production, Kazakhstan has developed a comprehensive 2024-2028 plan, focusing on resource expansion, extraction technologies, production modernization, and new standards. Over the next four years, 11.79 billion tenge will be invested in exploration and development, funded by the state budget and other sources.

    The country also aims to enter the battery materials supply chain. In 2024, Kazakhstan began processing manganese sulfate, capturing 5% of the global market. Future projects include processing cobalt, lithium, tin, and tungsten. A joint venture with a German company is exploring lithium deposits, with potential $500 million investments if reserves are confirmed.

    Other collaborations include a Kazakh-British project in Zhezkazgan to process heat-resistant nickel alloys for rhenium extraction, and a Chinese-funded initiative to produce tungsten trioxide.

    Kazakhstan is already a leading producer of titanium, beryllium, and tantalum and seeks technology transfer partnerships for further growth. Recently, Foreign Minister Murat Nurtleu discussed strategic cooperation with U.S. Secretary of State Marco Rubio, particularly in energy and critical minerals.

    Meanwhile, President Kassym-Jomart Tokayev has emphasized the need to develop “new oil” deposits—referring to rare earth metals—as a national priority.

  • Kazakhstan to Boost Investments in Mineral Exploration by 2029

    Kazakhstan to Boost Investments in Mineral Exploration by 2029

    The National Development Plan of Kazakhstan aims to increase investments in geological exploration to $90 per square meter by 2029, a significant rise from the current spending of $63 per square meter. According to LS, this current expenditure is 39.6% below the global average, leading to insufficient reserves ready for development, particularly in critical minerals such as chromium, copper, and iron.

    Kazakhstan possesses valuable resources like nickel, cobalt, and lithium, essential for the green economy, but their potential remains underutilized due to limited exploration investments. The same issue affects the development of rare earth metals.

    To address these challenges, the plan proposes to stimulate investments in junior mining companies by simplifying their access to the stock exchange and revising tax deduction conditions for investors. The taxation for companies involved in extraction will also be reformed, shifting to a system based on the volume of product sales and profits rather than just the amount of raw material extracted. This new system will initially be tested on several pilot projects.

    Additionally, geological exploration data will be digitized, and administrative barriers for obtaining exploration and mining licenses will be reduced.

  • Adriatic Metals Raises $50 Million Through Institutional Placement

    Adriatic Metals Raises $50 Million Through Institutional Placement

    UK-based exploration and development company Adriatic Metals has successfully completed an institutional placement, raising approximately A$75.8 million (US$50 million) through the issuance of 18,254,838 CHESS Depositary Interests (CDIs) at A$4.15 per CDI. The company announced that the placement received strong support from both existing shareholders and new institutional investors.

    Simultaneously, OMF Fund III (F), advised by Orion Resource Partners (UK), sold around 12.1 million existing CDIs at the same offer price. Due to strong investor demand, Orion increased the size of its sell-down from eight million CDIs to approximately 12.1 million CDIs. After the completion of the offer, the company will retain around 12.1 million CDIs, representing approximately 3.7% of Adriatic’s issued ordinary share capital.