The UK government has unveiled the Critical Minerals Accelerator, a £50 million initiative aimed at bolstering domestic production, processing, and recycling of critical minerals as part of its Vision 2035 strategy. On 1 September, the Department for Business and Trade (DBT) hosted an information session detailing the programme’s funding structure, eligibility criteria, and application process, chaired by Grace Humphries, Head of Critical Minerals (Strategy and Domestic).
The programme allocates £25 million in competitive grants across two funding streams. Projects classified as Pilot to Pre-Commercial, which are at Technology Readiness Level (TRL) 6 and above, can receive between £1 million and £3 million over an 18 to 36-month period. Meanwhile, Demonstrator to Commercialisation projects, which are further along at TRL 8 and above, can secure grants ranging from £150,000 to £1 million over a shorter timeframe of 6 to 18 months. Importantly, applicants must be UK-registered companies, and even if extraction occurs overseas, the funded activities must take place within the UK.
The application process is designed to be accessible, with match funding requirements varying based on company size—ranging from 50% for small firms to 70% for larger organisations. Notably, applicants are not required to have full funding secured at the application stage, only sufficient evidence to sustain project delivery for the first six months.
During the session, Wilkie Briggs, Policy Advisor on the Critical Minerals Team, and Alice Kaiser, Scheme Delivery Manager, addressed various questions from potential applicants, clarifying aspects such as TRL definitions, project structuring, and funding intensity. The application window closes on 30 September 2026, with funding decisions expected by December and grant agreements signed by January 2027.
The programme is framed around three strategic priorities: driving economic growth, enhancing economic security, and fostering domestic resilience. This aligns with broader UK and European goals concerning critical raw materials. The Accelerator particularly encourages projects that build on existing UK value chains and demonstrate commercial viability through partnerships and collaborations.
The Q&A session revealed ongoing uncertainties among applicants regarding TRL thresholds, consortium structures, and grant funding limits. The DBT has indicated a willingness to assist applicants in navigating these complexities, emphasising the importance of aligning projects with the programme’s objectives.
As the UK seeks to establish a robust critical minerals sector, the Critical Minerals Accelerator represents a significant step towards achieving self-sufficiency and sustainability in this vital industry. The conversation surrounding these initiatives will continue at the upcoming MINEX Europe Forum in Ireland, where industry stakeholders will discuss the intersection of UK and European critical minerals policies and the necessary investment frameworks to support them.
Prime Minister Olzhas Bektenov has directed Kazakhstan’s Ministry of Industry and Construction to formulate additional stimulus measures for the country’s metallurgical sector within the next month, signaling a renewed push to boost industrial output and investment. The directive was announced during a government meeting reviewing Kazakhstan’s socio-economic performance in the first half of 2026. Bektenov tasked the ministry, alongside state mining company Tau-Ken Samruk, with ensuring full utilization of non-ferrous metallurgical enterprises, including by supplying imported gold for domestic refining. In the ferrous metallurgy segment, the Prime Minister highlighted the need for Qarmet, under its modernization program, to expand its product range to include items most in demand in both domestic and international markets. Bektenov stressed that the pace of growth in the manufacturing sector depends on the timely implementation of investment projects. He instructed the ministry and regional administrations to review all investment projects within one week to identify challenges and outline specific remedial measures. Additionally, the Prime Minister ordered the submission of draft amendments within one month to introduce new mechanisms aimed at improving the efficiency of Kazakhstan’s special economic zones. Bektenov also emphasized the importance of maintaining current construction activity levels, calling for continuous monitoring of housing commissioning and swift resolution of emerging issues. He recalled President Kassym-Jomart Tokayev’s directive to begin a large-scale program for building social and infrastructure facilities, with a particular focus on modern healthcare institutions. The announcement follows earlier reports that Kazakhstan plans to launch eight non-ferrous metallurgy projects in 2026, expected to create over 1,500 jobs, underscoring the government’s commitment to expanding the mining and metals sector as a key driver of economic growth.
Kazakhstan has introduced a revised mechanism governing mandatory research and development (R&D) contributions from subsoil users, shifting control over funding allocation to the state and triggering concerns within the mining industry over rising fiscal pressure.
Although the requirement for subsoil users to allocate 1 percent of revenues toward research and development has long been established under the Code on Subsoil and Subsoil Use, significant changes to its implementation came into force in 2026. Under the updated model, companies are no longer permitted to fulfil R&D obligations independently and must now transfer funds directly to the republican budget in accordance with the Budget Code.
The Ministry of Industry and Construction stated that the reform aims to improve transparency and centralise funding management. Contribution levels will be calculated based on companies’ actual operational results from the previous year, meaning 2026 payments will reflect 2025 performance indicators. R&D obligations arise from the second year of a mining licence for solid mineral extraction.
While subsoil users retain the right to propose research programmes, project implementation and financing decisions are now determined by government procedures. The Ministry’s Scientific and Technical Council plays a central role by defining priority research areas, reviewing proposed technical assignments and approving projects before they proceed to competitive selection overseen by the authorised science body.
Council decisions are adopted through open electronic voting within the National Innovation System’s “Single Window” platform operated via Astana Hub, requiring quorum participation and a two-thirds majority.
As a result, mining companies no longer directly determine which projects receive funding, with final allocation dependent on state-led approval and budgetary procedures.
Industry representatives have raised concerns over the practical impact of the reform. Geological and geophysical expert Abzal Kenessary of Qazaq Expert Club noted that while the new rules close a longstanding regulatory gap by establishing clearer financing procedures, the model risks creating structural imbalances.
According to the expert, subsoil users primarily require applied research in geology, mining, metallurgy and environmental technologies, whereas Astana Hub has traditionally focused on IT startups, digitalisation and fintech initiatives. Businesses are therefore awaiting clarification on project eligibility criteria to ensure R&D funding is not disproportionately directed toward digital projects at the expense of industrial innovation.
Kenessary added that from a business perspective, the mandatory transfer of 1 percent of annual contract revenue effectively functions as a quasi-tax, representing an additional compulsory payment linked to company income. Companies are likely to factor the obligation into project economics and investment attractiveness assessments.
Experts suggest the new R&D framework could deliver long-term benefits if several conditions are met, including sector-specific project selection criteria, independent monitoring of technological outcomes rather than financial transfers alone, and structured feedback mechanisms allowing subsoil users to influence priority research areas.
Without these safeguards, analysts warn the reform risks becoming a redistribution mechanism rather than a driver of technological development in Kazakhstan’s mining sector.
The European Union is channelling significant financial support into LKAB’s Per Geijer rare earth project in northern Sweden as part of its strategy to reduce dependence on China for critical raw materials. However, the same EU legal framework designed to protect the environment and Indigenous rights is emerging as a major obstacle to the project’s progress.
The Per Geijer deposit near Kiruna has been granted Strategic Project status under the EU’s Critical Raw Materials Act (CRMA), making it eligible for EU-backed loans, guarantees and other de-risking instruments. The designation reflects the project’s importance to Europe’s green transition, defence capabilities and electric vehicle supply chains. Under the CRMA, the EU aims to mine at least 10% of its strategic raw materials domestically and process 40% within the bloc by 2030.
To support these targets, Brussels is deploying financing through tools such as InvestEU, the Innovation Fund and European Investment Bank lending, with nearly €3 billion earmarked for mining, processing and recycling projects. Northern Sweden has been identified as a priority region, and Per Geijer is seen as a flagship initiative.
Despite this political and financial backing, the project remains subject to Sweden’s Environmental Code and EU environmental legislation, including the Environmental Impact Assessment Directive and the Habitats and Birds Directives. These rules require extensive assessments of impacts on biodiversity, water resources, emissions and climate, and allow for legal appeals that can delay projects for years. Strategic status does not provide exemptions from these requirements.
Additional complexity arises from Indigenous rights considerations. The Per Geijer deposit overlaps with traditional reindeer-herding land used by the Sami people, triggering legal obligations under Swedish law, EU law and international human rights conventions. Requirements for meaningful consultation and protection of minority rights sit uneasily alongside the CRMA’s push for faster permitting.
Per Geijer is part of a broader LKAB value chain that includes rare earth extraction at Malmberget and processing facilities in Luleå, all of which have also received Strategic Project status. However, the European Commission retains the right to withdraw this status if sustainability criteria are not met or if projects fail to deliver.
The case highlights a structural tension within EU policy. While Brussels is accelerating funding and political support to secure raw material autonomy, its environmental and rights-based legal framework gives courts and civil society strong tools to slow or block projects. The outcome in Kiruna is increasingly seen as a test of whether the EU can reconcile its industrial ambitions with the legal principles at the core of the Green Deal.
Portugal’s government plans to launch a long-delayed tender for lithium prospecting licenses later this year, as part of efforts to strengthen Europe’s battery materials supply chain while addressing local opposition to mining projects. Environment Minister Maria da Graca Carvalho said the government is preparing a national mining strategy to be finalized by the summer, with an emphasis on community involvement and regional value creation.
Portugal currently holds around 60,000 tonnes of lithium reserves and is Europe’s largest lithium producer, though output has traditionally been used for ceramics rather than battery-grade material. Expanding into battery-quality lithium is seen as critical for reducing Europe’s dependence on imports and supporting the continent’s clean energy transition.
Carvalho told Reuters that future mining projects would prioritize keeping economic benefits within the country, sharing revenues regionally and creating local jobs. She added that the government is reviewing international best Reed practices while moving quickly to unlock investment. The original tender was first planned in 2018 but was repeatedly delayed due to political instability, including the collapse of several governments. The current minority administration took office in March 2025.
Regulatory progress has already been made on specific projects. Portugal’s environmental agency APA has granted initial approval for lithium extraction at the Barroso mine, operated by Savannah Resources, as well as the Montalegre project developed by local firm Lusorecursos.
Separately, Carvalho commented on ongoing talks between Portuguese energy company Galp and private equity-backed Moeve regarding a potential merger of their oil refining businesses. If completed, the deal would create one of Europe’s largest refining groups, with a combined capacity of about 700,000 barrels per day. The Portuguese state currently holds an 8% stake in Galp.
The Serbian government has adopted a draft Strategy for the Management of Mineral and Other Geological Resources for the period from 2025 to 2040, with projections extending to 2050, sending the document to the National Assembly for a final vote. The strategy aims to balance economic development with environmental protection while strengthening state oversight and ensuring a stable supply of critical and strategic raw materials.
Minister of Mining and Energy Dubravka Đedović Handanović said the strategy was shaped through a lengthy and at times contentious public consultation process, during which dozens of objections and proposals were fully or partially incorporated. Although the final text has yet to be published, the government confirmed that sustainability, climate neutrality, and the use of energy-efficient and low-carbon technologies are among its central pillars.
According to the Ministry of Mining and Energy, the strategy establishes a long-term framework for responsible resource management, enhanced planning and supervision, and improved governance of the mining and geology sector in the interests of citizens and local communities. Particular attention is given to critical and strategic raw materials, geothermal energy, and the rational use of natural resources.
An accompanying environmental impact assessment notes that Serbia has significant deposits of metallic, non-metallic, and energy raw materials, as well as groundwater and geothermal resources. At the same time, it acknowledges that decades of mining have led to air, water, and soil pollution, especially in areas such as Bor and Majdanpek, as well as the Kolubara and Kostolac lignite basins. The report also highlights abandoned mines, tailings dumps, and obsolete facilities as a major challenge requiring remediation and rehabilitation.
Đedović Handanović said the strategy defines concrete programmes to secure raw material supplies for domestic companies and the energy system, create jobs, increase the participation of Serbian industry in value chains, reduce import dependence, and strengthen economic stability. She added that strict environmental and safety standards, along with transparent planning and decision-making processes, are intended to protect protected areas, improve workplace safety, and reduce risks to public health and quality of life.
The shifting sands of Kazakhstan’s mining sector were the focus of a recent British-Kazakh Society (BKS) webinar, bringing together legal experts, industry professionals, and policymakers to dissect the impacts of evolving government regulations. Held on 13 November 2025, the discussion revealed a concerning trend of increasing investor uncertainty, despite the country’s rich geological potential.
Land Barriers Continue to Hamper Investment
Kazakhstan’s crucial mining sector is undergoing significant changes, grappling with persistent land access issues and the introduction of new tax policies. A presentation by Almat Daumov, Partner at GRATA International in Almaty, shed light on these challenges and proposed solutions, highlighting both potential hurdles and opportunities for investors.
Despite seemingly swift issuance of exploration licenses for solid minerals (within 3-4 weeks), actual investment is frequently stalled by complex land-access barriers. Daumov emphasised that establishing servitude over private land for exploration can cause delays of 9-18 months. Even more critical, “akimats” (local executive bodies) are reportedly refusing compulsory land acquisition for mining projects deemed “non-state” in nature, citing budget limitations.
Drawing on international experience, Daumov pointed to successful models in Australia, Canada, and Mexico, where simplified (notification-based) land-access procedures for exploration and government expropriation of land for public necessity (including mine development) are common.
Proposed Solutions for Land Access:
To address these issues, Daumov proposed key solutions:
Exploration: Akimats should establish public servitudes on both state and private land, as permitted by Article 69 of the Land Code.
Mining: Mine development should be consistently recognised as a public need (Article 84). He stressed the need for unified interpretation and practice by akimats. Furthermore, to alleviate the state budget burden, Article 87 should be amended to ensure compensation is paid directly to the subsoil user, not the state.
New Tax Policies Introduce Volatility and Opportunity
Beyond land access, Kazakhstan’s mining sector is also navigating significant tax policy changes.
Higher Mineral Extraction Tax (MET) on Gold:
Starting in 2026, a new progressive MET scale will apply to gold. This change is expected to introduce additional fiscal volatility and increase the risk premium for investors, particularly those involved in low-grade and high-cost operations.
MET Reduction for Technogenic Mineral Ores (TMO):
In a more positive development, the MET on solid minerals extracted from technogenic mineral formations will be reduced tenfold. This reform aims to make the re-processing of tailings and waste economically viable. The benefits are twofold: addressing environmental issues and bringing significant metal residues, long excluded from economic turnover, back into circulation.
Introduction of Royalty Regime:
Effective for exploration projects starting in 2027, Kazakhstan will introduce a Royalty regime in parallel with the MET. Current proposed royalty rates are 7% for metals and alloys, 10% for concentrates, and 13% for ores, raising concerns among industry stakeholders.
Daumov’s analysis underscores a critical period for Kazakhstan’s mining sector. While the government aims to streamline processes and introduce new revenue streams, the effectiveness of these reforms will largely depend on clear implementation and a willingness to address investor concerns regarding both land access and fiscal predictability.
Kazakhstan on the Investment Attractiveness Index
Daniel A. Witt, President of the International Tax and Investment Center (ITIC), painted a picture of mixed signals for potential investors. While Kazakhstan has achieved its goal of being a top 50 most competitive country globally (ranking 34th in the 2025 IMD World Competitiveness Report), the micro-picture in the mining sector is less favourable.
Witt cited the Fraser Institute Annual Survey of Mining Companies (2024), noting a significant drop in the country’s Policy Perception Index (PPI) score—the metric heavily influenced by government control over tax, legal, and regulatory parameters.
“Kazakhstan came in 59 [on the Investment Attractiveness Index]. They fell… 59 is just barely passing,” stated Witt, stressing that the key challenge remains building a stable, predictable, and transparent fiscal and regulatory regime to attract large-scale international mining projects, similar to the success seen in the oil and gas sector. Specific concerns raised included the complexity of the tax system, difficulties obtaining VAT refunds, and the need for mechanisms to share risk between the state and investors.
Policy Trends and Regulatory Erosion
Timur Odilov, Founding Partner at Haller Lomax highlighted a worrying erosion of reforms designed to align Kazakhstan with international standards.
Odilov noted that following the adoption of the Western Australian-based Mining Code in 2017, subsequent years have seen the re-emergence of stricter rules and instability, particularly since 2023. Key changes discussed included:
Erosion of CRISCO Standards: Discussions in parliament have begun challenging the transition to international reporting standards, favouring a return to Soviet-era standards.
Resource Nationalism: Increasing pressure for mandatory domestic discount sales and forced processing, even for materials that cannot be domestically processed (such as certain rare earths).
Uncertainty and Lack of Strategy: The policy shifts are driven by a mix of socio-political agendas and a perceived lack of “institutional memory” or a holistic strategic vision for the sector’s long-term development.
Olga Petrova, Rio Tinto Exploration Kazakhstan Country Manager, affirmed this trend, stating that while the government continues to express interest in attracting investment, the actions—such as increasing land access costs for explorers—are “a little different,” appearing as a short-term win that ignores long-term losses.
Investment Opportunities and Future Outlook
Despite the challenges, the webinar underscored the vast potential of Kazakhstan’s mining sector. With abundant geology and a strategic location, Kazakhstan is well-positioned to become a global leader in critical minerals. However, to attract investment, the government must address policy risks, ensure property rights, and create a stable regulatory environment.
Finland has reclaimed its position as the most attractive jurisdiction globally for mining and exploration, according to the latest Annual Survey of Mining Companies by the Fraser Institute. The Nordic nation, which led global rankings in the early 2010s, outperformed all other regions based on its mineral potential and mining-friendly policies.
Finland was followed by the U.S. states of Nevada and Alaska, with Wyoming and Arizona rounding out the top five. Canada, once a consistent leader, saw a notable decline with only Saskatchewan (7th) and Newfoundland and Labrador (8th) remaining in the top 10. Saskatchewan dropped four places from the previous year, while Newfoundland and Labrador rose to eighth.
The Fraser Institute’s survey, which assessed 82 jurisdictions through responses from approximately 350 mining professionals, considered both geological potential and policy factors including permitting efficiency, tax regimes, labour access, and environmental regulations. While 40% of respondents represented exploration firms, 32% were from mining companies.
Canada’s fall in the rankings is attributed to growing policy uncertainty, particularly regarding land rights, environmental regulation, and overlapping governance. Quebec experienced the steepest drop, falling from 5th to 22nd, while Ontario slipped to 15th. The Yukon, British Columbia, and Manitoba scored poorly on policy despite strong geology, ranking 40th, 32nd, and 43rd respectively.
Nova Scotia was among the worst performers overall. Sean Kirby, executive director of the Mining Association of Nova Scotia, said the province’s permitting system is hampering investment. “We need to fix permitting to attract investment and create jobs,” Kirby stated. He added that mining regulation is largely handled by officials outside the Department of Natural Resources, many of whom lack expertise in the sector.
Globally, Ethiopia ranked lowest on the index, followed by Suriname, Niger, Nova Scotia, and Mozambique. In terms of policy only, Ireland led the rankings, while Bolivia came in last.
Though the survey covered the period between August and December 2024, recent political changes in Canada — including Mark Carney’s election as prime minister and new legislation to fast-track major projects — could potentially improve the country’s position in future surveys.
Kazakhstan’s crucial mining sector is undergoing significant changes, grappling with persistent land access issues and the introduction of new tax policies. A presentation by 
