MINEX Forum

Tag: mining sector

  • Kazakhstan Discusses Digitalization of Subsoil Use at Round Table Meeting

    Kazakhstan Discusses Digitalization of Subsoil Use at Round Table Meeting

    A round table was held in Astana at Maqsut Narikbayev University under the chairmanship of the Minister of Industry and Construction of Kazakhstan, Kanat Sharlapaev. The event brought together representatives of subsoil user companies to discuss key issues in the fields of geology and subsoil use.

    The Minister emphasized that one of the ministry’s priorities is to enhance geological exploration across Kazakhstan to replenish the country’s mineral resource base. He also reviewed the past year’s results and outlined plans for the current period.

    Deputy Minister Zhannat Dubirova presented projects aimed at digitalizing the sector, including the Unified Subsoil Use Platform (minerals.e-qazyna.kz). According to her, since its launch, the platform has processed 506 applications and provides users with open access to all geological data, including 60,000 reports.

    The platform’s interactive map enables subsoil users to analyze infrastructure, geological, and geophysical data for specific areas, as well as submit auction applications. Additionally, by April, an electronic system for monitoring compliance with license and contract obligations is set to be introduced.

    Round table participants also discussed the digitalization of primary geological reports and the need to integrate the platform into company operations.

  • Uzbekistan’s Mining Sector Prepares $2.1 Billion Eurobond Issuance

    Uzbekistan’s Mining Sector Prepares $2.1 Billion Eurobond Issuance

    Uzbekistan’s mining and metallurgical complexes are gearing up to issue $2.1 billion in eurobonds by 2025, a move aimed at funding expansive projects to boost the nation’s industrial capabilities and global competitiveness. The Almalyk Mining and Metallurgical Complex (AMMC) plans to issue $1 billion in eurobonds, targeting significant expansion initiatives. Navoi Mining and Metallurgical Complex is set to release $500 million worth of eurobonds, while Navoiyuran and Uzmetkombinat will each issue $300 million to finance critical projects.

    These issuances represent Uzbekistan’s broader push to strengthen its industrial sectors and attract global investment. Beyond mining, $700 million will be raised from international markets to develop aviation and infrastructure projects, involving Uzbekistan Airways and Uzbekistan Airports. This aligns with Uzbekistan’s recent success in international markets, notably Navoi Mining’s inaugural $1 billion eurobond offering, which was 5.5 times oversubscribed, demonstrating robust investor confidence.

    These strategic financial moves underscore Uzbekistan’s commitment to advancing its industrial base and integrating into global markets.

  • Moldova’s Industrial Production Records 0.9% Growth in 2024

    Moldova’s Industrial Production Records 0.9% Growth in 2024

    Moldova’s industrial production increased by 0.9% year-on-year during the first nine months of 2024, driven by a strong performance in the mining sector, which surged by 9.9%, according to the National Bureau of Statistics (BNS). The report, based on seasonally adjusted data, highlighted a consistent trend with unadjusted figures also showing a 0.9% growth over the same period.

    However, the monthly figures for September revealed a decline, with industrial output falling by 3.3% year-on-yearbased on unadjusted data, and by 2% in seasonally adjusted terms. The BNS did not provide a month-on-month comparison for September.

  • Mining Sector Expansion Could Boost Employment in Kosovo, Says Chamber of Business President

    Mining Sector Expansion Could Boost Employment in Kosovo, Says Chamber of Business President

    Allowing more development in Kosovo’s mining sector could significantly expand job opportunities, according to Skënder Krasniqi, the President of the Chamber of Business of Kosovo. Speaking on RTK’s morning show, Krasniqi emphasized the need for better coordination among Kosovo’s institutions to support business operations and create a more favorable environment for the mining industry.

    “Businesses face numerous challenges, including high land rent and overlapping responsibilities among regulatory bodies,” Krasniqi stated. He noted that companies in the mining sector are demanding concrete action from the Ministry of Agriculture, Forestry, and Rural Development (MAFRD), especially to address labor law violations.

    Krasniqi expressed frustration over what he described as institutional negligence. “Many promises were made by the institutions; they assured us that by May 2, the issues would be resolved by law, yet no progress has been made,” he remarked.

    Highlighting the scale of the problem, Krasniqi said hundreds of businesses in Kosovo’s mining sector continue to face challenges. He identified specific issues, such as the five-hectare land limit and the five-year lease restriction, which are notably more restrictive than those in neighboring countries. Krasniqi urged that lease durations be extended to support the sector’s growth and stability.

  • Erdene Resource Development Corp Advances Bayan Khundii Gold Project in Mongolia

    Erdene Resource Development Corp Advances Bayan Khundii Gold Project in Mongolia

    Erdene Resource Development Corp (TSX:ERD, OTC:ERDCF) made significant progress in the first quarter of 2024 with the development of its Bayan Khundii gold project in Mongolia in collaboration with the Mongolian Mining Corporation (MMC). Erdene CEO Peter Akerley announced that construction was 15% complete by the end of the quarter, proceeding on schedule and within budget. The project is expected to produce its first gold in the second quarter of 2025, positioning Bayan Khundii as one of the highest-grade open-pit gold mines globally. Akerley emphasized that this project would become Mongolia’s largest primary gold producer, boosting the mining sector’s contribution to the national economy and creating long-term value for Erdene shareholders. Additionally, Erdene launched its 2024 exploration program during the quarter to expand mineralization in the Khundii Minerals District, focusing on the Dark Horse, Ulaan, and Zuun Mod gold and copper targets.

  • EBRD and Kazakhstan Collaborate to Modernize Mining Sector

    EBRD and Kazakhstan Collaborate to Modernize Mining Sector

    An a significant move to enhance the national mining sector, the European Bank for Reconstruction and Development (EBRD) and Kazakhstan have signed a Memorandum of Understanding (MoU). The agreement, aimed at promoting modernisation and development within the sector, was formalized today by Kazakhstan’s Minister of Industry and Construction, Kanat Sharlapaev, and EBRD First Vice President, Jürgen Rigterink. This partnership will focus on improving governance, transparency, and regulation, adhering to international standards and practices.

    The MoU is a crucial element of the EBRD’s strategy for responsible exploration and mining of critical raw materials. It includes the creation of an advanced system for capturing, processing, and disseminating geoscientific documents such as maps and data. Additionally, the initiative aims to develop the legal and regulatory frameworks governing the mining sector.

    The signing ceremony was attended by EU Executive Vice-President Valdis Dombrovskis, underscoring the agreement’s importance within the EU-Kazakhstan critical raw materials roadmap and their broader strategic partnership.

  • President Shavkat Mirziyoyev Addresses Priorities in Geological and Mining Industries

    President Shavkat Mirziyoyev Addresses Priorities in Geological and Mining Industries

    President Shavkat Mirziyoyev convened a meeting on April 29 to discuss objectives within the realm of geology and the mining-metallurgical industry in Uzbekistan. The domestic geological sector receives an annual allocation of one trillion sum, with last year’s production volume in the mining industry reaching nearly $11 billion through the implementation of targeted programs, as outlined in a recent report. However, the majority of this volume pertains to precious and non-ferrous metals, indicating significant untapped potential in critical industrial minerals. Notably, the country has identified 32 such valuable minerals. Given this context, directives were issued during a presentation on January 15 to harness opportunities in this sphere. Measures, plans, and proposals were deliberated during the recent meeting. Global technological advancements have led to increasing demand for rare-earth metals in electric vehicle, green energy, and electrical industries, consequently driving up prices for molybdenum, tellurium, selenium, and graphite on the global market in recent years. President Mirziyoyev emphasized the burgeoning opportunities, stressing the need to expand exploitation of existing and exploration of new critical resource deposits. Currently, Uzbekistan extracts six types of such resources. However, there is potential to derive high-value-added products from platinum, indium, vanadium, as well as minerals containing tungsten, molybdenum, rhenium, zinc, and manganese. Efforts could lead to the establishment of previously non-existent powder metallurgy production worth $300 million annually and equipment and components sector worth $100 million annually. A recent agreement with the European Union on critical resources opens broad access to this significant market. Given these developments, officials have been tasked with formulating a program for prospective projects amounting to $500 million in rare-earth metals, involving foreign experts and investors. Emphasis was placed on developing this sector with a scientific approach, establishing a project office for this purpose, and engaging leading institutes and scientific centers. Additionally, discussions at the meeting encompassed strategies to increase precious metal extraction at the Navoi Mining and Metallurgical Combine. Officials presented opportunities for further increasing both reserves and gold production volumes. President Mirziyoyev instructed to reduce production costs at the combine by 10-15%, expand industrial cooperation and localization, and establish a Scientific Center for Advanced Technologies in Precious Metals.

  • Navoi Gold Attracts Global Investors, Showcasing Uzbekistan’s Mining Potential Main Body:

    Navoi Gold Attracts Global Investors, Showcasing Uzbekistan’s Mining Potential Main Body:

    Uzbekistan’s mining sector took center stage as Navoi Gold orchestrated a compelling international investor meeting at its Tashkent offices, drawing significant attention from prominent global investment firms. With JP Morgan Chase Bank in Uzbekistan lending support, the event saw participation from key entities such as Eaton Vance, Colchester Global, BlueCrest Capital, Pictet, and Actia.

    Emphasizing Navoi Gold’s commitment to excellence and innovation, Chief Transformation Officer E. Antonov and Chief Financial Officer J. Khasanov provided a deep dive into the company’s resilient performance, strategic transformation initiatives, and the integration of global best practices in its operations.

    Antonov stated, “Our vision aligns with global standards, aiming not only to enhance our operational efficiency but also to contribute significantly to Uzbekistan’s economy.”

    The discourse covered crucial topics, including technological advancements in mining, sustainability initiatives, and Navoi Gold’s strategic expansion plans. Investors expressed optimism about Uzbekistan’s mining sector and the broader economic landscape, acknowledging the positive dynamics and growth potential within the country.

    Navoi Gold actively seeks global partnerships, solidifying its position as a pivotal contributor to the economic development of the region.

  • The US Ambassador spoke about the impact of privatization on the attractiveness of the mining sector of Kazakhstan

    The US Ambassador spoke about the impact of privatization on the attractiveness of the mining sector of Kazakhstan

    — Recently I was in the state of Arizona, this is one of the mining regions of the United States. I have heard from a number of companies that they are exploring opportunities in the mining sector of Kazakhstan. But they have a lot of questions. I told them that there are wonderful reserves and mineral resources in Kazakhstan, which are very important for the transition to green energy,” said the US Ambassador at the conference of the Kazakhstan Chamber of Mines.

    He noted that Kazakhstan has made great progress in digitalization over the past few years, and this attracts investors.

    — The US agency is in the process of implementing partnership projects to help further develop the mineral potential of Kazakhstan. “I also told companies that I hope that Kazakhstan will take further steps to realize the full potential in the mining sector with a focus on improving investment conditions,” Daniel Rosenblum emphasized.

    The Ambassador also shared his views on how Kazakhstan can maximize its potential in attracting investment.

    — First of all, this is ensuring transparency. Investors love predictability and visibility in decision-making, laws, and taxation. We often hear from private sector partners that they want maximum transparency and equal and fair implementation of laws. This is very important, US investors want to see a fair market so that they are protected from arbitrations and legal proceedings in courts. Of course, we must take into account that investments are opportunities to attract large taxes for the country,” he emphasized.

    Also, he said, American investors want to see the expansion of the private sector in mining to stimulate innovation and create new creative opportunities.

    “It is also very important to improve efficiency and demand accountability from shareholders and managers. In this regard, the government is taking concrete steps to reduce its presence. More privatization in the mining sector will also have a positive impact on the attractiveness of the sector. We look positively on Kazakhstan’s current focus on inviting and stimulating international investment in this sector,” concluded Daniel Rosenblum.