MINEX Forum

Tag: nickel

  • Kaznikel Extends Nickel-Cobalt Mining Contract at Gornostayevskoye Deposit Until 2026

    Kaznikel Extends Nickel-Cobalt Mining Contract at Gornostayevskoye Deposit Until 2026

    Kaznikel has successfully extended its mining contract for the Gornostayevskoye nickel-cobalt deposit located in the Beskaragay district of the Abai region until 2026, as reported in its financial documentation for the previous year. The company initially sought an extension of the exploration period in 2018, which was granted by the authorities of Kazakhstan, allowing for a transition to pilot industrial extraction for three years to assess commercial viability. The latest amendment to the contract, signed on December 1, 2023, extends the period for underground leaching operations until February 26, 2026.

    The management of Kaznikel considers December 1, 2023, as the date of commercial discovery at the Gornostayevskoye site. However, prior to signing the latest contract amendment, the company had suspended operations due to insufficient funding. Following the signing of the contract amendment, Kaznikel has yet to commence extraction activities. On September 30, 2025, the company signed an additional amendment to extend the contract until February 26, 2046.

    The underground leaching method, which is also used in uranium extraction, allows for the dissolution of metals using a weak sulfuric acid solution without bringing ore to the surface. However, rising costs of sulfuric acid and a surplus in the global nickel market pose challenges for the project’s viability. According to Kaznikel’s reports, the state commission on reserves approved the estimated reserves of silicate cobalt-nickel ores at the Gornostayevskoye deposit in October 2023, with nickel reserves of 616.1 thousand tonnes at an average grade of 0.65% and cobalt reserves of 41.1 thousand tonnes at an average grade of 0.042%.

    In 2025, it was reported that the reserves at the Levoberezhny site, which was planned to be developed first, were estimated at 138.51 million tonnes of ore, containing 793.6 thousand tonnes of nickel and 54.27 thousand tonnes of cobalt. The maximum production capacity was projected at 20 thousand tonnes of nickel per year, with an 18-year development timeline for Gornostayevskoye. Pilot industrial tests of the technology at the site have been ongoing since 2018.

    Despite the optimistic projections, Kaznikel did not meet its production targets for December 2023 and the subsequent years. According to the work programme associated with the latest contract amendment, the cumulative production of nickel and cobalt by December 31, 2025, was expected to reach 2.3 thousand tonnes and 76 tonnes, respectively. The company reported an uncovered loss of 4.4 billion tenge by the end of 2025, with a negative income of 387 million tenge for the previous year.

    Kaznikel has relied on interest-free loans from related parties to fund its operations, with debts reaching nearly 202 million tenge by the end of the previous year. The company faced financial difficulties, including frozen accounts due to overdue trade debts. In the first quarter of 2026, Kaznikel managed to settle part of its creditor obligations, while the ownership structure remains dominated by BMT NiCo Ltd and Mining Technologies Company, with recent changes in the ownership structure indicating a shift in control through Fincraft Resources.

  • Altai Resources Secures Subsoil Use Licence in Kazakhstan

    Altai Resources Secures Subsoil Use Licence in Kazakhstan

    Altai Resources Limited has announced a significant regulatory achievement with the receipt of a formal notification of intent from the Ministry of Industry and Construction of the Republic of Kazakhstan. This notification paves the way for the company to be granted a subsoil use licence adjacent to the Maksut South copper-nickel mine. This development is a pivotal moment for Altai Resources, as it not only enhances their operational capabilities but also expands their exploration footprint within the highly prospective magmatic sulphide belt located in East Kazakhstan.

    The acquisition of this licence is expected to bolster the company’s position in the region, which is known for its rich mineral deposits, particularly in copper and nickel. The magmatic sulphide belt in East Kazakhstan has been identified as a significant area for exploration, and Altai Resources aims to leverage this opportunity to enhance its resource base and contribute to the local mining sector.

    As the demand for copper and nickel continues to rise globally, driven by the transition to renewable energy and electric vehicles, Altai Resources is strategically positioning itself to meet this demand. The company’s expansion into this area aligns with broader industry trends, where mining companies are increasingly seeking to secure access to critical minerals that are essential for modern technologies.

    This development not only reflects Altai Resources’ commitment to growth and exploration but also highlights the supportive regulatory environment in Kazakhstan, which is working to attract foreign investment in its mining sector. The successful acquisition of the subsoil use licence is a testament to the company’s strategic planning and operational execution, setting the stage for future exploration and potential discoveries in the region.

  • Asia’s Mining Sector Poised for Growth Amid Energy Security Concerns

    Asia’s Mining Sector Poised for Growth Amid Energy Security Concerns

    The Asian mining sector is increasingly capturing the attention of industry influencers on social media, particularly on X, as discussions revolve around energy security, critical minerals, and the rising demand driven by electrification, artificial intelligence (AI), and infrastructure development. Recent insights from GlobalData, a leading intelligence and productivity platform, highlight significant developments across the region, including Vietnam’s decision to allow coal mines to exceed their licensed capacity, India’s push for increased domestic coal production and gasification, and China’s tightening of controls on the extraction of strategic minerals. Furthermore, Indonesia’s evolving regulations regarding nickel and concerns over copper supply further solidify Asia’s pivotal role in global mining investment.

    Smitarani Tripathy, a Social Media Analyst at GlobalData, notes that influencers perceive the Asian mining sector as entering a multi-year growth cycle, propelled by the convergence of energy security issues and the escalating demand for critical minerals. Governments across the region are reportedly prioritising domestic resource development as a strategy to reduce reliance on imports while ensuring a stable supply for strategic industries, including electric vehicles, power transmission, data centres, and advanced manufacturing. This shift indicates a broader transformation in which Asia’s mining sector is evolving from a mere commodity supplier to a strategic component of industrial policy.

    The discussions captured by GlobalData’s platform suggest that copper, nickel, coal, and rare earth minerals are expected to receive heightened policy and investment focus in the coming years. Influencers believe that countries that effectively integrate mining, refining, and downstream processing capabilities will be best positioned to harness value from the global energy transition and the AI-driven infrastructure expansion. Prominent voices in the industry, such as Stephen Stapczynski from Bloomberg, highlight Vietnam’s initiative to boost coal production for energy security, while investors like Paul Johnson emphasize the potential for significant returns in the mining sector. Amit Kumar Gupta, founder of FinTrekk Capital, points out that copper is evolving beyond a traditional industrial commodity, driven by structural trends in AI data centres, power transmission, and vehicle electrification, which are creating sustained demand amidst challenges in bringing new supply online.

  • Eramet Cuts 2025 Capital Spending and Seeks Lender Waiver Amid Falling Sales and Rising Debt

    Eramet Cuts 2025 Capital Spending and Seeks Lender Waiver Amid Falling Sales and Rising Debt

    French mining and metals group Eramet has lowered its capital expenditure forecast for 2025 and announced plans to unveil additional measures in December aimed at stabilizing its finances in the face of weak metal prices, operational challenges, and mounting debt.

    In a third-quarter sales statement released Thursday, the company said it now expects to spend €400 million–€425 million ($466 million–$496 million) this year, down from the previous range of €400 million–€450 million. The revision comes as part of a broader performance review launched in June by new CEO Paulo Castellari, focused on preserving liquidity and strengthening the balance sheet.

    Eramet also disclosed that it has requested a waiver from lenders to mitigate the risk of breaching its gearing covenant as of December 31, 2025. The group said more details about its cost-cutting and liquidity-improving actions will be presented in early December.

    Third-quarter sales dropped 10% year-on-year to €720 million, pressured by softer metal prices and logistics issues at its manganese operations in Gabon. Due to rail capacity constraints in the country, Eramet cut its 2025 target for transported manganese ore volumes to 6.1–6.3 million metric tons, down from 6.5–7.0 million tons previously — the second downward revision this year.

    The company maintained its 2025 production outlook for its Weda Bay nickel joint venture in Indonesia at 36–39 million wet metric tons, and for its new lithium project in Argentina, where it expects to produce 4,000–7,000 tons of lithium carbonate equivalent in 2025. Both figures were reduced earlier in July.

    Eramet, a key player in Europe’s critical minerals supply chain, has been under pressure from falling prices for nickel and manganese — metals vital to the green transition — as well as operational bottlenecks across its global portfolio. Castellari’s restructuring strategy is seen as pivotal to restoring confidence among investors and lenders as the group navigates an increasingly volatile commodities market.

  • Boliden Warns of Investment Impact from Finnish Mining Tax Proposal

    Boliden Warns of Investment Impact from Finnish Mining Tax Proposal

    Boliden, the Swedish mining giant, has issued a stark warning to the Finnish government over its proposed tax reforms, which it claims will have far-reaching consequences for the EU’s critical metal supplies. The company, which owns the Kevitsa copper and nickel mine in Finland, estimates that the proposed tax hike will result in a 20-30 million euro annual increase in costs, the bulk of which is due to a quadrupling of the recently introduced Finnish mining tax.

    In a strongly worded submission to the Finnish government, Boliden argues that the proposed tax reforms are “inadequately prepared” and lack proper impact assessments, which could lead to “serious consequences” for the investment climate in Finland. The company also notes that the current proposals should be withdrawn in their entirety.

    The proposed tax hike has sparked concerns among EU policymakers, as both copper and nickel, as well as cobalt and PGMs (platinum group metals), are designated as strategic and/or critical metals by the EU. The Kevitsa mine is one of the largest producers of these metals in the EU, and any disruption to its operations could have significant implications for the bloc’s raw material supplies.

    “We understand the need for a balanced tax system, but this proposal is unacceptable,” said a Boliden spokesperson. “The increased tax burden will not only harm our business but also threaten the EU’s critical metal supplies. We urge the Finnish government to reconsider its proposal and engage in a more inclusive and evidence-based decision-making process.”

    The Finnish government is expected to make a final decision on the tax reforms in the coming weeks.

  • Kazakhstan Unveils 38 Major New Mineral Deposits

    Kazakhstan Unveils 38 Major New Mineral Deposits

    Kazakhstan has announced the discovery of 38 new deposits of copper, nickel, coal, gold, and rare earth metals in the first quarter of 2025, according to an official government statement.

    The discoveries were made following extensive geological studies, including aerial photograph analysis, route surveys, drilling, geochemical testing, radiation and water sampling, and desk research.

    The newly identified deposits are estimated to contain:

    • 2.6 million tonnes of rare earth metals
    • 1.1 billion tonnes of brown coal
    • 3.7 million tonnes of copper and nickel
    • 19 tonnes of gold

    The total area of geological and geophysical exploration in Kazakhstan is expected to expand to 2.2 million square kilometres by 2026, up from just 2,000 square kilometres in 2024. This initiative follows a directive from President Kassym-Jomart Tokayev, who has instructed the cabinet to prioritise mineral exploration.

    To support this effort, the government has allocated $44.4 million for geological exploration between 2024 and 2026, with $14.8 million designated for 2025.

    Between 2018 and 2024, mining companies invested approximately $827.3 million in Kazakhstan’s mineral sector. In 2025 alone, exploration investments are expected to reach $206.8 million. A streamlined licensing process—requiring only reporting rather than predefined work volumes—has made the market more accessible to investors.

    Earlier this month, Eurasian Resources Group announced the discovery of a new copper deposit with projected reserves of 250,000 tonnes.

  • District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals (TSXV: DMX) has unveiled a significant upgrade to its Viken uranium project in central Sweden, announcing a new resource estimate that positions the project as the second largest uranium deposit in the world. The update has driven a substantial increase in the company’s share price, reflecting investor enthusiasm.

    The updated resource now totals 456 million indicated tonnes with a grade of 175 parts per million (ppm) uranium oxide (U3O8), equating to 176 million contained pounds of U3O8. This marks an almost ninefold increase compared to the previous 2010 resource estimate. Inferred resources also saw a significant boost, growing by 44% to 4.33 billion tonnes at a grade of 161 ppm U3O8, yielding 1.53 billion contained pounds.

    District CEO Garrett Ainsworth expressed that the impressive growth in the resource estimate highlights the strong continuity in grade and thickness of the mineralized Alum Shale formation across the Viken deposit. He also mentioned the potential for further expansion of the inferred resource, further underscoring the project’s promising future.

    Following the announcement, District Metals’ shares surged by 23%, reaching C$0.35 per share in afternoon trading on Tuesday, giving the company a market capitalization of C$45.9 million.

    Sweden’s Uranium Revival
    The new resource estimate for Viken is bolstered by the growing momentum for uranium in Sweden. The country is on the cusp of lifting its 2018 ban on uranium exploration and mining. The Swedish government, led by Prime Minister Ulf Kristersson, has been pushing to overturn the ban since 2023, with legislative changes expected to come into effect by January 2024.

    While Sweden’s uranium output is small on the global stage, its resources represent 27% of Europe’s total, according to the Swedish Geological Survey. The global demand for uranium, driven by the need for zero-emission energy sources, is also creating a favorable environment for Sweden’s uranium projects.

    Global Ranking of Viken
    Viken’s resource estimate places it among the largest uranium projects in the world. District Metals’ analysis, compared to other global uranium projects, positions Viken just below BHP’s Olympic Dam polymetallic project in South Australia, based on the total contained uranium.

    Additional Critical Minerals
    In addition to uranium, the Viken deposit hosts significant amounts of other critical minerals. The indicated vanadium resource has increased more than 16 times, with 2.85 billion pounds of vanadium oxide (V2O5) at a grade of 2,836 ppm. The inferred vanadium resource has grown by 45% to 24.29 billion pounds at a grade of 2,543 ppm V2O5.

    The indicated zinc resource totals 413 million pounds, grading 411 ppm zinc, and the inferred resource adds 3.9 billion pounds at a grade of 417 ppm. The nickel resources are also notable, with 332 million pounds of nickel in the indicated category at a grade of 330 ppm, and 3 billion pounds in the inferred category at a grade of 321 ppm.

    Next Steps
    The Swedish government’s plans to lift the uranium mining ban will influence District’s decision on whether to proceed with a preliminary economic assessment for Viken in the fourth quarter of 2023. The new resource estimate is based on 122 holes, including drilling data from previous operators between 2006 and 2012.

  • Trump Suggests Ukraine Pay US Aid with Rare Earth Minerals

    Trump Suggests Ukraine Pay US Aid with Rare Earth Minerals

    President Donald Trump proposed on Monday that Ukraine compensate the United States for its substantial financial support in the ongoing conflict with Russia by supplying rare earth minerals, a critical resource for advanced technologies.

    Speaking to reporters at the White House, Trump emphasized the potential for an “equalisation” deal, referencing the nearly $300 billion in aid the United States has provided to Ukraine. “We’re telling Ukraine they have very valuable rare earths,” Trump stated. “We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earths and other things.”

    The proposal highlights the strategic importance of rare earth minerals, a group of 17 metals essential for manufacturing electronics, electric vehicles, and other high-tech products. These minerals are crucial for power generation and motion technologies, with no known substitutes.

    While Trump did not specify exactly which minerals he was referencing, Ukraine does possess significant deposits of uranium, lithium, and titanium. However, the country is not considered a top-five global producer of these resources.

    The United States currently has limited rare earth mineral production, with only one operating mine and minimal processing capacity. In contrast, China dominates the global market for these critical minerals.

    The US Geological Survey identifies 50 minerals as critical for the country’s economic and national defense interests, including various rare earths, nickel, and lithium.

    The feasibility and potential diplomatic implications of Trump’s proposed mineral-for-aid exchange remain unclear, and further details have not been provided.

  • Ukraine: A Potential Key Player in the Global Critical Raw Materials Race?

    Ukraine: A Potential Key Player in the Global Critical Raw Materials Race?

    In a recent statement, U.S. Secretary of State Marco Rubio provided a clear outlook on the future of American policy regarding critical raw materials. As global supply chains for these materials continue to shift, Ukraine’s vast reserves of key minerals could play a pivotal role in reshaping the global balance of power, particularly in the ongoing confrontation between the U.S. and China.

    Rubio highlighted several critical materials essential for advanced technology, renewable energy, and national security, including neodymium, dysprosium, lithium, cobalt, nickel, and titanium. Remarkably, Ukraine is home to abundant reserves of these very materials—and more. With its substantial deposits of germanium and gallium, Ukraine is positioned to be a critical player in the global supply of strategic resources.

    A Treasure Trove of Critical Materials

    • Titanium Ore (Ilmenite): Ukraine ranks 11th in the world for ilmenite reserves, found in the Irshanske, Byrzulivske, and Malyshevske deposits across the Zhytomyr, Kirovohrad, and Dnipropetrovsk regions. Titanium is vital for aerospace, defense, and high-tech manufacturing.
    • Lithium: As a key component in batteries, particularly for electric vehicles and renewable energy storage, Ukraine holds 1% of the world’s lithium reserves—equivalent to 30% of Europe’s supply. Major deposits can be found in Polokhivske (Kirovohrad region) and Balka Kruta (Zaporizhzhia region). The strategic importance of lithium was recently highlighted by China’s attempts to use the resource as leverage in international relations.
    • Germanium and Gallium: Crucial for electronics and telecommunications, these materials are abundant in Ukraine’s coal and lignite deposits in the Donetsk and Lviv-Volyn basins. Before the full-scale war, Ukraine was the world’s third-largest exporter of germanium, although exports have been halted due to the ongoing conflict. Ukraine’s reserves of these rare metals remain a critical asset for global tech industries.
    • Rare Earth Elements (Neodymium and Dysprosium): Located in the Zhytomyr region, these elements are indispensable in the production of magnets for electric vehicles, wind turbines, and high-tech equipment.
    • Nickel and Cobalt: Essential for battery production, Ukraine’s nickel and cobalt reserves are also noteworthy, found in deposits like Devladivske (Dnipropetrovsk region), Lypovenkivske (Kirovohrad region), and Dereniukhivske (Mykolaiv region). While the reserves are smaller compared to other countries, they still contribute to Ukraine’s strategic importance.
    • Manganese and Iron: Ukraine is a major global player in manganese and iron ore production, with significant deposits in the Nikopol Manganese Basin and the Kryvyi Rih Iron Ore Deposit. These resources are fundamental to the global steel and metallurgy industries.

    Ukraine’s Growing Role in Global Supply Chains

    As the global supply chain for critical raw materials becomes increasingly volatile, especially with rising tensions between the U.S. and China, Ukraine has the potential to become a key partner for the U.S. in securing access to these vital resources. With its diverse array of minerals and metals, the country offers not only essential raw materials but also strategic geopolitical leverage in a rapidly changing world order.

    The country’s natural resources, coupled with its strategic location in Europe, make it a valuable partner for countries looking to diversify their supply chains and reduce reliance on China.

    By prioritising partnerships with the U.S. and other nations, Ukraine can play a pivotal role in shaping the future of critical materials and ensure its place as a key player in the global economy.

    The Road Ahead

    The ongoing geopolitical shifts present an opportunity for Ukraine to position itself as a leading supplier of critical materials. With strategic investments in its mining and extraction sectors, Ukraine can not only boost its economy but also secure its place in the new global order. Now more than ever, the world needs Ukraine’s resources, and Ukraine is ready to take center stage.

  • Putin Suggests Limiting Exports of Uranium, Titanium, and Nickel in Response to Western Sanctions

    Putin Suggests Limiting Exports of Uranium, Titanium, and Nickel in Response to Western Sanctions

    On Wednesday, Russian President Vladimir Putin proposed that Moscow should consider imposing export restrictions on key commodities such as uranium, titanium, and nickel in response to Western sanctions. During a televised meeting with Prime Minister Mikhail Mishustin, Putin stated, “Please take a look at some of the types of goods that we supply to the world market… Maybe we should think about certain restrictions – uranium, titanium, nickel.”

    Russia ranks as the fourth largest uranium producer globally, according to the World Nuclear Association. This suggestion follows U.S. President Joe Biden’s recent signing of a law that bans the import of enriched uranium from Russia, a trade valued at approximately $1 billion annually.

    In 2023, the United States and China were the largest importers of Russian uranium, followed by South Korea, France, Kazakhstan, and Germany. Additionally, Russia holds the position of the world’s third largest titanium sponge producer, a material used in the aerospace, marine, and automotive industries, despite having limited domestic titanium reserves. Russia’s Nornickel is also the leading producer of refined nickel worldwide.