MINEX Forum

Tag: precious metals

  • About 70 deposits of precious metals will be put up for auction in Kazakhstan

    About 70 deposits of precious metals will be put up for auction in Kazakhstan

    In the near future, about 70 deposits of precious metals will be put up for electronic trading. This was reported by the Ministry of Industry and Construction of the Republic of Kazakhstan, a Kazinform correspondent reports.

    – In the near future, it is planned to transfer to investors through an electronic auction more than 20 vacant underground deposits in territories where contracts for solid minerals were terminated ahead of schedule. It is also planned to put up for electronic auction reserves of industrial categories of solid minerals with about 70 empty deposits, the department noted, responding to a request from a Kazinform agency correspondent.

  • Aurubis to invest € 330 million in precious metals processing and environmental protection at the Hamburg site, expanding project pipeline to € 750 millionb

    Aurubis to invest € 330 million in precious metals processing and environmental protection at the Hamburg site, expanding project pipeline to € 750 millionb

    Aurubis AG, a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide, has approved additional, comprehensive investments, with a focus on its Hamburg site. At its most recent meeting, the Supervisory Board endorsed two new projects at the North German plant for a total of € 330 million. These include around € 300 million earmarked for a new precious metals processing plant, the Precious Metals Refinery (PMR). Combined with current facilities, it will create a new, integrated high-security area for the processing of precious metals at the site. Aurubis is also allocating around € 30 million to further augment environmental protection, and announced the second stage and significant expansion of the Reducing Diffuse Emissions (RDE) system used in primary copper production.

    Aurubis investing in security for precious metals processing

    The new precious metals processing plant is slated to come online at the end of 2026. Precious Metals Hamburg comprises the entire precious metals processing chain in one closed security area. In addition to upgrading plant and precious metals security and occupational safety, Aurubis is raising the bar with the innovative process technology and systems engineering involved in the project. The newly developed metallurgical process leads to higher efficiency, which will considerably reduce throughput times for materials containing precious metals and lower operating costs by around 15 %. With this new plant, Aurubis is significantly expanding production capacity in precious metals and laying the groundwork for additional growth strategy projects.

    Doubling capacity: expanding the system to reduce diffuse emissions

    An € 85 million filter system in primary copper production has been reducing diffuse emissions at the Aurubis Hamburg site since 2021. The project involved closing roof openings on the building housing the primary smelter and connecting them to a new, high-performance filter system. The system suctions off and cleans diffuse emissions, or dust, then redirects residual quantities to the production cycle, and has already lowered the diffuse emissions discharged from primary copper production by 40 %. The new expansion stage will double the system’s efficiency to 80 %. This augmentation of the filter technology represents another significant drop in the fine particulate matter released, already below the threshold level today. Since 2000, the Aurubis Group has invested about € 830 million in environmental protection measures for copper production, achieving the highest sustainability standards in the industry.

    “By endorsing these comprehensive investment projects at its most recent meeting, the Supervisory Board affirmed its support for the Aurubis growth strategy and for strengthening our core business,” Aurubis CEO Roland Harings explained. “We are making an important contribution to sustainable, environmentally friendly, and innovative metal production with these projects.”

    We are making an important contribution to sustainable, environmentally friendly, and innovative metal production with these projects.

    Roland Harings

    Chief Executive Officer

    Implementing project pipeline lays the groundwork for a state-of-the-art smelter site in Hamburg

    These new projects combined with previously approved projects, some of which are already in progress, mean that Aurubis is currently investing a total of over € 750 million in its Hamburg plant. This includes four flagship investments:

    The first is the increased extraction of carbon-free industrial heat. In the future, the roughly € 100 million project could prevent up to an additional 100,000 t of CO2 per year, roughly five times more than the first stage.
    Second is the Complex Recycling Hamburg (CRH) project with an investment volume of € 190 million. It will give Aurubis the capacity to process around 30,000 additional t of recycling material and internal, complex smelter intermediary products on a larger scale starting in 2025.
    In spring 2024, Aurubis will take new anode furnaces online that can use hydrogen instead of natural gas in the reduction process in the future, a third key step in setting the stage for the transition to carbon neutrality. The around € 40 million investment could potentially prevent around 5,000 t of CO2 per year with the exclusive use of hydrogen.
    And fourth, the largest routine maintenance shutdown in the history of the Aurubis Hamburg plant is scheduled for the spring. Aurubis is investing around € 95 million in positioning its Hamburg smelter even more robustly for the future.

    “All these projects represent a powerful commitment to the Aurubis Hamburg site, which is central to the success of our smelter network. We’re investing a total of € 750 million in our core business, in recycling activities, and in environmental protection and plant security: The new processing area for precious metals takes security to a completely new level. We are acting quickly, decisively and with resolve – all the takeaways from the most recent criminal activities directed against Aurubis have been incorporated into the plant’s design. And by expanding our filter system for diffuse emissions, we are also intensifying our leading position as a sustainable multimetal producer,” Roland Harings explained.

    The Supervisory Board also approved an investment volume increase to € 740 million for the construction of the Aurubis Richmond plant in the US, to which leasing obligations will be added. Additional design and infrastructure requirements, adjustments for inflation, and increased complexity in implementation necessitated the expansion.

    Investing in decarbonization: Aurubis nearly doubles the largest in-house solar park in Bulgaria, adding an additional 18 MWp

    The company also confirmed plans to expand its solar park at the Aurubis plant in Bulgaria. With an investment volume of just under € 15 million, the company is almost doubling the output of the existing plant and the third stage currently under construction, adding 18 MWp (megawatt peak) for a total of almost 42 MWp. Once complete, the entire solar park will generate roughly 55,000 MWh of electricity per year, covering over 10 % of the Bulgarian plant’s needs. As such, the multimetal provider is upgrading what is already the largest in-house solar park in Southeast Europe today. Taken together, all stages of the solar park will generate enough electricity to power 15,000 four-person households, or the equivalent of a small city. Aurubis will be preventing around 28,000 t of CO2 emissions per year. The approved expansion stage is anticipated to go online in mid-2025.

  • AFM employees seized gold worth 35 million tenge from black miners

    AFM employees seized gold worth 35 million tenge from black miners

    A group of people in the Akmola region, Astana and Shymkent were involved in illegal trafficking of precious metals on an especially large scale.

    Their activities were exposed by employees of the AFM department for the Akmola region under the coordination of the regional prosecutor’s office. The entire scheme for the illegal mining, purchase and sale of gold, the manufacture of unaccounted jewelry from it and their sale has been established, inbusiness.kz reports with reference to the press service of the department .

    “From 2019 to the present, five suspects were engaged in buying gold, illegally mined and processed by black miners in the village of Bestobe. Subsequently, gold bars were supplied through well-established channels, where unregistered jewelry of well-known brands was produced in clandestine workshops with stamps applied and sold in trading houses in Astana and Shymkent. 

    During the searches, more than 1 kilogram of gold bars with a gold content of 99.5% worth more than 35 million tenge were seized. Also, 335 unaccounted jewelry items prepared for sale were seized,” the statement said.

    From January 2021 to October 2023, the turnover of funds between the suspects amounted to over 300 million tenge.

    “Five people were recognized as suspects in the case, three of whom were subject to a preventive measure in the form of detention,” said Alibek Abdilov, official representative of the AFM RK.

    In accordance with Article 201 of the Code of Criminal Procedure of the Republic of Kazakhstan, other information is not subject to dissemination.

    In accordance with subparagraph 1 of paragraph 3 of Article 77 of the Constitution of the Republic of Kazakhstan and part 1 of Article 19 of the Criminal Procedure Code of the Republic of Kazakhstan, a person is considered innocent until his guilt in committing a criminal offense is established by a court verdict that has entered into legal force.

  • Altynalmas: Analyzing First Half of 2023 Financial Report

    Altynalmas: Analyzing First Half of 2023 Financial Report

    In the dynamic landscape of the mining industry, the performance of key players reflects not only the company’s strategies but also broader market trends. In this comprehensive analysis, we delve into the financial report of “Altynalmas,” a prominent gold mining company, for the first half of 2023. The report provides insights into the company’s net profit, operating profit, revenue, product sales, and production costs, shedding light on its overall performance and strategic directions.

    Net Profit and Operating Profit: A Comparative Overview

    During the initial six months of 2023, “Altynalmas” reported a net profit of 26.7 billion tenge. This figure marked a noteworthy decline of 49.5 billion tenge compared to the corresponding period in the previous year. This decrease prompts an exploration into the factors contributing to this considerable difference. It is essential to understand the strategies employed by the company during this time frame and how they may have influenced the financial outcome.

    The operating profit, a key indicator of the company’s operational efficiency, was halved to 41.7 billion tenge in the first half of 2023. This reduction raises questions about the company’s cost management strategies, production processes, and market demand for its products. Delving deeper into the operational aspects can provide valuable insights into the areas that might require optimization and improvement.

    Revenue Streams: Precious Metals Contracts and Product Sales

    A significant portion of “Altynalmas” revenue is derived from precious metal contracts. In the first half of 2023, the company’s revenue from these contracts slightly decreased to 215.7 billion tenge. Analyzing the variations in these revenue streams could offer insights into market dynamics, pricing strategies, and the company’s ability to secure and fulfill contracts.

    The sale of Doré alloys and gold-containing products contributed substantially to “Altynalmas” revenue, generating an impressive 180 billion tenge. Notably, sales of Doré alloys witnessed an increase of 7 billion tenge, while gold-containing product sales decreased by the same amount. This divergence prompts an exploration into consumer preferences, market trends, and the company’s product mix strategies.

    Silver Sales Surge: Unveiling New Avenues

    A striking highlight of the financial report is the surge in silver sales revenue. In the first half of 2023, silver sales revenue skyrocketed from 47 million tenge to an impressive 417 million tenge. This remarkable growth signifies a potential diversification strategy for “Altynalmas.” Understanding the factors driving this surge and the strategic significance of silver in the company’s portfolio could shed light on future opportunities and market positioning.

    Production Costs and Asset Dynamics

    The analysis of “Altynalmas” financial report also unveils critical information about the company’s production costs and asset dynamics. Production costs increased by 1.5 times, amounting to 158.2 billion tenge. This increase demands an examination of cost drivers, operational efficiencies, and potential areas for cost optimization without compromising product quality and safety standards.

    Additionally, “Altynalmas” experienced a reduction in assets, which now stand at 726.4 billion tenge, down by 23 billion tenge compared to the previous year. Understanding the asset dynamics and the company’s strategic decisions regarding asset management is crucial for assessing its financial health and future growth prospects.

    Strategic Outlook: Contract Termination and Future Prospects

    Looking forward, “Altynalmas” has made strategic decisions to terminate contracts for the Zholymbet and Svetinskoye assets this year. This strategic move demands an exploration of the rationale behind these decisions, potential implications on the company’s operations, and the overall alignment of these actions with the company’s long-term goals and market conditions.

    In conclusion, the first half of 2023 has brought forth notable shifts in “Altynalmas” financial performance. While challenges such as decreased net profit and operating profit have emerged, opportunities such as the surge in silver sales and strategic asset management decisions are equally noteworthy. To navigate these dynamics successfully, “Altynalmas” needs to strategically align its operations with market trends, optimize costs, and leverage diversification opportunities.

    By providing a comprehensive analysis of “Altynalmas” financial report, we have explored the intricacies of its performance during the first half of 2023. This analysis not only serves as an insightful review but also offers valuable insights that can guide the company’s strategies and decisions in the evolving mining industry landscape.

  • Adriatic Metals proposes $30 million placing to fund exploration

    Adriatic Metals proposes $30 million placing to fund exploration

    Adriatic Metals PLC on Monday announced it intends to conduct a placing to raise $30.0 million to fund an expanded exploration programme at the Rupice and Rupice Northwest deposits in Bosnia & Herzegovina.

    Adriatic Metals is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. Shares in the firm closed down 1.7% at 169.40 pence on Monday in London.

    Monday’s placing price of £1.70 per share – or A$3.30 per CHESS depositary interest, representing such shares – represents a discount of 5.1% to the company’s average price share in the last 10 days on the Australian Securities Exchange.

    The total number of placing securities is expected to represent approximately 5.0% of the company’s existing share capital.

    Adriatic Metals said the proceeds of the placing will fund an expanded and accelerated exploration programme at Rupice and Rupice Northwest, including an additional 40,000 metres of drilling, and associated facilities and equipment. It will also contribute to the general working capital associated with exploration, as well as growth opportunities, general corporate purposes and fees.

    ‘Rupice and Rupice Northwest remain open and there are numerous regional targets such as Droskovac, SP1 and SP2 that have exciting prospects. We believe this exploration programme will deliver impactful results by more aggressively testing priority targets across our emerging high-grade polymetallic district,’ said Chief Executive Paul Cronin.