MINEX Forum

Tag: Slovakia

  • Slovalco Resumes Aluminium Production After Three-Year Hiatus

    Slovalco Resumes Aluminium Production After Three-Year Hiatus

    Slovalco, a prominent aluminium producer in Slovakia, has announced the gradual restart of its aluminium furnaces after a three-year suspension. The company is set to reactivate 100 of its 226 furnaces at its smelter located in Žiar nad Hronom, with the first furnaces being heated as of Saturday, 28 August 2026. This restart is expected to provide an annual production capacity of 75,000 tonnes, significantly lower than the plant’s full capacity of 175,000 tonnes.

    The decision to resume operations comes after a substantial investment of approximately €100 million and an agreement between Slovalco and the Slovak government aimed at enhancing support for energy-intensive industries. This agreement includes a notable increase in compensation for indirect costs associated with the EU’s emissions trading system, positioning Slovalco as the primary beneficiary of these measures.

    Additionally, Slovalco has secured a 10-year electricity contract with the state-owned operator of the Gabčíkovo hydropower plant on the Danube, alongside additional supplies from Slovenské elektrárne. While the specific pricing details of the state contract remain undisclosed, the arrangement is expected to stabilise the company’s energy costs, which have been a significant factor in its previous production halt.

    Jaroslav Haščák, co-founder of Penta Investments, which holds a 44.7 percent stake in Slovalco, emphasised that the support received is not a mere gift but a strategic investment that will ultimately benefit the state through taxes and social contributions. He highlighted the importance of aluminium as a strategic raw material for Europe, noting that domestic production reduces reliance on imports from countries with larger environmental footprints. Hydro, the Norwegian company that co-owns Slovalco, also asserts that the aluminium produced at this facility has significantly lower carbon emissions compared to the global average.

    The restart of production marks a significant shift for Slovalco, which had ceased primary aluminium production in 2022 due to soaring electricity prices that rendered operations uneconomical, although the company continued its aluminium recycling activities. The renewed production efforts are expected to bolster the local economy and contribute to Slovakia’s industrial landscape, as the government seeks to support energy-intensive industries in a challenging economic environment.

  • Political Turmoil Halts Europe’s Largest Antimony Project in Slovakia

    Political Turmoil Halts Europe’s Largest Antimony Project in Slovakia

    Slovakia’s decision to cancel the exploration license for the Trojarova Antimony-Gold Project has ignited a significant political and economic crisis. The project, located in the Small Carpathian mountains, was poised to become Europe’s largest compliant antimony resource, with an independent estimate of 67,000 tonnes of contained antimony and 222,000 ounces of gold. This cancellation, executed by the Slovak Environment Ministry, has not only sent shockwaves through the market, causing Military Metals Corp’s share price to plummet by 43%, but it has also raised alarms about Europe’s strategic autonomy in critical mineral supplies.

    The abrupt cancellation was justified by the ministry on environmental and public health grounds, but many see it as a politically motivated move amidst a turbulent domestic landscape. The Slovak government is facing internal strife, with Environment Minister Tomáš Taraba under pressure from his own party and opposition. In a bid to bolster his political standing, Taraba has leveraged the cancellation as a way to position himself as an eco-friendly leader, despite previously supporting the project.

    The geopolitical implications of this decision are profound. Antimony is crucial for military applications and high-tech industries, and the Trojarova project was expected to supply up to 30% of Europe’s demand. The cancellation not only jeopardises this supply but also highlights the fragility of Europe’s critical mineral supply chains, which are under increasing scrutiny as the continent seeks to enhance its military capabilities.

    Military Metals Corp is not taking the cancellation lightly and has initiated legal actions to challenge the decision. The company argues that the project was included in Slovakia’s National Program for the Exploration of Critical Mineral Raw Materials, which contradicts the ministry’s sudden reversal. This situation illustrates the complexities of navigating regulatory environments where political agendas can override economic necessities.

    As the political landscape in Slovakia continues to evolve, the outcome of this legal battle will be closely watched by investors and industry stakeholders alike. The stakes are high, not just for Military Metals Corp, but for Europe’s broader ambitions to secure its own critical mineral resources amidst growing global competition.

  • Slovenské elektrárne Signs Long-Term Uranium Supply Deal with Urenco

    Slovenské elektrárne Signs Long-Term Uranium Supply Deal with Urenco

    Slovakia’s largest electricity producer, Slovenské elektrárne, has signed a long-term contract with UK-based nuclear fuel supplier Urenco to provide enriched uranium to the country’s Bohunice and Mochovce nuclear power plants through the mid-2030s.

    The deal follows an international tender launched in early 2024, as Slovenské elektrárne seeks to bolster energy security and diversify its nuclear fuel sources amid shifting geopolitical dynamics. The company described the agreement as a key step toward strengthening the reliability of its nuclear fleet, which generates over half of Slovakia’s electricity.

    “We are pleased that through future cooperation with Urenco Group, we can diversify our business relationships,” said Branislav Strýček, CEO of Slovenské elektrárne. “It will significantly help us continue maintaining the stable and secure operation of our nuclear power plants.”

    Urenco Chief Commercial Officer Laurent Odeh expressed pride in entering the Slovak market, stating, “We are very proud at Urenco Group to be entering into a new market with a new customer, and I’d like to pay tribute to Slovenské elektrárne for placing their trust in us.”

    This agreement adds to diversification efforts that began in 2023, including a supply deal with Framatome to support Slovakia’s VVER-440 reactors. It also comes at a time when two units were recently dismantled at Bohunice, while plans are underway to deploy four small modular reactors (SMRs) in the same area.

    Slovakia currently operates five nuclear reactors and has a sixth in the commissioning phase, reinforcing its commitment to nuclear energy as a backbone of its national power supply.

  • Kazatomprom Signs MoU with Slovakia’s SEAS to Strengthen Nuclear Energy Ties

    Kazatomprom Signs MoU with Slovakia’s SEAS to Strengthen Nuclear Energy Ties

    Kazakhstan’s national uranium producer Kazatomprom has entered into a Memorandum of Understanding (MoU) with Slovenské elektrárne a.s. (SEAS), Slovakia’s largest electricity provider, to foster long-term cooperation in the nuclear energy sector.

    The agreement marks the beginning of official collaboration between the two companies and outlines plans to supply natural uranium concentrate and potentially uranium dioxide (UO₂) for SEAS’s nuclear power plants. SEAS operates five VVER-440 reactors across two nuclear facilities—Bohunice and Mochovce—which collectively generate over 70% of Slovakia’s electricity.

    Meirzhan Yussupov, CEO of Kazatomprom, said the MoU is a significant step toward building strong relationships with European energy partners. “Nuclear energy is vital for Slovakia’s sustainable energy future. This memorandum paves the way for mutually beneficial collaboration,” he noted.

    Branislav Strycek, CEO and Chairman of SEAS, underscored the importance of diversifying nuclear fuel supply sources and welcomed the opportunity to work with the world’s leading uranium producer.

    The MoU also opens the door for further cooperation beyond fuel supply, potentially expanding Kazatomprom’s footprint in the European energy market. It aligns with the company’s broader strategy to engage with top European utilities and support the continent’s transition toward cleaner and more secure energy systems.

  • Uzbekistan and Slovakia Hold Inaugural Intergovernmental Meeting to Boost Economic Cooperation

    Uzbekistan and Slovakia Hold Inaugural Intergovernmental Meeting to Boost Economic Cooperation

    The first meeting of the Uzbek-Slovak Intergovernmental Commission on Economic Cooperation took place in Tashkent, according to Trend, citing Uzbekistan’s Ministry of Investment, Industry, and Trade. The session was co-chaired by Vladimir Simonek, Slovakia’s Deputy Minister of Economy, and Shokhrukh Gulamov, Uzbekistan’s Deputy Minister of Investment, Industry, and Trade.

    The discussions focused on deepening economic collaboration in key sectors, particularly renewable energy, agriculture, and critical raw materials. Special attention was given to geological exploration, development, and processing of rare and rare earth minerals, indicating both countries’ commitment to enhancing resource-based cooperation.

    At the conclusion of the meeting, both sides signed a final protocol that outlined the agreements reached and reaffirmed their commitment to furthering bilateral relations. They also agreed to hold the next session of the Commission in Bratislava, Slovakia.

    Additionally, during a separate meeting in March 2025, Uzbekistan and Slovakia reached an agreement to establish a Business Council aimed at strengthening trade and economic relations between the two nations. This initiative is expected to facilitate more effective business cooperation and open new opportunities for mutual investment.

  • Military Metals Completes Acquisition of Antimony Projects in Slovakia

    Military Metals Completes Acquisition of Antimony Projects in Slovakia

    Military Metals Corp. (CSE: MILI) has successfully finalized the acquisition of three antimony exploration projects in Slovakia, following the amalgamation of its subsidiary, 1509149 B.C. Ltd., with 1458205 B.C. Ltd. This acquisition gives Military Metals 100% ownership of the three projects: the Trojarová antimony-gold project, the Tiennesgrund antimony-gold project, and the Medvedi tin project.

    As part of the transaction, Military Metals issued 10 million common shares at a deemed price of $0.56 per share to the shareholders of the acquired company. Notably, the company decided not to assume the obligations related to share purchase warrants that were previously outlined in the agreement.

    The Trojarová project, initially explored in the late 1970s, holds historical resource estimates that the company plans to verify through drilling and subsequent technical reports. Military Metals intends to conduct a National Instrument 43-101 compliant report on the Trojarová site, with the goal of reclassifying the historical estimates into current resources.

    Alongside this acquisition, Military Metals is also strengthening its marketing efforts, entering into several investor relations agreements to increase its presence in the German-speaking market and enhance its visibility through digital and media platforms.

    This acquisition marks a significant expansion for Military Metals, positioning the company to tap into Slovakia’s promising mineral resources, particularly in the antimony sector.

  • Military Metals Expands to Slovakia with Acquisition of Antimony and Tin Projects

    Military Metals Expands to Slovakia with Acquisition of Antimony and Tin Projects

    Military Metals (CSE: MILI) has broadened its search for critical mineral assets beyond Canada, signing a deal to acquire three brownfield projects in Slovakia. The newly acquired projects include two antimony-focused sites and one tin-focused site. This move aligns with the company’s goal of becoming a leading explorer and developer of critical minerals essential for battery technology and advanced industrial applications.

    Under the letter of intent, Military Metals will acquire these Slovakian projects by issuing 10 million shares, valued at C$5.6 million. The company’s stock rose by 4%, reaching C$0.78 per share with a market capitalization of C$25.5 million by noon ET on Monday.

    The key asset is the Trojarova antimony project, located near Pezinok in western Slovakia, which was heavily explored during the Soviet era. Historical data indicates a resource of 415,000 tonnes grading 0.162% antimony and 1.148 g/t gold. Military Metals plans to verify these figures with modern drilling to meet NI 43-101 compliance standards.

    Also included is the Medvedi tin project, which has a historical reserve estimate of 863,000 tonnes grading 0.19% tin. The third acquisition, Tiennesgrund, is another antimony project with a 10-kilometer fault-hosted vein system, though no resource estimate has yet been published for this site.

    Military Metals CEO Scott Eldridge emphasized that these acquisitions strategically position the company as a leading player in the critical minerals sector, particularly for antimony. He highlighted the importance of Slovakia’s strong mining infrastructure and the alignment with the European Union’s Critical Raw Materials Act, which could provide access to EU funding.

    This acquisition follows Military Metals’ recent purchase of the past-producing West Gore antimony project

  • MetalsTech Secures 10-Year Extension for Sturec Gold Mine Operations in Slovakia

    MetalsTech Secures 10-Year Extension for Sturec Gold Mine Operations in Slovakia

    MetalsTech (MTC) has achieved a significant milestone with the extension of its underground mining permit for the Sturec Gold Mine in Slovakia. The ten-year extension, effective from 2024 to 2034, solidifies the company’s commitment to continued extraction of gold and silver utilizing advanced underground mining methods. This development is poised to bolster the operational sustainability and potential profitability of the mine, marking a pivotal juncture in its long-term trajectory.

    The decision to extend the mining permit underscores the strategic importance of the Sturec Gold Mine in MetalsTech’s portfolio, highlighting its rich ore deposits and the viability of ongoing extraction efforts. With this extension in place, the company is poised to leverage its expertise and resources to maximize the value derived from the mine’s mineral reserves.

    In addition to securing the permit extension, MetalsTech remains dedicated to advancing its comprehensive program of bulk-scale metallurgical and mineralogical test work. This ongoing research initiative is instrumental in refining extraction and processing techniques, ensuring optimal efficiency and efficacy in harnessing the valuable mineral resources present within the Sturec Gold Mine.

    As MetalsTech continues to navigate the complexities of underground mining operations, the extension of the mining permit stands as a testament to the company’s commitment to sustainable resource management and operational excellence. With a steadfast focus on innovation and optimization, MetalsTech remains poised to unlock the full potential of the Sturec Gold Mine, driving value for stakeholders and contributing to the broader economic landscape of Slovakia.