MINEX Forum

Website: Asia.com

  • Navoiuran Launches Global Investor Campaign Ahead of Eurobond Issuance

    Navoiuran Launches Global Investor Campaign Ahead of Eurobond Issuance

    State-owned enterprise Navoiuran has initiated a high-level international outreach campaign as it prepares to issue corporate eurobonds, seeking to attract global investment for its uranium sector development projects.

    With the support of top-tier financial and legal advisors, Navoiuran has compiled a list of promising projects and developed a comprehensive investor presentation. A series of non-deal roadshows were held in Abu Dhabi and Dubai (UAE), as well as in New York and Boston (USA), to gauge market sentiment and build investor confidence.

    The current favorable capital market environment has served as a key motivator for the upcoming issuance. By entering the eurobond market, Navoiuran aims to attract a wide range of investors and secure funding under competitive terms.

    To ensure transparency and boost credibility, high-ranking company representatives participated directly in the roadshows, following recommendations from underwriter banks and international consultants.

    Investor discussions included engagements with major financial institutions such as Abu Dhabi Investment Authority, First Abu Dhabi Bank, BREVAN HOWARD, Mashreq Capital, ENBD AM, BHM Capital, Q Market Maker, Market Securities, Emirates Investment Bank, UAB, Boston MFS, and FMR.

    The underwriting consortium—Citi, ADCB, and Natixis—reported strong interest in the bond issuance, signaling investor confidence in both the enterprise and Uzbekistan’s broader economic outlook.

  • Uzbekistan and China’s Shandong Gold Group Sign Cooperation Agreement in Mining Sector

    Uzbekistan and China’s Shandong Gold Group Sign Cooperation Agreement in Mining Sector

    On 3 June 2025, the Ministry of Mining Industry and Geology of Uzbekistan hosted a meeting between First Deputy Minister O. Nasritdinhodjaev and a Chinese delegation led by Vice Governor of Shandong Province Cong Xiongzhi. The delegation also included senior representatives from Shandong Gold Group, one of China’s leading gold mining companies.

    The sides discussed avenues for deepening cooperation in the fields of geology, metallurgy, and mineral extraction. The talks also reflected on the outcomes of the Second Uzbekistan–China Interregional Forum, recently held in Samarkand, where both parties emphasized the strategic importance of strengthening regional economic ties.

    Key highlights of the meeting included discussion of promising investment opportunities in Uzbekistan’s mining sector and joint development of geological exploration initiatives.

    The event concluded with the signing of a trilateral cooperation agreement between Uzbekistan’s Ministry of Mining Industry and Geology, the Geological Exploration and Mineral Resource Development Bureau of Shandong Province, and Shandong Gold Group. The agreement marks a significant step toward long-term collaboration on resource development, technology exchange, and investment in strategic mineral projects.

  • Uzbekistan Advances Nationwide Geological Mapping and Exploration with 154 Active Projects

    Uzbekistan Advances Nationwide Geological Mapping and Exploration with 154 Active Projects

    At a recent briefing held by the Agency for Information and Mass Communications, N. Dulabova, Head of Department at the Ministry of Mining Industry and Geology of Uzbekistan, detailed the country’s accelerating efforts in geological exploration and mineral resource mapping.

    In 2024, digital geological maps were completed for 75,000 square kilometers in southern Uzbekistan at a 1:200,000 scale. In parallel, comprehensive space-geological and geochemical surveys were carried out over 6,000 square kilometers, including key areas such as the Molguzar and Gissar ranges. Updated tectonic-structural schemes and multipurpose geochemical maps were also developed for these regions.

    Furthermore, detailed re-mapping at a 1:50,000 scale was conducted over a 3,500-square-kilometer mountainous zone encompassing the Auminzatau, Beltau, Tamdytau, Aristantau, Sangruntau, Yakkabag, Gissar, and Kulzhuktau ranges. As a result, 42 promising mineral zones were identified, spanning eight types of valuable resources.

    In 2025, under the framework of the State Geological Program, work is being carried out on 154 geological exploration projects. By the end of the year, Uzbekistan aims to finalize a complete set of national digital geological maps at a 1:200,000 scale and complete space-geological and geochemical research across an additional 3,000 square kilometers.

    These efforts aim to enhance the country’s strategic understanding of its subsoil wealth and unlock new investment opportunities across various segments of the mining industry.

  • Almalyk Mining and Metallurgical Combine Strengthens International Ties with Czech Company Draslovka

    Almalyk Mining and Metallurgical Combine Strengthens International Ties with Czech Company Draslovka

    Almalyk Mining and Metallurgical Complex (AGMK), one of Uzbekistan’s leading industrial enterprises, is not only a cornerstone of the nation’s economy but also a key player in expanding international industrial ties. The complex is actively collaborating with foreign companies, embracing modern technologies, boosting production efficiency, and committing to environmental sustainability.

    On May 29, AGMK hosted a significant meeting with representatives from the Czech company Draslovka to explore mutually beneficial cooperation.

    Draslovka, a family-owned company founded in 1906, specialises in chemical technologies, products, and services that enhance efficiency and sustainability across the mining, agricultural, and processing industries. With business units in seven countries and a presence in over 80 nations, Draslovka is the world’s largest producer of sodium cyanide, a chemical essential for gold extraction.

    However, the company’s most notable contribution to the industry is its patented glycine leaching technology. This innovative method offers a more stable and economical approach to the leaching process. Draslovka also produces other speciality chemicals and reagents, provides leading chemical application services for mining and pest control, and offers AI-powered support services.

    During their visit, the Draslovka representatives presented an overview of their operations to AGMK’s management. Discussions focused on the potential application of glycine leaching technology at AGMK’s facilities, culminating in an agreement to commence cooperation.

    The Czech delegation also had the opportunity to visit the viewing platforms of the Kalmakyr and Yoshlik I mines.

  • Orbminco Commences Geophysical Surveys at Bronze Fox Copper-Gold Project in Mongolia

    Orbminco Commences Geophysical Surveys at Bronze Fox Copper-Gold Project in Mongolia

    Orbminco Limited (ASX: OB1) has commenced geophysical surveys at its Mongolian Bronze Fox Project, advancing exploration ahead of an upcoming drilling program.

    Key Highlights

    • Geophysical Surveys: IP and Gravity surveys now underway to refine the final hole design for Q3 2025 diamond core drilling.
    • Targeted Prospects: Drilling will focus on the high-grade copper-gold extension at West Kasulu and the undrilled Shuteen North prospect.
    • Strategic Position: Mongolia’s Southern Gobi region continues to attract global mining interest, positioning Orbminco as a key independent explorer in this world-class copper province.

    Orbminco’s Managing Director, Ralf Kriege, expressed enthusiasm, stating, “The team is eager to build on recent geological findings at a time when Mongolian projects in the Southern Gobi Copper-Gold Belt are gaining unprecedented attention.”

    For further details, visit Orbminco Limited.

  • Eurasian Resources Group (ERG) plans to Issues Guaranteed Bonds Worth Up to $100 Million

    Eurasian Resources Group (ERG) plans to Issues Guaranteed Bonds Worth Up to $100 Million

    Kazakhstan’s Aluminium Smelter (Kazakhstansky Elektrolizny Zavod or KEZ), a subsidiary of Eurasian Resources Group (ERG) and a primary aluminium producer, is set to issue three-year bonds worth up to $100 million, ERG has announced.

    ERG confirmed the upcoming issue of guaranteed coupon bonds, also for a three-year term, totalling up to $100 million. This marks a first for the Kazakhstani securities market: a non-government bond issue, regulated by local law, backed by Development Bank of Kazakhstan JSC as guarantor. The bonds will be listed on the Kazakhstan Stock Exchange (KASE) by KEZ, which is part of ERG and holds the distinction of being the sole producer of high-grade primary aluminium in the country.

    The bonds are denominated in US dollars and will be placed on the KASE platform. The total offering is capped at $100 million, with each bond having a par value of $1,000. They will have a three-year maturity period with coupon payments made every six months. The principal amount is due as a single bullet payment at the end of the term. This bond issue has secured an investment-grade credit rating of Baa1 from Moody’s, the international rating agency.

    Shukhrat Ibragimov, Chairman of the Board and Chief Executive Officer of ERG, commented on the development: “Eurasian Resources Group is launching its first public debt instrument in the company’s long history. This expands our financing options, aligning with our long-term business growth and capacity expansion programme. I’m pleased to acknowledge the seamless and successful collaboration between the ERG and Development Bank of Kazakhstan JSC teams, which has resulted in a non-government bond, regulated by local legislation, receiving an international investment rating for the first time in Kazakhstan. This unlocks further opportunities for Kazakhstani companies to attract financing and creates a new segment within the stock market.”

    The Development Bank of Kazakhstan has provided an irrevocable guarantee for the bonds, with the Central Securities Depository acting as the settlement agent for the issue.

    Kazakhstan’s Aluminium Smelter commenced primary aluminium production in 2007, yielding 11,000 tonnes that year. Its initial phase had a capacity of 125,000 tonnes. A second phase, with similar capacity, was launched in 2010. In 2024, KEZ produced 264,500 tonnes of aluminium.

    Separately, Kazchrome, another multinational company within Eurasian Resources Group (ERG), is planning to delist its shares from the KASE due to low liquidity and no plans for further share placements, ERG previously informed Kursiv.

    The ultimate owners of ERG are the Ministry of Finance of the Republic of Kazakhstan (40%), the heirs of Alexander Mashkevich and the Ibragimov family (each holding 20.7%), and Patokh Chodiev (18.6%). The group’s founders – Alexander Mashkevich, Patokh Chodiev, and Alijan Ibragimov – became Kazakhstan’s first dollar billionaires in 2005, according to Forbes, each with a net worth of $1 billion. Alijan Ibragimov’s stake is now held by his wife, Mukadaskhan Ibragimova, and their four sons (Dostan, Davron, Shukhrat, and Furkhat), who collectively rank seventh on Forbes’ list of the wealthiest Kazakhstani individuals, with a combined fortune of $2.06 billion.

  • China Proposes $5.47B Nuclear Power Project in Kazakhstan, Halving Estimated Cost

    China Proposes $5.47B Nuclear Power Project in Kazakhstan, Halving Estimated Cost

    China National Nuclear Corporation (CNNC) has proposed constructing two nuclear power plant units in Kazakhstan with a combined capacity of 2.4 GW for a total cost of $5.47 billion—almost half the previously estimated cost of $10–15 billion, according to The Moscow Times.

    The proposal positions CNNC as a serious contender in Kazakhstan’s ongoing selection process, which also includes bids from Russia’s Rosatom, South Korea’s KHNP, and France’s EDF. CNNC’s offer stands out not only for its lower price, but also for its commitment to share technology and grant Kazakhstan full control over the nuclear fuel cycle.

    Kazakh authorities expressed strong interest in China’s approach, particularly its experience in nuclear and water-ecological safety at all stages of nuclear plant development. The International Atomic Energy Agency (IAEA) has also pledged its readiness to support Kazakhstan in the project.

    The proposed plant would mark Kazakhstan’s return to nuclear energy following the decommissioning of the Soviet-built Shevchenko plant in 1999, which was shut down due to proliferation concerns. Now, with global energy security concerns rising and Kazakhstan holding 43% of the world’s uranium production via Kazatomprom, the country is looking to tap its nuclear potential anew.

    Kazakhstan’s Ministry of Energy had previously warned that global inflation in materials and services could increase the cost of a nuclear plant by 1.5 times, underscoring the strategic appeal of CNNC’s more affordable and flexible proposal.

  • Uzbekistan Hosts Open Dialogue with Artisanal Gold Miners and Jewelry Industry Stakeholders

    Uzbekistan Hosts Open Dialogue with Artisanal Gold Miners and Jewelry Industry Stakeholders

    On 30 May 2025, the Ministry of Mining Industry and Geology of Uzbekistan held an open dialogue with entrepreneurs engaged in the extraction of precious metals through artisanal and small-scale gold mining (ASGM). The meeting aimed to address sector-specific challenges and enhance cooperation between regulators and industry participants.

    The dialogue brought together Minister of Mining Industry and Geology B. Islamov, Tax Committee Chairman Sh. Kudbiyev, Chamber of Commerce and Industry Chairman D. Vakhabov, leaders of the “Uzbekzargarsanoati” Association, representatives of gold-mining businesses, officials from the State Subsoil Use Center, and the Mining and Geology Inspection.

    Participants discussed pressing issues faced by artisanal miners and presented proposals for improving the legal and operational framework for ASGM. Emphasis was placed on creating a more supportive ecosystem for gold extraction and strengthening cooperation in the downstream jewelry production sector.

    Authorities reaffirmed their commitment to maintaining an open and ongoing dialogue between state regulators and private sector players to support the development of a transparent, productive, and sustainable precious metals industry.

  • Uzbekistan and China Advance Talks on Establishing SCO Development Bank

    Uzbekistan and China Advance Talks on Establishing SCO Development Bank

    Representatives from the Ministry of Economy and Finance of Uzbekistan and China’s Ministry of Finance convened virtually to discuss the creation of a Shanghai Cooperation Organization (SCO) Development Bank, according to Trend.

    The meeting brought together Shukhrat Matkarimov, Deputy Director of Uzbekistan’s Department of International Relations, and Zhang Bo, Deputy General Director of China’s Department of International Economic and Financial Cooperation. The two sides conducted an in-depth review of the bank’s proposed structure, governance framework, operational focus, and funding strategies.

    Uzbekistan emphasized the strategic importance of the initiative, viewing the future SCO Development Bank as a catalyst for deepening investment cooperation, financing regional infrastructure projects, and accelerating sustainable economic development across member states.

    Both parties agreed to continue technical consultations at the ministerial and expert levels to refine the bank’s framework and move the project forward.

    This development comes amid deepening economic ties between Uzbekistan and China. Bilateral trade exceeded $13 billion last year, with both governments expressing strong confidence in reaching the $20 billion trade target set by their national leaders.

  • Uzbekistan and Tamam International Discuss New Investment Prospects in Mining Sector

    Uzbekistan and Tamam International Discuss New Investment Prospects in Mining Sector

    First Deputy Minister of Mining Industry and Geology of Uzbekistan, O. Nasritdinhodjaev, held a meeting with a delegation led by the General Director of Tamam International. The talks focused on potential investment opportunities in the country’s geology and mining sector.

    The Uzbek side highlighted the favorable conditions created for both local and foreign investors, including ongoing reforms aimed at enhancing transparency, streamlining procedures, and ensuring alignment with global best practices.

    During the meeting, Tamam International was briefed on Uzbekistan’s investment legislation and fiscal policies, which are designed to attract responsible investors. Special attention was given to transparent mechanisms for granting subsoil use rights, including competitive open-access auctions for geological sites.

    The meeting underscored Uzbekistan’s commitment to fostering international partnerships and further developing its mineral resource base through sustainable and investor-friendly policies.