MINEX Forum

Website: Asia.com

  • Navoi Mining Secures $500M Eurobond Placement Ahead of IPO

    Navoi Mining Secures $500M Eurobond Placement Ahead of IPO

    Navoi Mining & Metallurgical Company (NMMC) has successfully completed a $500 million corporate bond placement in London, marking a significant step in its financial strategy as it prepares for a stock listing.

    The Uzbekistan state-owned enterprise, ranked as the fourth-largest gold producer globally, operates its vast resources primarily from the Muruntau deposit in the Kyzylkum Desert, which holds an estimated 150 million ounces of gold.

    The newly issued bonds, backed by favourable capital market conditions, carry a five-year tenor with an annual coupon rate of 6.75%. The offering was made available under Regulation S and Rule 144A of the US Securities Act, ensuring broader investor participation.

    Leading financial institutions, including Citi, JP Morgan, Société Générale, and MUFG, acted as joint bookrunners and lead managers for the transaction. Demand for the notes was robust, peaking at over $2.3 billion, making the issue more than 4.6 times oversubscribed.

    “The success of this bond placement reflects strong investor confidence in Uzbekistan’s economic reforms and NMMC’s sustainable growth prospects,” the company said in a statement.

    The proceeds will be directed towards optimising and diversifying NMMC’s credit portfolio under improved terms, as it moves towards its planned initial public offering (IPO) later this year. The Uzbek government has proposed selling up to 5% of the company in the IPO, positioning NMMC for further expansion in international markets.

  • Uzbekistan’s Mining Ministry Discusses Cooperation with SinoPowell Capital

    Uzbekistan’s Mining Ministry Discusses Cooperation with SinoPowell Capital

    The Ministry of Mining Industry and Geology of Uzbekistan hosted a meeting between First Deputy Minister O. Nasritdinkhodjaev and Steve Powell, Managing Director of SinoPowell Capital (USA).

    During the discussion, the parties reviewed recent reforms in the mining and geological sectors, as well as key projects led by JSC “Uzbek Technological Metals Plant.” They also explored opportunities for strengthening long-term cooperation in the industry.

    The meeting highlighted Uzbekistan’s commitment to modernizing its mining sector and attracting foreign investment, with SinoPowell Capital expressing interest in potential projects and joint initiatives aimed at enhancing technological advancements and production efficiency.

    Both sides agreed on the importance of continued dialogue to facilitate mutual growth and innovation in the field of technological metals.

  • Minespider and TETHYS Unite to Digitalize Mining Supply Chains in Türkiye and Central Asia

    Minespider and TETHYS Unite to Digitalize Mining Supply Chains in Türkiye and Central Asia

    Berlin/Istanbul, May 12, 2025 – Minespider, a leading traceability and Digital Product Passport (DPP) platform, has signed a Memorandum of Understanding (MoU) with TETHYS Teknoloji, İnovasyon, Danışmanlık ve Ticaret A.Ş., a subsidiary of Luxembourg-based TETHYS Gateway Investment GP specializing in critical raw materials. The collaboration will develop next-generation digital traceability solutions—focusing on Battery Passports, Digital Product Passports, critical raw materials traceability, and comprehensive ESG data systems—across mining operations in Türkiye and Central Asia.

    This partnership combines TETHYS’s extensive engagement in over a dozen mining projects throughout Türkiye, Central Asia, and the Caucasus region with Minespider’s proven expertise in supply chain digitalization. Together, they will pilot end-to-end systems that embed transparent, verifiable data directly into the mineral supply chain, aiming to:

    • Prevent artisanal mining abuses and curb illicit mining activities

    • Reduce the risk of child labour and human rights violations

    • Ensure compliance with evolving European and global regulations

    • Facilitate market access, particularly into the EU’s regulated markets

    Under the MoU, both partners will jointly pursue technology integration, proof-of-concept developments, and coordinated customer outreach. Their deliverables will include web, mobile, and backend applications that enable traceability, automated regulatory reporting, and real-time ESG data collection throughout exploration, extraction, and production phases.

    “We’re thrilled to partner with TETHYS to bring greater transparency and traceability to mineral supply chains in Türkiye and the Central Asian region,” said Nathan Williams, Founder & CEO of Minespider. “As global demand for responsibly sourced minerals continues to grow, ensuring digital proof of origin and ethical practices is no longer optional—it’s a must. Together with TETHYS, we’re building the digital infrastructure that empowers stakeholders with the data they need to make informed, sustainable decisions.”

    “Our partnership with Minespider is focused on a clear objective: ensuring digital product compatibility for the entire mining lifecycle in Türkiye and Central Asia,” added Leyla Keser Berber, Chairperson of TETHYS. “Through advanced traceability and data systems, we aim to eliminate risks such as illegal mining, artisanal mining abuses, and human rights violations—while supporting industrial players in meeting global regulatory standards.”

    Pilot projects and client engagements are slated to begin shortly, positioning the Minespider–TETHYS alliance as a pioneer in the digital transformation of mining ecosystems across the region.

    Key Facts

    • Türkiye’s mineral diversity: Home to 70 types of natural resources, 60 of which are actively traded internationally.

    • Central Asia’s critical minerals:

      • 38.6 % of global manganese ore

      • 30.07 % of chromium

      • 20 % of lead

      • 12.6 % of zinc

      • 8.7 % of titanium

    • EU regulatory framework: Minerals exported to Europe must comply with the Critical Raw Materials Act (CRMA), Corporate Sustainability Due Diligence Directive (CSDDD), Conflict Minerals Regulation, Battery Regulation, and more.

    About the Companies

    Minespider
    A global traceability platform, Minespider offers Digital Product Passports—digital IDs that carry key data across supply chains. Its clients include Tata Elxsi, Ford Otosan, Renault, Minsur, Luna Smelter, and TEMSA.

    TETHYS Teknoloji, İnovasyon, Danışmanlık ve Ticaret A.Ş.
    Headquartered in Istanbul, TETHYS specializes in critical raw materials, mining innovation, and supply chain digitalization. Its portfolio spans exploration to investment structuring for clients like CVK Mining, Tamer Mining, and Marmotek. TETHYS also facilitates European funding partnerships in sustainability and responsible sourcing.

  • Kazakhstan Strengthens Position in Global Rare Earth Metals Market

    Kazakhstan Strengthens Position in Global Rare Earth Metals Market

    Kazakhstan is reaffirming its status as a key player in the global market for rare and rare earth metals by actively expanding its mineral resource base and fostering a favourable investment climate for processing and high-tech production.

    The country currently hosts over 100 identified deposits of rare and rare earth elements, including major sites such as Kurumsak, Bala-Sauskandyk, Akbulak, Kundybai, and Verkhnee-Espe. Kazakhstan extracts 19 of the 34 rare earth elements deemed critical to the European Union’s economy, including beryllium, tantalum, niobium, and rhenium – metals in high demand across sectors such as electronics, defence, energy, and telecommunications.

    Kazakhstan’s mineral resource base includes significant reserves of:

    • Tungsten – 2.4 million tonnes
    • Molybdenum – 1 million tonnes
    • Lithium – 226.9 thousand tonnes
    • Tantalum – 4.6 thousand tonnes
    • Niobium – 27.2 thousand tonnes
    • Beryllium – 117.5 thousand tonnes

    Particularly valuable are the so-called dispersed elements, such as selenium, tellurium, germanium, gallium, and scandium, which are extracted through integrated mineral processing.

    A central focus of state policy is the advancement of domestic processing of rare and rare earth metals (RMs and REMs), the development of new production facilities, and the manufacture of export-oriented, competitive products. The government is proactively engaging international partners through a “raw materials in exchange for investment and technology” framework.

    With global demand for critical materials projected to quadruple by 2040, Kazakhstan is consolidating its role as a reliable and stable supplier of strategic raw materials to the world’s high-tech industries.

  • Navoi Mining and Metallurgical Combine Expands Capacity at Zarmitan Mine in Uzbekistan

    Navoi Mining and Metallurgical Combine Expands Capacity at Zarmitan Mine in Uzbekistan

    Navoi Mining and Metallurgical Combine (NMMC) has announced the expansion of its operations at the Zarmitan mine, part of its Southern Mining Department. Earlier this May, the company launched a new skip shaft at the site, as reported by the news agency Uza.

    NMMC has been implementing an investment project titled “Development of Lower Horizons of the Mining Complex Based on the Deposits of the Zarmitan Gold Ore Zone” for several years. Mine Construction Alliance s.r.o. was selected as the contractor for the construction of the vertical mine shaft. The same company is also responsible for deepening the “Main” shaft at Zarmitan.

    The shaft, with a diameter of 6.5 meters, has been extended to a depth of 1,000 meters. Ore extracted from various underground levels of the mine will now be lifted to the surface using the new shaft and then sent for processing at the fourth hydrometallurgical plant. Estimates indicate that up to 1.4 million tons of gold-bearing ore will pass through the facility annually.

    The annual economic impact of the skip shaft’s launch is projected at 19.2 billion UZS. Notably, the company expects to save on fuel costs for dump trucks, which would have otherwise spent more time transporting raw materials.

    The mine shaft is equipped with various automation systems, with all operations managed from a central control panel. NMMC claims that this project marks a significant breakthrough for Uzbekistan’s mining and metallurgical sector, highlighting advanced engineering and digital solutions.

  • 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.

  • Uzbekistan Recognised as a Country with Low Digitalization and Digital Skills

    Uzbekistan Recognised as a Country with Low Digitalization and Digital Skills

    The Asian Development Bank (ADB), in its report “Harnessing Digital Transformation for Good,” has identified Uzbekistan as a country with low levels of digitalization and digital skills. Despite developing countries in the Asia-Pacific region showing rapid digital development, the benefits are distributed unevenly. In Uzbekistan, for instance, 13% more urban residents have internet access compared to rural areas, and the speed of mobile internet in cities is 38% higher.

    ADB emphasizes the need to accelerate digital transformation in low-digitalization countries like Cambodia, Bangladesh, Mongolia, Pakistan, and Uzbekistan. To achieve this, investments in digital infrastructure, skill development, and digital literacy are recommended. Economically efficient solutions such as shared use of radio spectrum, infrastructure, cloud solutions, and new technologies like low-Earth orbit satellites and fixed 5G access are also proposed.

    According to UNESCAP data, Uzbekistan ranked 9th among 11 countries in the region in terms of digital skills as of 2023. Only 15% of the population possesses basic skills (such as typing and copying files), while 7−8% have standard skills (software use and application installation). There is no data available for advanced skills. In comparison, Kazakhstan has 30% of its population with basic skills, 25% with standard skills, and 8% with advanced skills.

    ADB also highlights that the low level of digitalization is accompanied by digital inequality. In urban areas, the average mobile internet speed is around 50 Mbps, while in rural areas, it is approximately 35 Mbps. Fixed internet is faster than mobile, with speeds reaching 70 Mbps in cities and 50 Mbps in rural areas.

    ADB experts stress the importance of investing in digital skills development at all levels to ensure equal access to digital opportunities and prepare the population for future job requirements.

  • Uzbekistan’s Ministry of Mining and Geology Holds Seminar on Anti-Corruption Efforts

    Uzbekistan’s Ministry of Mining and Geology Holds Seminar on Anti-Corruption Efforts

    On May 6, the Ministry of Mining and Geology of Uzbekistan conducted a seminar aimed at reinforcing anti-corruption awareness among its employees and affiliated enterprises, promoting zero tolerance for corruption within the sector.

    The seminar brought together officials from the Ministry’s central office as well as directors and heads of departments from over 20 subordinate organizations. Ministry Advisor M. Pirozhkov briefed participants on the ongoing internal initiatives to combat corruption, highlighting the Ministry’s recent achievement—placing second among 102 government agencies in a national anti-corruption effectiveness rating published by Uzbekistan’s Anti-Corruption Agency in March 2025. The Ministry scored an impressive 95 out of 100 points.

    One of the seminar’s key speakers, I. Achilov, PhD in Law and Prosecutor at the General Prosecutor’s Office’s Anti-Corruption Coordination Department, delivered a lecture titled “Mechanisms for Combating Corruption in Uzbekistan and Their Legal Foundations.”

    The session also included a review of current legislation, including Presidential Decree No. UP-71 of April 21, 2025, on strengthening anti-corruption systems, and Resolution No. PP-147, aimed at ensuring the independence and efficiency of internal anti-corruption divisions within state institutions.

    The event concluded with a Q&A session, where participants received comprehensive answers to their questions, reinforcing practical understanding and encouraging active engagement in anti-corruption efforts.

  • Uzbek Geologists Discover New Coal Seams at Urikli Site

    Uzbek Geologists Discover New Coal Seams at Urikli Site

    Specialists from the Surkhandarya Field Expedition, part of the Hissar Central Geological Exploration Expedition under JSC “Uzbekgeologorazvedka,” are conducting underground and surface tunneling operations to assess coal reserves at the Urikli site.

    During the course of the underground exploration, coal seams numbered 3, 4, 5, and 6 were identified. Geological exploration continues, with further assessments underway to determine the full extent and potential of the deposit.

    These efforts form part of a broader initiative to explore and utilize Uzbekistan’s mineral resources more effectively.

  • Uzbekistan Approves Technical Regulation on Mine Hoisting Equipment Safety

    Uzbekistan Approves Technical Regulation on Mine Hoisting Equipment Safety

    The Cabinet of Ministers of Uzbekistan has adopted Resolution No. 269, officially approving the General Technical Regulation on the Safety of Mine Hoisting Equipment. This decision follows Presidential Decree No. PP-91 from February 28, 2024, aimed at organizing the activities of the Agency for Technical Regulation and enhancing safety standards in the industrial sector.

    The regulation sets unified requirements for the design, packaging, labeling, and identification of mine hoisting equipment, as well as outlines procedures for conformity assessment. It also includes a roadmap for the phased implementation of the regulation.

    These updated safety standards are crucial for ensuring the reliability of industrial operations, environmental protection, and the safety of workers.

    According to the resolution, the new regulation will come into force six months after its official publication.