MINEX Forum

Website: Asia.com

  • France to Push for Safeguards Against Chinese Steel Imports After ArcelorMittal Layoffs

    France to Push for Safeguards Against Chinese Steel Imports After ArcelorMittal Layoffs

    France and other European nations plan to push for protective measures against Chinese steel imports, following job cuts at ArcelorMittal’s French sites. The steel giant announced plans to eliminate 600 positions due to the ongoing crisis in Europe’s steel industry, which faces challenges from high energy costs, cheap Chinese imports, and U.S. tariffs.

    French government spokesperson Sophie Primas stated that existing steel import quotas are insufficient and that stronger action is needed. European steelmakers argue that China’s overproduction is harming their competitiveness. The announcement follows similar cuts by Tata Steel in the Netherlands, raising concerns over government-backed decarbonisation efforts in the industry.

  • ERG is Definitely Not for Sale

    ERG is Definitely Not for Sale

    Amid recent media speculation regarding the possible sale of Eurasian Resources Group (ERG), including reports of a $5 billion proposal from US investor James Cameron, Shukhrat Ibragimov—Chairman of the Board of Directors and Chief Executive Officer of ERG—has firmly denied any such negotiations.

    “ERG is definitely not for sale,” stated Ibragimov, emphasiaing that there are no ongoing discussions about the sale of the company.

    Ibragimov also reaffirmed the Group’s strategic direction, noting the management’s full commitment to “further consistent, sustainable development” and confirming there are “no changes to business as usual.” At the end of 2024, ERG’s Board of Directors adopted a new strategy aimed at further development and investment across the company’s enterprises, which has since been actively implemented.

    The company’s focus on long-term growth and creating value for all stakeholders remains unchanged, with ongoing initiatives supporting both sustainable development and ERG’s position as a key player in Kazakhstan and Africa.

  • U.S. Strengthens Critical Minerals Alliance with Uzbekistan in Bid to Counter China

    U.S. Strengthens Critical Minerals Alliance with Uzbekistan in Bid to Counter China

    The United States has ramped up its efforts to secure critical mineral supplies by signing a new cooperation agreement with Uzbekistan, focused on boosting American mining investments in the Central Asian nation.

    The announcement follows a series of high-level meetings in Washington, where an Uzbek delegation engaged with U.S. business leaders. While specific companies and investment figures were not disclosed, Uzbekistan’s government confirmed that the deal includes commitments to invest in mineral exploration and extraction, the construction of grinding equipment, and specialist training for Uzbek workers.

    The initiative builds on a September memorandum of understanding aimed at enhancing collaboration in the critical minerals sector. On Wednesday, U.S. Secretary of State Marco Rubio met with Uzbek Foreign Minister Bakhtiyor Saidov, underscoring Washington’s intent to strengthen strategic ties in mineral-rich Central Asia.

    “There’s great potential ahead for investments between our countries and cooperation in the critical minerals and other sectors,” Rubio posted on social media following the meeting.

    Uzbekistan, with its extensive deposits of key elements such as rare earths, lithium, and uranium, has been actively courting foreign investors. In early 2025, President Shavkat Mirziyoyev launched a $2.6 billion national program to develop 76 mining projects targeting 28 different elements. The initiative focuses on utilizing advanced technologies to extract raw materials, improve mineral purity, and produce higher value-added products.

    For the U.S., Uzbekistan represents a vital link in reshaping global supply chains away from China’s dominance. The Trump administration has also expanded its critical mineral diplomacy beyond Central Asia, initiating talks with Pakistan, Ukraine, and the Democratic Republic of Congo. These countries hold strategic reserves of minerals essential for defence, battery manufacturing, and clean energy technologies.

    As competition intensifies for access to global mineral reserves, Uzbekistan’s alignment with U.S. strategic goals may position it as a key player in future resource security initiatives.

  • Uzbekistan to Launch IPOs of Major State-Owned Companies from 2025 to 2028

    Uzbekistan to Launch IPOs of Major State-Owned Companies from 2025 to 2028

    Uzbekistan will offer shares of key state-owned enterprises on both domestic and international stock exchanges between 2025 and 2028, according to a presidential decree published on Lex.uz.

    The privatization plan includes initial public offerings (IPOs) and secondary public offerings (SPOs) of minority stakes in several strategic companies. These are:

    • Navoi Mining and Metallurgical Company (NMMC) – 10–15% (IPO)

    • Uzbekistan National Investment Fund JSC – 25% (IPO)

    • Navoiuran State Enterprise – 10–15% (IPO)

    • Uzbekistan Airways JSC – 15–20% (IPO)

    • Almalyk Mining and Metallurgical Complex (AMMC) – 10–15% (IPO)

    • National Electric Grids of Uzbekistan JSC – 10–20% (IPO)

    • Uzbektelecom JSC – 10–15% (SPO)

    • Uzbekhydroenergo JSC – 15–20% (IPO)

    • Regional Electric Grids JSC – 20–25% (IPO)

    • Uztransgaz JSC – 15–20% (IPO)

    • Uzbekistan Airports JSC – 15–20% (IPO)

    • Hududgazta’minot JSC – 15–20% (IPO)

    The IPO process will be conducted in partnership with Franklin Templeton Asset Management, a major U.S.-based investment firm. The move is expected to attract international investors and foster greater transparency and modernization in Uzbekistan’s economic sectors.

    The State Commission for Privatization and Coordination of State Asset Privatization Processes has been granted the authority to adjust the size of the share packages, sales formats, and timing of the offerings as needed.

  • Uzbekistan’s Tech Metals Plant Joins International Tungsten Industry Association

    Uzbekistan’s Tech Metals Plant Joins International Tungsten Industry Association

    The Uzbek Technological Metals Plant (UKTM) has officially joined the International Tungsten Industry Association (ITIA), according to the Uzbek news agency UzA. The ITIA brings together leading global companies involved in the extraction and processing of tungsten. With this move, Uzbekistan becomes the first Central Asian country to be represented in the association.

    UKTM expects that membership in the ITIA will grant access to vital data and analytics on the global tungsten market and allow the plant to participate in international industry events.

    The plant was established in June 2024 by the Almalyk Mining and Metallurgical Combine under presidential directive. It is tasked with developing and processing Uzbekistan’s reserves of rare and rare-earth metals, including lithium, tungsten, tantalum, niobium, magnesium, and others.

    The enterprise is planning 34 research and geological exploration projects worth a total of $40 million. Farhad Abdullaev, formerly head of the Uchtepa district in Tashkent, has been appointed Chairman of the Board.

    Earlier this year, Uzbekistan announced its intention to launch rare-earth material projects worth $500 million. President Shavkat Mirziyoyev instructed a 10–15% reduction in production costs at Navoi Mining and Metallurgical Combine (NMMC), as well as the expansion of localization and industrial cooperation.

    In March, the President was presented with industrial projects totaling $2.6 billion, aimed at developing minerals critical to Uzbekistan’s economy. Among them was the development of the Ingichka deposit and value-added tungsten concentrate enrichment, expected to double its added value.

    The ITIA, founded in 1988, conducts tungsten market research, monitors regulatory developments, and coordinates scientific research. It currently includes 51 member companies from countries such as the U.S., Canada, the UK, Germany, China, and Japan.

  • Navoi Mining and Metallurgical Combine Produces Gold Worth $2.2 Billion in Q1 2025

    Navoi Mining and Metallurgical Combine Produces Gold Worth $2.2 Billion in Q1 2025

    In the first quarter of 2025, the Navoi Mining and Metallurgical Combine (NMMC) produced goods worth 27.8 trillion Uzbek soums (approx. $2.2 billion), according to the company’s press service.

    From January to March, NMMC extracted 753,500 ounces of gold. The combine also invested $118.4 million under its investment program and created nearly 700 new jobs. Through cost optimization efforts, the company managed to reduce production costs by 786 billion soums.

    During the reporting period, the combine completed the feasibility study for operations at the Muruntau deposit. This project aims to increase ore supply to the second hydrometallurgical plant to 60 million tonnes.

    In addition, over 100 units of equipment were acquired to support development at the Kokpatas and Daugyztau deposits.

    Previously, Kursiv Uzbekistan reported that NMMC received the highest rating for its anti-corruption performance.

  • Navoi Mining and Metallurgical Works Posts Strong Q1 Results Amid Sustainability and Efficiency Push

    Navoi Mining and Metallurgical Works Posts Strong Q1 Results Amid Sustainability and Efficiency Push

    Navoi Mining and Metallurgical Works (NGMK) reported steady operational performance for Q1 2025, with a production volume of 27.8 trillion UZS, marking a 0.7% year-on-year increase.

    Gold output reached 753,500 ounces, slightly up from 748,100 ounces in the same period of 2024, reinforcing NGMK’s position as a leading gold producer. The company invested $118.4 million under its Investment Program, while 697 new jobs were created in the quarter.

    Cost optimization efforts resulted in a 786 billion UZS reduction in production expenses. Under the Localization Program, products worth 349.8 billion UZS were sold, and inter-industry cooperation purchases exceeded 1.8 trillion UZS.

    NGMK’s flagship Muruntau deposit, the world’s largest gold reserve (101 million ounces), remains its core asset, with total company reserves estimated at 148 million ounces.

    In February, Sustainable Fitch assigned NGMK an ESG rating of “3”, the first public ESG rating in Uzbekistan’s mining sector — highlighting progress in environmental, social, and governance practices.

    Key sustainability initiatives included:

    • Planting 65,850 seedlings along the M-37 highway and at GMZ-1;

    • Over 300,000 trees planted across industrial sites, all tracked via an electronic platform as part of the “Green Space” project;

    • Ongoing “Labor Protection Month” initiative aimed at reducing workplace injuries;

    • Recognition as a national leader in cybersecurity for 2024.

    To expand the company’s resource base, NGMK is actively adopting advanced exploration and development practices.

    Corporate governance remained robust:

    • 3 meetings of the Supervisory Board, covering 11 key issues;

    • 25 meetings of the Board of Directors, resulting in 41 decisions.

    NGMK continues to balance production growth with environmental responsibility and workforce safety, setting benchmarks in Uzbekistan’s mining sector.

  • Xanadu Mines Withdraws Key Resolution on Khuiten Metals Put Option at EGM

    Xanadu Mines Withdraws Key Resolution on Khuiten Metals Put Option at EGM

    Xanadu Mines Ltd has announced the outcome of its Extraordinary General Meeting, revealing that a key resolution concerning the exercise of a 25% Put Option related to Khuiten Metals Pte Ltd was not presented to shareholders. The company had previously communicated its intention to withdraw the resolution ahead of the meeting.

    The move may have strategic implications for Xanadu Mines, potentially affecting its investment structure and stakeholder expectations. The decision marks a notable moment in the company’s evolving approach to portfolio management and partnerships.

    Xanadu Mines Ltd, listed on the ASX and TSX, operates primarily in Mongolia, offering investors exposure to copper-gold discoveries and low-cost growth opportunities. Its flagship Kharmagtai project remains central to its exploration portfolio.

    The company currently holds a market capitalization of $64.45 million and maintains a strong technical sentiment rating of “Strong Buy,” with an average daily trading volume of 96,971 shares.

  • Navoi Mining and Metallurgical Combine Reports 40% Profit Increase

    Navoi Mining and Metallurgical Combine Reports 40% Profit Increase

    Navoiy Gornometallurgichesky Kombinat (NGMK) has announced a 40% rise in net profit, reaching $2.1 billion, according to the company’s press service.

    Kuvandik Sanakulov, Chairman and CEO, commented: “NMMC achieved record revenue in 2024, increasing gold production by 5.4%. Thanks to the acceleration of investment projects, the company has successfully implemented 24 major investment projects worth $3 billion over the past eight years. This has enabled us to meet the production targets set for 2026 ahead of schedule – two years earlier than planned. At the same time, NGMK continues to maintain its position as one of the most cost-efficient producers in the industry, while investing in the company’s future sustainable growth.”

    Key Highlights:

    • Gold Production: The total gold production for FY 2024 amounted to 3.10 million ounces, representing a 5.4% increase compared to 2.94 million ounces in FY 2023. This growth was driven by the launch of new mining and processing capacities during the period.
    • Revenue: NGMK reported revenue of $7.4 billion for FY 2024, a 29.8% increase from $5.7 billion in FY 2023, marking a record-high for the company.
    • All-in Sustaining Costs (AISC): The total AISC for the period was $979 per ounce, up from $866 per ounce in FY 2023. This increase was primarily driven by higher royalty payments following increased gold sales, fuel costs related to the higher volume of material extraction, and rising labour expenses.
    • Adjusted EBITDA: Adjusted EBITDA for FY 2024 reached $4.6 billion, a 39.4% increase from $3.3 billion in FY 2023. Gold price growth outpaced cost increases, resulting in a rise in the adjusted EBITDA margin to 62% in 2024, up from 58% in 2023.
    • Net Profit: The company posted a net profit of $2.1 billion in FY 2024, compared to $1.5 billion in FY 2023.
    • Cash Flow and Investments: Net cash used in investing activities (capital expenditures) totalled $914 million in FY 2024, an increase of 34.6% from $679 million in FY 2023. This reflects the company’s ongoing investment programme aimed at increasing production at existing mines and exploring new deposits near mining operations.
    • Debt Position: NGMK’s leverage ratio (net debt to adjusted EBITDA) improved to 0.5x by the end of FY 2024, compared to 0.7x at the end of FY 2023, indicating strong financial stability and the company’s ability to service external debt. As of 31 December 2024, the company successfully completed its debut Eurobond issue, raising $1 billion in October 2024, split into two tranches of $500 million each, with maturities of 4 and 7 years.

    Financial Performance Summary:

    Indicator 2024 2023 ∆
    Gold Production (million ounces) 3.10 2.94 +5.4%
    All-in Sustaining Costs (AISC) $979 $866 +13.0%
    Revenue (billion USD) $7.4 $5.7 +29.8%
    Operating Profit (billion USD) $3.9 $2.9 +34.5%
    Adjusted EBITDA (billion USD) $4.6 $3.3 +39.4%
    Adjusted EBITDA Margin (%) 62% 58% +4 ppts.
    Net Profit (billion USD) $2.1 $1.5 +40.0%
    Operating Cash Flow (billion USD) $2.7 $2.0 +35.0%
    Net Cash Used in Investing (million USD) $914 $679 +34.6%
    Net Debt (billion USD) $2.5 $2.2 +13.6%
    Net Debt / Adjusted EBITDA Ratio 0.5x 0.7x -28.6%

    Full IFRS financial results are available online at: NGMK Annual Report 2024

    About the Company

    NGMK is the world’s fourth-largest gold producer, with an annual output of 3.1 million ounces of gold (2024) and a total mineral resource base of 148 million ounces. The company’s operating mines include the Muruntau-Mutenbay gold deposit, the largest in the world with a resource base of over 100 million ounces. NGMK’s business model encompasses exploration, construction of mining operations, mining, and processing, as well as gold refining and the manufacture and repair of mining equipment. The company employs over 47,000 people across 12 major mining and 9 processing plants.

    Further information about NGMK can be found on the company’s website: www.ngmk.uz.

  • Armenian Government Recovers $1 Billion Through Zangezur Copper-Molybdenum Combine

    Armenian Government Recovers $1 Billion Through Zangezur Copper-Molybdenum Combine

    YEREVAN, Armenia – Prime Minister Nikol Pashinyan announced today in parliament that Armenia has recovered over $1 billion from the Zangezur Copper-Molybdenum Combine (ZCMC) after years of alleged mismanagement.

    “Armenia holds a 21.8% stake in ZCMC, and its market value alone amounts to hundreds of millions of dollars,” Pashinyan stated, emphasizing the government’s commitment to returning plundered assets to the national budget.

    Pashinyan highlighted further successes, revealing that the company’s tax payments doubled between 2018-2024 compared to the previous seven-year period. In 2024 alone, ZCMC paid 33 billion 249 million drams in dividends to the Armenian government.

    “Isn’t this a return of what was stolen?” Pashinyan questioned, emphasizing that through persistent efforts, Armenia has recovered over $1 billion worth of assets and funds solely through actions related to ZCMC.

    ZCMC, Armenia’s largest mining company, operates the Kajaran copper-molybdenum deposit, boasting sufficient reserves for approximately 150 years. The company produces molybdenum and copper concentrates, contributing significantly to Armenia’s economy.

    Pashinyan’s announcement underscores the Armenian government’s commitment to transparency and accountability in the mining sector, highlighting the successful efforts to recover assets and ensure rightful revenue streams for the nation.