MINEX Forum

Website: Asia.com

  • Kazakh Industry Ministry Denies Role in Potential Qarmet Investment Deal

    Kazakh Industry Ministry Denies Role in Potential Qarmet Investment Deal

    The Ministry of Industry and Construction of Kazakhstan has clarified that it is not involved in preparing a potential investment agreement with Qarmet for the modernization of its steel division, citing limited jurisdiction. The ministry’s response came after an inquiry from inbusiness.kz via the e-Otinish government platform.

    In its statement, the ministry emphasized that its role is to formulate and implement policies for industry and mining, while investment agreements fall outside its scope. It advised directing questions to Qarmet directly.

    Despite reaching out to Qarmet in early March, inbusiness.kz has yet to receive answers regarding the potential deal, including whether the steel and mining company would receive tax incentives or other state benefits.

    The ministry, now led by Yersaiyn Nagaspayev, recently made headlines when Nagaspayev visited Qarmet’s facilities in the Karaganda region, one of his first official trips since his appointment.

    Meanwhile, reports indicate that Qarmet plans to secure up to 3.5billion in financing by 2028 from Chinese, international, and Kazakh banks. The company previously had a 450 million debt to former owner ArcelorMittal, partially repaid last year. In 2024, Qarmet also obtained a $350 million export loan from the Kazakh Development Bank at a 9.17% fixed rate.

    Despite claiming $200 million in monthly revenue, Qarmet has not publicly disclosed its financial statements since 2022, raising transparency concerns. The company produces 3.2M tons of pig iron, 3.5M tons of steel, and 6.1M tons of coal annually, employing 29,117 workers—though reports suggest early retirement layoffs occurred last year.

  • Kazakhstan Responds to New U.S. Tariffs, Seeks Exemptions for Key Exports

    Kazakhstan Responds to New U.S. Tariffs, Seeks Exemptions for Key Exports

    The Ministry of Trade and Integration of Kazakhstan has addressed the new U.S. customs duties on select goods, clarifying that the majority of its exports remain unaffected. A preliminary analysis revealed that 92% of Kazakhstan’s U.S.-bound shipments, including crude oil, uranium, silver, and ferroalloys, are exempt under U.S. administrative regulations.

    However, additional tariffs will apply to some goods, impacting 95.2 million worth of exports in 2024. Affected items include phosphorus 15.9M), ferrosilicon (12.7M), lenses(4.1M), wheat gluten (4M),and ammonium nitrate (—representing just 4.8% of total exports to the U.S.

    The Kazakh government has announced consultations with U.S. officials to negotiate further exemptions, emphasizing its WTO membership and adherence to fair trade principles.

    Bilateral trade between Kazakhstan and the U.S. reached 4.2 billion in 2024,with Kazakh exports surging 30.6 billion. The move follows a recent U.S. decision to impose 27% tariffs on Kazakhstan, the highest among Central Asian nations.

  • Uzbekistan’s AGMK Unveils Nation’s Largest Industrial Project in Copper Mining Sector

    Uzbekistan’s AGMK Unveils Nation’s Largest Industrial Project in Copper Mining Sector

    Uzbekistan’s Almalyk Mining and Metallurgical Complex (AGMK) recently hosted journalists on an exclusive press tour to showcase progress on the largest investment project in the country’s history, signaling a major leap in industrial development.

    The tour began at AGMK’s Engineering School, which trains specialists in geology, mining, metallurgy, and automation using methodologies from world-leading institutions like Germany’s Freiberg University of Technology. “We’re not just building factories—we’re cultivating the talent to run them,” said Behzod Salimov, the school’s director.

    Reporters then visited the Kalmakyr deposit, one of the world’s largest copper reserves, followed by the Yoshlik I mine, a gold-rich copper deposit spanning 4 km long and 235 meters deep. The site employs 400 heavy machines and has introduced an innovative conveyor system, cutting ore transport costs by 30%.

    A highlight was Copper Processing Plant No. 3, under construction since 2021 on a 200-hectare site. Once operational, it will process 60 million tons of ore annually, producing 894,000 tons of copper concentrate. Plans are also underway for Plant No. 4 and a new metallurgical complex, expected to create thousands of jobs.

    Tashkent Region Governor Zoir Mirzaev emphasized the project’s global significance, noting rising copper demand. AGMK Chairman Abdulla Khursanov added that the $multibillion investment is boosting Uzbekistan’s economic appeal, with several countries expressing interest in partnerships.

    The project is also spurring growth in auxiliary industries, including six new metalworks plants and a lime factory in Jizzakh to supply reagents.

    Sherzodkhon Kudratkhodja, head of Uzbekistan’s National Media Association, remarked: “This proves Uzbekistan can build its industrial future independently.”

  • President Tokayev Reviews Industrial Progress and Sets New Goals for Kazakhstan’s Development

    President Tokayev Reviews Industrial Progress and Sets New Goals for Kazakhstan’s Development

    President Kassym-Jomart Tokayev met with Minister of Industry and Construction Yersain Nagaspayev on April 2, 2025, to discuss the ministry’s achievements in 2024 and outline key priorities for the coming period.

    Minister Nagaspayev reported significant growth in industrial investments and exports of processed goods last year, with plans to further boost production volumes in 2025. He also highlighted progress in geology and digitalization, including the launch of a Unified Subsoil Use Platform, digitized urban planning projects, and plans to introduce a single utility bill system even in rural areas. Additionally, the ministry is developing an AI-powered geological database to enhance resource exploration.

    Following the report, President Tokayev assigned several urgent tasks. These include increasing high-value industrial output, creating a national registry of domestic manufacturers, and improving investor engagement. The President also stressed the importance of meeting housing construction targets, expanding water supply coverage, and further digitizing construction and utility services.

    Furthermore, the ministry must ensure the timely commissioning of industrial facilities and implement subsoil use reforms efficiently. Tokayev emphasized strict oversight in supporting local manufacturers to strengthen Kazakhstan’s economic resilience.

  • Kazakhstan Discovers Massive Rare Earth Metals Deposit, Potentially Reshaping Global Market

    Kazakhstan Discovers Massive Rare Earth Metals Deposit, Potentially Reshaping Global Market

    Kazakhstan has uncovered significant rare earth metal deposits during exploration work at the Kuyrektikol site, according to an official statement. The Central Geological Survey Company (Centrgeolsyomka) identified several promising areas with total resources estimated at one million tons, positioning the country as a potential global leader in rare earth elements (REEs).

    Located 300 km southeast of Astana in the Karkaraly district, the Kuyrektikol site features ancient volcanic formations rich in REEs, with the Irgyz and Dos 2 areas showing particularly high concentrations exceeding 0.1%, and in some samples reaching 0.25%. Preliminary estimates suggest 800,000 tons of metals in the Irgyz block alone, with drilling indicating continuous ore bodies.

    Additionally, a newly identified prospective zone, named “Zhana Kazakhstan” (New Kazakhstan), extends the mineralized area and is estimated to hold over 20 million tons of REEs at an average grade of 700 grams per ton. Authorities claim this deposit represents a new industrial type of rare earth mineralization, unprecedented in Kazakhstan.

    The discovery could propel Kazakhstan to the forefront of the global rare earth market, boosting its high-tech industry. Meanwhile, geopolitical tensions over REEs continue, as US President Donald Trump recently linked military aid to Ukraine to access to its rare earth resources. Ukrainian President Volodymyr Zelensky initially rejected such a deal, citing lack of guarantees, but negotiations continue with a revised US proposal.

  • Kazakhstan Approves New Technical Regulations for Coal and Coal Products

    Kazakhstan Approves New Technical Regulations for Coal and Coal Products

    The Ministry of Industry and Construction of Kazakhstan has introduced a new technical regulation, “Requirements for Coal and Coal Processing Products”, via Order No. 84 dated March 11, 2025. The regulation will take effect 12 months after its official publication.

    The rules apply to:

    1. Coal and its sorted, enriched, and agglomerated products.
    2. Thermochemical coal processing products, including coke, semi-coke, coal tar, coal oil, boiler fuel, and activated carbon.

    Key changes include:

    • Clear classification of coal grades and processed products.
    • Updated conformity assessment procedures.
    • Removal of mining process requirements (covered by other laws).
    • Differentiated safety standards based on coal type and processing method.

    For example, the regulation now explicitly covers coke, semi-coke, and activated carbon, classified under the Eurasian Economic Union’s trade codes. New rules also set storage limits for processed coal products and fire safety standards.

    To support compliance, 52 mandatory standards and 116 additional standards for conformity assessment have been developed.

    The current regulation (“Safety Requirements for Coal and Its Mining, Processing, Storage, and Transportation”, 2010 No. 731) will be repealed once the new rules take effect.

  • Uzbek Firm “Navoiyuran” Signs €9M Deal to Transport Uranium Concentrate to France

    Uzbek Firm “Navoiyuran” Signs €9M Deal to Transport Uranium Concentrate to France

    Uzbekistan’s “Navoiyuran” has signed a €9 million contract with Kazakhstan’s “TOO Logistic Centre” to ship uranium concentrate to France, according to EURASIA TODAY. The agreement involves transporting 500 containers (totaling 6,000 tons) from Saint Petersburg port to Malvési in southern France.

    Under the deal, “TOO Logistic Centre” must deliver each batch within 15 days of departure from Russia, with all shipments completed by Q1 2026. Additionally, “Navoiyuran” plans to export uranium to the US and Canada via Russian routes and is currently seeking logistics partners for these shipments.

  • Kyrgyzstan Aims for 46% Gold Production Increase by 2030, Backed by Chinese Mining Venture

    Kyrgyzstan Aims for 46% Gold Production Increase by 2030, Backed by Chinese Mining Venture

    The Ministry of Natural Resources of the Kyrgyz Republic has announced plans to boost annual gold production to 38 tons by 2030, a 46% increase compared to the previous year. Minister Meder Mashiev attributed this growth to the industrial-scale operations of China’s Zhong Ji Mining Company at the Solton-Sary deposit’s Buchuk site.

    Located 355 km from Bishkek on the northern slope of the Kapka-Tash ridge, the Solton-Sary gold deposit will host a processing plant with an annual capacity of 600,000 tons of ore and approximately 1.8 tons of gold. In the long term, ZAO “Chaarat Zav” plans to develop the Chaarat deposit in the Chatkal district, which holds reserves exceeding 100 tons of gold.

    Despite these ambitions, Kyrgyzstan’s gold output dropped to 26 tons in 2024, down from an average of 30 tons annually. Meanwhile, Kazakhstan reported a 4.6% rise in refined gold production, surpassing 74.2 tons last year.

  • Uzbekistan’s Critical Raw Materials Sector Gains Momentum Amid U.S. Engagement

    Uzbekistan’s Critical Raw Materials Sector Gains Momentum Amid U.S. Engagement

    In a significant stride towards fostering U.S.-Uzbekistan relations, the recent Congressional Breakfast titled “Uzbekistan – Trade, Investment & U.S. Relations” brought together key stakeholders to discuss the evolving economic landscape of Central Asia. The event highlighted Uzbekistan’s ongoing reforms under President Shavkat Mirziyoyev, with a particular focus on the mining and critical minerals sector—a cornerstone for sustainable development and secure supply chains.

    One of the pivotal moments of the gathering was the announcement by Congressman Trent Kelly regarding the introduction of H.R. 2329, a bill aimed at extending Permanent Normal Trade Relations (PNTR) to Uzbekistan. This legislative move, now referred to the House Committee on Ways and Means, underscores the growing importance of Uzbekistan as a strategic partner in the global supply chain for critical raw materials.

    Congresswoman Carol Miller’s recent visit to Central Asia, where she engaged with Presidents Mirziyoyev and Tokayev, further emphasized the region’s potential as a unified partner for the United States. Her presence at the event symbolized the collaborative spirit needed to address challenges in securing critical resources and ensuring regional stability.

    Bridge Capital Partners, in collaboration with Cove Capital LLC, has been at the forefront of these efforts, leveraging American expertise to unlock Central Asia’s potential. Since 2023, Cove Capital has deepened its engagement in the region, advancing initiatives in critical sectors such as minerals, infrastructure, and sustainable development. These partnerships are not only fostering economic growth but also building trusted, long-term relationships across Uzbekistan and Kazakhstan.

    As Uzbekistan continues to open its economy, the mining and critical minerals sector stands out as a beacon of opportunity. The reforms and investments in this area are not just reshaping the nation’s economic trajectory but also positioning it as a key player in the global push for sustainable and secure raw material supply chains.

  • Oyu Tolgoi Underground Mine Celebrates Milestone with Mongolian President

    Oyu Tolgoi Underground Mine Celebrates Milestone with Mongolian President

    Two years after the landmark announcement marking the beginning of underground production at Oyu Tolgoi LLC / Оюу толгой ХХК copper mine in Mongolia, the site is celebrating monumental progress. On a momentous occasion, President Khurelsukh Ukhnaa joined mine operators at the 1,300-metre underground site, standing as a testament to rapid advancements and collaboration.

    “It’s an amazing feat of engineering, technological advancement and safety standards,” stated a representative from Oyu Tolgoi, emphasizing the project’s complexity and success. The company also announced the establishment of the South Gobi Underground Mass Mining Institute, aimed at further developing local skills and knowledge in the mining sector.

    Beyond its economic contributions, Oyu Tolgoi is actively involved in promoting sustainable practices in Mongolia. A key initiative is the company’s commitment to plant up to 100 million trees, supporting President Khurelsukh’s “One Billion Trees” initiative to combat desertification. This ambitious project underscores OT’s commitment to environmental stewardship and its dedication to mitigating the impacts of climate change.

    President Khurelsukh Ukhnaa’s visit underscored the government’s continued support for the project, recognizing its significance to the nation’s economy. “My huge thanks again to President Khurelsukh Ukhnaa and other Members of the Parliament as well as Cabinet for your visit and continued support,” expressed a representative from OT, highlighting the importance of the partnership.

    The year 2025 is anticipated to be a pivotal year for Oyu Tolgoi, with further expansion and increased production expected. The mine’s success is attributed to the collaborative efforts of its workforce, the government, and partnerships with hundreds of local suppliers.