MINEX Forum

Website: Asia.com

  • Armenian Government Approves $150 Million Loan Guarantee for Amulsar Gold Mine Revival

    Armenian Government Approves $150 Million Loan Guarantee for Amulsar Gold Mine Revival

    The Armenian government has approved $150 million in loan guarantees to support Lydian Canada Ventures, a U.S.-Canadian company, in restarting operations at the Amulsar gold mine. The mine, which was set to begin open-pit mining in late 2018, was halted due to environmental protestsfollowing Armenia’s Velvet Revolution.

    Lydian had initially planned to produce 210,000 ounces of gold annually (worth around $550 millionat current prices) but faced road blockades from protesters who feared ecological damage. The company, however, maintained that it would use modern technology to minimize environmental risks.

    Despite the protests, the Armenian government did not revoke Lydian’s mining licenses but also avoided forcibly removing the blockade. By then, the company had already invested $460 million in the project.

    In December, Lydian announced it was close to securing $150 million in loans from Armenian banks to finish construction. The government has now backed these loans, citing the project’s economic importance, estimating it could add 1–1.5% to Armenia’s annual GDP growth.

    A government statement highlighted Lydian’s commitment to “best international standards” for environmental safety. Under Armenian law, the loan guarantee cannot exceed 20% of a company’s net assets, requiring Lydian to undergo an independent audit within six months.

    Lydian, headquartered in Canada, aims to start gold production at Amulsar by the fourth quarter of this year, creating 700 jobs and generating up to $100 million in annual tax revenue.

    The Amulsar deposit, Armenia’s second-largest pure gold reserve, holds 31 million tons of ore and 40 tons of gold. Located 13 km from Jermuk, it sits between the Arpa and Vorotan rivers.

  • Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC Mines First Ore from Gilar Underground Deposit at Gedabek

    Anglo Asian Mining PLC, an AIM-listed gold, copper, and silver producer focused on Azerbaijan, has successfully extracted the first ore from its new underground mine, Gilar, located at the Gedabeksite.

    A maiden JORC mineral resources estimate, released on 11 December 2023, revealed that the Gilar deposit holds 6.10 million tonnes of mineralisation, with average grades of 0.88% copper (totaling nearly 54,000 tonnes) and 1.30 g/t gold (containing over 255,000 ounces).

    Earlier this month, the company mined 1,267 tonnes of ore from Gilar, averaging 0.65% copper(peaking at 1.63%) and 1.36 g/t gold (reaching up to 3.27 g/t). While development tunnels are still under construction, the extracted ore will be stockpiled until processing begins.

    Anglo Asian aims to steadily increase production in the coming months, targeting 50,000 to 60,000 tonnes of ore per month.

    Reza Vaziri, CEO of Anglo Asian, stated:
    “We are thrilled to reach this key milestone at Gilar after years of exploration and development. Our team’s dedication has been instrumental in this achievement. With 54,000 tonnes of copper and 255,000 ounces of gold confirmed, Gilar is pivotal to our strategy of becoming a mid-tier, copper-focused producer. We are now focused on scaling production to meet our monthly target.”

  • EU Deepens Ties with Central Asia

    EU Deepens Ties with Central Asia

    Brussels, 22 March, 2025 – The European Union (EU) is making a significant push into Central Asia, aiming to strengthen its partnership with the five strategically important countries through the Global Gateway strategy. European Commissioner for International Partnerships Jozef Síkela concluded a week-long tour of the region, meeting with officials and business leaders in Turkmenistan, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan.

    The visit, which took place ahead of the first EU-Central Asia Summit on 3-4 April 2025, focused on boosting investment in key sectors like digital connectivity, transport infrastructure, critical raw materials, and renewable energy.

    Concrete Commitments:

    Commissioner Síkela announced several key agreements during his trip, including:

    • €422 million in investment: A significant portion of this funding will be channeled through the European Investment Bank (EIB) and other EU financial institutions, including grants and loans, for projects across various sectors.
    • Transport Corridor Development: The EU reiterated its commitment to the Trans-Caspian Transport Corridor, a globally important trade route connecting Central Asia to Europe. A €200 million framework loan agreement was signed between the EIB and the Development Bank of Kazakhstan to support sustainable transport and renewable energy development.
    • Support for Critical Raw Materials: Collaboration in critical raw materials (CRM) will receive a €3 million boost, focusing on sustainable and responsible supply chains, job creation, and economic resilience.
    • Energy Security & Climate Action: The EU announced grants totaling €51.6 million to modernize Tajikistan’s electricity grid, promote energy efficiency, and support water-efficient technologies and innovative solutions in Kyrgyzstan.
    • Digital Connectivity Expansion: Two key agreements worth an undisclosed amount were signed to improve digital infrastructure and expand high-speed internet access to underserved populations.

    Stronger Partnership:

    Commissioner Síkela emphasized the growing partnership between the EU and Central Asia, stating, “Central Asia and the European Union are strong partners. We can deliver long-term benefits for people and businesses on both sides.” He highlighted the need to address challenges like climate change, energy security, and digital divide, while unlocking new economic opportunities through the Global Gateway initiative.

    The visit underscores the EU’s commitment to its Global Gateway strategy, aiming to bridge the global investment gap and build sustainable and resilient connections with partner countries. The upcoming EU-Central Asia Summit further solidifies this commitment and paves the way for future collaborations.

  • Cornwall to Host Prestigious International Mining Games in 2024

    Cornwall to Host Prestigious International Mining Games in 2024

    Cornwall has been selected to host the 47th International Mining Games, a prestigious event celebrating the global mining industry. The competition will take place over two days at the King Edward Mine Museum in Troon, near Camborne, on March 21 and 22, 2025. This marks the first time since 2012 that Cornwall has hosted the event, which attracts teams from around the world.

    The games, established in 1978 to honor the 91 miners who lost their lives in the Sunshine Mine disaster in the USA, feature seven challenging events. These include jackleg drilling, hand drilling, and gold panning, showcasing the skills and traditions of mining.

    This year, 45 teams from countries such as Australia, the USA, Canada, and Germany will compete. A local team, comprising students and alumni from the renowned Camborne School of Mines, will also participate, highlighting Cornwall’s deep-rooted connection to the mining industry.

    The women’s and co-ed competitions will be held on Friday, March 21, followed by the men’s and alumni competitions on Saturday, March 22, from 8:00 to 16:00 GMT.

    Carol Richards, a trustee of the King Edward Mine Museum, expressed excitement about hosting the event, stating it aligns with the museum’s mission to celebrate Cornwall’s mining heritage and promote education in geoscience, geology, and mining. She emphasized that the museum is an ideal venue to inspire interest in STEM (science, technology, engineering, and mathematics) fields.

    The International Mining Games not only honor the legacy of miners worldwide but also serve as a platform to foster global camaraderie and showcase the enduring significance of mining in modern society.

  • Uzbekistan at a Crossroads: Balancing Critical Minerals Boom with Environmental Sustainability

    Uzbekistan at a Crossroads: Balancing Critical Minerals Boom with Environmental Sustainability

    Uzbekistan stands on the brink of a transformative opportunity as global demand for critical minerals— essential for clean energy and high-tech manufacturing — surges at an unprecedented rate. With vast reserves of gold, copper, lithium, and rare earth elements, the nation has the potential to become a major global supplier. However, history warns that such resource wealth can be a double-edged sword, bringing both economic growth and environmental risks.

    The global shift toward electric vehicles, renewable energy, and digital technologies has created an insatiable appetite for critical minerals. Already a top 10 gold producer in 2024 and a growing exporter of copper, Uzbekistan is well-positioned to capitalize on its untapped mineral wealth. If managed wisely, this sector could attract billions in investment, create jobs, and elevate the country’s global economic standing.

    Yet, the risks are significant. The so-called ‘resource curse’ — where resource-rich nations experience economic booms followed by environmental degradation, corruption, and instability — looms large. Uzbekistan faces pressing challenges, including transboundary water pollution from Kazakhstan’s industrial waste, which contaminates the Syr Darya River. Heavy metals, arsenic, and other toxins threaten agriculture, food security, and public health. Without strict safeguards, expanding mining operations could turn this golden opportunity into an ecological disaster.

    The Aral Sea crisis, one of Central Asia’s most infamous environmental catastrophes, serves as a stark reminder of the consequences of mismanaged industrial development. Once the world’s fourth-largest lake, the Aral Sea has shrunk to 10% of its former size due to unsustainable water diversions for cotton production. This disaster devastated local economies, destroyed biodiversity, and left behind toxic dust storms that continue to harm public health.

    To avoid a similar fate, Uzbekistan must adopt strategic policies and sustainable practices. Key measures include establishing binding agreements with Kazakhstan to regulate industrial waste, enforcing strict environmental standards for mining projects, and investing in modern, water-efficient technologies. Regional cooperation, scientific research, and public engagement will also be critical to ensuring long-term prosperity.

    The decisions made today will shape Uzbekistan’s economic future and environmental legacy. By prioritizing responsible resource management, innovation, and cooperation, Uzbekistan can lead Central Asia in sustainable mining while becoming a global supplier of critical minerals for the clean energy transition.

  • Kazakhstan Defies Global Steel Production Decline with 6.5% Growth in 2024

    Kazakhstan Defies Global Steel Production Decline with 6.5% Growth in 2024

    Despite a global downturn in steel production and a 20% average drop in steel prices, Kazakhstan has emerged as a standout performer in 2024, achieving an 8th-place ranking worldwide with a 6.5% increase in production. This growth contrasts sharply with the global trend, where steel output fell by 0.8%, according to the World Steel Association. Major producers like China, the United States, Japan, and Russia recorded declines, while countries such as the UK, Argentina, and Pakistan saw even steeper drops.

    The global steel crisis has forced several major plants to halt operations, including Hyundai Steel’s Pohang-2 in South Korea, Acerinox in Spain, and Huachipato in Chile, which closed after 74 years of operation. Similarly, facilities in the US and Portugal have been temporarily idled.

    Kazakhstan’s success is attributed to strategic investments in domestic raw materials and the expansion of production at the Qarmet metallurgical plant. Yerbol Ismailov, Managing Director of Qarmet, highlighted that the company’s growth was anticipated, driven by $3.5 billion in investmentsand a focus on modernization. Qarmet produced over 3.5 million tons of steel in 2024, a 15% increase from the previous year, with plans to reach 5 million tons annually by 2028.

    However, challenges remain. Competing with China and Russia, which offer lower production costs, has been difficult. Qarmet has addressed this by reducing operational costs by 23.5%, lowering the price per ton of slab from 440∗∗to∗∗320, with a target of $280. The company has also implemented anti-corruption measures, digitized operations, and optimized procurement processes to enhance efficiency.

    Despite rumors of financial instability, Qarmet has invested heavily in worker safety, digitalization, and waste management, underscoring its commitment to sustainable growth.

  • Uzbekistan and France Strengthen Economic Partnership Through Uranium Mining Initiatives

    Uzbekistan and France Strengthen Economic Partnership Through Uranium Mining Initiatives

    (Paris, France) – Uzbekistan and France are deepening their economic partnership, forging new trade agreements and collaborations that could reshape the energy landscape of Central Asia. French nuclear giant Orano signed a major agreement during President Shavkat Mirziyoyev’s state visit to Paris earlier this month, signifying a significant leap forward in uranium mining cooperation between the two nations.

    The details of the agreement, estimated to be worth billions of euros, remain undisclosed. However, sources indicate it involves Orano increasing its current uranium mining operations in Uzbekistan and potentially expanding into new areas. Uzbekistan, holding significant uranium reserves, is keen to develop its nuclear energy sector and position itself as a key supplier to international markets.

    This multi-million-euro deal builds on a series of agreements signed during President Mirziyoyev’s visit, totaling up to €12 billion in investments across diverse sectors like infrastructure, energy, and water management.

    “Uzbekistan views France as a key strategic partner in its drive to modernize its economy and transition towards cleaner energy sources,” said a senior Uzbek government official, speaking on condition of anonymity. “This partnership opens doors for significant technological transfer and investment in Uzbekistan’s nuclear sector.”

    French companies, including Suez and Orano, are already actively investing in Uzbekistan, contributing to key sectors like utilities and resource development. The France-Uzbekistan Chamber of Commerce, launched last year, further underscores the growing bilateral economic ties.

    Critics, however, raise concerns regarding the environmental and social impacts of expanding uranium mining operations in Uzbekistan. They call for greater transparency and stringent safety regulations to ensure responsible resource development and protect local communities.

  • Kazatomprom Reports Record Production and Revenue in 2024

    Kazatomprom Reports Record Production and Revenue in 2024

    Astana, March 20, 2025 – President Kassym-Jomart Tokayev recently held a meeting with Meirzhan Yusupov, Chairman of the Board of JSC “National Atomic Company Kazatomprom.” The discussion revolved around the company’s 2024 operational results, as well as its short- and mid-term goals.

    During the meeting, it was reported that uranium production exceeded 23,000 tons last year, with over 16,600 tons sold across the group. Kazatomprom’s consolidated revenue reached a record-breaking 1.8 trillion tenge, marking a 26% increase from 2023. Tax contributions to the national budget surged to 720 billion tenge, representing a 58% rise compared to the previous year.

    The President was briefed on global market developments, new contracts for the supply of natural uranium concentrate, and progress on several investment projects. Notably, the Ulba-TVS plant achieved its full production capacity of 200 tons of low-enriched uranium annually in 2024, marking a significant milestone for the industry.

    A key point of discussion was Kazatomprom’s new development strategy for 2025-2034. This initiative focuses on expanding and efficiently utilizing the nation’s mineral resource base. Licenses for uranium exploration in promising areas with an estimated resource potential of 170,000 tons were acquired last year.

    Mr. Yusupov highlighted recent international collaborations, including agreements with Tajikistan on rare and rare-earth metal processing, with France on workforce training for the nuclear sector, and with Mongolia and Jordan on joint uranium exploration projects.

    Additionally, the President was informed about Kazatomprom’s socially significant initiatives aimed at regional development and support. In 2024, over 3.7 billion tenge was allocated for these projects.

    At the conclusion of the meeting, President Tokayev set forth tasks to further enhance Kazatomprom’s operations and its participation in implementing socially impactful projects.

  • Kazkahmys Halts Operations Over Safety Concerns

    Kazkahmys Halts Operations Over Safety Concerns

    Kazakhmys, the Central Asian mining giant, has announced a temporary shutdown of its higher-risk production facilities across Kazakhstan for a comprehensive safety review. The company will be halting operations at various sites in stages, following a pre-determined schedule.

    This decision comes after management identified a need to strengthen industrial safety and workplace protections.

    Phased Shutdown Schedule:

    • March 20: Eastern Jezkazgan, Abyz, Sayak, Konirat mines; Nurkazgan, Karagaylin, Balakhsh concentrating mills; repair and maintenance, construction, foundry-mechanical plant, and energy repair specialists’ management units.
    • March 21: Southern Jezkazgan, Akbasta, Khachikong, Shatyrkol, Zaysan mines.
    • March 22: Western Jezkazgan mine.
    • March 23: Zhylandi mine.
    • March 24: Jezkazgan concentrating mill.
    • A review is ongoing at the Jomaart mine, which was temporarily halted earlier.

    A dedicated commission has been established to meticulously inspect all operations to ensure compliance with safety regulations. Operations at each site will only resume after all identified violations are rectified and safe working conditions are confirmed.

    “Kazakhmys is fully committed to the well-being of its employees,” said Arman Tleukenenov, an official representative of the Kazakhmys Corporation. “During this temporary shutdown, all employees will continue to receive their full salaries. This demonstrates our dedication to labour rights and workplace safety.”

    Kazakhmys Group is determined to fortify its safety protocols across all its facilities. This initiative will involve strengthening oversight to ensure compliance with all regulations and implementing additional measures to enhance working conditions.

  • Qarmet Reports Robust Growth in 2024 and Ambitious Targets for 2025

    Qarmet Reports Robust Growth in 2024 and Ambitious Targets for 2025

    Kazakhstan’s leading steel producer Qarmet has announced impressive results for 2024 and outlined ambitious plans for the coming year. The company, formerly known as ArcelorMittal Temirtau, demonstrated significant growth across all its major departments.

    Steel Department: Five-Year Production Record
    The company’s Steel Department posted a production volume of 3.5 million tons, marking a notable 16% increase compared to the previous period. May 2024 saw a production peak of 330,000 tons, the highest in five years, showcasing the department’s efficiency and growth trajectory.

    Coal Department: Solid Gains
    The Coal Department mined 6.6 million tons of coal in 2024, reflecting an 8.2% increase from the prior period. This consistent growth underscores Qarmet’s strategic focus on optimizing operations and meeting market demands.

    Iron Ore Department: Leading the Charge
    2024 was a standout year for the Iron Ore Department, which achieved a production volume of 3.3 million tons—an impressive 23% surge compared to the previous period. This sharp growth highlights the department’s strong operational performance.

    Environment & Safety: Significant Progress
    Qarmet’s commitment to sustainability was evident in its ecological and safety initiatives. Preliminary degassing of mines in 2024 resulted in a 50% reduction in methane gas levels, emphasizing the company’s focus on environmental responsibility and worker safety.

    Ambitious Goals for 2025
    Qarmet aims to build on its 2024 successes by achieving a 5% increase in production across steel, coal, and iron ore.

    The targets for 2025 are:

    • Steel: 3.7 million tons
    • Coal: 7.0 million tons
    • Iron Ore: 3.5 million tons

    With a strong foundation and ambitious plans, Qarmet is poised for continued growth and leadership in its sectors, combining operational excellence with a commitment to sustainability and innovation.