MINEX Forum

Website: Asia.com

  • Canadian Investor Completes Field Studies Near Ekibastuz, Plans Drilling Campaign

    Canadian Investor Completes Field Studies Near Ekibastuz, Plans Drilling Campaign

    A Canadian investor has concluded field studies on prospective sites near Ekibastuz and plans to begin exploration drilling in early 2025, reports Kursiv.

    Arras Minerals, which has been exploring copper and gold deposits in Kazakhstan for several years, is focusing on areas in the Pavlodar region. In 2023, the company surveyed blocks spanning 1,700 km², collecting 35,000 samples. These exploration efforts are concentrated near existing Arras Minerals projects, including Beskauga, Tau, and Elemess.

    The primary site, covering 1,300 km², lies adjacent to the Bozshakol copper mine operated by KAZ Minerals, located 56 km northwest of Ekibastuz. A secondary site, situated 90 km southeast of the city, has been divided into the Norgubekand Akkuduk projects.

    Arras Minerals plans to continue drilling operations in 2025. The company holds the third-largest license portfolio for copper and gold exploration in Kazakhstan, following major international players Rio Tinto and Fortescue.

    Meanwhile, another major project in the Pavlodar region is underway. By the end of 2026, Fonet Er-Tai Mining aims to launch a hydrometallurgical plant capable of producing up to 5,000 tons of cathode copper annually, further boosting the region’s metallurgical industry.

  • Solidcore Resources Extends $96 Million Loan to Bai Tau Minerals for Copper and Gold Exploration in Kazakhstan

    Solidcore Resources Extends $96 Million Loan to Bai Tau Minerals for Copper and Gold Exploration in Kazakhstan

    Solidcore Resources plc (“Solidcore”) has announced a $96 million investment loan to Bai Tau Minerals (BTM), a junior exploration company specializing in copper and gold projects in Kazakhstan. This partnership aims to unlock the country’s vast copper resource potential while providing Solidcore with strategic access to key mineral assets.

    BTM’s portfolio comprises over 15 copper-porphyry and gold projects spanning 1,000 km², including Besshoky in the Karaganda region and East Balkhash-2 in Jetisu, two advanced projects with significant resource potential. The three-year loan, secured by a pledge of interest in BTM and its subsidiaries, will fund further exploration activities.

    Vitaly Nesis, Group CEO of Solidcore Resources plc, described the agreement as an industry-recognized financing mechanism. He highlighted the deal’s value in providing risk-adjusted access to green metal resources and BTM’s expertise in mineral exploration.

    The loan also grants Solidcore a right-of-first-refusal (ROFR) on any ownership transactions involving BTM or its subsidiaries, ensuring strategic exclusivity on key assets. Furthermore, broad access to BTM’s financial and technical data will facilitate accurate project valuation and support future acquisition or investment decisions.

    This partnership positions Solidcore to benefit from potentially large copper resource discoveries with limited downside risk, enhancing its strategic focus on green metals for global markets.

     

  • Solidcore Resources Announces Strategic Exploration Partnership with Bai Tau Minerals

    Solidcore Resources Announces Strategic Exploration Partnership with Bai Tau Minerals

    Solidcore Resources plc has entered into a strategic partnership with Bai Tau Minerals (“BTM”), a Kazakhstan-based junior exploration company, by extending a US$96 million investment loan. This collaboration aims to accelerate the development of BTM’s portfolio of copper and gold projects in Kazakhstan, a region with significant untapped resource potential.

    “BTM is a team of experienced geology professionals working towards unlocking Kazakhstan’s significant copper resource potential. Our agreement represents an efficient, industry-recognized financing mechanism, enabling our partner to accelerate the resource assessment. In turn, it provides us with strategic risk-adjusted access to valuable green metals resources and BTM’s mineral exploration expertise,” said Vitaly Nesis, Group CEO of Solidcore Resources plc.

    BTM’s extensive portfolio spans over 15 copper-porphyry and gold projects, covering more than 1,000 square kilometers. Among its assets, Besshoky in the Karaganda region and East Balkhash-2 in the Jetisu region are at the most advanced stages, demonstrating significant resource potential.

    The US$96 million loan, secured by a pledge of interest in BTM and its subsidiaries, will fund exploration activities. The three-year loan term provides Solidcore with comprehensive access to BTM’s financial and technical data, enabling accurate project valuation and informed decisions on potential future investments.

    As part of the agreement, Solidcore has secured a right-of-first-refusal (ROFR) on transactions involving ownership interests in BTM or its subsidiaries funded by the loan. This provision grants Solidcore strategic exclusivity on key assets.

    The partnership underscores Solidcore’s strategic focus on green metals and the discovery of potentially large copper resources, offering significant upside potential while minimizing downside risk.

  • Tajikistan Backs “Green Corridor” Initiative, Eyes Enhanced Regional Cooperation

    Tajikistan Backs “Green Corridor” Initiative, Eyes Enhanced Regional Cooperation

    Tajikistan has announced its support for the creation of a “green corridor” connecting Azerbaijan, Kazakhstan, and Uzbekistan, signaling a commitment to enhanced regional collaboration. In an interview with Report, Jamshed Shoimzoda, Tajikistan’s First Deputy Minister of Energy and Water Resources, highlighted the country’s untapped hydropower potential, noting that only 5% of it is currently utilized. Remarkably, 95% of Tajikistan’s energy production is already green, Shoimzoda stated.

    He emphasized that if Tajikistan’s full potential were harnessed, the energy generated would exceed the combined needs of Central Asian countries by four times. Shoimzoda also praised Azerbaijan’s efforts to establish transport corridors linking Central Asia to Europe, which could enable Tajikistan to deliver its green energy not only regionally but also to European markets.

    Shoimzoda noted that advancements in technology and lower costs have made this project feasible, despite its technical challenges two decades ago. In addition to energy, Tajikistan and Azerbaijan are exploring cooperation in mineral resource development. At a recent intergovernmental meeting, the two nations discussed leveraging Azerbaijan’s experience in this field to support Tajikistan’s burgeoning extraction industry.

  • Kazakhstan Secures $370 Million in Hungarian Investments

    Kazakhstan Secures $370 Million in Hungarian Investments

    Since 2005, Kazakhstan has attracted $370 million in Hungarian investments, President Kassym-Jomart Tokayevannounced during a joint press conference with Hungarian Prime Minister Viktor Orbán in Budapest, as reported by Trend.

    The president noted a growing interest among Hungarian companies in investment opportunities within Kazakhstan. Key discussions were held with leaders from major firms such as MOL, OTP Group, and Gedeon Richter. Highlighting this partnership, Kazakhstan signed an agreement with UBM Holding to construct three feed production plants worth $62 million.

    Tokayev emphasized the potential for collaboration in sectors like rare metals mining and processing, water resource management, and agriculture. He outlined priorities including trade diversification, adopting cutting-edge technologies, and enhancing partnerships in energy, digitalization, and transport. These initiatives, supported by the Kazakh-Hungarian Intergovernmental Commission and Strategic Council, aim to deepen economic and investment ties.

  • Canadian Company to Search for Copper and Gold in Pavlodar Region in Kazakhstan

    Canadian Company to Search for Copper and Gold in Pavlodar Region in Kazakhstan

    A Canadian company, Arras Minerals, is set to initiate active drilling in the first half of 2025 to locate copper and gold deposits in the Pavlodar region, according to the company’s press service.

    Arras Minerals has announced that it conducted extensive geological exploration in 2024 across an area of 1,700 square kilometres near its Beskauga, Elemes, and Tau projects, which are situated near Ekibastuz. During this fieldwork, the company drilled 435 holes and collected 35,000 soil samples. The exploration identified promising areas for drilling, which are scheduled to commence in 2025.

    “It is excellent to see the significant progress the Arras-Teck Exploration alliance has made in exploring this promising and underexplored area. We plan to start drilling on several priority copper targets, which have not been explored previously and are under shallow cover, in the first half of 2025,” stated CEO Tim Barry.

    The surveys were carried out at two sites. The first site, covering an area of 1,300 square kilometres, is located 56 kilometres northwest of Ekibastuz and includes the Bozshakol mine of KAZ Minerals. The second site, situated 90 kilometres southeast of Ekibastuz, is divided into the Akkuduk and Norgubek projects.

    Arras holds the third-largest copper and gold mining licence portfolio in Kazakhstan, following Rio Tinto and Fortescue. In December 2023, the company entered into an agreement with another Canadian firm, Teck Resources Limited, under which TRL will finance Arras’ $5 million exploration programme for 2024-2025. Teck also holds a 10% stake in the Beskauga project.

    In late September, Arras Minerals President Darren Klink admitted in an interview with Kitco Mining at the Precious Metals Summit in Canada that he had little knowledge of Kazakhstan three years ago but now considers the country one of the easiest places he has worked in over the last 20 years.

    “This is really a nation that has undergone significant changes even in the last five or six years. They have done an excellent job of reforming all aspects of business, but in terms of mining, they have essentially adopted the Western Australian mining code, incorporating good elements from Ontario and Quebec. Now, the major mining companies are starting to invest. From my perspective, it has been nothing but positive surprises, and from a jurisdictional standpoint, it is probably one of the most comfortable places I have worked in the last 20 years,” Klink said.

  • Kazatomprom Expands Uranium Exploration with New License

    Kazatomprom Expands Uranium Exploration with New License

    Kazakhstan’s national atomic company, Kazatomprom, has added a new license for geological exploration to its portfolio, focusing on the Budyonovskoye area. According to an announcement on the company’s official website, Kazatomprom is set to explore uranium deposits in the “Severnoye” block.

    The newly targeted site is located in the Shu-Sarysu Uranium Province in the Suzak district of the Turkestan region. Kazatomprom has secured a six-year subsoil use contract, with an option to extend it for an additional five years. Preliminary estimates place the predictive uranium resources at over 100,000 tons, classified as R1 and R2. During the contract period, the company plans to reassess these resources and elevate them to higher confidence categories, C1 and C2.

    According to Meirzhan Yusupov, Chairman of Kazatomprom, the Severnoye block has substantial potential, thanks to its large metal reserves, favorable geological conditions, and proximity to the company’s other operational uranium projects.

    Earlier this fall, Kazatomprom received a license to explore Block No. 5 on the southern flank of the Budyonovskoye area. However, its estimated reserves are comparatively smaller at 18,000 tons of uranium.

  • Tascara Resumes Precious Metal Mining in East Kazakhstan

    Tascara Resumes Precious Metal Mining in East Kazakhstan

    The mining company Tascara LLP has announced plans to resume precious metal extraction at the Tascara deposit in East Kazakhstan, a site that has remained dormant for several years. Initially developed during the Soviet era, the deposit is now the focus of a new project submitted to Kazakhstan’s Unified Environmental Portal for regulatory review.

    The original development plan, crafted by the GINalmazzoloto Institute in 1990, involved mining through sublevel drifts and ore extraction via upward drilling fans. The current plan continues with underground mining methods, reflecting the limited remaining reserves at the site. Mining operations are projected to run from 2027 to 2029, preceded by two years of preparatory works.

    To date, Zone I of the deposit has been mined to a depth of 190 meters, while Zone III reaches 84 meters. Remaining reserves include 93,863 tons of ore, with an average gold content of 6.2 g/t and silver content of 3.9 g/t. The company plans to extract over 31,000 tons of ore annually.

    Additionally, Tascara intends to submit a separate proposal for constructing a gold extraction plant to process the mined material, marking a significant step toward expanding its operations in the region.

  • Erdene Resource Development Corp. Reports Q3 2024 Results

    Erdene Resource Development Corp. Reports Q3 2024 Results

    Erdene Resource Development Corp. (TSX: ERD | MSE: ERDN) has provided an update on the Bayan Khundii Gold Project, marking continued progress in its development with Mongolian Mining Corporation (MMC). The company’s third-quarter results for 2024 show substantial advancement on the project and improved drilling results.

    Key Project Updates:

    Construction Progress: As of September 30, 2024, the Bayan Khundii Gold Mine reached 45% completion, with the process plant (critical to the project) approximately 55% complete. Major mechanical equipment, including SAG and ball mills, has been installed, and construction of key infrastructure, such as the 400-person accommodation complex and 110 kV transmission line, is proceeding well.

    Timeline: Erdene anticipates commissioning of the plant in Q2 2025, with first gold production expected by mid-2025 and commercial production by Q3 2025.

    Drilling Success: Expansion drilling adjacent to the planned open-pit area at Bayan Khundii returned the highest-grade results to date. Significant intersections include 7.3 g/t gold over 42 metres at Striker West, indicating strong growth potential and resource expansion near the open pit.

    Financial Results:

    Net Loss: Erdene reported a net loss of $1.69 million for Q3 2024, compared to a loss of $1.20 million in the same period in 2023. Exploration and evaluation expenses remained stable at $215,903.

    Capital Expenditures: Approximately $70 million had been spent on the project by the end of Q3 2024. The company anticipates potential cost increases due to delays from weather and logistics but expects these to be manageable within available funding.

    Other Highlights:

    Community Development: Erdene has supported local community initiatives, including the improvement of water wells and ongoing recruitment and training for the Bayan Khundii mine workforce, with 140 local trainees selected for equipment operator training.

    Health and Safety: The project achieved over 2 million construction hours without any lost-time or environmental incidents.

    Erdene remains confident in the development of Bayan Khundii, with the strong drill results reinforcing the potential for extending the mine life and expanding its resource base.

    For more information,

    please visit www.erdene.com.

     

  • Orano Mining and Kazatomprom to Launch Uranium Processing Complex in Kazakhstan

    Orano Mining and Kazatomprom to Launch Uranium Processing Complex in Kazakhstan

    A joint venture between French company Orano Mining (51%) and Kazakhstan’s Kazatomprom (49%), known as “KATKO,” is set to begin construction on a new uranium processing complex in the South Kazakhstan’s Turkestan region. The project, located in the Syzak district, is expected to be operational by mid-2025.

    The complex will process productive solutions from the South Tortkuduk section of the Moyinkum deposit to produce a uranium desorbate, an intermediate product, which will be further processed into uranium concentrate. With an expected annual production of 2,045 tons of uranium, the plant will help the joint venture reach its target of 4,000 tons of uranium extraction annually.

    The location is close to key infrastructure, including a 90-kilometer railway line connecting the region to the Zhanatas station. The plant will occupy 39.6 hectares, and its construction will employ a shift work schedule, with two 12-hour shifts.

    KATKO’s revenue for 2023 increased slightly to 147.4 billion KZT, although net profit dropped to 66 billion KZT, reflecting rising production costs. The venture is also planning a significant expansion of its uranium production, with a new mine, “South Tortkuduk,” expected to reach full capacity within the next 15 years.

    This project represents a key development in Kazakhstan’s expanding uranium industry and highlights the country’s growing role in the global nuclear fuel market.