MINEX Forum

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  • Dundee Precious Metals Wins Court Approval for $1.25B Acquisition of Adriatic Metals

    Dundee Precious Metals Wins Court Approval for $1.25B Acquisition of Adriatic Metals

    Dundee Precious Metals (TSX: DPM) has received final UK court approval for its $1.25 billion cash-and-stock acquisition of Adriatic Metals (LON: ADT1), clearing the way for the deal to close this week. The High Court of Justice in England and Wales sanctioned the merger on Friday, with completion expected on Wednesday.

    Following the transaction, Dundee and Adriatic shareholders will hold 75.3% and 24.7% of the combined company respectively. Global headquarters will remain in Toronto, while Adriatic’s UK office will shut down. Dundee has also secured approval for a listing on the Australian exchange, with quotation details to follow.

    The acquisition expands Dundee’s Balkan footprint by adding Adriatic’s flagship Vareš silver-zinc mine in Bosnia and the Raška project in Serbia. The Vareš operation, which produced its first concentrate in early 2024, is Europe’s first new mine in over a decade. It has a projected 15-year life, supported by an ore reserve of 12.3 million tonnes grading 192 g/t silver and 5.7% zinc, with annual output capacity of 90,000 tonnes of zinc concentrates and 65,000 tonnes of silver-lead concentrates.

    “The Vareš is a logical fit with our portfolio, and adds near-term production growth and mine life, a highly prospective land package, and cash flow diversification,” Dundee CEO David Rae said at the time of the acquisition announcement in June.

    Adriatic acquired Vareš in 2017 with the aim of reviving a historic silver mine abandoned during the 1990s Balkan conflict. Its integration into Dundee’s portfolio positions the Canadian miner for stronger production growth and broader commodity exposure.

  • Germany Urges EU Action to Curb Copper Scrap Exports to China

    Germany Urges EU Action to Curb Copper Scrap Exports to China

    Germany’s Economy Minister Katherina Reiche has called on the European Union to act against “huge” flows of copper scrap being shipped to China, warning that European smelters are losing access to vital raw materials.

    “The Chinese are buying copper scrap from the market in huge quantities,” Reiche said at a Siemens Energy event in Berlin on Monday. “Large German copper smelters are no longer getting any raw materials.”

    Reiche urged the creation of EU-wide policies to stop China from outbidding European firms for scrap, framing the issue as part of a broader push to strengthen Europe’s economic resilience. She did not outline specific restrictions but said the debate should sit alongside Europe’s wider trade and industrial policies.

    The remarks underscore how global commodities supply chains are becoming increasingly politicized, a trend sharpened by US President Donald Trump’s protectionist policies. Any EU move to limit copper scrap exports would add to existing trade tensions with Beijing, already strained over Chinese electric vehicle exports.

    China has steadily increased scrap copper imports over the past five years as its smelters expand production and mined ore becomes more expensive. With US shipments collapsing this year, Chinese buyers have turned to other markets, including Europe. Imports from EU nations hit 204,000 tons in the first seven months of 2025, up 3.5% year-on-year, representing about 15% of China’s total scrap intake.

    Reiche also emphasized the need for Europe to promote domestic mining of lithium and rare earths, critical to energy transition technologies, to reduce reliance on external suppliers.

  • Kiruna Seeks Government Help as Iron Ore Mine Expansion Forces Relocation of One-Third of Residents

    Kiruna Seeks Government Help as Iron Ore Mine Expansion Forces Relocation of One-Third of Residents

    The Arctic town of Kiruna, already known for its unprecedented relocation to accommodate mining activity, now faces another massive move. Municipal officials say 2,700 additional homes and some 6,000 residents — a third of the town’s population — will need to be relocated over the next decade due to the planned expansion of LKAB’s giant underground iron ore mine.

    “I call on the Swedish government to contact Kiruna municipality as quickly as possible. We can’t manage without help from the state and the government in this situation,” municipal leader Mats Taaveniku told reporters on Friday.

    State-owned miner LKAB, which operates the world’s largest underground iron ore mine, confirmed in updated forecasts on Thursday that relocation must begin immediately to secure operations until and beyond 2035.

    The latest phase follows earlier moves: in 2022, a new retail district opened 3 km from the original town center, and just this month Kiruna’s historic church was physically transported to a new location.

    Sweden’s Minister for Energy, Business and Industry, Ebba Busch, said the government had contacted the municipality and acknowledged the complexity of balancing “different national interests.” She emphasized that LKAB had committed to providing compensation and welcomed the company’s continued investments in Norrbotten, which she said would safeguard jobs and reduce reliance on “dangerous states” for raw materials.

  • Ukraine Opens Lithium Tender at Dobra Deposit Amid Ownership Dispute

    Ukraine Opens Lithium Tender at Dobra Deposit Amid Ownership Dispute

    Ukraine has launched a tender for the right to develop the Dobra lithium deposit in the central Kirovohrad region, a move hailed as a cornerstone of its new minerals cooperation deal with the United States. The announcement, made by Prime Minister Yulia Svyrydenko, underscores Kyiv’s strategy to leverage its critical mineral wealth — estimated at around 5% of global reserves — to attract Western investment and reduce dependence on China for processing.

    Lithium, essential for battery production, is considered one of Ukraine’s most strategic assets, with the Dobra site believed to hold significant reserves. The government said the winning bidder would sign a 50-year agreement and commit to at least $179 million in investment covering geological exploration, production, and enrichment. “We expect an investor who will ensure not only extraction but also the development of value-added,” Svyrydenko noted.

    The tender, however, risks being overshadowed by a looming legal dispute. Nasdaq-listed Critical Metals (NASDAQ: CRML) and its top shareholder, Australia’s European Lithium (ASX: EUR), claim rights to the project. Board member Mykhailo Zhernov told the Financial Times in July that the Dobra licence had been due to go to Petro Consulting — later acquired by European Lithium — under a prior court ruling. “It is our licence, it is our rights. You cannot propose something for another investor before you finish with us,” Zhernov said. Neither company has provided documentation to substantiate the claim.

    Meanwhile, US-backed mining investor TechMet, which counts Washington among its largest shareholders, confirmed it will bid. CEO Brian Menell said the company has been evaluating the project since 2023 and sees it as a strategic opportunity.

    The Dobra tender is the first major initiative under the April minerals cooperation agreement between Kyiv and Washington, part of President Donald Trump’s transactional approach to Ukraine. The pact gives US firms preferential access to mining projects, with profits earmarked for reinvestment in Ukraine.

  • Mining Turns to Waste Reprocessing, AI, and Bio-Tech to Meet Global Copper and Critical Metal Demand

    Mining Turns to Waste Reprocessing, AI, and Bio-Tech to Meet Global Copper and Critical Metal Demand

    The global pivot away from fossil fuels is creating unprecedented demand for copper and other critical minerals, but the mining industry faces a daunting challenge: falling ore grades, scarce new discoveries, and project timelines that can stretch over a decade. To bridge the gap, miners are reviving old waste, deploying advanced processing technologies, and turning to artificial intelligence.

    Between 1910 and 2010, an estimated 100 million tonnes of copper were discarded into tailings ponds, according to Germany’s Fraunhofer Institute. These legacy deposits are now being seen as a resource. Rio Tinto has already extracted scandium and tellurium from waste streams, while Hudbay Minerals is evaluating re-mining opportunities at its closed Flin Flon mine in Canada. Australia’s Cobalt Blue Holdings is studying pyrite tailings as a potential sulphur source, and India’s Hindustan Zinc has committed $438 million to process 10 million tonnes of tailings per year at its Rampura Agucha mine.

    At the same time, miners are working to reduce waste from new operations. Glencore’s ISAMill and Albion Process are enabling higher recovery rates with lower water use, while US bio-tech firm Allonnia has developed D-Solve, a microbial process that removes impurities like magnesium. At the Eagle nickel mine in the US, Allonnia is piloting a system that boosts nickel grades by 18% while cutting impurities by 40%.

    Artificial intelligence is becoming a central driver of efficiency. BHP uses generative AI and digital twin technology at its Escondida copper mine in Chile to optimize blasting, blending, and mill performance. Freeport-McMoRan, working with McKinsey, trialed AI at its Baghdad mine in Arizona, achieving a 5–10% increase in copper production. Rolling this out across its US operations could add 90,000 tonnes of copper annually — equivalent to a new $1.5 billion processing plant, but without the decade-long construction timeline.

    The push to reprocess waste, integrate bio-engineering, and apply AI represents a quiet revolution in one of the world’s oldest industries. If successful, it could transform mining from one of the planet’s most polluting activities into a cleaner, more efficient sector — ensuring that the energy transition has the metals it needs.

  • Kazakhstan and US Forge Strategic Alliance in Rare Earth Exploration

    Kazakhstan and US Forge Strategic Alliance in Rare Earth Exploration

    Kazakhstan’s state mining company, Tau-Ken Samruk, and US-based Cove Capital are set to begin geological exploration at the Akbulak site in the Kostanai Region, targeting the discovery of rare earth elements in a significant international venture.

    “This initiative reflects our commitment to modernising industry and infrastructure while building a research base capable of supporting high-technology sectors,” said a spokesperson for the Samruk Kazyna Sovereign Wealth Fund.

    The exploration forms part of a wider strategic partnership between the firms, focusing on advancing high-potential industries. In line with this, Kazakhstan aims to overhaul its production capabilities, introduce advanced processing technologies, and further strengthen its scientific foundation.

    According to the Ministry of Industry and Construction, rare and rare-earth metals contribute 2.4% of the nation’s metallurgy output. Since 2018, the government has allocated 67 billion tenge (£114 million) to support the industry. Large-scale geological surveys are ongoing, with 25 sites across 100,000 square kilometres and 38 promising mineral deposits identified in 2024 alone.

    Currently, Kazakhstan produces a wide array of strategic metals including beryllium, tantalum, niobium, scandium, titanium, rhenium, and osmium, with by-products such as bismuth, antimony, selenium, and tellurium. Technologies for extracting gallium and indium are also in place. Future economic opportunities are seen particularly in the production and recycling of battery materials, heat-resistant alloys, semiconductor materials, and permanent magnets.

  • Labour Costs Climb in Kazakhstan’s Mining Sector Amid Industry Expansion

    Labour Costs Climb in Kazakhstan’s Mining Sector Amid Industry Expansion

    Kazakhstan’s mining industry is seeing a notable surge in labour costs as companies compete for skilled workers in a tight labour market. Official figures reveal that wages in the sector are outpacing the national average, a trend that is putting upward pressure on operational expenses for mining firms.

    According to data from the Bureau of National Statistics (BNS), the average nominal salary in the mining and quarrying sector reached 888,900 Tenge (approximately $1,650 USD) in the second quarter of 2025. This makes it the second-highest paying industry after the financial sector. This rise is particularly pronounced when compared to the broader economy, with nominal wages in mining increasing by 12.9% in the first half of the year, while the national average grew by 10.7%.

    This overall average, however, is skewed by high salaries in the oil and gas subsector. For example, workers in crude oil and natural gas extraction earn an average nominal salary of 1.4 million Tenge (approximately $2,600 USD). In contrast, those in coal mining and metal ore extraction earn significantly less, at 673,100 Tenge (approximately $1,250 USD) and 698,000 Tenge (approximately $1,290 USD), respectively.

    Mining companies are facing pressure to offer competitive salaries to attract and retain talent, especially in physically demanding and high-risk roles. Vacancies for underground miners on job sites like Enbek.kz and Hh.kz offer salaries ranging from 165,300 to 500,000 Tenge (approximately $300 to $925 USD), with experienced roles like mine foreman and driller commanding salaries between 400,000 and 500,000 Tenge.

    While nominal wages provide a statistical average, they often don’t reflect the reality for most workers. The most common or modal salary is typically much lower, often only 30-50% of the nominal figure. In 2024, the modal salary in the mining sector was 372,600 Tenge (approximately $690 USD), approximately 43% of the nominal average of 866,500 Tenge (approximately $1,600 USD), closely aligning with the current salary offers for entry-level positions.

    Despite the challenges of rising costs, the increase in wages also reflects a growth in purchasing power. Real wages in the mining industry grew by 2.3% in the first half of 2025, significantly higher than the 0.3% growth seen across the wider economy.

  • Online Auction for Gold-Bearing Pirali Site in Navoi Region Closes with Record Bid

    Online Auction for Gold-Bearing Pirali Site in Navoi Region Closes with Record Bid

    Tashkent, Uzbekistan — An online auction for the right to conduct geological exploration at the gold-bearing Pirali site in Navoi region has concluded with a record-breaking bid, according to the official website of the E-auksion platform.

    The bidding process, which began on the morning of August 21, lasted 23 hours and 29 minutes, with a total of 461 bids placed. The winning bid was submitted by NBK 111, offering 99.09 billion soums—24 times higher than the starting price.

    Winner and Company Background

    According to the Unified State Register of Enterprises and Organizations (EGRPO), NBK 111 was registered in Tashkent in May 2024 and specializes in the mining of non-ferrous metal ores. The company’s charter capital stands at 1.005 billion soums. A 40% stake in NBK 111 is owned by Chinese citizen Zhang Qian, while the remaining 60% is controlled by Nurmahmad Pulatov. Pulatov also holds significant stakes in other enterprises, including a 90.7% share in Quwwatt Group (glass production in Jizzakh) and a 100% stake in BEEK Electro (electrical appliance manufacturing). All three companies share the same contact phone number, indicating potential business ties.

    Site Details and Gold Reserves

    The Pirali site covers an area of 484 hectares and is located in the Navbahor district, approximately 20.5 kilometers northwest of Zafarabad settlement and 38.5 kilometers north of the city of Navoi. Preliminary estimates suggest that the site contains gold reserves of around 2.4 tons.

    Recent Auction Activity

    This week has seen significant activity in the auctioning of major gold deposits in Uzbekistan. The Temirchi site in Navoi region was sold for 67.78 billion soums, while the Terekli site near Almalyk saw its price surge nearly 20-fold to 81.8 billion soums.

    The successful auction of the Pirali site underscores the growing interest in Uzbekistan’s mineral resources and the competitive nature of the country’s mining sector.

  • Dundee Precious Metals Shareholders Approve Adriatic Metals Acquisition and Corporate Rebranding

    Dundee Precious Metals Shareholders Approve Adriatic Metals Acquisition and Corporate Rebranding

    August 13, 2025

    Toronto, Canada – Dundee Precious Metals Inc. (TSX: DPM) has announced the results of its special meeting held on August 13, 2025, where shareholders overwhelmingly approved two key resolutions: the issuance of common shares in connection with the acquisition of Adriatic Metals plc and a name change for the company.

    Shareholder Approval for Acquisition and Name Change

    Shareholders voted to approve the issuance of DPM common shares as part of its proposed acquisition of Adriatic Metals plc, to be effected by a scheme of arrangement under Part 26 of the Companies Act. Additionally, shareholders approved an amendment to the company’s articles to change its name to “DPM Metals Inc.” or another name as approved by the board of directors, subject to regulatory approval.

    The voting results were as follows:

    Share Issuance: 121,852,918 votes in favor (99.73% of votes cast), 329,765 votes against (0.27%).
    Name Change: 125,346,665 votes in favor (99.81% of votes cast), 236,902 votes against (0.19%).
    A total of 122,182,683 shares were voted for the share issuance, representing approximately 73.19% of the issued and outstanding DPM shares. For the name change, 125,583,567 shares were voted, representing approximately 75.23% of the issued and outstanding DPM shares.

    Adriatic Shareholder Approval

    DPM also confirmed that Adriatic Metals plc has received the requisite shareholder approvals for the scheme of arrangement at its Court Meeting and General Meeting, both held earlier today.

    Next Steps and Completion of Acquisition

    The completion of the acquisition remains subject to the sanctioning of the scheme by the High Court of Justice in England and Wales, the delivery of a copy of the Court’s order to the Registrar of Companies in England and Wales, and the satisfaction or waiver of other conditions set out in the scheme document. The hearing for the Court’s sanction is currently scheduled for August 29, 2025. As announced by Adriatic, the scheme is expected to become effective on September 3, 2025.

  • Astana and Amman to Establish Joint Venture for Uranium Development in Jordan

    Astana and Amman to Establish Joint Venture for Uranium Development in Jordan

    Tuesday, 27 August 2025

    Kazakhstan and Jordan have announced plans to create a joint venture for the development of uranium deposits in Jordan. The agreement was revealed by Nurlan Zhakupov, Chairman of the Board of the “Samruk-Kazyna” Sovereign Wealth Fund, during a press briefing on Wednesday.

    According to Zhakupov, the joint venture will be established between Kazatomprom, Kazakhstan’s national uranium company, and Jordan’s national uranium company. The agreement, signed during the visit of Jordan’s King Abdullah II, is a legally binding document that outlines the creation of the joint venture by the end of 2026.

    Scientific and Industrial Collaboration

    Under the agreement, both parties will conduct scientific research and pilot industrial work to assess the extractability and enrichability of uranium in Jordan. If the results are positive, the joint venture will be finalized by the end of 2026, with Kazatomprom holding a 70% stake and the Jordanian company owning the remaining 30%.

    Kazatomprom, the national operator for uranium exports and related products in Kazakhstan, operates under the management of the “Samruk-Kazyna” fund. The company is responsible for the export of uranium, rare metals, nuclear fuel for power plants, and specialized equipment.

    Previous Agreements and Future Prospects

    In February 2025, Kazatomprom and the Jordan Uranium Mining Company (JUMCO) signed a memorandum of cooperation to jointly study projects related to uranium exploration and mining in Jordan. The decision to collaborate was made during the fifth meeting of the Kazakh-Jordanian intergovernmental commission at the end of 2024.

    The establishment of this joint venture underscores the strategic cooperation between Kazakhstan and Jordan in the nuclear energy sector, with both countries aiming to leverage their resources for mutual economic benefit.