MINEX Forum

Website: Eurasia.com

  • Coal Energy Eyes Polish and Romanian Mines for Revival Despite Phase-Out Plans

    Coal Energy Eyes Polish and Romanian Mines for Revival Despite Phase-Out Plans

    Coal Energy, a Ukrainian-rooted company listed on the Warsaw Stock Exchange, has announced plans to restart coal mining operations in Poland and Romania—specifically targeting previously closed or unprofitable mines. The firm, which once managed 10 coal mines in Ukraine’s Donbas region before losing control of them due to the Russian invasion, now aims to leverage its turnaround experience to breathe new life into dormant European sites.

    One of the company’s main targets is the Siltech mine in Zabrze, Poland, slated for closure at the end of 2025. Despite Poland’s national plan to phase out coal by 2049, Coal Energy sees strategic value in resuming operations at the mine, especially to supply coal back to Ukraine. The firm plans to utilize cost-effective mining technologies to make the project economically viable.

    To fund the endeavor, Coal Energy is looking to raise over PLN 14.5 million (approximately $3.76 million) through the issuance of convertible bonds and warrants aimed at private investors. Alongside coal, the company is also exploring opportunities to mine other critical raw materials, including kaolin, phosphorite, feldspar, sulfur, and limestone.

    Though based in Luxembourg, Coal Energy’s long-standing operational history in Eastern Europe positions it as a potential player in reshaping parts of the region’s post-coal landscape—even amid tightening decarbonization timelines.

  • Finland Tops Global Mining Investment Rankings in 2025 Fraser Institute Survey

    Finland Tops Global Mining Investment Rankings in 2025 Fraser Institute Survey

    Finland has reclaimed its position as the most attractive global jurisdiction for mining investment, topping the Fraser Institute’s 2025 Annual Survey of Mining Companies. The Nordic country soared 16 places to claim first place, pushing Nevada to second and Alaska to third in the rankings.

    The report evaluates 82 jurisdictions based on both mineral potential and policy attractiveness. According to Elmira Aliakbari, co-author of the report and director at the Fraser Institute’s Centre for Natural Resource Studies, “The Fraser Institute’s mining survey is the most comprehensive report on not just a jurisdiction’s mineral potential, but also government policies that either attract or discourage mining investors.”

    The United States dominated the top ten with four states — Nevada, Alaska, Wyoming, and Arizona — while Europe had three entries and Canada followed with two. Saskatchewan maintained its strong performance, ranking seventh globally and leading Canada. Newfoundland and Labrador joined the top ten, buoyed by improved policy perception.

    However, not all Canadian jurisdictions fared well. British Columbia, despite its rich mineral base, continued to underperform due to regulatory uncertainty, land claims issues, and environmental policy challenges. Alberta, although ranked ninth globally on policy alone, did not make the top ten in overall investment attractiveness.

    Australia, another mining powerhouse, also failed to enter the top ten. Western Australia ranked seventeenth, with South Australia, the Northern Territory, and Queensland falling into the 30s.

    Botswana held its position as Africa’s most attractive mining destination but slipped from 15th to 20th overall due to investor concerns over regulatory duplication and legal uncertainty. The policy perception score for Botswana also declined significantly from the previous year.

    At the bottom of the list, Ethiopia was ranked as the least attractive jurisdiction, followed by Suriname and Niger. Nova Scotia represented Canada among the bottom ten, alongside countries such as Mozambique, Madagascar, Bolivia, and South Africa — which continues to slide down the rankings.

    Aliakbari stressed the importance of policy in attracting investment: “A sound, predictable regulatory regime coupled with competitive fiscal policies make a jurisdiction attractive to investors. Policymakers across the globe should understand that mineral deposits alone are not enough.”

    The Fraser Institute survey, a respected benchmark for mining investment sentiment, drew responses from executives and professionals across 82 jurisdictions worldwide.

  • EU Defends $750bn US Energy Deal Amid Climate Neutrality Criticism

    EU Defends $750bn US Energy Deal Amid Climate Neutrality Criticism

    The European Commission has defended its recent commitment to purchase $750 billion worth of US energy over the next three years, asserting that the deal remains in line with the EU’s decarbonisation goals and does not undermine its climate ambitions. The agreement includes increased imports of liquefied natural gas (LNG), oil, and nuclear energy from the United States, aiming to accelerate Europe’s break from Russian energy dependence.

    “The deal is fully compatible with our medium and long-term policy to diversify our energy sources and implement the REPowerEU roadmap,” an EU official stated on Thursday. The Commission reaffirmed its pledge to phase out Russian energy imports “as soon as possible” and reach climate neutrality by 2050.

    The announcement came in response to mounting criticism from environmental groups, particularly the European Environment Bureau (EEB), which described the deal as “fundamentally incompatible” with the bloc’s 2030 climate targets. The EC had recently proposed a draft target to reduce net greenhouse gas emissions by 90% from 1990 levels by 2040.

    Critics argue that current US energy exports to the EU, valued between $90–100 billion annually, would need to more than double to meet the $750 billion commitment. Luke Haywood, head of climate and energy at the EEB, said such an increase contradicts the EU’s need to significantly reduce fossil fuel consumption in order to meet its climate targets.

    “Promising increased fuel imports from a shrinking pie is a very tall order,” Haywood noted. “The future of EU trade lies in renewables, electrification, flexibility, and efficiency — not in fossil fuels.”

    The Commission, however, urged stakeholders not to get “hung up by the numbers,” emphasizing the transitional nature of the deal and its compatibility with long-term climate strategy.

  • Eldorado Gold’s Skouries Project in Greece Hits 70% Completion, First Output Due in 2026

    Eldorado Gold’s Skouries Project in Greece Hits 70% Completion, First Output Due in 2026

    Canadian miner Eldorado Gold has announced that its flagship Skouries copper-gold project in northern Greece is now 70% complete, with first production anticipated in early 2026 and commercial operations slated for mid-year. The project, part of the Kassandra Mines Complex, boasts proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper, with a projected 20-year mine life.

    Skouries is expected to deliver around 140,000 ounces of gold and 67 million pounds of copper annually. Once operational, it will significantly alter Eldorado’s production profile by adding copper revenues and reducing cash costs.

    Construction at the site had previously been suspended between 2017 and 2021 due to permitting delays and local resistance. A revised agreement with the Greek government in 2021 allowed Eldorado to resume development in late 2022.

    “We continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” said CEO George Burns. “We are focused on delivering first production of copper-gold concentrate in Q1 2026.”

    Eldorado raised the project’s capital cost to $1.06 billion earlier this year—$143 million higher than previously forecast—citing a tight labour market in Greece and the need for quicker procurement of large-scale mining equipment. An additional $154 million in operational capital will be needed before commercial output begins.

    In Q2 2025 alone, the company invested $117 million in construction and $27.1 million in operational activities. Cumulative capital spending had reached $705.7 million by the end of June, with another $400–450 million expected for project capital and $80–100 million for pre-production operations through 2025.

    The mine will use a hybrid of open-pit and underground mining methods, and Eldorado sees the project as a “key inflection point” in its long-term strategy.

  • Leaked French Energy Roadmap Signals Shift Toward Nuclear, Delays Renewable Targets

    Leaked French Energy Roadmap Signals Shift Toward Nuclear, Delays Renewable Targets

    A document published Friday by the newly formed Fédération Nationale de l’Énergie Solaire (FNES) reveals the French government’s intention to pivot heavily toward nuclear power while delaying solar and wind deployment targets. Though not officially released, the document was dated today and appeared on LinkedIn, suggesting the roadmap may be imminent.

    According to the statement, the government plans to “increase nuclear development targets” and raise operational availability for existing nuclear reactors. While it does not specify the number of new nuclear units, the roadmap must align with France’s energy programming bill currently under parliamentary debate, which includes 27 GW of new nuclear capacity by 2050.

    At the same time, renewable energy goals are being scaled back or postponed. Targets for solar, onshore wind, and offshore wind have been delayed, citing “lower-than-expected power demand in recent years” and the desire to “optimise industrial returns for French manufacturers.” A draft version of the roadmap from March aimed for 65–90 GW of solar by 2035, along with 40–45 GW of onshore wind and 18 GW of offshore wind.

    Significantly, the leaked document notes the roadmap could still be revised to reflect the final outcome of the energy programming bill, set for a second reading in the National Assembly in September.

    The bill has stirred political controversy. In June, the lower house rejected it after divisive amendments, including a proposed moratorium on new wind and solar projects. The Senate later passed a revised, nuclear-heavy version in July. Critics warn that prematurely releasing the roadmap could inflame tensions, particularly among right-wing MPs who view early publication as a breach of legislative protocol.

    French energy minister Marc Ferracci recently told Sud Radio the decision to publish rests with the Prime Minister: “I’m hoping it happens quickly – our nuclear and renewables sectors need visibility,” he said.

  • Slovenské elektrárne Signs Long-Term Uranium Supply Deal with Urenco

    Slovenské elektrárne Signs Long-Term Uranium Supply Deal with Urenco

    Slovakia’s largest electricity producer, Slovenské elektrárne, has signed a long-term contract with UK-based nuclear fuel supplier Urenco to provide enriched uranium to the country’s Bohunice and Mochovce nuclear power plants through the mid-2030s.

    The deal follows an international tender launched in early 2024, as Slovenské elektrárne seeks to bolster energy security and diversify its nuclear fuel sources amid shifting geopolitical dynamics. The company described the agreement as a key step toward strengthening the reliability of its nuclear fleet, which generates over half of Slovakia’s electricity.

    “We are pleased that through future cooperation with Urenco Group, we can diversify our business relationships,” said Branislav Strýček, CEO of Slovenské elektrárne. “It will significantly help us continue maintaining the stable and secure operation of our nuclear power plants.”

    Urenco Chief Commercial Officer Laurent Odeh expressed pride in entering the Slovak market, stating, “We are very proud at Urenco Group to be entering into a new market with a new customer, and I’d like to pay tribute to Slovenské elektrárne for placing their trust in us.”

    This agreement adds to diversification efforts that began in 2023, including a supply deal with Framatome to support Slovakia’s VVER-440 reactors. It also comes at a time when two units were recently dismantled at Bohunice, while plans are underway to deploy four small modular reactors (SMRs) in the same area.

    Slovakia currently operates five nuclear reactors and has a sixth in the commissioning phase, reinforcing its commitment to nuclear energy as a backbone of its national power supply.

  • Verny Capital Signs Agreement to Sell RG Gold

    Verny Capital Signs Agreement to Sell RG Gold

    Since 2018, Verny Capital’s partner in the project has been the American investment company Resource Capital Funds (RCF). Together, they have increased production capacity and introduced modern technologies. Over the past ten years, RG Gold’s resource base has tripled, reaching 7.6 million ounces in accordance with the international JORC standard.

    The new owner of RG Gold will be Zijin Gold International, a subsidiary of Zijin Mining Group, one of the world’s largest mining corporations. The company operates more than 30 projects in 17 countries and has a market capitalization of approximately $70 billion. In Kazakhstan, Zijin plans to develop mining with a focus on environmental sustainability and innovation, as well as job creation.

    Leading international investment banks JP Morgan Securities plc and BMO Capital Markets, along with the law firm Herbert Smith Freehills, acted as advisors to Verny Capital and RCF in the transaction.

    “We managed to implement a unique project, transforming a small production facility into the country’s leading gold mining enterprise. Now, ten years later, we plan to transfer it to a major international player with an impressive track record in managing mining assets. This reflects Verny Capital’s standard business model—developing an asset and selling it under optimal market conditions. We are now looking for new, potentially successful investment opportunities. We see strong prospects for developing successful projects in Kazakhstan and would like to be part of them,” said Aidan Akanov, CEO of the Verny Capital Group.

    In 2022, under Verny Capital’s management, RG Gold launched a $424 million gold recovery plant, enabling it to significantly increase production volumes.

    “Investing in RG Gold was our first project in Kazakhstan, and we are proud to have contributed to the successful growth of one of the country’s leading enterprises. We are sincerely grateful to our strategic partner, Verny Capital Group, with whom we have realized this success story. We also welcome the entry of such a major international company as Zijin Mining Group into the Kazakh market, as this confirms Kazakhstan’s long-term investment appeal as a reliable partner for businesses and investors,” said Martin Valdez, Partner at RCF.

    Over the course of its operations, the company has become one of the largest taxpayers in the country, having contributed more than 160 billion tenge to the national budget and created approximately 1,200 jobs. It also implements initiatives to support local communities and develop regional infrastructure.

  • Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals (ASX, LON: ADT) reported notable gains in silver and gold production for the second quarter of 2025, while trimming its full-year production outlook ahead of its acquisition by Canada’s Dundee Precious Metals (TSX: DPM).

    The company, which operates the Vareš silver-zinc-lead project in Bosnia and Herzegovina, said silver equivalent output reached 1.7 million ounces in Q2—up 23% from the previous quarter. This included 720,449 ounces of silver and 4,840 ounces of gold, reflecting strong performance gains compared to Q1.

    Zinc and lead output also increased, and Adriatic confirmed that commercial production officially began at the Vareš operation on July 1. The Veovača tailings facility, completed in March, started receiving tailings in April, with a newly constructed connecting road going operational in June.

    Despite the operational momentum, Adriatic revised its full-year silver equivalent production forecast downward to 9.5–10.5 million ounces, compared to the earlier estimate of 12–13 million ounces. The company attributed the revision to operational and logistical ramp-up adjustments, while noting that the new range still reflects year-on-year growth.

    Adriatic ended the quarter with a cash balance of $59 million, down from $76 million at the end of March.

    The quarterly update follows Adriatic’s acceptance of a $1.25 billion acquisition offer from Dundee Precious Metals. The merger will see the combined entity headquartered in Toronto, with Adriatic’s UK office set to close.

    “Following the board’s recommendation to accept the proposed acquisition of Adriatic by Dundee Precious Metals, we remain committed to maintaining positive operational momentum throughout this transactional period,” said CEO Laura Tyler.

    Dundee’s acquisition of Adriatic is expected to strengthen its asset base in Eastern Europe and support long-term growth in gold and silver output across the region.

  • Tin Mining Revival in Cornwall: UK Government Injects £29M into South Crofty Reopening

    Tin Mining Revival in Cornwall: UK Government Injects £29M into South Crofty Reopening

    The UK government has invested £28.6 million to revive Cornwall’s historic South Crofty tin mine, marking a major step in re-establishing domestic production of a critical mineral vital to the clean energy transition. Located near the village of Pool, South Crofty was the last operational tin mine in the UK before its closure in 1998 due to plummeting metal prices and a lack of investment.

    The reopening of the mine, led by Cornish Metals, is expected to create over 1,300 jobs — including more than 300 direct roles and an additional 1,000 across supply chains and regional services such as fabrication and electrical contracting.

    “Tin is essential to electronics, EVs, and renewable energy,” said Don Turvey, CEO of Cornish Metals. “Bringing South Crofty back online helps reduce import dependence and boosts local industry.” The company plans to use local suppliers, helping to stimulate Cornwall’s economy and foster long-term industrial regeneration.

    The announcement was made during a visit to Cornwall by Chancellor Rachel Reeves, who emphasized the mine’s role in unlocking regional growth. “Cornwall has been left behind for too long. This project is about creating skilled, year-round jobs and putting money into local families’ pockets,” she stated.

    The investment, part of the UK’s national wealth fund and industrial strategy, aims to promote growth in strategic industries like clean energy and critical minerals. Ian Brown of the national wealth fund praised the mine’s progress and potential to attract further private investment.

    Tin prices have nearly doubled since 2016, reflecting rising global demand from sectors including electric vehicles and solar panel manufacturing. Originally acquired in 2016 by Vancouver-based Strongbow Exploration—now Cornish Metals—the South Crofty project has gained momentum with its AIM listing and rising investor confidence. Cornish Metals’ share price has climbed 28% over the past year, pushing its market valuation to £92 million.

    The reopening of South Crofty could signify a new era for British tin mining, helping secure mineral independence while delivering a boost to regional jobs and sustainability goals.

  • Finland Tops Global Mining Rankings as Canada Falls Behind in Policy Attractiveness

    Finland Tops Global Mining Rankings as Canada Falls Behind in Policy Attractiveness

    Finland has reclaimed its position as the most attractive jurisdiction globally for mining and exploration, according to the latest Annual Survey of Mining Companies by the Fraser Institute. The Nordic nation, which led global rankings in the early 2010s, outperformed all other regions based on its mineral potential and mining-friendly policies.

    Finland was followed by the U.S. states of Nevada and Alaska, with Wyoming and Arizona rounding out the top five. Canada, once a consistent leader, saw a notable decline with only Saskatchewan (7th) and Newfoundland and Labrador (8th) remaining in the top 10. Saskatchewan dropped four places from the previous year, while Newfoundland and Labrador rose to eighth.

    The Fraser Institute’s survey, which assessed 82 jurisdictions through responses from approximately 350 mining professionals, considered both geological potential and policy factors including permitting efficiency, tax regimes, labour access, and environmental regulations. While 40% of respondents represented exploration firms, 32% were from mining companies.

    Canada’s fall in the rankings is attributed to growing policy uncertainty, particularly regarding land rights, environmental regulation, and overlapping governance. Quebec experienced the steepest drop, falling from 5th to 22nd, while Ontario slipped to 15th. The Yukon, British Columbia, and Manitoba scored poorly on policy despite strong geology, ranking 40th, 32nd, and 43rd respectively.

    Nova Scotia was among the worst performers overall. Sean Kirby, executive director of the Mining Association of Nova Scotia, said the province’s permitting system is hampering investment. “We need to fix permitting to attract investment and create jobs,” Kirby stated. He added that mining regulation is largely handled by officials outside the Department of Natural Resources, many of whom lack expertise in the sector.

    Globally, Ethiopia ranked lowest on the index, followed by Suriname, Niger, Nova Scotia, and Mozambique. In terms of policy only, Ireland led the rankings, while Bolivia came in last.

    Though the survey covered the period between August and December 2024, recent political changes in Canada — including Mark Carney’s election as prime minister and new legislation to fast-track major projects — could potentially improve the country’s position in future surveys.