MINEX Forum

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  • MINEX Central Asia 2025 – Session 2: Uzbekistan in Global Critical Minerals Supply Chains

    MINEX Central Asia 2025 – Session 2: Uzbekistan in Global Critical Minerals Supply Chains

    Overview

    Uzbekistan is rapidly positioning itself as a significant player in the global critical minerals sector. The session focused on how the country, through the leadership of TMK (Uzbekistan Technological Metals Complex (TMK), is integrating upstream, midstream, and downstream activities to maximise value creation and secure its place in international supply chains. The discussion also highlighted strategic partnerships, foreign direct investment, and the alignment of industrial growth with global supply chain resilience.


    TMK: Structure and Vision

    TMK is the largest technological complex in Central Asia, operating a full technological cycle from mining (upstream) to final product manufacturing (downstream).

    The company is entrusted with all critical raw material assets in Uzbekistan and operates under a nationally coordinated vision.

    TMK’s asset base covers more than 70 assets and 25 different commodities, including tungsten, molybdenum, graphite, vanadium, lithium, and rare earth elements.

    The company emphasises not just resource extraction but also processing and value-added production, aiming to capture international market share across the value chain.

     

    Project Portfolio

    TMK’s portfolio includes:

    Exploration Projects: Early-stage, focused on resource identification and extending mine life.

    Development Projects: Moving from scoping studies to pre-feasibility and definitive feasibility studies.

    Construction & Operation: Advanced-stage projects ready for or already in production.

     

    Selected Projects

    Circle Tungsten Construction 2.4M tons reserve, 6M tons resources, production by early 2027

    Taskan Graphite 9M tons reserve, 2M tons annual rate, operational by early 2027

    MSC Project Copper Pre-feasibility 800M tons resources, 200M tons reserve potential, high throughput

    Madan Project Uranium, VanadiumPre-feasibility Joint project, study completion expected Q2 2026

    Ingishka Tailings Multi-metals Exploration/Recovery Focus on environmentally friendly recovery from tailings

     

    International Standards & Partnerships

    TMK adheres to internationally recognized standards (e.g., JORC, NI 43-101) for exploration, feasibility, and operations.

    The company collaborates with international consultants and laboratories to ensure quality and credibility.

    Partnerships are welcomed at all stages—from exploration to final production—with both domestic and international entities.

     

    Hub and Techno Park Concept

    TMK is developing techno parks in several regions (Tashkent, Chikik, Jazak, Samarkand) offering:

    Modern infrastructure

    Tax and customs benefits

    Ready-to-use land and production spaces

    Support for export-oriented and technologically intensive projects

    R&D and Innovation

     

    TMK’s R&D ecosystem includes:

    The Uzbekistan-Korea Rare Metal Center (with Korean partners)

    A nano-analytical laboratory (in partnership with SGS)

    A Center for Innovative Projects (for commercialization, marketing, and financial modeling)

    Graduate programs with international universities (e.g., Pisa University, University of Geological Sciences)

    Over 44 R&D projects span upstream (ore extraction), midstream (metallurgy), and downstream (advanced materials, coatings, and composites).

    The R&D focus is on decarbonization, health and safety, and manufacturing efficiency.

     

    Government Support and Tax Regime

    The government has implemented a competitive and attractive tax regime for mining:

    Exploration: Minimum 10% of the minimum sum

    Extraction: 7% for iron, precious metals, copper; 8% for uranium and critical minerals

    Special incentives in techno parks and free economic zones, including tax reimbursements for up to 10 years

    Human resource development is a priority, with four universities and 14,000 students focused on mining and geology.

     

    International Collaboration

    UK: Supporting with export finance, technology, and research partnerships; over £3.6 billion available for projects with at least 20% British content.

    US: Strong government and private sector engagement, including MOUs and support for American companies entering the market.

    Germany/EU: Focused on supply chain diversification, technical cooperation, and supporting sustainable, long-term raw material supply.

     

    Key Takeaways

    TMK is operational across the full value chain, not just a mining company.

    The company is well-funded, with $200 million allocated from the Uzbekistan Reconstruction and Development Fund.

    There is a strong emphasis on international standards, partnerships, and human capital development.

    Uzbekistan offers a stable, reform-oriented environment for investment in critical minerals, with robust government backing and a clear vision for global integration.

  • Kazakhstan Audit Reveals Critical Flaws in Mineral Resource Management

    Kazakhstan Audit Reveals Critical Flaws in Mineral Resource Management

    Kazakhstan’s Supreme Audit Chamber has released the findings of a national audit into how the country’s mineral resources are being used — and the results point to serious challenges for the industry that currently contributes a fifth of the national GDP.

    Despite this significant economic role, confirmed reserves are steadily being depleted, and the country is struggling to replenish them. According to the audit, one of the core issues is the failure to convert preliminary resource estimates into confirmed reserves due to insufficient geological exploration, a problem exacerbated by a lack of private investment in exploration activities.

    The Ministry of Industry and Construction has fallen short on key goals, including digitising geological data, building a comprehensive digital geological database, updating exploration archives, and boosting private sector engagement.

    Auditors also uncovered poor oversight from the Committee of Geology, resulting in contractors being paid for digitisation work worth 68.2 million tenge that was never completed.

    Tax loopholes were identified as another major issue. When companies amend their operational programmes, no tax review is conducted — allowing some to avoid paying taxes and budgetary obligations.

    A further concern is the absence of modern, internationally certified laboratories. This undermines quality control, particularly for exports of precious metals and raw materials, weakening Kazakhstan’s ability to monitor its resource outflows effectively.

  • Mass Protests Erupt in Serbia Against Rio Tinto’s Jadar Lithium Project

    Mass Protests Erupt in Serbia Against Rio Tinto’s Jadar Lithium Project

    Several thousand people gathered in the city of Loznica, western Serbia, to protest Rio Tinto’s controversial Jadar lithium and boron mining project. Organized by the activist group Ne damo Jadar, the demonstration marks the latest in a series of public pushbacks that began in 2021 and may soon expand to neighboring cities, including Valjevo and Šabac.

    Marijana Petković of Ne damo Jadar accused Serbian authorities of illegally greenlighting new infrastructure for the mining and processing site, located in the village of Gornje Nedeljice. Activists say the approval of a 110 kV transformer station is just the beginning, warning that Rio Tinto could soon receive an exploitation permit — a move that would grant it mining priority over the rare jadarite deposit.

    Protesters also targeted local media for alleged bias. A Lotel TV station building in Loznica was spray-painted and labeled with a sign reading “disturbing content,” reflecting anger over the broadcaster’s failure to report on the opposition or show conditions in the affected villages.

    “Not a single opponent of the Jadar project was ever invited to speak on their channel,” said activist Nebojša Petković, pointing out that major international outlets, including those from France, Italy, Sweden, and Japan, have covered the issue more fairly.

    Further protests are scheduled, with Valjevo hosting the next on July 24. Šabac is also expected to join, forming what Petković called a “Serbian Bermuda triangle” of resistance, with hopes that the movement will gain national traction.

    Despite fierce local resistance, the European Commission granted the Jadar project strategic status in early June, a move seen by opponents as undermining democratic accountability and environmental protections.

    In a related development across the Drina river, citizens of Bosnia and Herzegovina’s Republic of Srpska are also resisting a lithium project near Majevica mountain, where a recent vote to designate the area a protected natural park failed in parliament.

    Both Serbian and Bosnian activists are calling for a blanket moratorium on exploration and exploitation permits across the region.

  • Audit Findings on Kazakhstan’s Geological Exploration and Subsoil Use Sector Reviewed by the Higher Audit Chamber

    Audit Findings on Kazakhstan’s Geological Exploration and Subsoil Use Sector Reviewed by the Higher Audit Chamber

    At a session of the Higher Audit Chamber of the Republic of Kazakhstan, the outcomes of a state audit on the utilisation of national resources in the fields of geological exploration and subsoil use were presented.

    📊 Currently, subsoil use contributes over 20% to the nation’s GDP. Kazakhstan possesses substantial reserves of mineral resources, including chrome, iron ore, lead, zinc, copper, uranium, gold, silver and others.

    📌 However, the audit identified several systemic shortcomings in the governance of the mineral resource sector.

    Among these is the high proportion of so-called “paper” resources—estimated but unconfirmed reserves not yet integrated into the economic cycle—particularly concerning as confirmed reserves become depleted. One key factor behind the slowdown in new reserve development is the lack of adequate funding for geological research. Despite the introduction of a licensing framework for exploration rights, investment activity among subsoil users remains low.

    Auditors observed that the Ministry of Industry and Construction had failed to implement initiatives involving the digitalisation of geological data, the creation of a digital database, updating of archives and promotion of private sector engagement. A lack of modern storage facilities poses risks of damage or loss of valuable geological records.

    Due to insufficient oversight by the Committee on Geology and poor compliance by contractors, the government paid 68.2 million tenge for incomplete works related to the digitalisation of geological materials.

    The Ministry of Industry permits amendments to subsoil users’ operational programmes without requiring tax expert review, allowing companies to interpret tax rules in their own favour—potentially avoiding budgetary contributions.

    Amid growing interest in Kazakhstan’s natural resources, demand is increasing for reliable laboratories that meet international standards. The lack of sufficient accredited laboratories weakens the quality control of precious metal and raw material exports.

    Auditors documented 81 procedural violations and 16 systemic flaws.

    As a result of the review, the Higher Audit Chamber issued a set of recommendations and directives aimed at developing the country’s geological exploration and subsoil use sector. Follow-up on these measures has been placed under active monitoring.

  • Why Saudi Arabia’s Super Region is the Most Viable Global Hub Beyond China for Critical Mineral Supply Chain Convergence

    Why Saudi Arabia’s Super Region is the Most Viable Global Hub Beyond China for Critical Mineral Supply Chain Convergence

    Abstract

    The accelerating global energy transition, coupled with mounting geopolitical instability, has exposed a dangerous over-concentration of critical mineral supply chains—especially in refining and midstream processing—in China. As countries seek to decarbonize economies and secure inputs for clean technologies, electric vehicles, and digital infrastructure, the urgency to diversify these supply chains has become paramount. Amid this global scramble for alternatives, Saudi Arabia has emerged not only as a credible candidate but as the most systemically capable and geopolitically neutral platform to lead the next era of global critical mineral convergence.

    Rooted in its Vision 2030 strategy, the Kingdom’s “Super Region” concept offers more than a new geographic focal point—it embodies a paradigm shift in how critical minerals are sourced, transported, refined, and distributed. By strategically positioning itself at the intersection of five major transcontinental corridors—Middle Corridor, INSTC, IMEC, Red Sea–Africa, and Pakistan–Uzbekistan—and by activating industrial clusters like Ras Al-Khair and Oxagon with green energy and AI-driven logistics, Saudi Arabia is building an unparalleled mineral value chain ecosystem.

    Moreover, the Kingdom’s institutional arsenal—including the Public Investment Fund (PIF), Ma’aden, Manara Minerals, and the Future Minerals Forum (FMF)—enables not just investment but coordinated governance, traceability, and execution.  Witt new studies to be implementedSaudi Arabia is poised to unlock mineral corridors in Central Asia, Africa, and South Asia and converge them into a unified, ESG-compliant, traceable platform.

    This paper demonstrates that the Saudi Super Region is not merely an alternative to China—it is a structurally differentiated, technologically advanced, and globally inclusive solution for a fractured and carbon-constrained global economy. It offers investors, governments, and industries a credible pathway to build resilient, transparent, and future-proof supply chains that are critical to sustaining global economic growth and achieving climate transition goals.

    1. Introduction:

    A World in Transition

    The post-pandemic global economy is undergoing a profound structural realignment. At the heart of this transformation is the race to secure reliable, ethical, and decarbonized supply chains for critical raw materials (CRMs)—the building blocks of the energy transition, digital infrastructure, aerospace, defense, and advanced manufacturing.

    Yet as this demand accelerates, the concentration of supply—and more critically, of processing—remains heavily skewed. Over 90% of global rare earth element (REE) refining, 75% of cobalt sulfate production, and more than 80% of lithium hydroxide output is processed in China. This dominance has created a systemic risk for all importing economies, from the EU to the U.S., Japan, and India, which now face growing regulatory, security, and ESG scrutiny over their sourcing dependencies.

    What’s more, traditional supply routes—maritime chokepoints through the South China Sea, politically unstable jurisdictions, and infrastructure-deficient regions—have proven vulnerable to both geopolitical tensions and climate-induced disruptions. As a result, countries are not only diversifying where minerals come from but also how they are moved, refined, and audited.

    The challenge is not merely one of duplication, but of innovation. The world does not need a “new China.” It needs a fundamentally different model—one that integrates multi-corridor logistics, digitized traceability, ESG governance, industrial flexibility, and geopolitical neutrality.

    In this context, Saudi Arabia’s Vision 2030 and its associated “Super Region” strategy represent a timely and robust response. Emerging not from historical colonial infrastructure or unilateral trading blocs, but from a future-oriented, investment-driven blueprint, the Super Region is designed to bridge East and West, Africa and Asia, upstream and downstream—under a single institutional and infrastructural architecture.

    This introduction sets the stage for understanding why Saudi Arabia is not only well-positioned to diversify the world’s CRM ecosystem, but to lead it into a new era of resilient, transparent, and geopolitically stabilized mineral supply systems.

    1. Strategic Location: The Epicenter of Corridor Convergence

    Saudi Arabia’s geography offers far more than symbolic centrality. It is, by design and connectivity, the literal and logistical crossroads of Eurasian and Afro-Asian supply chains. With coastlines on both the Red Sea and the Arabian Gulf, and direct land access to Jordan, the GCC, and through strategic partnerships to Central Asia and Africa, Saudi Arabia is capable of interfacing with five major geoeconomic corridors that define the future of critical mineral flow:

    • Middle Corridor (Trans-Caspian International Transport Route): This East-West axis connects mineral-rich Central Asia—Kazakhstan, Uzbekistan, Kyrgyzstan—to Azerbaijan, Georgia, and Türkiye via road, rail, and ferry systems. Saudi Arabia is developing direct intermodal logistics through Turkish and Azerbaijani partnerships, positioning itself as the terminus for REE, copper, and lithium flows from this corridor.
    • International North–South Transport Corridor (INSTC): Stretching from Russia through Iran to the UAE and the Gulf, this corridor bypasses Western sanctions chokepoints and provides a route for Russian and Iranian metals—including nickel, copper, uranium—to reach Ras Al-Khair or NEOM via UAE or direct maritime transshipment.
    • India–Middle East–Europe Economic Corridor (IMEC): Saudi Arabia lies at the heart of this recently formalized corridor, connecting Indian manufacturing and mineral flows to Jordan, Israel, and European ports. IMEC is also a downstream vector for battery component exports and green hydrogen-enabled supply chains, where Saudi Arabia aims to anchor value-added production.
    • Red Sea–Africa Corridor: By integrating the Port of Jeddah and future rail extensions toward the Horn of Africa and East Africa (Ethiopia, Djibouti, Kenya), Saudi Arabia can channel high-grade cobalt, niobium, graphite, and rare earths from the African mineral belt directly to domestic refineries.
    • Pakistan–Afghanistan–Uzbekistan Link: The emerging east-west corridor from Gwadar through Kandahar to Uzbekistan offers potential for Saudi-financed and SCMIF-supported mineral logistics in South and Central Asia. Its eventual connection to Saudi infrastructure (via Iran or the Gulf) will bring additional lithium and copper into the Super Region value chain.

    From a geotechnical perspective, Saudi Arabia’s strategic location allows for multimodal (rail, maritime, road, pipeline) integration at an unmatched scale. The completion of the Saudi “Landbridge” (linking Jeddah to Dammam via Riyadh) and rail connectivity to the GCC network ensures that the Kingdom can consolidate mineral cargoes from every direction and distribute them to processing hubs at Ras Al-Khair and Oxagon.

    The Kingdom’s neutrality enhances this advantage. Unlike other corridor participants that are constrained by geopolitical alignment or sanctions exposure, Saudi Arabia can operate as a non-aligned facilitator—hosting, processing, and redistributing minerals from East and West without political entanglement.

    In strategic terms, this makes Saudi Arabia not only a junction, but a convergence platform—where upstream assets, downstream industrial processing, green energy capacity, and ESG traceability come together across multiple corridors. No other geography in the world possesses this degree of structural, logistical, and institutional centrality.

    1. Industrial Platform: Real Infrastructure, Not Rhetoric

    Saudi Arabia’s advantage in the critical minerals race is not based on potential—it is anchored in operational assets, fast-tracked infrastructure, and technically advanced industrial planning. At the heart of the Super Region model are two flagship processing and manufacturing hubs: Ras Al-Khair Industrial City and NEOM’s Oxagon.

    • Ras Al-Khair: Located on the Arabian Gulf, this mega-industrial complex already hosts fully operational aluminum smelters, phosphate fertilizer plants, and an integrated supply chain that handles raw bauxite, ammonia, and sulfur inputs. Recent expansions include the design and tendering of copper smelting and rare earth separation plants—intended to process upstream concentrates from Central Asia and Africa. The city is powered by both fossil and renewable inputs and features a direct link to Saudi Arabia’s port and rail networks, enabling bulk inbound and outbound logistics. Ras Al-Khair is also home to the planned Saudi green steel and battery cathode value chains.
    • Oxagon (NEOM): Envisioned as a future-facing, fully digitized, zero-emissions industrial city, Oxagon is a globally unique platform. It incorporates AI-controlled logistics terminals, robotic port handling, and full renewable energy supply—expected to power green hydrogen electrolyzers, battery material production, and EV component manufacturing. Technically, Oxagon is designed to co-locate advanced materials labs with modular gigafactories, enabling real-time iteration and design-to-production integration across mineral input chains. Oxagon’s digital twin infrastructure enables automated inventory management, blockchain-based supply verification, and integration with customs, export financing, and ESG audits.
    • Midstream Integration: Both Ras Al-Khair and Oxagon will anchor Saudi Arabia’s midstream transformation—refining lithium hydroxide, nickel sulfate, cobalt intermediate products, and REE oxides. The emphasis is on semi-finished, ESG-compliant, traceable mineral outputs that can feed European, U.S., and Asian battery, magnet, and clean energy manufacturers. Pilot projects in lithium extraction from brine (Aramco, Ma’aden) and secondary recovery from phosphate tailings demonstrate a parallel investment in mineral innovation.
    • Rail-Linked Industrial Zones: Through the Saudi Rail Authority’s cross-kingdom freight lines and upcoming Gulf–NEOM connections, industrial zones are being established with rail-adjacent processing platforms. These include dry port-enabled SEZs near Jeddah and Medina, bonded warehouses with automated inspection, and logistics corridors that link Saudi processing directly to corridor mineral origins and maritime exits.

    Technically, what sets Saudi’s platform apart is its vertical modularity: the ability to plug in upstream feedstock and downstream demand nodes dynamically, depending on market shifts, regulatory changes, or geopolitical events. In contrast to legacy industrial zones that were built around static supply assumptions, Saudi Arabia’s Super Region is designed for adaptive supply chain orchestration. This industrial readiness is not theoretical. In the past 24 months, Saudi Arabia has commissioned or announced over $25 billion in industrial investments related to mining, minerals, and processing—with deals covering everything from rolling stock and precision casting to battery precursor R&D and cathode gigafactories. Such a concentrated and diversified portfolio is unmatched outside China.

    In sum, Saudi Arabia’s industrial platform does not merely support the Super Region—it defines it. Ras Al-Khair and Oxagon offer the Kingdom the capacity to act as a full-cycle host: from mineral input, through ESG-certified refining, to globally compliant export of value-added products. This industrial foundation is what gives credibility to the Super Region’s ambition to be a trusted, neutral, and high-performance alternative to China in global critical mineral supply.

    1. Institutional Firepower: Capital and Execution Capacity

    Saudi Arabia’s institutional ecosystem is unique among emerging and developed economies alike: it combines sovereign capital, integrated industrial mandates, global investment reach, and executional discipline under a unified national vision. These attributes enable the Super Region to move beyond policy declarations to tangible delivery mechanisms that link capital to infrastructure, regulation to technology, and upstream exploration to downstream industrial output.

    • Public Investment Fund (PIF): With assets under management exceeding $925 billion (as of 2025), PIF is more than a sovereign wealth fund—it is a sovereign execution arm. PIF’s mandates include direct investment into upstream mining assets, equity stakes in global refining and processing firms, and co-development of industrial infrastructure across logistics, ports, and manufacturing. PIF has allocated at least $30 billion to the global mining and minerals value chain, including landmark investments such as its 10% stake in Vale Base Metals (Brazil), exploration joint ventures in Africa, and equity participation in new refining complexes in Ras Al-Khair and NEOM.
    • Ma’aden and Manara Minerals: As Saudi Arabia’s national mining champion, Ma’aden integrates exploration, processing, and export within a single operational structure. Through its 51% ownership of Manara Minerals (a joint venture with PIF), Ma’aden is expanding into global upstream projects while simultaneously building domestic capacity to process copper, lithium, and rare earths. Ma’aden’s Q1 2025 revenues exceeded SAR 8.5 billion, and its multibillion-dollar capital expenditure plan is focused on battery materials, green aluminum, and phosphate-based agricultural supply chains.
    • Future Minerals Forum (FMF): In just four years, FMF has become a premier global convening body for the critical minerals sector, akin to the Davos of mineral diplomacy. What differentiates FMF is that it is not a think tank or talk shop: it is a high-level matchmaking platform with deal facilitation, MoU announcements, and policy coordination at its core. The 2025 FMF convened over 18,000 stakeholders and confirmed over $28 billion in MoUs, many involving corridor countries such as Uzbekistan, Türkiye, and Azerbaijan. FMF also serves as the diplomatic enabler for traceability harmonization, ESG standardization, and corridor coordination.
    • Saudi Arabian Railways (SAR) and the Ministry of Industry and Mineral Resources (MIMR): These institutions are directly tasked with integrating mineral infrastructure into national development. SAR is executing over $10 billion in cross-Kingdom freight infrastructure and logistics corridors, while MIMR leads regulatory modernization, local content strategies, and international cooperation frameworks. The recent rollout of Saudi Arabia’s new mining investment law—streamlined, investment-friendly, and ESG-anchored—underscores the state’s institutional adaptability.

    Technically, what gives Saudi Arabia’s institutional framework its edge is its cross-alignment: each entity—PIF, Ma’aden, FMF, MIMR, SAR—operates under a unified Vision 2030 mandate, eliminating fragmentation and maximizing delivery speed. Where other nations struggle to synchronize ministries, agencies, and private actors, Saudi Arabia leverages centralized authority to enable seamless execution. As the Super Region continues to gain traction, this institutional synergy will be critical to turning strategy into systems—ensuring that corridor-level infrastructure, ESG norms, financing mechanisms, and trade platforms are not just proposed, but implemented.

    1. ESG, Traceability, and Green Differentiation

    In the era of decarbonization and ethical sourcing, compliance with global ESG standards is no longer optional—it is a prerequisite for market access, financing, and strategic alliances. Saudi Arabia’s Super Region is designed from the outset to meet and exceed international ESG expectations, offering stakeholders not only physical supply chain security, but regulatory and reputational assurance.

    • Regulatory Alignment: The Saudi regulatory framework has rapidly converged with global ESG norms. The Ministry of Industry and Mineral Resources (MIMR) now requires all mining license applicants to conduct and publish Environmental and Social Impact Assessments (ESIA) in line with World Bank and IRMA (Initiative for Responsible Mining Assurance) protocols. The Saudi Green Initiative (SGI) underpins national commitments to Scope 1 and Scope 2 emissions reduction, water conservation, and biodiversity protection—directly feeding into the design of the Super Region’s mining and industrial nodes.
    • Digital Traceability Systems: Saudi Arabia is leading in the deployment of Digital Product Passports (DPPs), incorporating IoT sensors, blockchain ledgers, and QR-enabled tracking systems. These technologies allow cradle-to-gate visibility over each mineral shipment, capturing data on mine origin, processing conditions, ESG metrics, and Scope 3 emissions. In practical terms, this means European automakers, U.S. battery makers, and Japanese magnet producers can trace the carbon and ethical footprint of a Saudi-processed product in real time—enabling CBAM compliance and unlocking ESG-linked financing.
    • Integration with EU Taxonomy and CBAM: All Super Region mineral flows are being designed to comply with the EU’s Sustainable Finance Taxonomy and the Carbon Border Adjustment Mechanism (CBAM). This includes pre-calculated embedded carbon metrics, digital certification of emissions, and third-party audits aligned with both EU and IFC guidelines. Early-stage projects in Ras Al-Khair and NEOM are embedding carbon accounting and digital reporting mechanisms that align with downstream buyer requirements.
    • Green Infrastructure and Clean Power Inputs: The Super Region’s industrial nodes—especially Ras Al-Khair and Oxagon—are powered increasingly by renewable energy sources including solar, wind, and green hydrogen. This allows Saudi Arabia to produce what are emerging as premium commodities in global markets: “green copper,” “green lithium,” and “zero-carbon aluminum.” These materials are not only environmentally preferred, but often command price premiums and enjoy preferential offtake in ESG-focused jurisdictions.
    • Circular Economy and Waste Valorization: Saudi Arabia is incorporating circular economy principles into Super Region infrastructure. Pilot programs are underway for recovering critical minerals from tailings and industrial byproducts (e.g., lithium from phosphate production, cobalt from slag). These efforts reduce environmental impact, extend resource life, and align with global circularity objectives outlined by the EU and UNEP.
    1. Policy Recommendations

    To fully operationalize the Super Region and transform it into a global cornerstone of critical minerals supply chain resilience, Saudi Arabia and its strategic partners must prioritize a set of integrated, realistic, and immediately actionable policy steps. These recommendations are grouped across four pillars: Infrastructure, Finance, ESG Governance, and Institutional Integration.

    Saudi Critical Minerals Infrastructure Fund (SCMIF)

    This article introduces the Saudi Critical Minerals Infrastructure Fund (SCMIF) as a prospective institutional mechanism to finance corridor-linked mining, transport, and processing infrastructure aligned with Saudi Arabia’s Vision 2030. It is important to clarify the origin and intent of the model:

    The SCMIF corridor-focused investment and policy platform working across Central Asia, Türkiye, and the GCC. The concept is not currently an official financial instrument or policy of the Kingdom of Saudi Arabia.

    The SCMIF framework draws strategic inspiration from global precedents such as Canada’s CMIF and Australia’s Critical Minerals Facility, yet it is specifically tailored to Saudi Arabia’s institutional strengths (PIF, Ma’aden, FMF), corridor convergence position, and ESG-aligned development ambitions. The fund is envisioned as an enabling tool for scalable, traceable, and investment-grade mineral infrastructure.

    Core design features include:

    • A blended finance structure (grants, equity, and concessional debt)
    • Corridor-based prioritization for infrastructure with upstream–midstream mineral integration.
    • ESG-linked disbursement criteria, harmonized with CBAM, OECD, and AIIB/EBRD standards
    • Capacity to work through multilateral syndication and public–private partnerships

    Tethys Gateway recommends this concept as part of a broader effort to operationalize the Super Region vision with global best practices in corridor governance, traceability, and industrial coordination. It is submitted as an implementation-ready blueprint for stakeholder collaboration across government, finance, and industry.

    1. Infrastructure and Corridor Synchronization
    1. Accelerate East–West Landbridge Completion: Finalize the Saudi Landbridge rail line connecting Jeddah to Dammam via Riyadh, and integrate it with Ras Al-Khair, NEOM, and Jubail freight corridors. This line will serve as the physical spine of the Super Region.
    2. Upgrade Key Intermodal Ports: Expand container and mineral terminal capacity in Jeddah, Dammam, and Oxagon. Incorporate smart customs clearance technologies and AI-assisted cargo management to facilitate high-throughput, multi-corridor mineral transit.
    3. Deploy Corridor-SEZ Convergence Zones: Establish logistics–industrial convergence parks in Türkiye, Georgia, Uzbekistan, and Djibouti, jointly managed by SCMIF and local authorities. These hubs should include bonded processing, ESG auditing offices, and digital customs integration.
    4. Backhaul Optimization: Leverage outbound infrastructure for inbound logistics—using rail lines developed for mineral exports to also support backhaul industrial inputs (e.g. reagents, clean technology, AI equipment).
    1. Blended Finance and Institutional Investment Instruments
    1. Launch the Saudi Critical Minerals Infrastructure Fund (SCMIF): Structure it with multi-window instruments:
      • Grant window for early-stage feasibility studies and ESG assessments
      • Equity window for upstream and midstream SPVs
      • Concessional loan window for corridor infrastructure (e.g. ferries, rail spurs, power transmission)
      • Anchor LP positions for international co-investors (e.g. EBRD, AIIB, Canada’s CMIF)
    2. Issue Corridor-Linked ESG Green Bonds: Backed by SCMIF or NEOM, these sovereign-anchored green bonds would finance corridor-linked refinery and rail infrastructure with guaranteed ESG traceability.
    3. Unlock Export Credit Facilities: Through collaboration with international ECAs (e.g. Euler Hermes, SACE, EXIM), provide structured guarantees for Saudi-refined critical minerals exported to the EU, U.S., and East Asia.
    1. ESG, Traceability and Circular Economy Governance
    1. Deploy a Supranational ESG Traceability Platform: Host a corridor-wide platform in partnership with FMF, GCC, and Central Asian countries to standardize digital product passports, carbon disclosures, and ethical sourcing metrics.
    2. Institutionalize Circular Economy Clusters: Incentivize mineral recovery and reuse zones at Ras Al-Khair and Oxagon with tax exemptions, R&D grants, and regulatory fast-tracking. Focus on recovery of lithium from brines, rare earths from industrial waste, and cobalt from tailings.
    3. Mandate ESG-Linked Offtake Agreements: Tie all long-term offtake contracts (from Saudi refiners to OEMs) to ESG performance guarantees—ensuring market access and price premiums.
    1. Multilateral Governance and Corridor Diplomacy
    1. Establish a Corridor Coordination Secretariat (CCS): Based in Riyadh or NEOM, this platform would synchronize transport, ESG, customs, and investment standards across TITR, INSTC, IMEC, and Red Sea corridors.
    2. Formalize Intergovernmental Corridor Compacts: Launch corridor-specific bilateral and multilateral MoUs with countries like Kazakhstan, Türkiye, Ethiopia, and India—centered on logistics interconnectivity, ESG harmonization, and mutual market access.
    3. Build Strategic Communication Hubs: Position FMF as the convening body for corridor diplomacy and investment signaling, with regular ministerial tracks, ESG panel tracks, and annual corridor assessments.

    By focusing on this multidimensional roadmap, Saudi Arabia will not only position itself as a processing and logistical hub—but as the system integrator of the world’s most ambitious corridor-linked, ESG-aligned, and industrially executed mineral supply chain architecture.

    1. The Post-China Mineral World Is Multi-Polar

    The global economy is now decisively entering a new phase: one defined not by unipolar supply dominance, but by distributed, ESG-aligned, and corridor-enabled mineral ecosystems. The era of sole reliance on a single refining geography—however cost-efficient—is over. The risks are too high, and the industrial, environmental, and geopolitical stakes too great.

    What emerges in its place is a multi-polar mineral architecture, built on redundancy, transparency, and sovereign partnership. In this transition, Saudi Arabia’s Super Region is not a follower—it is the architect of this emerging system.

    The Kingdom offers a unique fusion of capabilities:

    • Industrial cities with advanced refining and green energy platforms (Ras Al-Khair, Oxagon)
    • Interconnected corridors spanning Central Asia, South Asia, Africa, and Europe
    • Institutional execution via PIF, Ma’aden, FMF, and future-facing platforms like SCMIF
    • ESG and traceability systems that are not aspirational, but already operational

    Unlike some countries and  international organizations   that offer partial solutions—access to capital but not infrastructure, or ESG ambitions without logistics—Saudi Arabia delivers a fully integrated architecture, engineered to connect upstream deposits to downstream demand, across secure, certified, and politically neutral pathways.

    This vision is not merely theoretical. It is actively unfolding:

    • Strategic offtakes from Africa and Central Asia are being negotiated
    • SCMIF’s term sheet is under development with multilateral partners
    • FMF has evolved into the world’s leading platform for critical mineral diplomacy
    • Pilot traceability systems are already functioning for selected copper and phosphate streams

    In short, the Super Region is no longer a proposal. It is a project—and soon, it will be a system.

    In a world fragmented by protectionism, trade wars, and resource insecurity, the Super Region offers something rare: a globally accessible, non-aligned, compliance-ready mineral supply framework. It enables governments to secure strategic materials without compromising sovereignty. It enables manufacturers to meet ESG standards without compromising competitiveness. And it enables investors to back mineral infrastructure that is resilient, diversified, and bankable.

    Saudi Arabia is not replacing China—it is redefining the model. A neutral platform that connects rather than controls, builds rather than dominates, and enables rather than extracts.

    This is the essence of the post-China mineral world. And in that world, the Super Region stands not on the periphery, but at the center.

  • Regional Cooperation and Strategic Partnerships for Critical Mineral Ecosystems

    Regional Cooperation and Strategic Partnerships for Critical Mineral Ecosystems

    MINEX Central Asia 2025 – Session 1: Regional Cooperation and Strategic Partnerships for Critical Mineral Ecosystems

    MINEX Central Asia 2025 serves as a premier platform to bolster collaboration and position Central Asia as a promising geo-industrial hub, fully integrated into global value chains.

    Central Asia holds substantial reserves of critical minerals, essential for the global transition to sustainable technologies. The first session of the MINEX Central Asia 2025 forum explored how the region can collectively leverage these resources for mutual economic growth and stability. Discussions also focused on the necessary infrastructure and visionary leadership required to establish a robust regional ecosystem.


    Key Takeaways from Speakers:

    Speakers emphasised the following points:

    Central Asia is emerging as a magnet for investments, technology, and strategic partnerships due to its significant deposits of rare earth elements and other minerals vital for sustainable development.
    Access to these resources is driven not only by economic interests but also by national security, technological advancement, and geopolitical considerations. The rare earth metals market has experienced substantial growth and is projected to continue expanding, underscoring their importance in global supply chains.
    Investing in the extraction and processing of critical minerals presents new avenues for economic diversification, job creation, infrastructure development, and technological exchange within the region.

    Insights from Government and EU Representatives:

    Representatives from the governments of Uzbekistan, Kazakhstan, and the European Union participated in the discussion, highlighting:

    Legislative reforms and the adoption of modern standards in the mining sector are creating an environment conducive to investment and fostering a transparent, predictable landscape for international business.
    Multi-level cooperation among regional states is particularly crucial given the increasing competition among the interests of China, the EU, the USA, and other global powers.
    Central Asian nations and their partners are promoting the formation of strategic alliances, joint ventures, the implementation of international reporting standards, ESG compliance, and the digitalization of geo-data.
    Efforts are underway to automate and increase the openness of geological information, alongside the integration of artificial intelligence for data processing, which is expected to enhance the industry’s investment appeal.

    Fostering Regional Potential:

    It was underscored that to maximise the region’s potential, it’s vital to integrate the entire cycle, from exploration to processing and export. Furthermore, developing cooperation in ecology, innovative technologies, and educational programs is essential.

    Specific areas of focus included:

    The establishment of a regional research center for rare earth metals.
    The harmonization of regulatory frameworks and standards to streamline investment and facilitate the adoption of new technologies.
    The implementation of joint projects for the recycling of man-made mineral formations and the advancement of “green” technologies within the mineral sector.

  • Japan and EU to Launch Joint Strategy to Cut China Dependency on Rare Earths

    Japan and EU to Launch Joint Strategy to Cut China Dependency on Rare Earths

    Japan and the European Union are preparing to launch a joint public-private initiative aimed at reducing their dependency on China for rare earths and other critical minerals, the Nikkei reported on Thursday. The move comes amid increasing global concern over China’s tightening export controls on rare earth alloys, mixtures, and magnets—materials vital for producing electric vehicles, electronics, and defense technologies.

    As part of this new strategy, Japan and the EU will unveil an “economic two-plus-two” dialogue at the upcoming Japan-EU leaders’ summit on July 23. The framework will bring together foreign and economy ministers from both sides and mark the beginning of a coordinated effort to secure diversified, resilient supply chains for critical raw materials.

    The discussions are expected to identify concrete areas for cooperation starting this summer. These may include joint development of rare earth supply infrastructure, simplified EU regulatory access for Japanese firms, and increased Japanese participation in EU strategic mineral projects.

    The framework will also feature Stephane Sejourne, the European Commission’s executive vice president for prosperity and industrial strategy, who is expected to play a central role in industrial coordination.

    The move follows similar actions by other global powers: earlier this month, the U.S. Department of Defense became the largest shareholder in MP Materials through a multibillion-dollar investment aimed at ramping up domestic rare earth production. Meanwhile, India is pursuing critical mineral supply deals with Chile and Peru.

    With Beijing’s dominance of rare earth processing posing a potential threat to industrial and defense stability, Tokyo and Brussels are positioning themselves for long-term strategic autonomy in this increasingly competitive arena.

  • Boliden CEO Confirms Dividend Resumption Following Strong Cash Flow and Mine Acquisitions

    Boliden CEO Confirms Dividend Resumption Following Strong Cash Flow and Mine Acquisitions

    Swedish mining giant Boliden will resume shareholder dividends after pausing payouts in 2024 due to its recent acquisitions, CEO Mikael Staffas confirmed in an interview on Friday. The company remains committed to its dividend policy of distributing one-third of its net profit to shareholders.

    The copper and zinc producer had halted dividends earlier this year following its purchase of the Somincor and Zinkgruvan mines from Lundin Mining. Despite the temporary suspension, Staffas emphasized that the company’s financial position remains robust.

    “Even though we had a good cash flow in this quarter, the balance sheet is much stronger than I think most people thought it would be after the acquisition,” Staffas said. He did not rule out the possibility of special dividends if Boliden ends up holding excess capital.

    In Q2, Boliden posted a free cash flow (excluding acquisitions) of 2,035 million Swedish crowns ($210.19 million), with both RBC and JP Morgan noting that the figure surpassed expectations—largely due to a significant release of working capital.

    While Staffas refrained from commenting on the size of future dividend payments, the strong quarterly performance indicates the company is on stable financial ground, positioning it well for renewed shareholder returns.

  • World’s Deepest Marathon to Take Place 1,120 Metres Underground in Swedish Zinc Mine

    World’s Deepest Marathon to Take Place 1,120 Metres Underground in Swedish Zinc Mine

    This October, 60 runners from across the globe will descend to a depth of 1,120 metres below the Earth’s surface to compete in what’s being hailed as the world’s deepest marathon. Hosted inside Boliden’s Garpenberg zinc mine in Sweden — one of the deepest in Europe — the event promises to push the boundaries of physical and mental endurance, while raising over £1 million ($1.34 million) for charity.

    Organized by Boliden, BecomingX, and the International Council on Mining and Metals (ICMM), the marathon is set not only to challenge human limits but also to highlight the evolution of mining into a safer, more technologically advanced industry.

    The Garpenberg mine, reaching a depth of 1,302 metres — more than four times the height of the Eiffel Tower — will serve as the unusual and extreme racecourse. Participants will run in complete silence and darkness, equipped with helmets and guided by 3D route mapping systems.

    “This will be a true test,” said Bear Grylls, co-founder of BecomingX. “Running a marathon is tough, but doing it 1,120 metres below sea level will push participants to their limits.”

    ICMM CEO Rohitesh Dhawan emphasized that modern mines like Garpenberg represent a stark contrast to the dangerous tunnels of the past, making such an event not only possible but safe. Boliden CEO Mikael Staffas called the event “historic,” noting the mine’s advanced safety and sustainability practices.

    With two world records in sight and an ambitious fundraising goal, the World’s Deepest Marathon is shaping up to be a landmark event blending human grit with technological progress.

  • Zijin Plans New High-Tech Investments in Serbia Amid Environmental Scrutiny

    Zijin Plans New High-Tech Investments in Serbia Amid Environmental Scrutiny

    Chinese mining giant Zijin Mining has announced plans for new investments in Serbia, pledging to employ advanced technologies and uphold high environmental standards. The news came following a meeting on July 15 between Zijin representatives and Serbian Prime Minister Đuro Macut in Belgrade, as reported by the Serbian News Agency.

    According to the government, Zijin reiterated its commitment to “green development,” the company’s guiding principle, and discussed future expansion in Serbia’s mining sector. Prime Minister Macut urged the company to enhance environmental protection efforts, particularly in the Bor region and across eastern Serbia.

    Zijin’s activities in the region have sparked controversy due to allegations of environmental degradation and pollution. While environmental groups have raised concerns about the company’s impact on local ecosystems, Zijin maintains it operates within environmental standards.

    Zijin entered Serbia in December 2018 through a strategic partnership with the government, acquiring a majority stake in the Bor Mining and Smelting Basin—now known as Serbia Zijin Copper. The company has since invested heavily in Serbian mining, notably launching the Čukaru Peki copper-gold mine in October 2021, following acquisitions from U.S.-based Freeport McMoRan and Canadian firm Nevsun Resources.

    With full ownership of the upper and majority control of the lower Čukaru Peki deposit, Zijin has significantly expanded its global resources, reporting total copper reserves of 57.24 million tons and gold reserves of 1,889 tons.