MINEX Forum

Website: Eurasia.com

  • Cerrado Gold’s Lagoa Salgada Project Clears Key Regulatory Hurdle in Portugal’s Environmental Permitting Process

    Cerrado Gold’s Lagoa Salgada Project Clears Key Regulatory Hurdle in Portugal’s Environmental Permitting Process

    Cerrado Gold Inc. has achieved a major step forward for its Lagoa Salgada project in Portugal as its subsidiary, Redcorp – Empreendimentos Mineiros, received approval from the Portuguese Environment Agency (APA) to proceed under Article 16 of the country’s Environmental Impact Assessment (EIA) legal framework. This permits the company to revise and resubmit project documentation to address environmental concerns without restarting the full permitting process.

    Article 16 allows for technical and environmental improvements to be submitted within 180 days, providing developers with an opportunity to respond to feedback without project rejection or significant delays. APA’s approval follows Redcorp’s formal request made during the public hearing stage of the EIA review.

    Cerrado Gold is integrating these revisions into its Optimized Feasibility Study (OFS), expected in September 2025. Planned enhancements include the complete removal of cyanide from processing operations in favor of flotation-only circuits, upgraded groundwater protections, emergency water supply planning, a real-time environmental monitoring network, and implementation of Best Available Techniques (BAT) across mine infrastructure.

    CEO Mark Brennan stated that this step demonstrates APA’s constructive and transparent approach to permitting, noting that many requested modifications are already being addressed. He added that Cerrado, in partnership with Portugal’s state-owned EDM, remains committed to developing the Lagoa Salgada Project as a benchmark for environmentally responsible mining in Europe.

    If the revised submission is accepted, a final EIA decision is expected in Q1 2026. The project is viewed as strategically important to Portugal’s mining sector and Europe’s critical raw materials supply chain.

  • Kazakhstan’s Mining Sector Faces Rising Tax Burden and VAT Delays Amid Calls for Reform

    Kazakhstan’s Mining Sector Faces Rising Tax Burden and VAT Delays Amid Calls for Reform

    Kazakhstan’s mining and metallurgy sector, a key contributor to the national budget, is under mounting pressure from systemic challenges including delayed VAT refunds, growing tax burdens, and inefficient fiscal redistribution. Industry leaders warn these issues threaten the viability of aging mines and thousands of jobs.

    The sector, which contributes up to 2 trillion tenge in taxes annually, relies heavily on VAT refunds due to its export-focused operations. Although legislation allows for VAT returns on goods sold abroad at a zero rate, delays in processing and strict requirements tied to supplier compliance often result in significant cash flow disruptions.

    According to the State Revenue Committee, 1.9 trillion tenge in VAT was refunded as of mid-June 2024, with 68% going to subsoil users. However, industry representatives, including the Republican Association of Mining and Metallurgical Enterprises (AGMP), report that even automatic refunds are frequently frozen, causing cash shortfalls and even technical defaults for some firms.

    Kazakhmys, the only major mining company to publicly comment, noted that vague interpretations of risk management criteria — particularly supplier-related compliance down the supply chain — create legal uncertainty and contradict the principle of individual liability.

    The situation is further exacerbated by the rising Mineral Extraction Tax (NDPI), which has increased by 50% for non-ferrous metals and 30% for ferrous ones since 2023. A new tax code also introduces possible further hikes if gold and silver prices reach specific thresholds. Experts say this approach, based on extraction rather than profitability, is unsustainable for mature deposits with falling ore grades and rising costs.

    In response, Kazakhstan plans to introduce a royalty-based system starting in 2027 for new mining licenses. The rates will vary by processing stage — from 13% for raw ore to 7% for finished products. While this shift aligns with international norms, AGMP argues that royalty rates must be lowered and flexibility offered to existing operators to switch voluntarily from NDPI to royalties.

    The industry also advocates for streamlined VAT administration, tax reductions for depleted deposits, and increased tax allocation to mining regions to support local development and maintain stability.

    Despite mounting challenges, Kazakhstan’s mining sector continues to show resilience. In the first five months of 2025, metal ore production grew by 0.8% and metallurgical output rose by nearly 7%. Still, stakeholders caution that without prompt reforms, the sector’s competitiveness and long-term viability remain at risk.

  • Avrupa Minerals Submits Mining License Application for Copper-Zinc Project in Portugal’s Iberian Pyrite Belt

    Avrupa Minerals Submits Mining License Application for Copper-Zinc Project in Portugal’s Iberian Pyrite Belt

    Avrupa Minerals Ltd. (TSXV: AVU) has officially submitted a Mining License Application (MLA) for its 100%-owned Sesmarias copper-zinc volcanogenic massive sulfide (VMS) project, located in the northern sector of Portugal’s renowned Iberian Pyrite Belt (IPB). The application was filed with the Portuguese Mining Bureau (DGEG), which will now review the documentation and may request additional information before reaching a decision.

    This milestone follows nearly 15 years of exploration work by Avrupa in the Portuguese portion of the IPB and 11 years specifically dedicated to the Sesmarias site. CEO Paul W. Kuhn emphasized the significance of the submission, calling it the product of “persistence and continued upgrade of the 3D geo-structural model” developed through both joint ventures and Avrupa-funded drilling campaigns.

    Kuhn highlighted that Sesmarias still holds significant potential, with several accessible targets across its Central, Northern, and Southern zones. Avrupa believes the Central Zone could be further expanded and that other areas may soon be incorporated into a broader mineral resource estimate.

    As the project moves into its next phase, Avrupa is actively seeking a mining partner to support development. The company continues to use its hybrid prospect generator model to pursue mineral opportunities across Europe, with active projects also in Finland and Kosovo.

  • European Coal Prices Rise on Stronger Generation Margins and Low Gas Inventories

    European Coal Prices Rise on Stronger Generation Margins and Low Gas Inventories

    European coal prices are climbing steadily, with Q4 deliveries to the Amsterdam-Rotterdam-Antwerp (ARA) hub estimated at $125.00 per tonne, according to Kpler’s latest monthly coal report. This figure is $20.50 higher than the most recent front-month API 2 trade of $104.50/t on Ice Futures.

    The Q3 average has also edged higher, reaching $107.50/t, driven by improved profitability for coal-fired power generation in Germany and lingering concerns over low gas storage levels across the continent.

    According to Montel calculations, the Q4 German clean dark spread — a key measure of profitability for coal-fired electricity — stands at €5/MWh for a plant operating at 42% efficiency. This positive margin is prompting renewed interest in coal as a viable generation source despite the broader energy transition efforts.

    “The recent surge in gas prices has improved the economics of coal-fired power generation,” Kpler noted, with August margins now in the black. Nevertheless, the analytics firm cautioned that a spike in coal burning is unlikely in the short term due to strong renewable generation expected to dampen spot market coal demand.

    While coal is unlikely to see runaway demand increases, the supportive fundamentals — including gas volatility and improved spreads — are underpinning stronger prices through the second half of the year.

  • German Industry Warns High Energy Costs Could Trigger Deindustrialisation

    German Industry Warns High Energy Costs Could Trigger Deindustrialisation

    German manufacturers are warning that persistently high energy costs are forcing them to consider shifting operations abroad, putting the country’s industrial future at risk. “Decarbonisation must not lead to deindustrialisation,” said Martin Oetjen, COO of engine maker Everllence, as he criticised the lack of concrete government support for energy-intensive industries.

    With benchmark electricity prices hovering around €86/MWh, the government’s proposed cut to €50/MWh has failed to convince industry leaders. Many say they’ve heard such promises before — with previous pledges stalling amid EU regulations and tight budgets.

    While recent proposals hint at energy price controls, tax cuts, and transmission fee exemptions, analysts argue they won’t go far enough. According to Matthias Belitz of the German Chemical Industry Association (VCI), even with current plans, only 9–13% of a company’s energy costs would be offset. “It’s not an unconditional power price,” he noted.

    Energy expert Niclas Wenz added that slashing transmission fees would deliver quick relief, but the government has yet to confirm specific measures.

    Industry leaders stress that German energy prices must align more closely with global competitors such as the U.S. and China to remain viable. If no action is taken, Germany could face a potential €90 billion economic hit due to the loss of its energy-intensive sectors, Belitz warned.

  • Kazatomprom Signs MoU with Slovakia’s SEAS to Strengthen Nuclear Energy Ties

    Kazatomprom Signs MoU with Slovakia’s SEAS to Strengthen Nuclear Energy Ties

    Kazakhstan’s national uranium producer Kazatomprom has entered into a Memorandum of Understanding (MoU) with Slovenské elektrárne a.s. (SEAS), Slovakia’s largest electricity provider, to foster long-term cooperation in the nuclear energy sector.

    The agreement marks the beginning of official collaboration between the two companies and outlines plans to supply natural uranium concentrate and potentially uranium dioxide (UO₂) for SEAS’s nuclear power plants. SEAS operates five VVER-440 reactors across two nuclear facilities—Bohunice and Mochovce—which collectively generate over 70% of Slovakia’s electricity.

    Meirzhan Yussupov, CEO of Kazatomprom, said the MoU is a significant step toward building strong relationships with European energy partners. “Nuclear energy is vital for Slovakia’s sustainable energy future. This memorandum paves the way for mutually beneficial collaboration,” he noted.

    Branislav Strycek, CEO and Chairman of SEAS, underscored the importance of diversifying nuclear fuel supply sources and welcomed the opportunity to work with the world’s leading uranium producer.

    The MoU also opens the door for further cooperation beyond fuel supply, potentially expanding Kazatomprom’s footprint in the European energy market. It aligns with the company’s broader strategy to engage with top European utilities and support the continent’s transition toward cleaner and more secure energy systems.

  • Kazakhstan Lifts Export Duty on Gallium to Boost Strategic Metal Production

    Kazakhstan Lifts Export Duty on Gallium to Boost Strategic Metal Production

    Kazakhstan’s government has officially lifted a 10% export duty on gallium, a strategic move aimed at boosting domestic production and strengthening the country’s role in the global supply chain for high-tech metals. The decision was confirmed by the Prime Minister’s press service following a meeting of the interdepartmental commission on foreign trade policy, chaired by Deputy Prime Minister Serik Zhumangarin.

    Officials highlighted that although Kazakhstan has not recently produced gallium, the global demand remains steady due to its essential role in electronics, semiconductors, and defense industries. Eurasian Resources Group (ERG) plans to capitalize on this opportunity, with exports to Europe expected to begin in 2026.

    ERG’s production will be sourced from red mud waste at the Pavlodar Aluminum Plant. The company initially targets 12 tons of gallium per year, with plans to scale up to 15 tons annually — positioning ERG as the world’s second-largest gallium producer behind China.

    In parallel, Kazakhstan has imposed a temporary export ban on non-ferrous metal blanks and ingots, including raw copper, aluminum billets, and lead ingots, effective until December 31, 2025. This measure is designed to support domestic processing and ensure strategic raw materials remain within the country.

    Gallium prices currently hover around $237 per kilogram, meaning 12 tons of exports could generate roughly $2.8 million. The government believes the policy shift will enhance Kazakhstan’s economic diversification and export revenues, while supporting critical minerals cooperation with partners such as the United States.

  • Alcoa Delays San Ciprian Smelter Restart to Mid-2026, Forecasts Up to $110M in Losses

    Alcoa Delays San Ciprian Smelter Restart to Mid-2026, Forecasts Up to $110M in Losses

    Alcoa Corporation announced on Monday that the full restart of its San Ciprian aluminium smelter in Spain will be pushed to mid-2026, citing disruptions from a nationwide power blackout in April. The delay is expected to result in losses of up to $110 million.

    Production at the smelter had been halted in 2021 due to soaring electricity costs. Restart efforts were underway but were interrupted when a countrywide outage on April 28 affected both the smelter and its neighbouring alumina refinery. Since March, the smelter has been operated through a joint venture between Alcoa and Ignis Equity Holdings.

    The company said the outage has prompted a reassessment of the smelter’s power stability. Restart activities will remain on hold pending further assurances from the Spanish government about the grid’s reliability and the root cause of the blackout.

    Alcoa now expects to incur a net loss of between $90 million and $110 million in 2025 due to the delay. This includes impacts from pre-tax and non-controlling interest items, translating to a per-share loss of $0.35 to $0.42. Associated cash used in operations is forecasted to reach $110 million to $130 million next year.

    The San Ciprian facility houses both an alumina refinery and an aluminium smelter. The refinery has a capacity of 1.5 million tonnes annually and serves both internal Alcoa needs and external clients in industries such as ceramics, water purification, and chemicals. The smelter, which has a capacity of 228,000 tonnes per year, remains critical to Alcoa’s European operations.

  • Strickland Metals Reports Further High-Grade Gold Hits at Serbia’s Rogozna Project

    Strickland Metals Reports Further High-Grade Gold Hits at Serbia’s Rogozna Project

    Australian miner Strickland Metals has announced a fresh series of high-grade gold intercepts at the Gradina prospect, part of its expansive Rogozna gold and base metals project in southern Serbia. The latest drill results confirm strong mineralisation at depth and bolster the company’s confidence in the site’s potential.

    Among the standout results were 34.4 metres grading 2.6 grams per tonne (g/t) of gold from a depth of 329.5 metres, including a higher-grade interval of 14.5 metres at 4.4 g/t from 332.1 metres, and another 4.0 metres at 4.0 g/t from 359.9 metres.

    “These latest results continue to demonstrate the continuity of the gold-dominant system towards the northern end of the deposit,” said Strickland Managing Director Paul L’Herpiniere. He added that further assay results are expected in the coming weeks, with a maiden Mineral Resource Estimate for Gradina targeted by late 2025.

    This marks the third set of high-grade gold intercepts from Gradina since May, reinforcing the site’s reputation as a key asset in the Rogozna portfolio. The broader Rogozna project spans 184 square kilometres and contains an estimated 7.4 million ounces of gold equivalent across four exploration licences. Strickland has said Rogozna has the potential to become one of the world’s largest undeveloped gold deposits.

    The company currently has eight drill rigs active on the project, with five focused on Gradina’s southern zone following the completion of drilling in the north.

    In April, Strickland secured a AU$5 million ($3.2 million) strategic investment from Chinese mining giant Zijin Mining Group to help accelerate development at Rogozna. That same month, Strickland completed a $37 million deal to acquire Betoota Holdings, which owns 100% of Zlatna Reka Resources — the Serbian entity holding the Rogozna project.

  • EU Rearmament Plan Faces Hidden Achilles’ Heel: Critical Raw Materials Dependence

    EU Rearmament Plan Faces Hidden Achilles’ Heel: Critical Raw Materials Dependence

    As Europe escalates its defence preparedness in response to mounting geopolitical tensions, a critical but often overlooked vulnerability threatens to undermine its rearmament efforts: an overwhelming dependence on foreign supplies of critical raw materials (CRMs).

    From aluminium to tantalum, modern military hardware — including main battle tanks, aircraft and electronics — relies heavily on minerals that are scarce or nearly absent in Europe. The European Commission admits that the bloc currently produces just 1% to 5% of its CRM needs, while demand for materials like lithium and rare earths is expected to surge exponentially by 2050.

    A new report by the International Institute for Strategic Studies warns that many of the EU’s potential adversaries — including China, Russia, and Turkey — dominate global supply chains for these vital resources. From 2016 to 2020, China and the Democratic Republic of the Congo led global production of 17 CRMs listed by the EU as essential for civilian and defence technologies.

    Europe’s Critical Raw Materials Act, introduced in 2024, sets ambitious goals to localise 10% of CRM extraction, 40% of processing, and 25% of recycling by 2030. It also aims to ensure no more than 65% of any one material comes from a single country. But industry experts and analysts warn that implementation is lagging far behind targets.

    Rebecca Lucas of RAND Europe calls for deeper diversification and international collaboration, while the Aerospace, Security & Defence Industries Association of Europe (ASD) stresses that access to CRMs is now “indispensable” to Europe’s defence strategy.

    Stockpiling, while increasingly adopted at the national level — notably in France, Spain, and Germany — remains logistically and politically complicated at the EU level. Some materials require strict storage conditions and sensitive handling, complicating bloc-wide coordination.

    The EU is also turning to “trusted” partners like Australia, Canada, and South American countries to fill gaps in supply, according to EPP advisor Gregor Nägeli. But without significant progress in domestic production, recycling, and substitution technologies, Europe’s green and defence ambitions risk being hamstrung by a strategic dependency that rivals — and perhaps exceeds — its former reliance on Russian energy.