MINEX Forum

Website: Eurasia.com

  • Kaz Resources and Cove Kaz Capital Launch 2025 Work Programs to Advance Critical Minerals in Kazakhstan

    Kaz Resources and Cove Kaz Capital Launch 2025 Work Programs to Advance Critical Minerals in Kazakhstan

    NEW YORK, June 19, 2025 – Kaz Resources and Cove Kaz Capital LLC, portfolio companies of Cove Capital LLC, have officially kicked off their 2025 work programs, focusing on key lithium, polymetallic, and rare earth assets across Kazakhstan. The launch signals accelerated on-the-ground activity aligned with the nation’s strategic push to become a global supplier of critical minerals.

    Kaz Resources LLC will expand its exploration efforts in East Kazakhstan, building on 2024 drilling success. The program includes step-out and infill drilling, surface geochemical sampling, and geophysical surveys aimed at resource development across lithium and polymetallic targets. In parallel, the company is conducting metallurgical testing and a pilot program to evaluate lithium, tantalum-niobium, and other mineral recovery from historical tailings.

    Additionally, Cove Kaz Capital LLC, through its joint venture Akbulak REE Ltd. with Kazakhstan’s Qazgeology JSC, is advancing the Akbulak Rare Earth Project in Kostanay. The venture is currently finalizing license transfer approval and launching initial exploration activities, including structural analysis, sampling, and metallurgical tests.

    The Akbulak project hosts a historical resource of 380,000 tons of rare earth oxides, including neodymium, praseodymium, and yttrium—crucial materials for electric vehicles, electronics, and high-tech applications.

    Kaz Resources CEO Pini Althaus stated that the 2025 initiatives underscore the company’s commitment to fast-tracking development and contributing to a fully integrated supply chain, supporting both Kazakhstani goals and global mineral demands. Qazgeology JSC’s Acting CEO, Dauren Abuov, praised the partnership for demonstrating effective international cooperation in Kazakhstan’s mining sector.

  • European Mining Industry Backs Unified EU Carbon Reporting Framework

    European Mining Industry Backs Unified EU Carbon Reporting Framework

    Euromines and leading European industry associations have issued a joint statement urging the European Commission to adopt a harmonised, EU-wide approach to carbon emissions reporting across value chains.

    The move comes in support of the Clean Industrial Deal (CID), a flagship initiative aimed at aligning Europe’s climate ambitions with its industrial strength and strategic autonomy. As the mining sector continues to accelerate its role in a cleaner and more competitive economy, the statement outlines key principles to ensure that CID delivers meaningful progress.

    Specifically, the signatories are calling for:

    • A unified EU methodology for carbon accounting, consistently applied across current and forthcoming legislation
    • Streamlined reporting frameworks to reduce policy fragmentation and improve regulatory clarity
    • Mandatory use of verifiable, primary emissions data to enhance transparency and ensure credibility

    The European mining sector positions itself as ready to collaborate with EU policymakers and stakeholders to develop a robust, reliable, and harmonised carbon accounting system—one that supports both the bloc’s decarbonisation goals and its industrial resilience.

    This call for consistency and data-driven transparency underscores the industry’s commitment to a net-zero future and a more sustainable resource economy.

  • EU Urged to Prioritise ESG in Central Asia’s Raw Materials Push

    EU Urged to Prioritise ESG in Central Asia’s Raw Materials Push

    The EU must prioritize Environmental, Social, and Governance (ESG) principles in its dealings with Central Asia to secure its access to crucial raw materials, commentators warn.

    The bloc arrived in Samarkand this April with a hefty €13.2 billion Global Gateway package, signaling a desire to move beyond merely buying raw materials from the region. A significant portion, €2.5 billion, is earmarked for new mining and processing projects in Kazakhstan, Uzbekistan, and beyond. This drive is born out of necessity: the EU still relies entirely on China for its heavy rare-earth imports and faces the growing risk of vulnerability.

    While geographically late to the game, Europe has a unique advantage: a reputation for robust ESG practices. Local executives cite European partners as “a sign of quality” due to their unwavering adherence to these standards, something often lacking in Chinese or Russian counterparts. However, this edge relies on Brussels consistently embedding ESG into every euro invested. This means robust monitoring and auditing of remediation plans, transparent royalty structures, and genuine upfront consultation with local communities.

    The EU’s Critical Raw Materials Act (CRMA) sets ambitious goals: attaining 10 percent mining, 40 percent processing, and 25 percent recycling of Europe’s annual CRM demand domestically or in trusted partner states by 2030.

    Realising these goals in Central Asia necessitates investment in sustainable technologies. This includes financing water-efficient processing plants, closed-loop waste systems, and solar-powered smelters, rather than simply opening more exploitative mines.

    The EU’s efforts are beginning to take shape, with the spotlight falling on graphite. Kazakhstan’s Sarytogan deposit has been placed on the EU Commission’s list of “strategic projects” eligible for expedited permits and loan guarantees under the CRMA. Meanwhile, the European Bank for Reconstruction and Development has taken a significant stake in the mine operator, marking a direct investment in the region’s CRM sector. The EU is now actively seeking downstream investors to refine indigenous graphite into anode-grade product, capturing added value that historically flowed to Chinese refiners.

    Lithium development is following a similar trajectory. A partnership between HMS Bergbau and Kazakhstan’s Creada Corporation aims to unlock the potential of Kazakh spodumene through extraction, processing, and refining into battery-ready lithium hydroxide. This would be a direct response to the EU’s new battery-passport regulations, which require materials of a certain purity.

    However, Europe faces a formidable competitor: China. The PRC Mineral Resources Law mandates environmental remediation planning before mining commences, setting a new baseline for responsible resource extraction. While welcomed, the application details remain vague, lacking guarantees on local community engagement and enforcement mechanisms, potentially creating loopholes for exploitation.

    Adding to the pressure, Chinese capital is expanding downstream. East Hope Group’s landmark $12 billion investment in Kazakh non-ferrous metals signifies a vertical integration approach—from mining and smelting to fabrication and renewable power generation. This $12 billion vertical integration project in Kazakhstan showcases China’s willingness to build a fully controllable supply chain.

    Europe must act strategically to counter these challenges.

    Firstly, financial aid should be contingent on stringent ESG benchmarks. EU financing must go hand-in-hand with clear, enforceable standards – ISO-compliant tailings dams, methane monitoring, gender-balanced workforce plans, and robust penalties for non-compliance.

    Secondly, the EU should focus on fostering value-adding industries beyond mining. This means investing in processing plants and recycling facilities, not just mines. By creating domestic processing hubs for cathode powders or rare-earth magnets, the CRMA’s 40 percent processing target can be achieved, generating jobs, technology transfer, and increased tax revenue for beneficiary countries.

    Finally, the EU must simplify visa requirements for Central Asian technical personnel. A targeted visa-facilitation agreement could allow them to train in Europe and return, strengthening the region’s skilled workforce.

    Securing a stable and sustainable supply of raw materials is a critical challenge for the EU. While China’s economic clout is undeniable, Europe has the opportunity to win this race by leveraging its commitment to ESG principles and building a truly sustainable, transparent, and trust-based partnership with Central Asia.

    Time is of the essence. The next 18 months, before China’s revised mining law takes full effect and East Hope’s megaproject begins construction, provide a crucial window for the EU to demonstrate its commitment to ESG beyond rhetoric. The stakes are high, as the fate of Europe’s essential raw materials supply hangs in the balance.

  • Uzbekistan’s Navoi Mining and Metallurgy Combine Aims for 50 Years of Gold Production

    Uzbekistan’s Navoi Mining and Metallurgy Combine Aims for 50 Years of Gold Production

    Navoi Mining and Metallurgical Combinat (NGMK) in Uzbekistan has a resource base of approximately 146 million ounces or around 4,540 tons of gold, which will allow the Uzbek company to mine the precious metal for at least 50 years from its discovered reserves. According to Eugene Antonov, deputy general director of NGMK, as reported at the Tashkent Investment Forum, this is an excellent indicator, considering that most companies take pride in having a 15-20 year reserve lifetime.

    Last year, the company achieved a record production output of 3.1 million troy ounces or 96.4 tons of gold, making it the fourth largest gold producer globally. In the past seven years, gold production at NGMK has increased by 30%.

    Due to high global gold prices, the Uzbek company’s revenue reached $7.4 billion, and EBITDA (earnings before interest, taxes, depreciation, and amortization) was $4.6 billion last year. Antonov also mentioned that NGMK is among the world’s most cost-efficient gold producers. In 2024, their total production cost was $979 per ounce, ranking them second only to Russian company Polus.

    Antonov emphasized that NGMK’s integrated structure is a significant advantage, as the company handles exploration, construction, mining operations, and has its own refinery, producing gold bars with an international Good Delivery status from the London Bullion Market Association (LBMA). He further added that all NGMK assets are located in Uzbekistan, including 12 large mining sites and 9 processing plants.

    Currently, NGMK employs 47,000 people, making it the largest taxpayer and one of the largest employers in the country. The company’s contribution to Uzbekistan’s GDP is estimated at 6.5%, with the company aiming to be not only profitable but also sustainable, which is important for both investors and the country’s population. To achieve this, NGMK focuses on environmental concerns and improving the industry’s reputation for being harmful to the environment. As Antov stated, the company plans to produce over 20% of its required energy from renewable sources this year.

  • Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Bishkek, Kyrgyzstan – Kyrgyzaltyn OJSC, the sole shareholder of Kumtor Gold Company (KGC), has declared that Kumtor’s gold production plan for 2025 is “realistic and fully achievable.” This assertion comes from Kubat Abdraimov, Chairman of the Board of Kyrgyzaltyn, following a recent visit to the Kumtor mine.

    Abdraimov’s confidence stems from KGC’s strong production performance in 2024. Kumtor Gold Company’s 2024 revenue from gold sales reached $989.1 million, significantly exceeding the planned $739.3 million. The mine produced 12,552 kilograms of gold, surpassing its target of 12,509 kilograms.

    During his visit, Abdraimov thoroughly inspected various operations at the mine, including the progress of the underground gold mining project, the testing of recovered tires on dump trucks, the functioning of the gold processing plant, and the condition of the Central and Sary-Tor pits.

    Focus on Equipment and Efficiency

    Abdraimov paid particular attention to the heavy mining equipment repair workshop and the fueling complex. He emphasized the critical role of maintenance in Kumtor’s continuous operation. “The most modern special mining and auxiliary equipment is currently operating at the mine,” he noted. “Considering that the equipment operates in high-altitude and often in harsh weather conditions, and the mine itself does not stop for a minute, various breakdowns are inevitable. Much depends on the repairmen, whose high professionalism no one doubts.”

    He also highlighted the positive impact of the newly commissioned fueling complex, which has strengthened control over diesel fuel usage and resulted in “significant financial resources” being saved.

    Looking ahead, Abdraimov affirmed Kyrgyzaltyn’s commitment to continuous improvement and active promotion of digital transformation initiatives at the mine.

  • China Rebukes G7 and EU Over Rare Earth Criticism and Trade Policy Tensions

    China Rebukes G7 and EU Over Rare Earth Criticism and Trade Policy Tensions

    China has strongly condemned the Group of Seven (G7) nations and European Commission President Ursula von der Leyen for what it described as interference in its internal affairs and unfair criticism of its economic practices. The backlash follows a G7 statement issued after the summit in Alberta, where Canadian Prime Minister Mark Carney urged China to curb “market distortions and harmful overcapacity.”

    Chinese Foreign Ministry spokesperson Guo Jiakun labeled the remarks “irresponsible” and “manipulative,” asserting that accusations of overcapacity were a pretext for trade protectionism. He also rejected claims that China’s rare earth dominance was being weaponized, calling such allegations a smear on China’s industrial policy.

    Von der Leyen had warned of a new “China Shock,” accusing Beijing of flooding global markets with subsidized goods and leveraging its control over critical materials to undermine competitors. Her comments coincided with the EU’s decision to postpone an economic dialogue with China due to stalled trade progress.

    Guo defended China’s subsidy policies as fair and transparent, and called for cooperation with the EU to foster a non-discriminatory business environment. Von der Leyen is expected to visit China for a summit next month.

  • Metinvest Completes Buyback of Eurobonds Due 2025

    Metinvest Completes Buyback of Eurobonds Due 2025

    Metinvest BV, the Dutch-based parent company of Ukrainian mining and metallurgical giant Metinvest Group, has fully redeemed its 2025 Eurobonds, according to a stock market disclosure. The bonds were officially paid off on June 17.

    Chief Executive Officer Yuriy Ryzhenkov noted that since the start of Russia’s full-scale invasion in 2022, Metinvest has repaid two bond series totaling nearly $600 million—a significant milestone considering the company continues to operate under extreme wartime conditions.

    “These payments were made despite the war’s profound impact on the Group’s business model, including the loss of operational control and shutdown of certain assets in Ukraine,” Ryzhenkov told Interfax-Ukraine.

    Metinvest, a vertically integrated group with operations across Ukraine (Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions), the EU, UK, and US, is majority-owned by SCM Group (71.24%) and Smart-Holding (23.76%).

    In December 2024, Metinvest repurchased $16.27 million worth of its 2025 Eurobonds during an auction, buying them back at prices ranging from 86% to 92.5% of par value. Following the auction, €161.9 million in bonds remained outstanding.

    The company explained the buyback was part of a broader strategy to manage its debt portfolio, smooth payment obligations, bolster resilience, and ease liquidity pressures amid the high-risk operating environment in Ukraine.

    Despite these financial maneuvers, Metinvest reported a third consecutive annual loss in 2024, totaling $1.15 billion, mainly due to asset write-downs at Pokrovske Coal Group. In Q1 2025, steel output held steady, though coal production declined due to the situation in Pokrovsk, and iron ore concentrate volumes dropped by 21% compared to the same period in 2024.

  • Daimler Truck Boosts Inventories to Shield Against Rare Earth Supply Risks from China

    Daimler Truck Boosts Inventories to Shield Against Rare Earth Supply Risks from China

    Faced with tightening export controls from China, German truckmaker Daimler Truck is ramping up inventories of key raw materials to protect against supply disruptions, CEO Karin Rådström said Tuesday at a press conference in Gothenburg.

    Citing lessons learned during the semiconductor crisis of the COVID-19 pandemic, Rådström explained that the company had already begun stockpiling critical components like chips to reduce reliance on just-in-time delivery systems — even though this approach requires tying up more capital.

    “With everything that’s going on in the world right now, this seems to be a good and necessary strategy,” she told reporters.

    A fresh concern is China’s new rare earth export licensing regime, implemented in April. The measures have slowed the flow of critical materials such as neodymium and dysprosium, used in vehicle motors, sensors, and electric power systems.

    China currently dominates the rare earths market, controlling the vast majority of global production and processing capacity. Automakers fear that bureaucratic delays or political tensions could choke supply lines vital for the green transition.

    While Daimler Truck has not yet experienced production halts, Rådström acknowledged the company is monitoring the situation closely. “So far, we seem to be getting what we need,” she said, adding that their purchasing department considers it a top priority.

  • Critical Metals Secures U.S. EXIM Support for Greenland Rare Earths Project Amid Global Supply Battle

    Critical Metals Secures U.S. EXIM Support for Greenland Rare Earths Project Amid Global Supply Battle

    Critical Metals Corp. (NASDAQ: CRML) has secured preliminary approval for up to $120 million in funding from the U.S. Export-Import Bank (EXIM) to advance its Tanbreez rare earths project in southern Greenland — one of the world’s largest untapped deposits of heavy rare earths. The loan, which covers nearly half of the project’s estimated $290 million cost, is contingent on Critical Metals securing sufficient equity from strategic investors.

    Tanbreez, situated on a massive 4.7-billion-tonne kakortokite unit, is expected to begin producing 85,000 tonnes of rare earth concentrates annually by 2026, with plans to scale up to 425,000 tonnes. The resource contains over 27% heavy rare earth elements (HREEs) like dysprosium, terbium, and yttrium — crucial for electric vehicles and defense applications.

    The EXIM support highlights U.S. efforts to counter China’s grip on the rare earths market, where it dominates both production and processing. Tanbreez would be the first overseas mining project backed by the U.S. under the Trump administration and follows prior diplomatic pressure to keep the asset from falling into Chinese hands.

    Critical Metals is conducting a definitive feasibility study due in 2025 and plans to invest an additional $10 million in exploration this year, potentially increasing its stake in Tanbreez to 92.5%. The company aims to process the rare earths in the U.S., with earlier Department of Defense funding applications still pending.

    The announcement sent CRML shares soaring over 21% on the Nasdaq, boosting its market cap to $225.8 million. The loan approval underscores U.S. strategic interest in Greenland’s mineral potential amid a wider push to de-risk Western supply chains for critical materials.

  • South Jelken uranium deposit in Uzbekistan is set for launch by end of 2025

    South Jelken uranium deposit in Uzbekistan is set for launch by end of 2025

    On June 13, 2025, Benoit Lemonne, CEO of Nurlikum Mining, announced that the South Jelken uranium deposit in Uzbekistan is expected to begin industrial development by the end of 2025. This statement was made during the Tashkent International Investment Forum.

    Nurlikum Mining, a joint venture formed in late 2019 between France’s Orano and Uzbekistan’s Navoiuran, has conducted extensive geological exploration over the past five years, including over 200,000 meters of drilling and various pilot projects. Lemonne highlighted the rapid progress of the project, reaching the production phase in under six years, which he believes will attract further international investment in the mining sector.

    In March 2025, Japanese corporation ITOCHU acquired a minority stake in Nurlikum Mining. The company currently holds two exploration licenses for uranium sites in the North and South Dzhetymbay areas of the Navoi region, granted in October 2020.