MINEX Forum

Website: Eurasia.com

  • Cornish Lithium Secures Game-Changing Tech for UK Battery Future

    Cornish Lithium Secures Game-Changing Tech for UK Battery Future

    Cornish Lithium has turbocharged its journey to full-cycle domestic lithium production by acquiring breakthrough processing technology and patents from Australian innovator Lepidico. This strategic move empowers Cornish Lithium to mine, process, and refine battery-grade lithium hydroxide entirely within its Trelavour Downs site in Cornwall—marking a milestone in the UK’s ambition to build an independent, sustainable lithium supply chain.

    The technology, proven through licensed pilot trials since 2021, enables a streamlined “pit to battery-grade product” pathway. By operating at atmospheric pressure and moderate temperatures, the process slashes carbon emissions, setting a new environmental standard for the industry. Cornish Lithium now holds exclusive rights to the intellectual property and plans to license the process globally under its own brand.

    This acquisition also reinforces the UK government’s designation of the Trelavour Hard Rock Project as a Nationally Significant Infrastructure Project, bringing the country closer to producing over 50,000 tonnes of lithium carbonate equivalent (LCE) domestically by 2030. With its low-emission demonstration plant already online and further expansion plans, Cornish Lithium is positioning itself—and Cornwall—at the heart of the UK’s green energy transition.

    “This is a huge step forward for the whole country, allowing us to secure the UK’s future lithium supply,” said Jamie Airnes, CEO of Cornish Lithium.

  • Eurasian Resources Group (ERG) plans to Issues Guaranteed Bonds Worth Up to $100 Million

    Eurasian Resources Group (ERG) plans to Issues Guaranteed Bonds Worth Up to $100 Million

    Kazakhstan’s Aluminium Smelter (Kazakhstansky Elektrolizny Zavod or KEZ), a subsidiary of Eurasian Resources Group (ERG) and a primary aluminium producer, is set to issue three-year bonds worth up to $100 million, ERG has announced.

    ERG confirmed the upcoming issue of guaranteed coupon bonds, also for a three-year term, totalling up to $100 million. This marks a first for the Kazakhstani securities market: a non-government bond issue, regulated by local law, backed by Development Bank of Kazakhstan JSC as guarantor. The bonds will be listed on the Kazakhstan Stock Exchange (KASE) by KEZ, which is part of ERG and holds the distinction of being the sole producer of high-grade primary aluminium in the country.

    The bonds are denominated in US dollars and will be placed on the KASE platform. The total offering is capped at $100 million, with each bond having a par value of $1,000. They will have a three-year maturity period with coupon payments made every six months. The principal amount is due as a single bullet payment at the end of the term. This bond issue has secured an investment-grade credit rating of Baa1 from Moody’s, the international rating agency.

    Shukhrat Ibragimov, Chairman of the Board and Chief Executive Officer of ERG, commented on the development: “Eurasian Resources Group is launching its first public debt instrument in the company’s long history. This expands our financing options, aligning with our long-term business growth and capacity expansion programme. I’m pleased to acknowledge the seamless and successful collaboration between the ERG and Development Bank of Kazakhstan JSC teams, which has resulted in a non-government bond, regulated by local legislation, receiving an international investment rating for the first time in Kazakhstan. This unlocks further opportunities for Kazakhstani companies to attract financing and creates a new segment within the stock market.”

    The Development Bank of Kazakhstan has provided an irrevocable guarantee for the bonds, with the Central Securities Depository acting as the settlement agent for the issue.

    Kazakhstan’s Aluminium Smelter commenced primary aluminium production in 2007, yielding 11,000 tonnes that year. Its initial phase had a capacity of 125,000 tonnes. A second phase, with similar capacity, was launched in 2010. In 2024, KEZ produced 264,500 tonnes of aluminium.

    Separately, Kazchrome, another multinational company within Eurasian Resources Group (ERG), is planning to delist its shares from the KASE due to low liquidity and no plans for further share placements, ERG previously informed Kursiv.

    The ultimate owners of ERG are the Ministry of Finance of the Republic of Kazakhstan (40%), the heirs of Alexander Mashkevich and the Ibragimov family (each holding 20.7%), and Patokh Chodiev (18.6%). The group’s founders – Alexander Mashkevich, Patokh Chodiev, and Alijan Ibragimov – became Kazakhstan’s first dollar billionaires in 2005, according to Forbes, each with a net worth of $1 billion. Alijan Ibragimov’s stake is now held by his wife, Mukadaskhan Ibragimova, and their four sons (Dostan, Davron, Shukhrat, and Furkhat), who collectively rank seventh on Forbes’ list of the wealthiest Kazakhstani individuals, with a combined fortune of $2.06 billion.

  • China Proposes $5.47B Nuclear Power Project in Kazakhstan, Halving Estimated Cost

    China Proposes $5.47B Nuclear Power Project in Kazakhstan, Halving Estimated Cost

    China National Nuclear Corporation (CNNC) has proposed constructing two nuclear power plant units in Kazakhstan with a combined capacity of 2.4 GW for a total cost of $5.47 billion—almost half the previously estimated cost of $10–15 billion, according to The Moscow Times.

    The proposal positions CNNC as a serious contender in Kazakhstan’s ongoing selection process, which also includes bids from Russia’s Rosatom, South Korea’s KHNP, and France’s EDF. CNNC’s offer stands out not only for its lower price, but also for its commitment to share technology and grant Kazakhstan full control over the nuclear fuel cycle.

    Kazakh authorities expressed strong interest in China’s approach, particularly its experience in nuclear and water-ecological safety at all stages of nuclear plant development. The International Atomic Energy Agency (IAEA) has also pledged its readiness to support Kazakhstan in the project.

    The proposed plant would mark Kazakhstan’s return to nuclear energy following the decommissioning of the Soviet-built Shevchenko plant in 1999, which was shut down due to proliferation concerns. Now, with global energy security concerns rising and Kazakhstan holding 43% of the world’s uranium production via Kazatomprom, the country is looking to tap its nuclear potential anew.

    Kazakhstan’s Ministry of Energy had previously warned that global inflation in materials and services could increase the cost of a nuclear plant by 1.5 times, underscoring the strategic appeal of CNNC’s more affordable and flexible proposal.

  • Uzbekistan Hosts Open Dialogue with Artisanal Gold Miners and Jewelry Industry Stakeholders

    Uzbekistan Hosts Open Dialogue with Artisanal Gold Miners and Jewelry Industry Stakeholders

    On 30 May 2025, the Ministry of Mining Industry and Geology of Uzbekistan held an open dialogue with entrepreneurs engaged in the extraction of precious metals through artisanal and small-scale gold mining (ASGM). The meeting aimed to address sector-specific challenges and enhance cooperation between regulators and industry participants.

    The dialogue brought together Minister of Mining Industry and Geology B. Islamov, Tax Committee Chairman Sh. Kudbiyev, Chamber of Commerce and Industry Chairman D. Vakhabov, leaders of the “Uzbekzargarsanoati” Association, representatives of gold-mining businesses, officials from the State Subsoil Use Center, and the Mining and Geology Inspection.

    Participants discussed pressing issues faced by artisanal miners and presented proposals for improving the legal and operational framework for ASGM. Emphasis was placed on creating a more supportive ecosystem for gold extraction and strengthening cooperation in the downstream jewelry production sector.

    Authorities reaffirmed their commitment to maintaining an open and ongoing dialogue between state regulators and private sector players to support the development of a transparent, productive, and sustainable precious metals industry.

  • Uzbekistan and China Advance Talks on Establishing SCO Development Bank

    Uzbekistan and China Advance Talks on Establishing SCO Development Bank

    Representatives from the Ministry of Economy and Finance of Uzbekistan and China’s Ministry of Finance convened virtually to discuss the creation of a Shanghai Cooperation Organization (SCO) Development Bank, according to Trend.

    The meeting brought together Shukhrat Matkarimov, Deputy Director of Uzbekistan’s Department of International Relations, and Zhang Bo, Deputy General Director of China’s Department of International Economic and Financial Cooperation. The two sides conducted an in-depth review of the bank’s proposed structure, governance framework, operational focus, and funding strategies.

    Uzbekistan emphasized the strategic importance of the initiative, viewing the future SCO Development Bank as a catalyst for deepening investment cooperation, financing regional infrastructure projects, and accelerating sustainable economic development across member states.

    Both parties agreed to continue technical consultations at the ministerial and expert levels to refine the bank’s framework and move the project forward.

    This development comes amid deepening economic ties between Uzbekistan and China. Bilateral trade exceeded $13 billion last year, with both governments expressing strong confidence in reaching the $20 billion trade target set by their national leaders.

  • Tungsten West Unveils Restart Plan for UK’s Hemerdon Mine, Targeting 20% of Global Non-China Tungsten Supply

    Tungsten West Unveils Restart Plan for UK’s Hemerdon Mine, Targeting 20% of Global Non-China Tungsten Supply

    Tungsten West, a UK-based mining company, has released a detailed development and economic plan for restarting operations at the Hemerdon tungsten and tin mine in Devon. The company projects that, once operational, the mine could supply over 20% of the global primary tungsten output from outside China—a major boost for Western critical mineral supply chains.

    Fully permitted and construction-ready, the Hemerdon project is expected to produce approximately 332,000 metric tonne units (mtu) of tungsten trioxide and 462 tonnes per year of tin concentrate during steady-state operations. Production could begin within 12 months of securing funding.

    Tungsten West is currently in discussions with multiple potential investors and aims to close a $93-million funding round by the end of 2025. The project benefits from around $300 million in historical investment and promises robust returns, with a projected post-tax life-of-mine cash flow of $456 million, a net present value of $190 million, and an internal rate of return (IRR) of 29.3%—based on a conservative tungsten price of $400/mtu.

    CEO Jeff Court highlighted the project’s strategic importance: “At full capacity, Hemerdon is expected to produce over 20% of the global non-China supply of tungsten and will significantly strengthen the developed world’s supply chain for this critical metal.”

    The plan outlines an initial 11-year mining phase, followed by four years of stockpile processing and 12 additional years of aggregate sales. A long-term expansion program—dubbed “Hemerdon Futures”—could extend mine life beyond 40 years.

    Key investments include a new front-end processing system, upgrades to existing processing facilities, and stringent environmental noise mitigation measures. The mine will process 3.5 million tonnes of ore annually and is forecasted to sit within the lowest quartile of global tungsten producers with an all-in sustaining cost of $144/mtu.

    In response to China’s recent export restrictions on tungsten, which have driven market prices above $400/mtu, Tungsten West emphasized the growing importance of secure, domestic supply chains for dual-use critical metals.

    The company has also received regulatory approval for limited trial processing of 2,500 tonnes of on-site material and plans to issue additional convertible loan notes to bridge funding through financial close. Hannam & Partners is acting as the financial adviser and broker for the restart funding.

  • Mundoro Reports Solid Q1-2025 with Strategic Focus on Copper Exploration Across Serbia, Bulgaria, and the U.S.

    Mundoro Reports Solid Q1-2025 with Strategic Focus on Copper Exploration Across Serbia, Bulgaria, and the U.S.

    Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF) has released its operating and financial results for Q1-2025, highlighting a strategic focus on advancing copper exploration projects in Serbia, Bulgaria, and the United States. The Company reported a stable cash position of $5.2 million with no long-term debt, and net income of $451 for the quarter.

    While total fee income dipped to $740,392, exploration and evaluation expenditures totaled $1.76 million, most of which were partner-funded. Net exploration costs for Mundoro stood at $307,875. Corporate expenses rose modestly to $296,732 due to audit fee accruals.

    Key Exploration Highlights:

    Serbia (BHP-Mundoro Partnership):

    • Borsko Project: Passive seismic and ground AMT surveys were completed with 3D inversion models expected in Q2-2025. Drill planning is underway for a new NW target area.

    • Trstenik Project: Mapping and structural analysis were completed. Delayed forestry permits have pushed drilling plans to later in 2025.

    • South Timok Projects: Ground surveys and structural interpretations advanced across several licenses, identifying new targets in covered terrains.

    Mundoro-Owned Serbian Projects:
    Holding ~419 sq km in the prolific Timok Magmatic Complex, Mundoro is progressing toward potential third-party partnerships.

    Bulgaria (JOGMEC-Mundoro):

    • The EE1 copper project faces permitting delays due to legal appeals. A planned 1,800-meter drill program is pending final government approval.

    USA Projects:

    • Dos Cabezas (AZ): Defined six porphyry targets; partner visits and fieldwork ongoing.

    • Copperopolis (AZ): Generative work confirmed porphyry-style alteration; assay results expected Q2-2025.

    • Picacho (AZ): Geochronology confirms Laramide age, reinforcing porphyry potential.

    Generative Exploration:
    Mundoro continues to explore new opportunities in Serbia’s Cretaceous/Tertiary belts, the U.S. Laramide Belt, and additional global copper trends.

    Despite reduced partner-funded programs, Mundoro remains focused on high-potential copper exploration and expanding its strategic partnerships across tier-one mineral belts.

  • Uzbekistan and Tamam International Discuss New Investment Prospects in Mining Sector

    Uzbekistan and Tamam International Discuss New Investment Prospects in Mining Sector

    First Deputy Minister of Mining Industry and Geology of Uzbekistan, O. Nasritdinhodjaev, held a meeting with a delegation led by the General Director of Tamam International. The talks focused on potential investment opportunities in the country’s geology and mining sector.

    The Uzbek side highlighted the favorable conditions created for both local and foreign investors, including ongoing reforms aimed at enhancing transparency, streamlining procedures, and ensuring alignment with global best practices.

    During the meeting, Tamam International was briefed on Uzbekistan’s investment legislation and fiscal policies, which are designed to attract responsible investors. Special attention was given to transparent mechanisms for granting subsoil use rights, including competitive open-access auctions for geological sites.

    The meeting underscored Uzbekistan’s commitment to fostering international partnerships and further developing its mineral resource base through sustainable and investor-friendly policies.

  • Uzbekistan and Solvay Vostok Discuss Expanding Cooperation in Mining and Technological Metals

    Uzbekistan and Solvay Vostok Discuss Expanding Cooperation in Mining and Technological Metals

    The Ministry of Mining Industry and Geology of Uzbekistan hosted a meeting between Deputy Minister Ulugbek Yusupov and representatives of Solvay Vostok to discuss current and prospective collaborations in the mining sector.

    Discussions focused on ongoing joint initiatives with institutions such as the Institute of Mineral Resources of the University of Geological Sciences and the Uzbek Technological Metals Combine (АО “Uzbeksky Kombinat Tekhnologicheskikh Metallov”). Both parties reviewed the progress of current projects and explored opportunities to deepen technological cooperation.

    A key point on the agenda was the potential establishment of bilateral collaboration between Solvay Vostok and the State Institution “Scientific-Practical Center for Localization and Development of Industrial Cooperation in the Mining Industry.” The sides exchanged views on ways to enhance industrial integration, scientific exchange, and localization of advanced technologies in Uzbekistan’s mining value chain.

    The meeting reaffirmed mutual interest in promoting innovation and building long-term industrial partnerships.

  • Kazakhstan’s President Meets Ivanhoe Mines’ Robert Friedland to Discuss Copper Exploration in Kazakhstan

    Kazakhstan’s President Meets Ivanhoe Mines’ Robert Friedland to Discuss Copper Exploration in Kazakhstan

    On 28 May 2025, the President of Kazakhstan received Robert Friedland, Executive Co-Chairman of the Board of Directors of Ivanhoe Mines Ltd., to discuss prospects for cooperation in geological exploration, metal mining, and processing.

    During the meeting, Friedland informed the President about the launch of large-scale exploration activities in Kazakhstan’s Chu-Sarysu copper basin. Ivanhoe Mines has committed an initial $18.7 million for subsurface studies in the region, with total investments expected to rise to $115 million over the next four years.

    Friedland highlighted that the project will utilize advanced airborne geophysical technologies and digital data analysis to unlock Kazakhstan’s untapped copper resources. He described the initiative as one of the most ambitious copper exploration campaigns in Kazakhstan’s history and noted its potential to reshape the global copper supply landscape.

    The meeting underscored Ivanhoe Mines’ long-term vision for the region and emphasized the strategic importance of high-tech exploration methods in discovering and developing critical mineral assets.