MINEX Forum

Website: Eurasia.com

  • Kazakhstan Targets Nearly ₸12 Billion Investment in Rare Earth Metal Development

    Kazakhstan Targets Nearly ₸12 Billion Investment in Rare Earth Metal Development

    Kazakhstan is set to attract nearly ₸11.79 billion (approx. $26 million) in investments for the exploration and development of rare earth metal deposits over the next four years, according to the Ministry of Industry and Construction.

    Currently, Kazakhstan does not produce rare earth raw materials. However, it already extracts several critical metals recognized by the EU, UK, and US, including beryllium, tantalum, niobium, fluorspar, titanium, rhenium, vanadium, antimony, bismuth, scandium, phosphorus, coking coal, bauxite, barite, copper, magnesium, tellurium, and manganese.

    The government has identified cobalt, tungsten, lithium, and other metals used in batteries and magnet production as key priorities. The national mineral reserve includes 56 cobalt deposits, 21 tungsten deposits, and 7 lithium fields. Exploration and production initiatives for lithium are already underway, including partnerships with German investors, potentially totaling $500 million if reserves are confirmed.

    As part of its 2024–2028 strategic plan, Kazakhstan aims to:

    • Expand its resource base,

    • Implement advanced extraction technologies,

    • Modernize production,

    • Develop new standards for critical minerals.

    The state budget and alternative funding sources will support this effort. In addition, Kazakhstan seeks to become a key player in the battery material supply chain. In 2024, it began manganese sulfate processing, capturing 5% of the global market.

    Several mid-term projects are also in development, including:

    • Cobalt, lithium, tin, and tungsten processing facilities,

    • A UK-Kazakh project in Zhezkazgan processing imported heat-resistant nickel alloys to extract rhenium,

    • A Chinese investment in tungsten trioxide production.

    The Ministry of Industry believes these initiatives will significantly strengthen Kazakhstan’s position in rare and critical metal production within three years. Kazakhstan is already a leading global producer of titanium, beryllium, and tantalum, and aims to attract new partners through technology transfer agreements.

    These moves align with Kazakhstan’s broader strategic partnership with the United States, particularly in energy and critical minerals. President Kassym-Jomart Tokayev has emphasized the importance of developing what he called the country’s “new oil” — critical minerals vital for the global energy transition.

  • Central Asia Emerges as Strategic Battleground in Global Race for Rare Earths

    Central Asia Emerges as Strategic Battleground in Global Race for Rare Earths

    Central Asia is rapidly gaining geopolitical significance due to its rich reserves of rare earth elements (REEs) and strategic minerals that are vital for modern technologies, green energy, and defense industries. As global powers intensify their competition for control over these critical resources, the region is transforming into a strategic focal point for economic and political influence.

    According to the U.S. Geological Survey, Central Asia holds a vast share of the world’s strategic minerals: 38.6% of global manganese ore, 30.07% of chromium, 20% of lead, 12.6% of zinc, and 8.7% of titanium. It also possesses essential rare earth elements like scandium, yttrium, and lanthanides. Kazakhstan’s President Kassym-Jomart Tokayev has described rare earths as the “new oil,” underlining their importance to economic transformation and energy independence.

    As the West seeks to reduce dependency on China, Central Asia has become a key alternative supply hub. The U.S. and EU are ramping up investments in the region’s mining sector. Initiatives like the Mineral Security Partnership (MSP), C5+1 Critical Minerals Dialogue, and Team Europe’s Global Gateway aim to build supply chain resilience. France’s Orano is investing $500 million in Uzbekistan, while the EU is backing green infrastructure and mining diversification projects in Kazakhstan and beyond.

    The U.S., through ERICEN and TIFA, is promoting trade diversification and infrastructure investment, while the G7 has committed to investing $200 billion in Central Asia by 2027, with a focus on Kazakhstan.

    Meanwhile, China continues to dominate with $63 billion in regional investments, primarily in mining and infrastructure. Through the Belt and Road Initiative (BRI), it holds strategic stakes in mining projects in Kazakhstan and Kyrgyzstan and is planning to build nuclear reactors to reinforce its grip on energy and resource supply chains. Russia maintains significant trade with Central Asia and leverages mining and energy collaborations to sustain its influence, including nuclear projects in Tajikistan.

    Central Asian states are trying to strike a balance among competing powers. By shifting from raw material suppliers to value-added economies, they aim to strengthen sovereignty while maximizing the benefits of global interest. However, this balancing act comes with risks: environmental degradation, economic overreliance on foreign powers, and exposure to volatile commodity markets.

    The sustainability of this multipolar strategy will shape the region’s economic future. Whether Central Asia can maintain autonomy amid intensifying competition or becomes caught between competing global giants remains a defining question for the coming decade.

  • JSW Seeks to Delay $345M in Social Security Payments Amid Deepening Cash Crunch

    JSW Seeks to Delay $345M in Social Security Payments Amid Deepening Cash Crunch

    JSW SA, the European Union’s largest producer of coking coal, has requested permission from Poland’s social security office to defer this year’s payments as it struggles with declining coal prices and rising operational costs. The company is asking to postpone the payment of 1.3 billion zloty ($345 million), proposing to settle the amount in installments starting January 2026.

    This marks the second plea for financial relief from the state by the state-controlled miner in a single week. On Monday, JSW also announced plans to seek a 1.6 billion zloty refund from Poland’s power price subsidy fund in a bid to stabilize its finances.

    JSW’s Deputy CEO Remigiusz Krzyzanowski stated during an earnings call that the board is “closely monitoring the financial and liquidity situation” and actively taking steps to prevent a cash shortfall. Despite initiating a cost-cutting and investment-trimming strategy in late 2024, the company has had to draw 2.2 billion zloty from its financial reserve fund this year alone to support cash flow.

    Analysts remain concerned. Erste Group’s Jakub Szkopek warned that JSW’s measures to reduce spending are “definitely too small,” forecasting that the miner will continue consuming significant reserves. He cautioned that if trends continue, JSW may deplete its cash reserves within two to three quarters.

    JSW, which employs over 32,000 people, is due to release its Q1 earnings report on May 20. On Friday, its shares rebounded slightly after an initial 3.6% dip, ending the week with a modest 2.1% gain.

  • Xanadu Mines Withdraws Key Resolution on Khuiten Metals Put Option at EGM

    Xanadu Mines Withdraws Key Resolution on Khuiten Metals Put Option at EGM

    Xanadu Mines Ltd has announced the outcome of its Extraordinary General Meeting, revealing that a key resolution concerning the exercise of a 25% Put Option related to Khuiten Metals Pte Ltd was not presented to shareholders. The company had previously communicated its intention to withdraw the resolution ahead of the meeting.

    The move may have strategic implications for Xanadu Mines, potentially affecting its investment structure and stakeholder expectations. The decision marks a notable moment in the company’s evolving approach to portfolio management and partnerships.

    Xanadu Mines Ltd, listed on the ASX and TSX, operates primarily in Mongolia, offering investors exposure to copper-gold discoveries and low-cost growth opportunities. Its flagship Kharmagtai project remains central to its exploration portfolio.

    The company currently holds a market capitalization of $64.45 million and maintains a strong technical sentiment rating of “Strong Buy,” with an average daily trading volume of 96,971 shares.

  • Tokayev Meets Pavlodar Governor, Reviews Strong Economic Growth and Industrial Projects

    Tokayev Meets Pavlodar Governor, Reviews Strong Economic Growth and Industrial Projects

    President of Kazakhstan Kassym-Jomart Tokayev met with Asain Baikhanov, the governor of Pavlodar region, to review the region’s 2024 performance and discuss strategic priorities for the upcoming period.

    The meeting revealed that Pavlodar region experienced robust economic growth in 2024, with a 5.8% increase in regional GDP. Investments surged to 1.1 trillion tenge, marking a 38% year-on-year growth.

    Key industrial projects are currently underway in the region, including two major initiatives focused on processing gold-bearing concentrate and producing ferroalloys. A particularly significant development is the planned construction of three ferroalloy plants in Ekibastuz, with a combined capacity of 460,000 tons. These plants are expected to elevate Kazakhstan to the position of the world’s second-largest ferroalloys producer.

    The President emphasized the importance of sustaining the region’s economic momentum and ensuring effective execution of investment projects to support long-term national goals.

  • Kazakhstan Proposes Uranium Mining Contract to Turkey to Fuel Its Growing Nuclear Energy Program

    Kazakhstan Proposes Uranium Mining Contract to Turkey to Fuel Its Growing Nuclear Energy Program

    Kazakhstan has proposed a long-term partnership with Turkey in the nuclear fuel cycle, offering a contract for uranium mining within Kazakhstan to help meet Turkey’s rapidly growing demand for nuclear energy. The announcement was made by Bauyrzhan Duisebayev, Director General of the Chemical Engineering Design Bureau, during the MINEX Kazakhstan forum.

    Duisebayev highlighted that Turkey is emerging as a major nuclear player with four reactors under construction and four more planned. He emphasized that Kazakhstan, given its vast uranium reserves and experience, is a natural partner. He estimated that Turkey’s two existing nuclear plants alone will require 1,800 tonnes of uranium annually, and that future demand could reach 5,000 to 8,000 tonnes per year.

    A presentation prepared for Turkish officials outlined Kazakhstan’s proposed role in the entire nuclear fuel cycle — from uranium mining to fuel fabrication. Currently, Kazakhstan mines uranium in collaboration with Russia, where it is converted, enriched, and fabricated into nuclear fuel. Duisebayev suggested Kazakhstan could independently provide conversion services, potentially at facilities like the Ulba Metallurgical Plant or the Stepnogorsk Mining and Chemical Plant.

    He noted that Turkish officials had expressed interest in nuclear cooperation during President Erdoğan’s visit to Astana for the SCO summit in July 2024, but no uranium contracts have yet been signed. Duisebayev emphasized that Turkey could become involved in three stages of the nuclear cycle — mining, conversion, and fuel fabrication — and eventually, more, except for enrichment, which still requires time and development.

    He also outlined Kazakhstan’s long-term strategy to shift from selling natural uranium to offering higher-value products like uranium tetrafluoride and hexafluoride, enriched uranium, and eventually, only nuclear technologies and energy. This transition is driven by expectations that global uranium demand may decline by 2040 due to the rise of alternative reactors, such as thorium or fast reactors that do not rely on natural uranium.

    Duisebayev mentioned that conversion operations could be hosted not only in Stepnogorsk, now part of Rosatom’s structure, but also in Ust-Kamenogorsk or Uralsk. He expressed hope for progress with or without Turkish participation, including potential cooperation with Rosatom.

    Turkey’s first nuclear power plant, Akkuyu, is being built by Rosatom under a build-operate-transfer model. It will consist of four VVER-1200 reactors with a total capacity of 4,800 MW. The construction cost is estimated at $24–25 billion, with Russia providing both the fuel and the handling of spent nuclear material.

  • President Tokayev Signs New Water Code to Strengthen Kazakhstan’s Water Security

    President Tokayev Signs New Water Code to Strengthen Kazakhstan’s Water Security

    President of Kazakhstan Kassym-Jomart Tokayev has signed the new Water Code of the Republic of Kazakhstan, according to the press service of Akorda. The newly adopted legislation introduces comprehensive reforms aimed at improving water resource management and enhancing national water security.

    For the first time, the concept of “water security” has been introduced into Kazakh legislation. It encompasses protecting the population and the economy from water shortages and pollution, as well as safeguarding Kazakhstan’s interests in the management and use of transboundary water resources.

    The Water Code is structured into five key sections. The first introduces mechanisms for water conservation and protection of water bodies. The second focuses on prioritizing water resource protection, promoting public involvement in decision-making, and emphasizing basin-based water management.

    The third section outlines measures to prevent and mitigate harmful water impacts, including flood control initiatives. The fourth strengthens state regulation and oversight, granting basin water inspections expanded authority for state supervision and rapid response.

    The fifth section is dedicated to ensuring the safety of hydraulic structures. The development of the legislation was guided by five core principles: recognizing water as an essential part of the environment and economic development, valuing water as an economic resource, integrated use of surface and underground waters, conservation through efficient use, and active public participation in managing and protecting water resources.

    The new Water Code consists of 121 articles, 14 chapters, and six sections. It also introduces amendments to four existing codes and nine laws. The updated version of the Water Code was presented to the Mazhilis in November 2024.

  • Navoi Mining and Metallurgical Combine Reports 40% Profit Increase

    Navoi Mining and Metallurgical Combine Reports 40% Profit Increase

    Navoiy Gornometallurgichesky Kombinat (NGMK) has announced a 40% rise in net profit, reaching $2.1 billion, according to the company’s press service.

    Kuvandik Sanakulov, Chairman and CEO, commented: “NMMC achieved record revenue in 2024, increasing gold production by 5.4%. Thanks to the acceleration of investment projects, the company has successfully implemented 24 major investment projects worth $3 billion over the past eight years. This has enabled us to meet the production targets set for 2026 ahead of schedule – two years earlier than planned. At the same time, NGMK continues to maintain its position as one of the most cost-efficient producers in the industry, while investing in the company’s future sustainable growth.”

    Key Highlights:

    • Gold Production: The total gold production for FY 2024 amounted to 3.10 million ounces, representing a 5.4% increase compared to 2.94 million ounces in FY 2023. This growth was driven by the launch of new mining and processing capacities during the period.
    • Revenue: NGMK reported revenue of $7.4 billion for FY 2024, a 29.8% increase from $5.7 billion in FY 2023, marking a record-high for the company.
    • All-in Sustaining Costs (AISC): The total AISC for the period was $979 per ounce, up from $866 per ounce in FY 2023. This increase was primarily driven by higher royalty payments following increased gold sales, fuel costs related to the higher volume of material extraction, and rising labour expenses.
    • Adjusted EBITDA: Adjusted EBITDA for FY 2024 reached $4.6 billion, a 39.4% increase from $3.3 billion in FY 2023. Gold price growth outpaced cost increases, resulting in a rise in the adjusted EBITDA margin to 62% in 2024, up from 58% in 2023.
    • Net Profit: The company posted a net profit of $2.1 billion in FY 2024, compared to $1.5 billion in FY 2023.
    • Cash Flow and Investments: Net cash used in investing activities (capital expenditures) totalled $914 million in FY 2024, an increase of 34.6% from $679 million in FY 2023. This reflects the company’s ongoing investment programme aimed at increasing production at existing mines and exploring new deposits near mining operations.
    • Debt Position: NGMK’s leverage ratio (net debt to adjusted EBITDA) improved to 0.5x by the end of FY 2024, compared to 0.7x at the end of FY 2023, indicating strong financial stability and the company’s ability to service external debt. As of 31 December 2024, the company successfully completed its debut Eurobond issue, raising $1 billion in October 2024, split into two tranches of $500 million each, with maturities of 4 and 7 years.

    Financial Performance Summary:

    Indicator 2024 2023 ∆
    Gold Production (million ounces) 3.10 2.94 +5.4%
    All-in Sustaining Costs (AISC) $979 $866 +13.0%
    Revenue (billion USD) $7.4 $5.7 +29.8%
    Operating Profit (billion USD) $3.9 $2.9 +34.5%
    Adjusted EBITDA (billion USD) $4.6 $3.3 +39.4%
    Adjusted EBITDA Margin (%) 62% 58% +4 ppts.
    Net Profit (billion USD) $2.1 $1.5 +40.0%
    Operating Cash Flow (billion USD) $2.7 $2.0 +35.0%
    Net Cash Used in Investing (million USD) $914 $679 +34.6%
    Net Debt (billion USD) $2.5 $2.2 +13.6%
    Net Debt / Adjusted EBITDA Ratio 0.5x 0.7x -28.6%

    Full IFRS financial results are available online at: NGMK Annual Report 2024

    About the Company

    NGMK is the world’s fourth-largest gold producer, with an annual output of 3.1 million ounces of gold (2024) and a total mineral resource base of 148 million ounces. The company’s operating mines include the Muruntau-Mutenbay gold deposit, the largest in the world with a resource base of over 100 million ounces. NGMK’s business model encompasses exploration, construction of mining operations, mining, and processing, as well as gold refining and the manufacture and repair of mining equipment. The company employs over 47,000 people across 12 major mining and 9 processing plants.

    Further information about NGMK can be found on the company’s website: www.ngmk.uz.

  • Armenian Government Recovers $1 Billion Through Zangezur Copper-Molybdenum Combine

    Armenian Government Recovers $1 Billion Through Zangezur Copper-Molybdenum Combine

    YEREVAN, Armenia – Prime Minister Nikol Pashinyan announced today in parliament that Armenia has recovered over $1 billion from the Zangezur Copper-Molybdenum Combine (ZCMC) after years of alleged mismanagement.

    “Armenia holds a 21.8% stake in ZCMC, and its market value alone amounts to hundreds of millions of dollars,” Pashinyan stated, emphasizing the government’s commitment to returning plundered assets to the national budget.

    Pashinyan highlighted further successes, revealing that the company’s tax payments doubled between 2018-2024 compared to the previous seven-year period. In 2024 alone, ZCMC paid 33 billion 249 million drams in dividends to the Armenian government.

    “Isn’t this a return of what was stolen?” Pashinyan questioned, emphasizing that through persistent efforts, Armenia has recovered over $1 billion worth of assets and funds solely through actions related to ZCMC.

    ZCMC, Armenia’s largest mining company, operates the Kajaran copper-molybdenum deposit, boasting sufficient reserves for approximately 150 years. The company produces molybdenum and copper concentrates, contributing significantly to Armenia’s economy.

    Pashinyan’s announcement underscores the Armenian government’s commitment to transparency and accountability in the mining sector, highlighting the successful efforts to recover assets and ensure rightful revenue streams for the nation.

  • Kyrgyzstan and Russia Partner to Complete Min-Kush Uranium Site Cleanup by August

    Kyrgyzstan and Russia Partner to Complete Min-Kush Uranium Site Cleanup by August

    The reclamation efforts at the former uranium mining site in Min-Kush, located in Kyrgyzstan’s Naryn region, are on track for completion by August 2025. This updated timeline was announced during a meeting between Kyrgyzstan’s Minister of Emergency Situations, Boobek Azhikeev, and the Deputy Director General of Russia’s Rosatom State Corporation, Nikolai Spassky.

    According to a press release from the Ministry of Emergency Situations, the primary focus of the discussion was the finalization of the project aimed at rehabilitating the Min-Kush uranium site.

    Rosatom representatives informed Minister Azhikeev that all planned work at the location is scheduled to be finished in August. As a symbol of the region’s mining history and the strategic partnership between Kyrgyzstan and Russia, a memorial stele will be erected in Min-Kush.

    This significant environmental remediation project is being carried out under the framework of an interstate program dedicated to reclaiming territories impacted by uranium mining. It also aligns with an agreement established between the Cabinet of Ministers of Kyrgyzstan and the Government of Russia, which was signed in March 2024.

    During the meeting, the parties also discussed future steps concerning the rehabilitation of other sites in five additional settlements across Kyrgyzstan: Kadzhi-Sai, Kyzyl-Zhar No. 12, Kara-Tash (Too-Moyun), Sumsar, and Kan.