MINEX Forum

Website: Eurasia.com

  • Kazakhstan to Auction 50 Mineral Deposits Including Gold, Copper, and Rare Earth Metals

    Kazakhstan to Auction 50 Mineral Deposits Including Gold, Copper, and Rare Earth Metals

    Kazakhstan is set to hold a large-scale electronic auction in June 2025, offering 50 solid mineral deposits, including gold, copper, coal, polymetals, and rare earth elements, according to Almas Kushumov, Director of the Subsoil Use Department at the Ministry of Industry and Construction. He made the announcement during the MINEX Kazakhstan forum.

    The rights will be granted for both exploration and extraction, with deposits containing balance reserves to be auctioned directly for mining. The full list of deposits is expected to be published in the coming days.

    Kushumov noted that 117 deposits were auctioned via e-auctions in 2023–2024, bringing in over 20 billion tenge in signing bonuses for the state. In 2024, 43 new deposits were officially registered, including 22 solid mineral sites. Resource growth figures include:

    • 20 tons of gold

    • 9,000 tons of silver

    • 48,000 tons of copper

    Kazakhstan’s current reserve lifespan is estimated at 33 years for gold and 44 years for copper, based on current production levels.

    Minister of Industry and Construction Kanat Sharlapayev previously stated that companies from the United States, the European Union, and China would be able to participate in the auctions for rare and rare earth metal rights. He emphasized that competition among major players in the global critical materials market—used in dual-use goods, renewable energy tech, electric vehicles, and more—could help maximize Kazakhstan’s revenues.

    Quote:

    “This will be a high-interest auction. The competition between Western countries and China in the rare earth sector gives us the opportunity to attract the best offers,” Sharlapayev said.

  • Vulcan Energy Finalizes Acquisition of Geox, Expands Lithium and Renewable Energy Footprint in Germany

    Vulcan Energy Finalizes Acquisition of Geox, Expands Lithium and Renewable Energy Footprint in Germany

    Vulcan Energy has successfully completed the acquisition of Geox GmbH, securing 100% ownership of its geothermal wells, renewable energy generation assets, and a geothermal and lithium licence in the Landau region of Germany. This strategic move consolidates Vulcan’s upstream Phase One assets and replaces the former Joint Venture and brine offtake agreements with Geox.

    The Landau site is also home to Vulcan’s Lithium Extraction Optimisation Plant (LEOP) and the future Geothermal and Lithium Extraction Plant (G-LEP), which are central to the company’s Phase One Lionheart Project. The project aims to produce battery-grade lithium for European offtake partners and deliver renewable energy and heating to local consumers.

    As part of its development plans, Vulcan will dismantle the existing geothermal power plant at the Geox site, ramp up brine production, and begin supplying baseload renewable heating to the City of Landau. The renewable heating portion of the project has already secured a €100 million grant from the German Federal Government.

    Vulcan estimates that 20% of its Phase One upstream brine production will come from the newly acquired licence area, reinforcing its mission to deliver zero-carbon lithium alongside sustainable energy.

    Managing Director and CEO Cris Moreno stated:

    “The completion of the acquisition of Geox is the final step in consolidating our upstream renewable energy assets for Phase One, streamlining operations, and an important pre-requisite to finalising our Phase One financing package. We are at an important juncture in the history of Vulcan and look forward to sharing more developments as we transition to the construction and production phase of the project.”

  • Uzbekistan Signs Critical Minerals Investment Deals with U.S. Companies

    Uzbekistan Signs Critical Minerals Investment Deals with U.S. Companies

    Uzbekistan announced on Wednesday, April 9, 2025, that it has signed a series of agreements with U.S. companies to boost investment in its critical minerals sector. The deals come as global demand for essential minerals like copper, lithium, and cobalt continues to soar due to their key role in electric vehicle batteries, solar panels, and other high-tech industries.

    According to a statement from Uzbekistan’s trade ministry, the agreements—signed during a government delegation’s visit to Washington—cover investments in both the exploration and extraction of mineral resources. They also include plans for building grinding machinery and training Uzbek specialists.

    The move aligns with broader efforts by the United States and the European Union to reduce their dependence on China, which currently dominates the global critical minerals market.

    Uzbekistan, a former Soviet republic, has drawn increasing interest from Western nations looking to diversify their supply chains amid ongoing geopolitical tensions. President Shavkat Mirziyoyev has made liberalizing the economy a central priority of his administration. In March, he unveiled a $2.6 billion investment plan aimed at modernizing and expanding the country’s mineral sector.

  • Kazakhstan Launches New Era of Resource Development at 15th MINEX Forum

    Kazakhstan Launches New Era of Resource Development at 15th MINEX Forum

    Date: April 9, 2025

    The 15th MINEX Kazakhstan Mining and Geological Forum is underway today in Astana under the theme: “A New Era of Kazakhstan’s Mineral Resource Development: From Exploration to Processing.”

    The event brings together around 100 speakers, 450 delegates, and 40 exhibitors from across Central Asia, Europe, North America, Africa, the Middle East, Australia, China, India, Malaysia, and Singapore.

    In her keynote address, Zhannat Dubirova, Vice Minister of Industry and Construction, highlighted recent digitalization milestones achieved in the country’s resource sectors:

    “Since the beginning of this year, we have launched the Unified Subsoil Use Platform, which now provides 22 digitized public services. So far, it has processed 506 applications. Investors can now apply directly through the portal to participate in auctions. In January, this led to $40 million in investments across 21 sites.”

    She also announced that manual oversight of more than 3,000 licenses and contracts related to solid mineral resources had been fully digitized.

    Almas Kushumov, Director of the Subsoil Use Department at the ministry, presented the results of state-led geological surveys:

    “There is growing business interest in resource development. Over the last two years, 117 subsoil plots and deposits were auctioned electronically, generating more than 29 billion tenge in subscription bonuses. In June 2025, we plan to auction 50 gold, silver, coal, and rare metal deposits.”

    The forum is also addressing pressing issues such as Kazakhstan’s role in global critical mineral supply chains, investment climate improvements, uranium sector development, and nuclear energy expansion.

    The event will conclude with a session on talent development and national capacity building, followed by a gala awards ceremony honoring achievements in the mining sector, hosted by the Mining Chamber of Kazakhstan.

    Kazakhstan’s mineral sector is undergoing a significant transformation, driven by government initiatives aimed at boosting economic growth, industrial diversification, and expanding geological exploration.

  • Kazakhstan Urged to Develop Coal Chemistry Amid Surge in Rare Earth Interest

    Kazakhstan Urged to Develop Coal Chemistry Amid Surge in Rare Earth Interest

    As global demand for rare earth elements grows, Kazakhstan must not overlook the development of coal chemistry, said Nikolai Radostovets, Executive Director of the Republican Association of Mining and Metallurgical Enterprises (AGMP), at the MINEX Kazakhstan forum.

    “Technologies around the world are constantly evolving. First it was aluminum, then copper and steel. Now rare earths are in high demand. But we also want to see investment interest in the coal industry. Many have recently told Kazakhstan to phase out coal combustion — and we understand this,” Radostovets said.

    Despite global energy transition initiatives and the rise of renewables, coal remains a vital energy source, he emphasized. “You see how the situation is changing. Coal is still a very important product. We need concrete proposals and actions from the government to develop coal chemistry. We’re looking at stimulating cluster-based initiatives, and our industry is actively working on forming clusters with local manufacturers.”

    Discussions are also underway regarding the development of copper and aluminum clusters. “I believe the president and prime minister, by supporting our sector’s cluster initiatives, will create opportunities for processing and developing new products,” he added.

    Global coal giant China Energy is currently selecting a suitable deposit in Kazakhstan to develop coal chemistry. In January, Prime Minister Olzhas Bektenov confirmed the company’s $4 billion interest in coal chemical investment projects in the country.

    Kazakhstan ranks among the world’s top 10 countries in coal reserves, with an estimated 33.6 billion tons. At current consumption rates, that supply could last 300 years. Currently, coal generates about 70% of Kazakhstan’s electricity.

    Vice Minister of Energy Sungat Yesimkhanov previously announced that up to 5 GW of coal-based energy capacity is expected to be introduced by 2035. This includes several power blocks at Ekibastuz GRES-1 and GRES-2, as well as new thermal plants in Kokshetau, Semey, and Ust-Kamenogorsk. While the government forecasts coal’s share in electricity generation to decline to 34% by 2035, major infrastructure projects remain coal-dependent.

  • Kazakhstan Aims to Attract 12 Billion Tenge for Rare Earth Metals Development

    Kazakhstan Aims to Attract 12 Billion Tenge for Rare Earth Metals Development

    Kazakhstan plans to attract nearly 12 billion tenge (approx. $26.7 million) in investments to develop its rare earth and critical mineral deposits, according to the Ministry of Industry and Construction. Currently, the country does not produce rare earth raw materials, but it extracts critical metals such as beryllium, tantalum, niobium, fluorspar, titanium, rhenium, vanadium, antimony, bismuth, scandium, phosphorus, coking coal, bauxite, barite, copper, magnesium, tellurium, and manganese.

    The ministry highlighted cobalt, tungsten, lithium, and other battery and magnet metals as key priorities. Kazakhstan has 56 cobalt deposits and 21 tungsten deposits, with one tungsten mining project already underway in the Almaty region with foreign investors. Additionally, there are seven lithium deposits, with two mining and processing initiatives in progress.

    To boost production, Kazakhstan has developed a comprehensive 2024-2028 plan, focusing on resource expansion, extraction technologies, production modernization, and new standards. Over the next four years, 11.79 billion tenge will be invested in exploration and development, funded by the state budget and other sources.

    The country also aims to enter the battery materials supply chain. In 2024, Kazakhstan began processing manganese sulfate, capturing 5% of the global market. Future projects include processing cobalt, lithium, tin, and tungsten. A joint venture with a German company is exploring lithium deposits, with potential $500 million investments if reserves are confirmed.

    Other collaborations include a Kazakh-British project in Zhezkazgan to process heat-resistant nickel alloys for rhenium extraction, and a Chinese-funded initiative to produce tungsten trioxide.

    Kazakhstan is already a leading producer of titanium, beryllium, and tantalum and seeks technology transfer partnerships for further growth. Recently, Foreign Minister Murat Nurtleu discussed strategic cooperation with U.S. Secretary of State Marco Rubio, particularly in energy and critical minerals.

    Meanwhile, President Kassym-Jomart Tokayev has emphasized the need to develop “new oil” deposits—referring to rare earth metals—as a national priority.

  • Uzbekistan Signs Deals with US Firms for Critical Minerals Investment

    Uzbekistan Signs Deals with US Firms for Critical Minerals Investment

    Uzbekistan announced on Wednesday (April 9, 2025) that it has secured investment agreementswith U.S. companies to develop its minerals sector, as global demand for critical minerals continues to surge. These minerals—including copper, lithium, and cobalt—are vital for manufacturing high-tech products such as electric vehicles and solar panels.

    The move comes as both the U.S. and the European Union aim to reduce reliance on China, the world’s leading producer of critical minerals. A delegation from Uzbekistan’s government signed the agreements during meetings in Washington, according to the country’s trade ministry. The deals cover exploration, extraction, the production of grinding machinery, and training programs for Uzbek specialists.

    Central Asia, including former Soviet republics like Uzbekistan, has become a focal point for Western nations looking to diversify supply chains away from Russia and China. Uzbek President Shavkat Mirziyoyev has been pushing for economic liberalization after decades of isolation under his predecessor. In March 2025, he unveiled a $2.6 billion investment plan to boost the country’s mining and processing capabilities.

  • 15th International Mining and Geology Forum MINEX Kazakhstan Kicks Off in Astana

    15th International Mining and Geology Forum MINEX Kazakhstan Kicks Off in Astana

    The 15th anniversary of the International Mining and Geology Forum MINEX Kazakhstan has commenced in Astana, attracting over 100 leading speakers and 450 delegates from 30 countries, including Central Asia, Europe, North and South America, the Middle East, Southeast Asia, Africa, and Australia. The participation of global industry leaders highlights Kazakhstan’s growing significance as a key player in the global minerals market.

    The forum’s central theme, “A New Era in Kazakhstan’s Mineral Resource Development: From Exploration to Processing,” addressed critical industry topics such as sustainable development, ESG principles, technological innovation, digitalization, investment, exploration, and cross-border cooperation.

    During the plenary session, Nikolai Radostovets, Executive Director of the Association of Mining and Metallurgical Enterprises (AGMP), emphasized the need for continued reforms in subsoil use legislation and taxation. He noted that the Kazakhstani government is actively working to attract both foreign and domestic companies to geological exploration, with over 3,000 licenses already issued. A second phase of reforms in subsoil use is now anticipated.

    Radostovets highlighted that while the 2017 Subsoil Code initiated industry reforms—introducing a licensing system and establishing CRISCO Association—some issues remain unresolved. President Kassym-Jomart Tokayev has since stressed the importance of completing these reforms. Currently, the Ministry of Industry and Construction is reviewing over 60 amendments to the Subsoil Code, including proposals from AGMP.

    One key discussion point was the potential division of the Subsoil Code into separate codes for hydrocarbons and solid minerals, as seen in other countries, to address differing industry needs. Radostovets also underscored the importance of royalty rates for new deposits, stating that consultants are evaluating rates to align with international tax standards and encourage higher processing levels.

    Additionally, he called for public discussions on proposed amendments, noting that past legislative gaps in the Water and Land Codes had led to enforcement challenges. A working group under the Ministry will soon review amendments, with parliamentary consideration expected by September 2025.

    Radostovets also addressed the need for investment in coal, despite global shifts away from coal burning, emphasizing coal chemistry development and cluster initiatives for copper and aluminum. He expressed optimism that MINEX Kazakhstan would facilitate progress in the second phase of subsoil use reforms.

  • Metals One Acquires FinnAust Mining Finland to Boost Copper Exploration

    Metals One Acquires FinnAust Mining Finland to Boost Copper Exploration

    Metals One has entered into a share purchase agreement with 80 Mile to acquire the entire issued share capital of FinnAust Mining Finland, a special purpose vehicle (SPV) that holds several key licenses, including the Hammaslahti copper-zinc project and the Outokumpu copper project in Finland. These projects are linked to historic copper mines, and this acquisition will significantly enhance Metals One’s exposure to copper in a Tier-1 jurisdiction.

    As part of the agreement, 80 Mile will retain all rights to any associated industrial gases, including helium and hydrogen, from the projects. Metals One plans to conduct drilling tests at Hammaslahti later this year after identifying significant sulphide mineralisation, while also advancing geophysical surveys at Outokumpu in preparation for drilling.

    Metals One CEO Jonathan Owen expressed enthusiasm about the acquisition, stating, “This is an exciting time for Metals One. With the backing of new investors, the company is preparing to advance these two highly prospective copper exploration projects. Considering the historical expenditure on the licences, we believe significant value appreciation can be achieved with relatively modest exploration spend.”

    Following the completion of the transaction, board changes are expected, with 80 Mile having the right to appoint a director to Metals One’s board if it retains at least 10% of voting rights. The transaction is currently pending consent from net smelter royalty holders on the licenses and regulatory approval in Finland, which is not anticipated to be formally required.

    80 Mile managing director Eric Sondergaard noted that this divestment represents a key milestone for 80 Mile as it refocuses on emerging energy commodities, particularly industrial gases. He stated, “While the copper assets in Finland hold strong potential, our retained rights over industrial gases allow us to continue participating in any upside from future discoveries in this evolving sector.”

    The Hammaslahti project is recognized for its volcanogenic massive sulphide mineralisation, with historical production yielding substantial amounts of copper, zinc, gold, and silver. Drilling by 80 Mile has uncovered extensions to the ore body and identified high-grade massive sulphides. Meanwhile, the Outokumpu copper project is located along the Outokumpu Copper Belt, where six drill-ready targets have been identified that could potentially host high-grade copper deposits adjacent to a former operating mine.

    In July 2021, Bluejay divested its nickel, zinc, copper, and cobalt projects in Finland to Metals One.

  • Kazakh Industry Ministry Denies Role in Potential Qarmet Investment Deal

    Kazakh Industry Ministry Denies Role in Potential Qarmet Investment Deal

    The Ministry of Industry and Construction of Kazakhstan has clarified that it is not involved in preparing a potential investment agreement with Qarmet for the modernization of its steel division, citing limited jurisdiction. The ministry’s response came after an inquiry from inbusiness.kz via the e-Otinish government platform.

    In its statement, the ministry emphasized that its role is to formulate and implement policies for industry and mining, while investment agreements fall outside its scope. It advised directing questions to Qarmet directly.

    Despite reaching out to Qarmet in early March, inbusiness.kz has yet to receive answers regarding the potential deal, including whether the steel and mining company would receive tax incentives or other state benefits.

    The ministry, now led by Yersaiyn Nagaspayev, recently made headlines when Nagaspayev visited Qarmet’s facilities in the Karaganda region, one of his first official trips since his appointment.

    Meanwhile, reports indicate that Qarmet plans to secure up to 3.5billion in financing by 2028 from Chinese, international, and Kazakh banks. The company previously had a 450 million debt to former owner ArcelorMittal, partially repaid last year. In 2024, Qarmet also obtained a $350 million export loan from the Kazakh Development Bank at a 9.17% fixed rate.

    Despite claiming $200 million in monthly revenue, Qarmet has not publicly disclosed its financial statements since 2022, raising transparency concerns. The company produces 3.2M tons of pig iron, 3.5M tons of steel, and 6.1M tons of coal annually, employing 29,117 workers—though reports suggest early retirement layoffs occurred last year.