The ongoing Middle East conflict has triggered significant disruptions in the supply of aluminum, sulfur, and raw materials essential for critical mineral production, according to the International Energy Agency’s (IEA) ‘Global Critical Minerals Market Review 2026’ report. While the primary focus of the conflict has been on oil and gas markets, the closure of the Strait of Hormuz has severely impacted mineral and metal markets. Middle Eastern countries account for approximately 8% of global aluminum production, and production restrictions at several regional plants have intensified market pressures. The region also supplies about a quarter of the world’s sulfur, with half of global seaborne shipments passing through the Strait of Hormuz. Sulfur is a critical input for producing sulfuric acid, which is vital for fertilizer manufacturing and processing a range of critical minerals, including copper, lithium, cobalt, nickel, and rare earth elements. The supply disruptions prompted China to restrict sulfuric acid exports in May 2026, further straining supply chains in both the critical minerals and fertilizer sectors. The resulting rise in sulfuric acid prices has increased production costs for industries reliant on critical minerals, with sulfuric acid expenses in some cases surpassing energy costs to become the largest component of production expenses. This development underscores the vulnerability of global critical mineral supply chains to geopolitical instability and highlights the strategic importance of the Strait of Hormuz for mineral trade.
Website: Eurasia.com
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China Eyes Coal Waste as New Source of Critical Minerals
China is exploring the recovery of critical minerals from coal waste, with researchers highlighting fly ash and coal gangue as potential sources of strategic metals including germanium, gallium, lithium and aluminum.
According to a new report, China’s extensive coal mining and power generation infrastructure could be leveraged to recover valuable metals from by-products that have traditionally been treated as industrial waste.
“The coal refuse contains a variety of metal elements and could become an important source of critical metal supply,” said Dai Shifeng, a member of the Chinese Academy of Sciences and professor at the China University of Mining and Technology-Beijing.
Coal gangue refers to the rock separated from coal during mining, while fly ash is the fine mineral residue left after coal combustion. Although typically disposed of or used in construction materials such as cement, both materials can contain economically valuable concentrations of critical minerals and rare earth elements.
Researchers argue that China’s integrated coal industry provides a strong foundation for resource recovery. Existing coal washing, chemical processing and power generation facilities could potentially be adapted to extract strategic metals from waste streams, reducing the need for additional mining.
The approach could support China’s growing demand for critical minerals used in semiconductors, batteries, electric vehicles, renewable energy technologies and defence applications, while also improving resource efficiency and reducing industrial waste.
However, the report notes that commercial recovery remains technically challenging. Metal concentrations vary significantly depending on the geological characteristics of individual coal deposits, and fly ash from different coal sources is often blended during power generation, resulting in inconsistent feedstock quality that can affect the economic viability of extraction.
Researchers nevertheless believe rising demand for critical minerals will continue to improve the prospects for recovering metals from coal waste, building on China’s existing experience in extracting germanium from coal-related resources.
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Spain Accelerates Critical Minerals Strategy with €414 Million Investment
Spain is strengthening its position in the European critical minerals supply chain through a new 2026-2030 Action Plan for the Sustainable Management of Mineral Raw Materials, backed by €414 million in public investment to support exploration, mining, processing and innovation.
The initiative includes the launch of the National Mineral Exploration Program (PNEM), with €182 million allocated to mineral exploration aimed at unlocking the country’s resource potential and supporting exploration companies. The strategy also introduces 34 measures covering regulatory reform, institutional coordination, research, innovation and the development of the domestic mining value chain.
The plan aligns with the EU Critical Raw Materials Act (CRMA), which seeks to increase domestic extraction, processing and recycling of strategic minerals to reduce Europe’s dependence on external suppliers.
Tin project advances in Andalucía
Among the projects expected to benefit is Elementos’ Oropesa Tin Project in the Andalucía region, Spain’s largest mining jurisdiction, which accounts for around 90% of the country’s metallic mining production.
The project has been designated as being of “Overriding Public Interest” by the regional government and has been included in Andalucía’s Project Accelerator Unit, recognising its economic, environmental and social importance.
Elementos believes Oropesa could eventually supply around 10% of the European Union’s tin demand, while a proposed domestic smelting facility would allow more than 10% of EU tin consumption to be processed within Spain. The company has signed an option agreement to acquire up to a 50% interest in the nearby Robledallano tin smelter, supporting downstream processing and reducing transport costs and emissions.
The Oropesa project hosts an ore reserve of 15.9 million tonnes grading 0.36% tin and a mineral resource of 19.6 million tonnes at 0.39% tin, with a definitive feasibility study outlining a projected 12-year mine life.
Tungsten production expands
EQ Resources is also strengthening Spain’s strategic minerals sector through its Barruecopardo tungsten mine, one of the largest tungsten operations outside China, Russia and North Korea.
The company produced approximately 1,680 tonnes of tungsten trioxide (WO₃) concentrate during FY2025 and aims to increase annual production to 3,000-3,500 tonnes across its operations in Spain and Australia.
In June 2026, EQ Resources launched a 36-hole drilling programme at Barruecopardo to extend the mine’s life and evaluate deeper mineralisation. The project currently hosts a 22.9 million tonne resource grading 0.2% WO₃ with an estimated mine life of approximately nine years.
With around 85% of global tungsten supply currently originating from China, Spain’s expanding production is expected to contribute to efforts to diversify global supply chains for this critical mineral.
Spain’s new investment programme, together with ongoing permitting reforms and support for downstream processing, is expected to strengthen the country’s role as a strategic supplier of critical minerals within the European Union.
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Uzbekistan to Establish Project Office to Oversee Steel Industry
The Government of Uzbekistan will establish a dedicated project office to oversee the country’s ferrous metallurgy sector, President Shavkat Mirziyoyev announced during a meeting on the industry’s development.
The new office is expected to begin operations within one month. In addition, the E-lom electronic platform will be launched in early August to monitor the circulation of ferrous metals across the country.
The project office will conduct daily analysis of the steel market, monitor supply and demand for raw materials and finished products, and maintain digital passports for steel products. Through the E-lom platform, all transactions involving ferrous metals will be tracked in real time.
According to the government, the measures are designed to strengthen market oversight, promote fair competition and improve price stability within the sector.
During the meeting, officials also highlighted the role of the Bekabad Metallurgical Plant, which currently produces around 40% of its rolled steel products using recycled scrap metal, while the remaining 60% is manufactured from imported raw materials.
The plant receives approximately 700,000 tonnes of ferrous scrap annually. However, authorities estimate that a further 500,000 tonnes of scrap metal remains outside the formal market, underscoring the government’s efforts to improve transparency and bring the sector under greater regulatory control.
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ERG Shareholders Consider Splitting Kazakhstan and International Mining Businesses
The owners of Eurasian Resources Group (ERG) are considering a major restructuring that would separate the company’s Kazakhstan operations from its international mining assets, according to people familiar with the discussions.
The proposed split would divide the group between its two principal private shareholders, Shakhmurat Mutalip and Shukhrat Ibragimov. ERG currently generates most of its revenue from iron ore, ferrochrome and aluminium production in Kazakhstan, while also operating mining assets in the Democratic Republic of Congo and Brazil.
Under the proposal, Shukhrat Ibragimov, ERG’s Chief Executive Officer and Chairman since 2024, would exchange his family’s 20% shareholding for ownership of the international business, which would be transferred into a newly created company. Shakhmurat Mutalip and the Government of Kazakhstan, which holds a 40% stake in ERG, would retain ownership of the group’s Kazakhstan mining and metallurgical operations.
If completed, the restructuring would strengthen Mutalip’s influence over ERG’s domestic business, while allowing Ibragimov to focus on the company’s international portfolio, particularly its operations in the Democratic Republic of Congo. ERG owns several producing and development-stage assets in the country, including Metalkol, one of the world’s largest cobalt producers and a significant copper supplier.
The discussions follow Mutalip’s acquisition of a 39.3% stake in ERG in May from the families of co-founders Patokh Chodiev and Alexander Mashkevich, reflecting a broader transition in Kazakhstan’s business landscape. Last month, the chairman of Mutalip’s construction company was appointed Chief Executive Officer of ERG’s Kazakhstan business.
According to sources, approximately US$2 billion of ERG’s debt would be transferred to the new international company. The business would continue to face operational challenges in the Democratic Republic of Congo, including illegal mining activities affecting concessions operated by Metalkol and Boss Mining SAS.
The potential restructuring comes amid growing international interest in critical mineral supply chains. The United States has increased its engagement in the Democratic Republic of Congo’s mining sector as part of efforts to diversify supplies of copper and cobalt away from China. In December, Washington signed a strategic partnership with the Congolese government aimed at supporting American investment in mining and infrastructure projects.
Neither ERG nor representatives of the shareholders immediately commented on the reported plans.
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Kazakhstan and South Korea to Establish Rare Earth Research Centre in Almaty
Satbayev University, in partnership with the Korea Institute of Industrial Technology (KITECH) and the Korea National Institute of Rare Metals (KORAM), will establish a Kazakh-Korean Centre for Rare and Rare Earth Metals Research at the Institute of Metallurgy and Ore Beneficiation in Almaty.
During a joint meeting, representatives of the three institutions discussed the next stages of the project, including the installation of advanced scientific equipment and future areas of research and technological cooperation.
According to the Korean partners, the new centre will serve as a leading research platform for training highly qualified specialists in rare and rare earth metals, while providing Kazakh researchers with access to state-of-the-art laboratory facilities and expanding opportunities for scientific research and technology development.
Satbayev University Rector Professor Meiram Begentayev said the initiative would combine the scientific expertise of Kazakhstan and South Korea to advance technologies for the deep processing of strategic mineral resources, strengthen research capabilities and support the development of internationally competitive specialists.
The project aligns with Kazakhstan’s strategy to expand value-added processing of mineral resources. The country is currently a global supplier of 21 of the 34 minerals identified as critical raw materials.
The centre is expected to become one of Kazakhstan’s first specialised full-cycle research and technology facilities dedicated to rare and rare earth metals. It will focus on developing environmentally friendly technologies for producing high- and ultra-high-purity rare metals and rare earth elements, with research progressing through pilot testing to industrial implementation.
In addition to technology development, the centre will conduct both fundamental and applied research, as well as pilot-scale testing of new technologies for the integrated processing of primary mineral resources and secondary industrial materials.
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Austrian Lawmakers Seek Probe Into Ferrexpo’s Corporate Structure and Financial Transactions
Austrian lawmakers have submitted a parliamentary inquiry calling for an investigation into the business activities and financial structures linked to Ferrexpo plc and its major shareholder, Konstantin Zhevago, following allegations concerning transfer pricing, corporate transactions and asset ownership.
The inquiry names several Ferrexpo-related entities, including Ferrexpo AG, The Minco Trust, First-DDSG Logistics Holding GmbH, MAG Handels- und Transport GmbH, MAGferr GmbH, Eliomys Vermögensverwaltung KG, Oxanikus Vermögensverwaltung KG and Luxembourg-based Calexco S.a.r.l. Authorities have also been asked to examine potential business links involving several individuals connected to the companies.
The request follows reports published by Austrian magazine Profil, Zhevago’s arrest in France in 2022 and Ukrainian sanctions imposed against him in February 2025.
One of the main issues under review concerns the marketing of iron ore pellets produced by Poltava Mining and Processing Plant. According to allegations cited in the inquiry, pellets were sold through Ferrexpo AG in Switzerland rather than directly to European steelmakers, including Voestalpine, Salzgitter and Thyssenkrupp, at below-market prices, allowing profits to be shifted outside Ukraine. The alleged outstanding debt to the Poltava operation is estimated at more than US$500 million. Ferrexpo has rejected the allegations, stating that all transactions were conducted on market terms and complied with applicable transfer pricing regulations.
The parliamentary inquiry also requests an examination of Ferrexpo’s historical relationship with Voestalpine, including the sale of interests in VA Intertrading AG to Calexco S.a.r.l., existing commercial agreements and whether any insider information may have been used in securities trading. Austrian financial regulators have been asked to clarify whether investigations into potential market manipulation or insider trading have been conducted.
Separately, lawmakers are reviewing the activities of First-DDSG Logistics Holding GmbH, which transported Ferrexpo products. The inquiry notes that the logistics company reported losses of €44.8 million in 2022, €42.3 million in 2023 and €41 million in 2024, prompting questions over transfer pricing arrangements and management decisions.
The inquiry further seeks information regarding four luxury properties in Austria, including Villa Schwarzenfels in Maria-Wörth, two villas in Vienna and another in Pressbaum, to determine whether they are connected to Zhevago and to establish the origin of the funds used for their acquisition.
The investigation comes as Ferrexpo faces financial pressures. According to the company, it held approximately US$20 million in cash as of April 2026, while awaiting US$90.3 million in outstanding VAT refunds from the Ukrainian government. The company has announced plans to raise at least US$100 million through a share issue, sell the vessel Iron Destiny for US$7.7 million, implement cost reductions and has warned of potential insolvency risks if its financial position does not improve.
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DPM Metals to Relocate Ada Tepe Processing Plant to Serbia’s Čoka Rakita Gold Project
DPM Metals Inc. (Dundee Precious Metals) has announced that processing equipment from its Ada Tepe gold mine in Bulgaria will be dismantled and relocated for use at the company’s Čoka Rakita gold project in eastern Serbia.
According to the company’s latest quarterly report, ore processing at Ada Tepe will cease on 15 July 2026, following the final blasting activities completed in mid-April. After operations end, selected processing equipment will be dismantled, refurbished and prepared for installation at the Serbian project.
DPM expects construction of the Čoka Rakita mine to begin in early 2027. Reusing proven processing infrastructure from Ada Tepe is intended to reduce capital costs, shorten development timelines and lower execution risks as the project advances toward production.
Alongside the closure of the Bulgarian operation, the company said it will carry out mine rehabilitation in line with European environmental standards. Following reclamation, approximately 95% of the Ada Tepe site is expected to be returned to the Natura 2000 protected area network.
In its second-quarter update, DPM also reported stable financial performance supported by higher gold-equivalent production from its operating Chelopech mine in Bulgaria and the Vareš operation in Bosnia and Herzegovina.
The company noted that its strong financial position, supported by a share buyback programme that exceeded US$49 million during the quarter, provides a solid foundation for continued investment and project development across the Balkans.
DPM Metals plans to publish its full operating and financial results for the second quarter after the close of trading on 30 July 2026.
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Google Partners with Energy Dome to Scale Long-Duration CO₂ Battery Storage
Energy Dome has announced a global commercial partnership with Google to deploy its long-duration CO₂ Battery technology in support of Google’s goal of operating on 24/7 carbon-free energy by 2030. As part of the agreement, Google has also made a strategic investment in the Italian energy storage company.
The partnership aims to accelerate the deployment of Energy Dome’s technology across Europe, the Americas and the Asia-Pacific region. A pipeline of projects has already been identified, with several sites currently in the development and contracting stages.
Energy Dome’s CO₂ Battery is designed to store renewable electricity and deliver power continuously for 8 to 24 hours, helping overcome the intermittency of solar and wind generation. Unlike lithium-ion batteries, the system relies on a patented thermomechanical process using carbon dioxide and is built from commercially available components, avoiding supply chain constraints associated with critical minerals and rare earth elements.
The technology also contributes to grid stability by providing mechanical inertia through rotating equipment, helping compensate for the decline in system inertia as conventional fossil-fuel power plants are retired.
Google said the agreement marks its first commercial deployment of long-duration energy storage technology and forms part of a broader strategy to secure reliable, clean electricity for its growing operations, including data centres supporting artificial intelligence.
“Energy Dome’s proven and scalable long-duration energy storage solution can help us unlock rapid progress,” said Maud Texier, Director of EMEA Energy at Google. She added that wider deployment of the technology could improve access to reliable and affordable electricity while supporting greater integration of renewable energy.
Energy Dome founder and CEO Claudio Spadacini described the agreement as an important milestone in demonstrating that continuous carbon-free electricity can be achieved through commercially viable long-duration storage technologies.
Google’s investment comes as Energy Dome enters a commercial growth phase. The company already has contracted projects with Alliant Energy in the United States, Engie in Italy and NTPC in India, reflecting increasing global interest in long-duration energy storage as power systems integrate larger shares of renewable generation.
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European Parliament Calls for EU Ban on Alumina Exports to Russia
The European Parliament has adopted a non-binding resolution urging the European Commission to impose sanctions on alumina exports to Russia, increasing political pressure on Brussels to tighten restrictions on trade linked to Moscow’s metals industry.
The motion follows an investigation by The Irish Times and the Organized Crime and Corruption Reporting Project (OCCRP), which found that Ireland’s Aughinish Alumina refinery has continued exporting substantial volumes of alumina to Russian smelters owned by Rusal. The resulting aluminium has reportedly been sold to Moscow-based trading company ASK, whose customer base includes more than 40 companies sanctioned by the European Union for their links to Russia’s defense sector.
While investigators were unable to trace individual shipments of Irish alumina to specific military products because the material is blended during smelting, customs and trade data indicate that since 2023 more than half of Aughinish Alumina’s exports have been delivered to Russian smelters. Those facilities have subsequently sold more than $650 million worth of aluminium to ASK, which supplies companies associated with Russia’s military-industrial complex.
The European Parliament’s resolution calls for stronger measures to limit Russia’s ability to finance its military operations in Ukraine. In addition to advocating a complete ban on alumina exports, lawmakers also supported proposals to blacklist Russian steel suppliers. Although the Parliament cannot impose sanctions itself, its position is expected to add pressure on the European Commission and EU member states, which must unanimously approve any new sanctions package.
The Commission has so far refrained from restricting alumina exports because of Aughinish Alumina’s importance to European industrial supply chains. However, Irish Member of the European Parliament Barry Andrews argued that Irish alumina is highly likely to be contributing indirectly to Russia’s military production and called for immediate action if ongoing investigations confirm these links.
The Irish government is completing its own investigation into Aughinish Alumina’s exports following the media reports. Prime Minister Micheál Martin said the findings will soon be submitted to the European Commission, while Enterprise Minister Peter Burke confirmed his department expects to finalize its report within days.
Burke also rejected suggestions that Ireland had sought exemptions for Aughinish Alumina from EU sanctions, stating that the government has never lobbied on the company’s behalf and has not opposed any sanctions affecting its operations.
The European Commission is expected to review the findings as it prepares its next package of sanctions against Russia.