MINEX Forum

Website: Eurasia.com

  • Ukraine Must Ensure Stable Tax and Tariff Policies to Attract Foreign Investment, Urges Metinvest

    Ukraine Must Ensure Stable Tax and Tariff Policies to Attract Foreign Investment, Urges Metinvest

    Without a predictable tax and tariff policy, it is impossible to attract foreign investment to Ukraine. This opinion was expressed by Oleksandr Vodoviz, Head of the Office of the CEO of Metinvest Group, at the conference “Strategic Resources of Ukraine: Development Scenarios for the Subsoil Use Industry”.

    Vodoviz emphasized that the mining and processing business is capital-intensive and requires significant initial investments. Stability and predictability of government policy are crucial for attracting large international players. For instance, developing a mine similar to the one in Pokrovsk would require around US$10 billion.

    Projects in the mining industry have a long payback period, taking an average of 18 years to go from obtaining a license to launching an enrichment facility. Currently, there are some projects at the feasibility stage, but none are ready.

    Ukrainian businesses are mostly investing independently in the development and maintenance of enterprises and the mining industry. They invest an average of US$1 billion annually.

    Vodoviz highlighted the challenges of operating businesses during the ongoing war and the need for the government to consider this factor when integrating European legislation. The process of rapprochement with the EU will involve 550 regulations in the extractive industry and will take 4-5 years.

    In January 2025, Metinvest announced the temporary suspension of Pokrovske Coal Group’s operations due to the security situation on the frontline and electricity shortages. The company is replacing Ukrainian coal with supplies from the United States.

  • UkrLithiumMining LLC (ULM) Advances Polokhivske Lithium Project in Ukraine

    UkrLithiumMining LLC (ULM) Advances Polokhivske Lithium Project in Ukraine

    Kyiv, Ukraine – 24 January  2025

    UkrLithiumMining LLC (ULM) showcased its transformative Polokhivskyi lithium project at the high-profile conference “Strategic Resources of Ukraine: Scenarios for the Development of the Subsoil Use Industry” on January 23, 2025. Organised by the “We Build Ukraine” Foundation in partnership with the National Association of Extractive Industries of Ukraine (NADPU), the event convened government officials, industry leaders, and experts to address Ukraine’s role in the global critical materials market, with a focus on lithium’s pivotal role in the energy transition.

    ULM’s Vision for Lithium Leadership
    Denys Aloshyn, ULM’s Director of Strategic Development, highlighted the significance of the Polokhivskyi lithium deposit in the Kirovohrad region, emphasizing its position among Europe’s top three largest lithium reserves. Aloshyn outlined the company’s roadmap, targeting the launch of lithium concentrate production by 2028. He also revealed advanced considerations for downstream processing into lithium carbonate, a critical component for lithium-ion batteries used in electric vehicles (EVs) and renewable energy storage systems.

    “Our project not only positions Ukraine as a key player in Europe’s lithium supply chain but also aligns with global decarbonisation goals,” Aloshyn stated. “The Polokhivskyi field’s scale and potential for value-added production could significantly bolster both national economic growth and energy independence.”

    Challenges and Collaborative Solutions
    The conference underscored urgent challenges facing Ukraine’s subsoil use sector, including the need for transparent regulatory frameworks, attracting international investment, and integrating into global strategic material supply chains. Stakeholders stressed the importance of public-private partnerships and policy reforms to unlock the industry’s potential.

    ULM’s Forward-Looking Commitment
    In a post-conference statement, ULM expressed gratitude to the organizers and partners, affirming its dedication to advancing sustainable lithium extraction practices. “This event has reinforced the collective resolve to transform Ukraine into a hub for critical materials,” the company noted. “Lithium development is more than an economic opportunity—it’s a cornerstone for a resilient, energy-independent future.”

    As global demand for lithium surges, ULM’s Polokhivskyi project signals Ukraine’s strategic entry into the green energy revolution, positioning the nation as a vital link in the battery supply chain while driving long-term industrial and environmental progress.

    For media inquiries, contact:  i.zholonkivskyi@ukrlithium.com

    About UkrLithiumMining LLC (ULM):
    ULM is a leading Ukrainian enterprise focused on the exploration and sustainable development of lithium resources, committed to supporting the global transition to clean energy through innovative mining solutions.

    About the “We Build Ukraine” Foundation:
    A non-profit organization dedicated to fostering Ukraine’s economic and infrastructural development through public-private collaborations and strategic resource management.

    About NADPU:
    The National Association of Extractive Industries of Ukraine advocates for sustainable practices and policy advancements in the country’s mining sector.

  • Adriatic Metals CEO Highlights Successful Q4 Transition to Producer, Eyes 2025 Growth

    Adriatic Metals CEO Highlights Successful Q4 Transition to Producer, Eyes 2025 Growth

    Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) CEO Laura Tyler spoke with Proactive’s Stephen Gunnioni about the company’s milestone transition from a development-stage company to a metals producer in the final quarter of 2024.

    Tyler highlighted the impressive ramp-up in production, with silver equivalent output increasing 2.5 times from the previous quarter. The company achieved sales receipts of $27 million, nearly matching its expenditures. Despite challenges from severe weather conditions, Adriatic Metals has maintained continuous operations, running its processing plant 24/7 and aiming for full commercial production in Q1 2025.

    Construction at the Veovaca tailings storage facility is progressing well, with plans to receive tailings by mid-February. A recent study on the Vares processing plant expansion revealed that for a relatively modest investment of $25 million, production capacity could be increased to 1.3 million tonnes per year.

    The company concluded 2024 with a strong financial position, holding a $21 million cash balance and securing a $25 million prepayment arrangement with Trafigura, bringing total liquidity to $46 million. Looking ahead, Tyler expects the company to achieve full throughput rates by Q4 2025, setting the stage for steady growth into 2026.

  • Kazatomprom Secures Exclusive Uranium Exploration License for Inkai-Mynkuduk Block in Turkestan Region

    Kazatomprom Secures Exclusive Uranium Exploration License for Inkai-Mynkuduk Block in Turkestan Region

    National Atomic Company Kazatomprom JSC (Kazatomprom), the world’s largest uranium producer, announced on 30 January 2025 that it has secured an exclusive subsoil use license to explore uranium deposits at the Inkai-Mynkuduk block, located on the northern flank of the Inkai deposit in Kazakhstan’s Turkestan region. The license, granted by Kazakh authorities, permits exploration activities for six years, with an option to extend for an additional five years.

    Strategic Expansion in Shu-Sarysu Uranium Province
    The newly licensed Inkai-Mynkuduk block lies within the prolific Shu-Sarysu uranium province, a region renowned for its sandstone-hosted uranium reserves. Preliminary geological assessments estimate inferred resources (P1 and P2 categories) exceeding 20,000 tonnes of uranium, underscoring the area’s potential to bolster Kazakhstan’s position as a global leader in uranium supply.

    CEO Highlights Growth and Sustainability Goals
    “This license marks a pivotal step in our strategy to secure long-term resource bases while adhering to sustainable extraction practices,” said Yerzhan Mukanov, CEO of Kazatomprom. “The Inkai-Mynkuduk block complements our existing operations and aligns with growing global demand for nuclear energy as a low-carbon solution.”

    Next Steps
    Kazatomprom plans to commence exploration activities immediately, focusing on detailed geological surveys and drilling programs to confirm resource estimates. The company emphasised its commitment to environmental stewardship and community engagement throughout the project lifecycle.

    About Kazatomprom
    National Atomic Company Kazatomprom JSC is the world’s largest producer of natural uranium, with operations across Kazakhstan. The company supplies uranium to nuclear utilities globally and prioritizes safe, sustainable mining practices aligned with the UN Sustainable Development Goals. Kazatomprom’s shares are listed on the London Stock Exchange (LSE: KAP) and the Astana International Exchange (AIX: KAP).

    For media inquiries:
    Kazatomprom Press Office
    Email: press@kazatomprom.kz
    Phone: +7 (7172) 45 80 63

    Forward-Looking Statements
    This release contains forward-looking statements regarding resource estimates and exploration outcomes. Actual results may differ due to technical, economic, or regulatory factors.

  • Kingsrose-BHP Alliance Uncovers High-Grade Copper and Precious Metals in European Exploration

    Kingsrose-BHP Alliance Uncovers High-Grade Copper and Precious Metals in European Exploration

    Kingsrose Mining Limited (ASX: KRM) has announced significant progress in its exploration alliances with global mining giant BHP, targeting critical minerals in Norway and Finland. The joint efforts, part of one of Europe’s largest generative exploration programs, have yielded high-grade copper, gold, silver, and platinum group elements (PGEs), signaling potential for major discoveries.

    In Norway’s Finnmark region, rockchip sampling revealed exceptional results, including 29.7% copper, 1.1 g/t gold, and 0.54 g/t palladium at the Porsanger target, and 4.4% copper with 1.8 g/t gold at Virdnechokka. These findings, hosted in sulphide veins, suggest proximity to deeper magmatic systems, akin to Anglo American’s Sakatti deposit in Finland. A 5,067-line km airborne gravity survey and 208 rockchip samples underpin the 2024 campaign, with helicopter-borne electromagnetic surveys slated for February 2025 to identify conductive bodies indicative of massive sulphides.

    In Central Finland, the alliance focused on the Kotalahti Nickel Belt, historically rich in nickel-copper deposits. Drone and ground magnetic surveys covering 4,980-line km identified new mineralized zones at the Rehula target, including a 0.46% copper and 110 ppm cobalt sample. The program aligns with Kingsrose’s strategy to discover new polymetallic “camps” through systematic geophysical and geochemical analysis.

    Managing Director Fabian Baker emphasized the success of advanced exploration techniques and stakeholder collaboration, stating, “These results underscore the prospective nature of these underexplored regions. Our commitment to environmental and social values ensures sustainable progress.” The company has engaged Indigenous communities and conducted biodiversity surveys to secure social licenses, particularly in Sami-inhabited areas of Norway.

    With 2.7millionofa5 million Year 1 budget spent, Kingsrose plans further fieldwork in 2025, leveraging BHP’s expertise to prioritize drill targets. The alliances highlight Europe’s growing role in supplying critical minerals amid global decarbonization efforts.

    Kingsrose, a ASX-listed explorer, holds 100% interests in the Finnmark and Central Finland projects, backed by BHP’s Xplor accelerator program. Forward-looking statements caution inherent risks, but the findings position the company as a key player in Europe’s mineral exploration frontier.

    For more details, visit www.kingsrose.com.

  • Kazakhstan to Develop AI-Powered Geological Data Platform

    Kazakhstan to Develop AI-Powered Geological Data Platform

    The Ministry of Industry and Construction of Kazakhstan has convened a scientific and technical council meeting to discuss promising research in the mining sector. One of the key initiatives approved was the creation of a digital platform for geological data, which will utilize artificial intelligence to analyze information.

    This innovative system aims to reduce exploration costs, improve the accuracy of deposit forecasting, and accelerate exploration timelines. The implementation of this platform is driven by the industry’s ongoing need for digitized geological data to support efficient resource planning.

    In addition to digitalization efforts, the council reviewed research projects from major industry players, including Sokolov-Sarbai Mining and Processing Production Association (SSGPO) and Kachary Ruda, both subsidiaries of ERG. Key research areas include developing methods for pre-reducing ore from the Sarbai deposit, improving carbon-based reductants and exploring alternatives, enhancing the quality of pelletizing ore from the Sokolov deposit, and optimizing the processing of refractory ores from the Kachary deposit.

    The discussion also focused on the introduction of “green” technologies in the mining and metallurgical industry, particularly at the Korzhankul deposit. Experts believe that adopting environmentally friendly solutions will reduce the industry’s environmental footprint and enhance its long-term sustainability.

    Additionally, the council approved a new scientific program by Kazakhmys, which aims to implement high-efficiency reagents to improve the processing of copper ores at the Balkhash Processing Plant.

    The outcomes of the meeting highlight Kazakhstan’s commitment to modernizing its mining sector through digital technologies, scientific advancements, and environmentally sustainable practices.

  • Казахстан создаст платформу для геологической отрасли

    Казахстан создаст платформу для геологической отрасли

    Министерство промышленности и строительства Казахстана провело заседание научно-технического совета, на котором обсудили перспективные исследования в горнодобывающей отрасли. Одним из ключевых решений стало утверждение проекта по созданию цифровой платформы для геологических данных.

    Эта инновационная система будет использовать искусственный интеллект для анализа информации, что позволит значительно сократить затраты на геологоразведку, повысить точность прогнозирования месторождений и ускорить сроки разведочных работ. Введение цифровой платформы обусловлено нехваткой актуальных оцифрованных геологических данных, которые необходимы недропользователям для эффективного планирования добычи.

    Помимо цифровизации геологоразведки, на заседании рассматривались научные исследования, касающиеся крупных предприятий сектора. В частности, обсуждались проекты «Соколовско-Сарбайского горно-обогатительного производственного объединения» (ССГПО) и «Качары руда» — подразделений ERG. Среди ключевых направлений НИОКР: разработка методов предварительного восстановления руды Сарбайского месторождения, усовершенствование свойств углеродистых восстановителей и поиск их альтернатив, повышение качества окускования руды Соколовского месторождения, а также эффективная переработка упорных руд Качарского месторождения.

    Также были затронуты вопросы внедрения «зелёных» технологий в горно-металлургической промышленности, особенно на Коржанкульском месторождении. Эксперты считают, что развитие экологически чистых решений поможет снизить вредное воздействие отрасли на окружающую среду и повысит её устойчивость.

    Дополнительно совет утвердил новую научную программу компании «Казахмыс». В рамках этой инициативы предприятие планирует использовать современные реагенты для повышения эффективности переработки медных руд на Балхашской обогатительной фабрике.

    Результаты заседания подчеркивают стремление Казахстана модернизировать горнодобывающую отрасль за счёт цифровых технологий, научных разработок и экологически ориентированных решений.

  • London Gold Market Faces Tight Supply Amid Surge in U.S. Shipments

    London Gold Market Faces Tight Supply Amid Surge in U.S. Shipments

    Gold market participants in London are scrambling to borrow bullion from central banks as deliveries to the United States increase amid concerns over potential tariffs. The Bank of England, which holds gold reserves for various central banks, now has a minimum four-week waiting period for withdrawals—up from just a few days.

    Although U.S. President Donald Trump has not explicitly targeted precious metals in his trade policies, speculation has driven demand for gold in New York. This has resulted in a 70% increase in COMEX warehouse stocks over the past two months, reaching their highest levels since 2022. London, the world’s largest over-the-counter gold trading hub, has seen reduced liquidity as a consequence.

    Industry experts highlight that the Bank of England, not being a commercial vault, is ill-equipped to handle the surge in borrowing requests. The British Parliament’s Treasury Committee has taken notice, with Bank of England Governor Andrew Bailey downplaying systemic risks, emphasizing that gold no longer underpins monetary policy. However, he acknowledged London’s continued dominance in gold trading.

    As liquidity tightens in London, gold leasing activity has increased to compensate for the shortfall. The impact is also being felt in other major markets like Singapore and Hong Kong, with logistical challenges amplifying supply stresses worldwide.

  • Aluminum Prices Rise Amid EU’s Planned Ban on Russian Imports

    Aluminum Prices Rise Amid EU’s Planned Ban on Russian Imports

    Aluminum prices in London surged as the European Union prepared to introduce a phased ban on Russian imports. The proposed measure, part of a broader sanctions package, would initially allow a quota of 275,000 metric tons for one year before imposing a full ban, according to sources.

    Since Russia’s invasion of Ukraine in 2022, calls for an aluminum ban have grown, and EU imports from Russia have already declined as manufacturers seek alternative suppliers. However, some European buyers and member states have resisted a total ban, citing challenges in replacing certain products.

    The EU imported approximately 320,000 tons of unwrought aluminum from Russia in the first 11 months of 2024, making up 6% of total imports. Meanwhile, Russia has significantly increased sales to China.

    Following news of the EU’s proposal, aluminum prices on the London Metal Exchange rose 2% to $2,624.50 per ton, while copper and lead also gained. Traders are closely watching the impact of global trade tensions, particularly upcoming US tariffs on China, Canada, and Mexico. The White House reaffirmed that these levies will take effect on February 1, with President Donald Trump hinting at even broader trade restrictions in the future.

     

  • Arras Minerals Reports Significant Gold Intersections at Elemes Project

    Arras Minerals Reports Significant Gold Intersections at Elemes Project

    Arras Minerals Corp. has announced further positive drill results from its ongoing exploration at the Elemes project in Northeast Kazakhstan. The latest findings reveal substantial gold and copper mineralization, reinforcing the project’s potential for large-scale development.

    A highlight of the program is drill hole EL24004 at the Berezski East target, which intersected a significant 304.8-meter zone grading 0.54 g/t gold-equivalent (AuEq), starting from just 1.2 meters below surface. Within this, a higher-grade section of 37.8 meters returned 1.50 g/t AuEq, suggesting the possibility of a sizeable open-pit gold deposit. A deeper zone within the same hole also yielded 50 meters at 0.45 g/t AuEq from a depth of 210 meters.

    At the K-Ozek target, drill hole EL24009 intersected several gold-bearing quartz veins, with a notable interval of 2 meters grading 1.55 g/t AuEq. This supports the presence of a high-grade low-sulphidation epithermal vein system. Meanwhile, drill hole EL24008 at a separate target returned 128 meters of mineralization grading 0.10 g/t AuEq, indicating broader but lower-grade mineralized zones.

    The Elemes project, located in the Bozshakol-Chingiz Magmatic Arc, is positioned near the Bozshakol Copper Mine, one of the largest copper-gold operations in the region. The Phase 1 drill program, which began in September 2024 and concluded in December, has focused on high-priority targets identified through extensive exploration, including geophysical surveys and soil sampling.

    Commenting on the results, Arras Minerals CEO Tim Barry expressed optimism about the project’s potential, particularly at Berezski East. “The continuous near-surface gold mineralization in EL24004 is a major step forward. The results indicate the presence of a large mineralized system that could support an open-pit operation,” Barry stated. President Darren Klinck added that the findings reinforce the Elemes project’s potential to host significant copper and gold mineralization.

    With these encouraging results, Arras Minerals plans to continue its exploration efforts, refining its understanding of the mineralized zones and identifying further opportunities for resource expansion.