MINEX Forum

Website: Eurasia.com

  • Zangezur Copper and Molybdenum Plant Remains Armenia’s Top Taxpayer

    Zangezur Copper and Molybdenum Plant Remains Armenia’s Top Taxpayer

    Yerevan, Armenia – Zangezur Copper and Molybdenum Plant (ZCMC) has solidified its position as Armenia’s largest taxpayer for the third year in a row, according to the latest data released by the State Revenue Committee. The company’s contributions to the state treasury reached an impressive 102 billion AMD in 2024, a significant 44% increase compared to the previous year.

    ZCMC’s tax payments included 2.2 billion AMD in customs duties, 30.2 billion AMD in direct taxes (including profit tax and income tax), and 2.7 billion AMD in indirect taxes (including VAT and excise tax).

    Mobile Center Art climbed to second place in the ranking, with a total tax contribution of 66.7 billion AMD, a 21% year-on-year increase. Grand Tobacco secured the third position with 63.3 billion AMD in tax payments, up 31% from the previous year.

    Gazprom Armenia and Pretty Way LLC (Vesta) rounded out the top five, contributing 46.5 billion AMD and 36.3 billion AMD respectively.

    The top five taxpayers collectively contributed 315.4 billion AMD ($795.3 million) to the state budget in 2024, demonstrating a 24.1% increase compared to 2023.

    Other notable companies in the top ten include CPS Energy Group, Ameriabank, Wildberries, International Masis Tabak, and JTI Armenia.

    Overall, the 1,000 largest taxpayers in Armenia paid a total of 1.772 trillion AMD ($4.4 billion) to the state treasury in 2024, representing a 3.6% rise from the previous year.

    This continued strong performance from major taxpayers, particularly ZCMC, highlights their crucial role in supporting Armenia’s economy and public finances.

  • Kazatomprom Increased Uranium Production in 2024

    Kazatomprom Increased Uranium Production in 2024

    January 27, 2025, 14:51 / Astana, Kazakhstan 

    Kazatomprom, the world’s largest producer of uranium, announced a 10% increase in its production of uranium oxide (U3O8) in 2024, reaching 23,270 tonnes.

    The company attributed this growth to an expansion of its mining plans in accordance with its agreements for exploration and resource use rights. However, despite the rise in production, Kazatomprom’s sales declined by 8% to 16,670 tonnes in 2024, as the company prioritized supplying its subsidiary Uranium Mining & Fuel Company (“Ulbas-TVS”) with uranium for the production of nuclear fuel assemblies (NFAs).

    The average selling price of uranium increased significantly by 27% to $69.72 per pound in 2024 compared to $55.09 per pound in 2023, fueled by higher spot uranium prices. Spot prices averaged $85.24 per pound in 2024, a 36% increase from $62.51 per pound in 2023.

    Ulbas-TVS Expansion:

    Ulbas-TVS, a joint venture between Kazatomprom and Chinese company CGNPC-URC, reached its projected production capacity of 200 tonnes of NFAs per year in early January. The company aims to potentially increase production to 400 tonnes per year with a two-shift operation. All NFAs produced by Ulbas-TVS are destined for use in nuclear power plants in China.

    Mining Stoppage Resumes:

    Kazatomprom also announced the resumption of uranium mining at the Inkai joint venture (60% Kazatomprom, 40% Cameco) after a temporary suspension in January. The suspension was due to a delay in receiving the necessary documentation from relevant authorities to continue mining operations at the Inkai, Block 1.

    2025 Production Expectations:

    For 2025, Kazatomprom expects to produce 25,000 to 26,500 tonnes of uranium, with sales estimated between 17,500 and 18,500 tonnes. The company acknowledges that the production levels of some mining sites may be influenced by revisions to their resource use agreements.

    The company intends to release its financial outlook for 2025 as part of its 2024 financial performance analysis. Kazatomprom produces about 20% of global uranium demand.

    The market has yet to react to Kazatomprom’s production data release. As of the article’s publication, shares of the uranium producer on the Kazakhstan Stock Exchange (KASE) were trading at 19,842.88 tenge, down 0.54%. As of October 1, 62.99% of Kazatomprom’s shares were owned by Samruk-Kazyna, 24.32% by CITINAK, NA.-NY (F/B/O DR HOLDERS, nominee holder), and 12.01% by the Ministry of Finance of the Republic of Kazakhstan.

  • Cameco Resumes Uranium Production at Inkai JV in Kazakhstan

    Cameco Resumes Uranium Production at Inkai JV in Kazakhstan

    Cameco (TSX: CCO; NYSE: CCJ) has resumed uranium production at its Inkai joint venture project in Kazakhstan, following a temporary suspension due to regulatory delays. Kazatomprom, Kazakhstan’s state-owned uranium producer, made the announcement on Monday, confirming that the Inkai LLP operation has successfully resolved the issue that caused the disruption.

    On January 1, production activities at Block No. 1 of the Inkai deposit were halted after the required approvals from state authorities were not received on time. This delay was attributed to the late submission of necessary documentation.

    The Inkai joint venture is a significant player in Kazakhstan’s uranium industry, with Cameco holding a 40% stake and Kazatomprom controlling the remaining 60%. It is the largest uranium operation in the country.

    Kazatomprom has stated that operations at Inkai LLP have now resumed, and the company is currently assessing the impact of the suspension on the joint venture’s 2025 production goals. However, Kazatomprom reassured stakeholders that the company remains committed to meeting its contractual obligations and has sufficient inventory to manage deliveries throughout 2025 without significant disruption.

    The company’s production forecast of 65–68.9 million tonnes of uranium oxide (U3O8) remains intact, according to earlier projections from BMO Research. Inkai’s contribution to Kazakhstan’s total production is expected to reach 9.3 million pounds of uranium this year, accounting for 14% of the country’s total output and 16% of Cameco’s global production.

    Following the news, Cameco’s stock price dropped by 12% to $49.25 per share on Monday morning, bringing its market capitalization to $21.4 billion. Meanwhile, Kazatomprom’s shares declined by 1.7%, closing at $37.20, with a market cap of $10.2 billion.

    Both companies continue to navigate the challenges posed by regulatory delays but remain focused on maintaining steady uranium production moving forward.

  • Kazakhmys Signs New Collective Agreement with Enhanced Social Protection for Workers

    Kazakhmys Signs New Collective Agreement with Enhanced Social Protection for Workers

    On January 22, 2025, LLP “Kazakhmys Corporation” officially signed a new collective agreement for 2025-2029. This new document not only incorporates proposals from company management and unions, but also directly considers the wishes of the employees. The 2025-2029 collective agreement is aimed at strengthening employee social protection and developing corporate social policy.

    One of the key achievements is the substantial expansion of support measures for workers and their families. Many of the changes were initiated by the company itself, highlighting its commitment to investing in employee welfare. Among the innovations of the collective agreement are a fivefold increase in childbirth benefits compared to the previous agreement. Similar benefits are provided for employees entering into marriage. New support measures have also been introduced for workers, including those raising children with special needs.

    Nurakhmet Nuriev, Chairman of the Board of LLP “Kazakhmys Corporation”, emphasized that this is not just a corporate document, but the result of extensive diligent work and complex discussions based on a deep understanding of the situation and analysis of internal operations. The signing of the new collective agreement will qualitatively elevate employee well-being to a new level, providing additional social protection for employees and their families.

    “We are all one big team, and each of us is interested in ensuring that people work in safe conditions. Safety is our number one priority. The second priority is employee social protection. The third is the productivity of enterprises, which supports the economy and upholds all the good initiatives we are laying out today,” stressed Nurakhmet Nuriev.

    The company also emphasized the importance of cooperation with trade unions, which played a significant role in the development of the new agreement. Their contribution to supporting social stability and increasing employee awareness of labor rights will continue to be strengthened.

    According to the union leaders, this document is one of the best in recent years, as it emphasizes the employer’s increased social responsibility and takes into account the proposals of unions and direct wishes from the employees themselves.

    The new collective agreement reflects Kazakhmys’ commitment to being a socially responsible employer and lays the foundation for the company’s sustainable development in the future.

    In addition to the innovations of the collective agreement itself, Kazakhmys is allocating significant financial resources to implement other social programs. For example, from 2025, employees working under normal conditions will be included in the existing voluntary health insurance. Also, this year, more than 200 service apartments will be donated to employees. Furthermore, specific categories of employees will receive targeted social assistance. Funds are also being allocated for the rehabilitation of children with disabilities.

  • Ukrainian Mining Company BGV Group Showcases Potential in Davos

    Ukrainian Mining Company BGV Group Showcases Potential in Davos

    BGV Group Management made a significant impact at the Ukrainian House in Davos during the World Economic Forum’s unofficial program. The team participated in a panel discussion titled “Ukraine: A country with mineral reserves worth $12 trillion.” The panel featured key representatives from the Ukrainian Ministry of Economy, global consulting firms, and American businesses, highlighting the strategic importance of Ukraine’s mineral wealth.

    BGV Group Management, a prominent player in Ukraine’s critical materials mining sector for nearly a decade, shared their ambitious plans to enter the international critical raw materials (CRM) market. Sergii Voitsekhovskyi, a member of BGV Group Management’s board of directors, emphasized their focus on graphite and beryllium.

    The company provided updates on their flagship graphite mining project, BGV Graphite, based on the Balakhivske deposit. By early 2025, they completed the preliminary feasibility study (PFS) and pilot technological tests for the final product. Rozvytok Pobuzhzhia, part of the BGV Group, has been working with Metso (Finland) on basic engineering for an enrichment plant. The design for a mining and enrichment complex is underway, with construction set to begin in the first quarter of 2026. The graphite concentrate from the Balakhiv deposit boasts a high carbon content of 97%, compared to the standard 95%. In 2024, tests for further graphite purification to a battery-grade quality of 99.99% and production of spherical graphite (SPG) were completed, in collaboration with German partner ANZAPLAN. Testing confirmed the high quality of the anode material for lithium-ion batteries.

    In 2025, BGV Group Management will start designing the SPG production plant. Voitsekhovskyi also provided updates on the beryllium mining project, BGV Beryllium. The company has conducted verification drilling and research, initiating a preliminary feasibility study in 2024. They highlighted the potential for mining valuable associated minerals like zinc, rare earth elements, and rare metal elements.

    “Ukraine is a country of new opportunities. We have 22 out of 50 strategic materials identified by the US as critically important, as well as 25 out of 34 recognized as critical in the EU. Our country is a country of highly qualified professionals with significant practical experience, scientifically based approaches, advantageous logistics, support for CRM projects at the government and community levels, as well as sustainable, responsible, and motivated businesses that, despite the war, remain in Ukraine, investing in mining and other projects. The future of the global economy and the advancement of international security are already unfolding, and Ukraine plays a crucial role in this process. Specifically, Ukraine possesses all the prerequisites to greatly enhance the international mining sector and become a reliable partner in the field of critical raw materials (CRM),” Voitsehovskyi stated.

    BGV Group Management presented the Ukrainian House in Davos with a symbolic gift—a sample of graphite ore sourced during geological research at the Balakhivske deposit in the Kirovohrad region. This gift symbolizes the potential and ongoing efforts in CRM projects, showcasing the company’s commitment to development despite the ongoing conflict.

  • Energy Minister Bozhinovska Highlights Safety and Innovation at SASA Lead-Zinc Mine

    Energy Minister Bozhinovska Highlights Safety and Innovation at SASA Lead-Zinc Mine

    Minister of Energy, Mining, and Mineral Derivatives Sanja Bozhinovska visited the SASA mine, the nation’s largest underground lead and zinc mine, producing 800,000 tons of ore annually. Bozhinovska commended the mine’s sustainable practices and focus on innovation during discussions with its management.

    The SASA mine employs 770 local residents and has contributed over 85 million dinars in taxes over six years, aiding national development. General Manager Christopher Colburn noted $80 million invested in safety, modernization, and digitalization since joining Central Asia Metals. Bozhinovska toured the underground corridors, engaging directly with workers and emphasizing safety improvements.

    This visit forms part of the minister’s broader initiative to engage with key mining and energy sectors under her ministry’s oversight.

  • Death Toll Rises to Three in Southern Poland Coal Mine Fire

    Death Toll Rises to Three in Southern Poland Coal Mine Fire

    The recent coal mine fire at the Knurow-Szczyglowice mine in southern Poland has claimed a third life, as two critically injured miners succumbed to their injuries on Saturday. The fire, caused by a methane gas ignition approximately 850 meters underground on Wednesday, left 16 workers injured, including nine with severe burns. The victims were rushed to specialized burn treatment centers, but many faced life-threatening conditions, with burns covering up to 80% of their bodies.

    Five of the injured miners, treated for minor injuries, have been discharged. Investigations into the cause of the methane ignition are ongoing, as methane remains a recurring hazard in Poland’s coal mining industry, leading to frequent fires and deadly explosions. Authorities are now focusing on improving mine safety measures to prevent similar tragedies in the future.

    The Knurow-Szczyglowice mine fire highlights the persistent dangers of methane gas in underground mining and underscores the need for stringent safety protocols to protect workers in hazardous environments.

  • Critical Raw Materials: A Catalyst for Ukraine’s Economic Transformation

    Critical Raw Materials: A Catalyst for Ukraine’s Economic Transformation

    Ukraine’s abundant deposits of critical raw materials could serve as a key driver for its economic growth and global market integration, according to We Build Ukraine co-founder Oleksandr Kubrakov.

    Kubrakov points out that the current closed nature of Ukraine’s mining sector poses a major challenge for investors. He recommends several reforms: aligning Ukraine’s mineral reporting standards with international frameworks, streamlining land acquisition for mining operations, and introducing industry incentives. He also emphasizes the need to digitize geological data, particularly through AI technology, to make it more accessible.

    Beyond just extraction, Kubrakov envisions developing comprehensive value chains – from building infrastructure to establishing local processing facilities and manufacturing finished products, such as electric vehicle components and medical-grade titanium items.

    The country holds impressive positions globally in terms of mineral reserves, ranking eighth in coal, fifth in iron ore, and fourth in manganese ore (a crucial element in glass, ceramic, and steel production).

  • Tremor at Polish Coal Mine Claims One Life, Injures Eleven

    Tremor at Polish Coal Mine Claims One Life, Injures Eleven

    A devastating underground tremor struck a coal mine operated by Polish mining group PGG in Radlin, southern Poland, early Monday morning, leading to the death of one miner and injuries to 11 others. The incident occurred at 2:06 AM GMT, roughly 800 meters underground.

    PGG Acting CEO Bartosz Kepa revealed that 29 workers were present in the affected zone during the tremor. Rescue efforts evacuated the area, and those injured were promptly transported to local hospitals. Among the hospitalized, four remain in serious condition, according to Lukasz Pach, head of emergency medical services in Katowice.

    Authorities are currently working to secure the damaged sections of the mine, with an assessment of material damage still underway. PGG’s Deputy Chief Executive for Production, Marek Skuza, stated that securing operations are critical to ensuring the safety of remaining workers and the integrity of the mine.

    This incident has raised renewed concerns about the safety of coal mining in Poland, a country heavily reliant on coal for energy and employment. Further investigations will aim to determine the exact cause of the tremor and evaluate safety measures in place to prevent such tragedies in the future.

  • Euro Manganese Secures Mining Lease for Chvaletice Project

    Euro Manganese Secures Mining Lease for Chvaletice Project

    Euro Manganese, through its subsidiary Mangan Chvaletice, has achieved a critical milestone by obtaining the Determination of Mining Lease permit for the Chvaletice Manganese Project in the Czech Republic. The permit, effective as of January 23, 2025, was issued by the District Mining Authority and provides exclusive, unrestricted mineral extraction rights within the project area without an expiry date.

    The Chvaletice Project is unique within the European Union, as it reprocesses waste tailings from a decommissioned mine into valuable manganese resources. Touted as the EU’s only sizeable manganese source, this initiative aligns with the global shift toward a low-carbon economy. It plays a pivotal role in supplying critical raw materials for battery manufacturing, supporting the continent’s green energy transition and circular economy goals.

    Martina Blahova, Euro Manganese’s interim CEO, highlighted the importance of the achievement, crediting successful collaboration with regulators and local communities. She underscored the project’s contribution to advancing the production of high-purity manganese for the decarbonization of industries worldwide.

    This milestone follows Euro Manganese’s November 2023 announcement of $100 million in non-dilutive financing from OMRF (BK), enabling the company to further its commitment to sustainable resource development and innovative waste-to-value processes.