MINEX Forum

Website: Eurasia.com

  • Mongolia and France’s Orano Group Reach Preliminary $1.6 Billion Uranium Mining Deal

    Mongolia and France’s Orano Group Reach Preliminary $1.6 Billion Uranium Mining Deal

    Mongolia has announced a preliminary agreement with Orano Mining Group, a leading French uranium producer, to develop a significant uranium mining project worth $1.6 billion. This project will commence its preparatory phase in 2024, with the goal of initiating uranium production by 2028. The peak production target of 2,600 metric tons is expected by 2044. The government emphasized the importance of this agreement in promoting foreign investment and creating substantial employment opportunities for the Mongolian workforce.

    Orano has been present in Mongolia for over 25 years, conducting extensive exploration activities. The French company, with established mining operations in regions such as Canada, Kazakhstan, and Niger, is expected to bring its expertise to the country’s uranium sector. This agreement follows years of anticipation and is viewed as a strategic move to enhance Mongolia’s role in the global uranium market. However, a previous announcement about the finalization of the agreement was corrected, confirming that only a preliminary deal had been reached.

  • Germany’s Uranium Imports from Russia Surge in 2024 Amid EU Debates

    Germany’s Uranium Imports from Russia Surge in 2024 Amid EU Debates

    Germany significantly ramped up its uranium imports from Russia in 2024, recording a 70% increase to 60.8 tons, according to a report from Der Spiegel based on data from Lower Saxony’s Ministry for Environment, Energy, and Climate Protection. The uranium is processed at the Advanced Nuclear Fuels facility in Lingen, operated under French ownership through Framatome, part of energy company EDF. This facility is preparing specialized nuclear fuel cells for WWER reactors, a Soviet-era design predominantly used in Eastern Europe, which have traditionally relied on Russian-made fuel.

    Germany’s Federal Ministry for the Environment clarified that uranium imports for peaceful nuclear use are not restricted by current EU sanctions on Russia. This exemption highlights a gap in the EU’s energy embargo strategy, even as the bloc attempts to sever energy ties with Moscow. Attempts to impose nuclear-related sanctions have repeatedly stalled due to opposition from member states like Hungary and Slovakia, which rely heavily on Russian energy cooperation.

    Dan Jorgensen, the EU’s energy commissioner, recently admitted that the union’s efforts to curtail dependency on Russian energy, including nuclear fuel, have faltered. Jorgensen emphasized the need for a robust new strategy to address this issue, pointing out that existing policies are failing to achieve their intended goals. His proposed roadmap is expected to outline more effective measures to reduce reliance on Russian energy resources across the EU.

  • Казахстан расширяет геологоразведку и увеличивает запасы ресурсов в 2024 году

    Казахстан расширяет геологоразведку и увеличивает запасы ресурсов в 2024 году

    Министерство промышленности и строительства Казахстана подвело итоги и планы по развитию геологической отрасли. В 2024 году на государственный баланс уже поставлено 17 месторождений твердых полезных ископаемых и шесть месторождений углеводородов. Запасы включают золото (107,5 тонн), серебро (1900 тонн), медь (4,9 млн тонн), железную руду (128 млн тонн), а также цинк, свинец, вольфрам, молибден и марганец. Ресурсы хрома составили 464,1 тыс. тонн.

    До конца 2026 года Казахстан инвестирует более 20 млрд тенге из госбюджета в геологоразведочные работы, увеличивая площадь геологической изученности с 1,5 до 2,2 млн квадратных километров. Министерство выделило 60 перспективных участков для дальнейших исследований, включая редкие и редкоземельные металлы.

    Особое внимание уделяется объекту Куйректыколь с предварительными запасами 800 тыс. тонн. Эти шаги укрепляют позиции Казахстана как важного игрока на международной арене в области добычи и переработки природных ресурсов.

  • Resolutions for Mining Companies in 2025: Lessons from 2024 Challenges

    Resolutions for Mining Companies in 2025: Lessons from 2024 Challenges

    As 2024 concludes, mining expert Timothy Foden reflects on the year’s recurring challenges, emphasizing the heightened sovereign risks mining companies face globally. From resource nationalism in Mexico and Burkina Faso to the geopolitical instability of Africa’s Coup Belt, mining firms must navigate complex environments. Foden advises companies to safeguard investments by maintaining licenses, documenting interactions with officials, and structuring agreements for international arbitration. Additionally, he highlights the critical need to work with proven legal experts who can secure favorable outcomes in disputes with sovereign nations.

  • Global Gold Production to Peak in 2024, Enter Long-Term Decline

    Global Gold Production to Peak in 2024, Enter Long-Term Decline

    Global gold production is set to reach a historic high of approximately 3,250 tonnes (105 million ounces) in 2024 before entering a prolonged decline, according to industry experts at the International Metals Symposium in London on December 2.

    From 2025 onwards, production will steadily decrease due to depleting reserves, declining ore quality, and the closure of aging mines, warned Oliver Blagden, a gold and base metals analyst at CRU Consulting. “This will be the most gold we’ve ever mined in a single year, ever,” he stated.

    The decline represents a pivotal moment for the gold mining sector, which faces challenges such as geopolitical risks, shrinking reserves, and a lack of new projects. Despite strong profits driven by high gold prices, analysts caution that without increased investment, global production could fall by as much as 17% by 2030, significantly tightening supply.

    China and Russia, the world’s leading producers, face specific hurdles. China, contributing 11% of global output, struggles with limited reserves relative to its production rate. Russia, meanwhile, contends with geopolitical pressures and lower ore quality.

    Jurisdictional challenges also loom large. In West Africa, nations like Mali and Burkina Faso have embraced resource nationalism, nationalizing mining operations and discouraging foreign investment. Conversely, regions such as Argentina and North America offer some optimism with mining-friendly reforms and potential regulatory shifts. However, Blagden cautioned that North America remains the most expensive region for gold production globally.

    Despite profitability—97% of gold producers maintain positive margins at a gold price of $2,235 per ounce—the lack of new greenfield projects poses a long-term threat. High prices have not incentivized sufficient exploration, and high-grade deposits are becoming increasingly rare.

    Blagden emphasized gold’s unique role as an accumulated commodity, noting that existing stockpiles could meet global demand for decades if mining ceased entirely. However, he stressed the urgency for the industry to invest strategically during this period of high prices. “Without new projects, mines will close, production will fall, and profits will shrink,” he said, urging miners to focus on acquisitions, brownfield expansions, and exploration to sustain the sector’s future.

  • Martin Engineering Expands Operations to Central Asia

    Martin Engineering Expands Operations to Central Asia

    Martin Engineering has announced the establishment of a new regional hub in Kazakhstan, aiming to provide its full range of products and services to the rapidly expanding mining sector across Central Asia.

    Kazakhstan, the world’s ninth-largest country by land area, boasts a rich and diverse geology filled with valuable metal ores and mineral resources. The mining and minerals production industry plays an increasingly pivotal role in the nation’s economy, with most materials being exported.

    Building on its previous successes in Kazakhstan, Martin Engineering decided to solidify its presence by forming a dedicated business unit. Notably, the company has already delivered innovative conveyor belt cleaning solutions to one of Kazakhstan’s largest copper producers, significantly enhancing plant efficiency and productivity.

    The new venture will be overseen by General Manager Oleg Glukhov, who has been with the company for seven years. Glukhov emphasized Martin Engineering’s readiness to support Kazakhstan’s leading mineral processing firms in improving operational performance and safety.

    “Kazakhstan is one of the world’s key sources of metals and industrial minerals,” Glukhov stated. “Processing materials safely, efficiently, and profitably is important, and that’s where Martin Engineering comes in.”

  • Rio Tinto to Invest $2.5 Billion in Argentina Lithium Mine

    Rio Tinto to Invest $2.5 Billion in Argentina Lithium Mine

    The Rio Tinto Group has announced plans to invest $2.5 billion in a lithium mine in Argentina, marking a significant step in President Javier Milei’s agenda to deregulate the economy and attract foreign investment. The UK-based company will develop a processing plant at the Rincon mine, aiming for an annual production capacity of 60,000 metric tons of lithium carbonate. Construction is slated to begin mid-next year, pending necessary permits.

    The project aligns with Argentina’s RIGI incentives program, enacted last year to provide tax, currency, and trade benefits for energy and mining sectors over the next 30 years. Rio Tinto CEO Jakob Stausholm, who plans to meet Milei in Italy, praised the program as a model framework for foreign investment.

    Despite falling lithium prices and slowed expansion by other miners, Rio Tinto remains committed to advancing its lithium projects, including Rincon, which will use direct extraction methods to conserve water and reduce waste. Located in the lithium triangle of South America, Rincon is part of a region holding over half of global lithium resources.

    Rio Tinto’s expansion comes as competition heats up in Argentina, with companies like Eramet SA and Posco Holdings Inc. launching new plants this year. The firm is also targeting copper reserves, holding a stake in the Los Azules project, which recently passed a key permitting milestone. Stausholm emphasized Rio’s commitment to delivering on both lithium and copper developments in Argentina.

  • Kazakhstan Intensifies Search for Rare Earth Metals

    Kazakhstan Intensifies Search for Rare Earth Metals

    Kazakhstan continues exploration efforts across 12 sites as part of a government initiative to study mineral resources and boost the development of the rare earth metals sector.

    According to Kanat Sharlapayev, the Kuyrektikol site in the Karaganda region has shown significant promise, with reserves estimated at approximately 800,000 tons and forecasted resources reaching 935,400 tons of rare earth metals, including cerium and lanthanoids.

    Private companies like Cove Capital and HMS Bergbau are spearheading these exploration activities. Sharlapayev noted that the Ministry of Industry is actively working to declassify reserve data, excluding osmium and rhenium, to attract investment and enhance the sector’s development potential. This initiative is expected to be completed by the end of 2024.

    Currently, Kazakhstan boasts 15 rare earth deposits, 11 of which are under subsoil use agreements. Key deposits include Melovoye, Tomak, Taybogar, Tasmuryn, Kundybay, Akbulakskoye, Dzhamschi, Moynkum, Inkay, Akdala, Kanjugan, Mynkuduk, and Budenovskoye.

  • Kazakhstan’s Mineral Reserves Expected to Last Up to 40 Years

    Kazakhstan’s Mineral Reserves Expected to Last Up to 40 Years

    Kazakhstan’s mineral reserves are projected to last for 20 to 40 years, depending on the resource, according to Akbarov, head of the country’s Geological Committee. During a briefing at the Central Communications Service, Akbarov noted that while the situation for many resources is stable, with an average reserve life of 20 years, some deposits face significant geological and technical challenges.

    Key resources such as gold are estimated to last for 20 years, while copper reserves may sustain production for up to 40 years. However, certain deposits are nearing depletion, with reserves sufficient for only 5 to 10 years.

    To address this, Kazakhstan is intensifying efforts in geological exploration. Starting next year, the country will transition from a 1:200,000 scale to a more detailed 1:500,000 scale for geological mapping. This shift aims to identify hidden and geologically complex deposits, enhancing the mineral resource base. Akbarov emphasized that these initiatives could significantly boost the efficiency of exploration and replenish Kazakhstan’s mineral reserves.

  • Kazakhstan Reaffirms Commitment to EITI Standards and Modernizes Mining Sector

    Kazakhstan Reaffirms Commitment to EITI Standards and Modernizes Mining Sector

    During a discussion, President Kassym-Jomart Tokayev emphasized Kazakhstan’s dedication to the Extractive Industries Transparency Initiative (EITI) since joining the organization in 2007. He noted that Kazakhstan has legislatively mandated subsoil users to comply with the organization’s standards, including reporting on taxes and other payments to the national budget.

    President Tokayev informed the head of EITI, Helen Clark, about regulatory measures aimed at enhancing the country’s geological exploration and mining industries. Key initiatives include the adoption of a Comprehensive Development Plan, the launch of a Unified Subsoil Use Platform featuring an interactive map and access to more than 50,000 geological reports, and streamlined processes for obtaining exploration and production licenses.

    In response, Helen Clark shared the strategic priorities of EITI for the coming period and praised Kazakhstan’s efforts to improve legislation in line with transparency standards for the extractive sector.