MINEX Forum

Website: Eurasia.com

  • Canadian Private Equity Firm Kinterra Capital Rescues Poland’s €1.63 Billion Battery Materials Plant After Ascend Elements Bankruptcy

    Canadian Private Equity Firm Kinterra Capital Rescues Poland’s €1.63 Billion Battery Materials Plant After Ascend Elements Bankruptcy

    Canadian private equity firm Kinterra Capital has acquired the rights to a planned €1.63 billion precursor cathode active material plant near Opole in Poland, rescuing a project that had been thrown into doubt after its previous developer, US firm Ascend Elements, filed for bankruptcy in April 2026.

    The planned facility, scheduled for completion in 2031, will produce pCAM — a key component in the lithium-ion batteries used in electric vehicles, smartphones and other consumer electronics. The deal, finalised in May, includes intellectual property rights for lithium-ion battery processing, lithium recovery and pCAM production, as well as rights to a Polish government subsidy of 1.22 billion zloty (€285 million) — one of the largest state grants ever awarded in Poland, backed by an EU programme supporting the transition to a net-zero economy. Kinterra also signed a conditional agreement to purchase the land plot for the factory.

    Ascend Elements had announced the project in May 2025, citing Poland’s strategic position as Europe’s largest lithium-ion battery producer and its importance in reducing European dependence on Asian suppliers. The company subsequently cited “insurmountable” financial challenges in launching US bankruptcy proceedings, casting doubt over the future of the grant and the facility.

    Kinterra Capital, which manages approximately $1.5 billion in assets focused on critical minerals and infrastructure, said the project offered the strategic location, infrastructure access, public administration support and industrial base it requires. “This project has the key advantages we are looking for,” said Graeme Weeks, Kinterra’s global head of project execution. Laura Fernandez, a Kinterra partner, said the investment “addresses the most important challenges facing European industry today,” citing supply chain security and European independence from Asian suppliers.

    Poland is home to Europe’s largest EV battery plant, operated by LG Energy Solution in Wrocław, which accounted for approximately half of Europe’s EV battery production capacity in 2024. However, Poland’s position faces a potential challenge from forthcoming EU regulations incorporating battery carbon footprint requirements — measures that could penalise Poland given that coal still accounts for around half of its electricity production.

  • European Aluminium Calls for Indirect Ban on Russian Metal After Turkey Loophole Allows Sanctioned Aluminium Into EU Market

    European Aluminium Calls for Indirect Ban on Russian Metal After Turkey Loophole Allows Sanctioned Aluminium Into EU Market

    Industry association European Aluminium has called on the European Union to introduce a targeted indirect ban on Russian aluminium in the bloc’s next sanctions package, warning that a significant loophole allows Russian primary metal to enter the EU market via third-country processing — undermining existing direct import sanctions and sustaining Russian export revenues.

    The association’s #NoSecondPassport campaign argues that Russian primary aluminium can be sold to producers in third countries, processed into semi-finished or finished products, and then exported to the EU as goods originating from the processing country rather than Russia. European Aluminium says this circumvention places unfair competitive pressure on European producers that have already moved away from Russian supply, while generating almost $10 billion in export revenue for Russia last year.

    Turkey is highlighted as the clearest example of the loophole in practice. Russia supplied approximately 20% of Turkey’s primary aluminium imports in 2025, making it Turkey’s second-largest supplier. The association also flags the Gulf supply crisis as a compounding risk: Turkey relied on Gulf countries for around 42% of its aluminium ingot imports in 2025, and the association warns that regional instability or further upward price pressure could push Turkey and other third countries to increase their reliance on discounted Russian supply.

    European Aluminium is calling for the indirect ban to be backed by stronger enforcement mechanisms, including mandatory reporting of the first and second largest country of smelt and the last country of cast, enabling customs authorities to trace the upstream origin of aluminium entering the EU. The package would also include targeted customs checks on high-risk third-country imports, ongoing monitoring of import flows from countries known to import large volumes of Russian aluminium, and specific scrutiny of billets, extrusions and other semi-finished products.

    The association frames the issue as a strategic autonomy concern, arguing that weakening Europe’s aluminium industrial base at a moment when the sector is increasingly tied to defence, clean energy and broader industrial resilience carries risks that extend well beyond commercial competition.

  • Kazakhstan’s Ädilet Party Business Council Calls for Deep Processing Push to Convert Mineral Wealth Into Domestic Economic Value

    Kazakhstan’s Ädilet Party Business Council Calls for Deep Processing Push to Convert Mineral Wealth Into Domestic Economic Value

    Kazakhstan’s political party Ädilet has convened a Business Council meeting bringing together representatives of major mining and metallurgical companies, industry associations and state bodies to debate how the country can retain more value from its mineral wealth domestically rather than exporting raw materials.

    The meeting concluded that deep processing, enterprise modernisation and production of high value-added goods must become the central priorities for Kazakhstan’s mining and metallurgical complex. The sector already accounts for approximately 8% of GDP, with production exceeding 14 trillion tenge and exports reaching $21.4 billion last year, according to figures presented by national mining holding Tau-Ken Samruk — but participants agreed the industry’s potential is substantially higher.

    Ädilet party chairman Aibek Dadebay framed the transition to deep processing as both an economic and a social justice issue. “This is not only an economic question. It is a question of fairness. The wealth of the land must be converted into the wealth of the people. That is why Ädilet fully supports the president’s strategic course toward deep processing, construction of new facilities and increasing output of higher value-added products,” he said.

    Discussion moved from strategic priorities to practical barriers: railway freight tariffs, enterprise modernisation costs, engineering workforce shortages and geological exploration funding. Tau-Ken Samruk chairman Nariman Absametov highlighted the growing strategic importance of rare and rare earth metals. “Access to rare and rare earth minerals is becoming one of the most important factors in the country’s global competitiveness. Kazakhstan possesses a unique mineral resource base, and its effective development will strengthen the country’s position in world markets,” he said.

    Dadebay said proposals from businesses, industry associations and experts would be systematised into a unified package of Ädilet initiatives on mining and metallurgical sector development. “Our task is to ensure that dialogue between business and the state continues on a daily basis,” he said.

  • Energy Transition Minerals Secures Final Approval to Revive Penouta Mine as EU’s Only Domestic Tantalum and Niobium Source

    Energy Transition Minerals Secures Final Approval to Revive Penouta Mine as EU’s Only Domestic Tantalum and Niobium Source

    Energy Transition Minerals has secured the final regional approval needed to take over the Penouta tin, tantalum and niobium mine in Galicia, Spain, moving a step closer to making it the European Union’s only domestic primary source of two critical raw materials that Europe currently imports almost entirely from overseas.

    The Xunta de Galicia has authorised the transfer of the Section C mining concession at the Penouta mine in Viana do Bolo, Ourense, to ETM’s Spanish subsidiary, formally recognising the company as the incoming holder of mining rights. The approval is the final regional step in ETM’s rescue of the project from the insolvency of previous operator Strategic Minerals Spain, which collapsed in 2024 and halted production.

    The strategic significance is considerable. Europe mines almost none of the metals Penouta produces. Over 80% of the world’s niobium comes from Brazil, most tantalum is mined in the DRC and Rwanda, and critical minerals processing is dominated by China. Tantalum prices have reached multi-decade highs this year following supply disruption in central Africa. Both tantalum and niobium are designated critical raw materials by the EU, the US and Australia, with applications across semiconductors, capacitors, high-performance aerospace and defence alloys, and energy transition technologies.

    Penouta retains its open-pit mine, a processing plant tailored to its ore type and supporting infrastructure representing a historical investment of approximately €28 million. The site covers 282 hectares and holds certified measured and indicated resources of more than 76 million tonnes under NI 43-101 standards. Mineral resources in the area were exploited from the early 20th century through the 1980s, with exploration reactivated in 2011 by Strategic Minerals Spain.

    ETM has signed a memorandum of understanding with commodity trader Traxys for offtake of concentrate from the mine. Managing director Daniel Mamadou said the company intends to reactivate Penouta responsibly, retaining experienced local staff, prioritising local hiring and working closely with the Viana do Bolo municipal council. “Europe has spent years talking about reducing its dependence on a handful of distant suppliers for the metals its industries cannot do without. Penouta is one of the few places on the continent where that ambition can actually be met — and met soon,” he said.

    The Penouta news comes the same week that Greenland formally rejected ETM’s application to renew the exploration licence for its Kvanefjeld rare earth project, after the Greenland government gave the company 48 hours to respond to technical assessments and refused a one-week extension.

  • EU and China Open Three-Month Trade Talks to Avert Trade War Over €360 Billion Import-Export Imbalance

    EU and China Open Three-Month Trade Talks to Avert Trade War Over €360 Billion Import-Export Imbalance

    The European Union and China have agreed to enter three months of formal trade consultations aimed at averting a trade war over the bloc’s annual €360 billion import-export imbalance, in their first joint statement on the relationship in seven years.

    EU Trade Commissioner Maroš Šefčovič met Chinese Commerce Minister Wang Wentao in Brussels on Monday, with both sides agreeing to open the consultations after weeks of threats and recriminations from Beijing over the prospect of EU measures to curb the flow of Chinese goods and components into Europe. “The EU and China as key trade partners, agree that the main objective of the TIC is to strengthen dialogue at ministerial level on trade and investment policies with the view to stabilise and make our bilateral relationship more balanced,” the two sides said in a joint statement, with the next meeting scheduled for October in Beijing.

    The talks come amid growing alarm in Brussels over what is now widely described as China Shock 2.0 — a threat to European industry and jobs extending well beyond electric vehicles and green technology. Eurostat reported on 15 June that Chinese exports to the EU now exceed imports from the bloc by approximately €1 billion per day. “We simply cannot afford to continue in the unsustainable growth of the trade deficit from the European perspective,” Šefčovič said. “We just didn’t want to wait too long. What is very important for us is engagement, it’s dialogue. But it has to bring tangible results, and we believe that we can achieve them by October.”

    Industry groups including the European Chambers of Commerce in China have warned that the scale of exports flowing into Europe risks “cannibalising” EU factories that remain heavily dependent on Chinese components.

    The consultations will cover four areas: rebalancing of trade and investment, export controls including those on rare earths, intellectual property rights, and World Trade Organization reforms. The two sides have also agreed to a joint monitoring mechanism extending beyond headline Eurostat and Chinese customs (GACC) figures, designed to identify sudden surges in exports or imports and trigger political discussions should either side move into an “amber or red” danger zone, according to Šefčovič.

    The European Commission has reportedly been mapping import and export data in fine detail over the past year, suggesting the three-month window will focus primarily on political dialogue rather than technical groundwork. The EU has adopted a cautious approach following the failure of its 2024 tariffs to meaningfully curb EV imports, with sources indicating quotas on hybrids and chemicals could be considered in the autumn.

  • Leading Edge Materials Secures 25-Year Mining Lease for Norra Kärr as Sweden Designates It Europe’s First Heavy Rare Earth Mine

    Leading Edge Materials Secures 25-Year Mining Lease for Norra Kärr as Sweden Designates It Europe’s First Heavy Rare Earth Mine

    The Swedish government has granted Leading Edge Materials a 25-year mining lease for its Norra Kärr project in southern Sweden, clearing the way for what the company describes as Europe’s first heavy rare earth mine and sending its shares up nearly 28% on the announcement.

    The exploitation concession followed a formal recommendation from Sweden’s mining inspectorate endorsing development, with the government citing the project’s strategic importance to both Sweden and the EU. A prior study by the Geological Survey of Sweden confirmed Norra Kärr as one of Europe’s richest rare earth deposits, with a particularly high proportion of heavy rare earths — terbium, dysprosium and yttrium — all essential inputs for permanent magnets used in electric vehicles, wind turbines and defence applications. With no rare earth production currently occurring anywhere in the EU, the government concluded that supplying these critical materials clearly outweighs competing land-use considerations.

    CEO Kurt Budge said the decision affirms Norra Kärr as a strategically important heavy rare earth deposit in a Tier 1 jurisdiction, adding that the project has “the capacity to supply all of Europe’s annual dysprosium requirements alongside meaningful terbium and yttrium production” — offering what he called a realistic solution as Europe seeks to reduce dependence on Chinese imports.

    A 2021 preliminary economic assessment outlined a potential 26-year mine life producing an average of 5,340 tonnes per year of mixed rare earth oxides, based on material representing approximately 30% of the project’s inferred resource of 110 million tonnes grading 0.5% total rare earth oxides. The project’s key differentiator is its unusually high ratio of heavy to light rare earths — 2.5 to 1, compared with an average of 38.5 to 1 among peer projects — meaning for every kilogram of neodymium-praseodymium produced, Norra Kärr is expected to yield 0.4 kilograms of dysprosium-terbium. Based on the older, lower rare earth price assumptions used in the 2021 study, the project carried a post-tax net present value of $762 million, an internal rate of return of 26.3% and average annual EBITDA of $206 million — figures likely to improve substantially given current heavy rare earth pricing.

    With the mining lease secured, Leading Edge will advance an updated pre-feasibility study and begin discussions with potential offtake partners and financiers. The company will simultaneously pursue environmental permitting, pledging development to the highest environmental standards in close dialogue with the local community, including those who remain sceptical of the project. Norra Kärr previously had its mining concession revoked in 2016 over environmental concerns three years after initial issuance; Leading Edge has since reduced the project’s footprint by 65% to address those concerns.

  • Rio Tinto Cuts Fees and Loan Interest at $18bn Oyu Tolgoi Mine After Mongolian Pressure and Protests

    Rio Tinto Cuts Fees and Loan Interest at $18bn Oyu Tolgoi Mine After Mongolian Pressure and Protests

    Rio Tinto has agreed new financial terms for the $18 billion Oyu Tolgoi copper mine in Mongolia, cutting its management fees for the project by 50% and reducing the interest rate on its multibillion-dollar loan to the Mongolian government by 2.5 percentage points, following months of negotiation under mounting political pressure.

    The agreement follows Mongolian officials describing earlier terms as “unfair” and claiming the country was “being deceived” over its single biggest mining project and largest foreign investment. It also arrives as copper prices trade near record highs, raising the stakes around future payouts from the mine, which is expected to produce approximately 500,000 tonnes of copper annually.

    Rio Tinto chair Dominic Barton and head of copper Katie Jackson met Mongolian Prime Minister Uchral Nyam-Osor in Ulan Bator on Tuesday to sign the deal. Jackson said the agreement “demonstrates Rio Tinto’s ongoing commitment to the long-term success of Oyu Tolgoi,” with the reduced interest rate reflecting lower project risk as it matures. The Mongolian government declined to comment.

    The new terms add to a long history of renegotiation at Oyu Tolgoi, under construction for nearly 17 years. Four years ago Rio agreed to waive approximately $2.4 billion of the government’s loan as both sides pledged to “reset” the relationship — a truce that has not held, with elections due next year raising political stakes further. Two weeks ago, protesters successfully disrupted exports from the mine, forcing a halt to concentrate shipments for nearly a day.

    One unresolved issue is when Mongolia, which holds a 34% stake in the project against Rio’s 66%, will begin receiving dividends. Cost overruns and delays have pushed the expected start date from 2017 to around 2037. Rio said it would “bring forward distributions to shareholders” without committing to a specific date.

    RBC analyst Ben Davis described the agreement as “just about a net positive” for Rio, while cautioning that concerns remain over how long it will hold given Mongolia’s volatile political environment and the risk the government will seek a larger share of project economics. Separately, Rio is facing a Mongolian tax probe alleging approximately $450 million in underpayment related to depreciation accounting during 2021 and 2022, a dispute currently proceeding through the courts.

  • ForgeX Solutions Plans 46-Year Open-Pit Mine at Kazakhstan’s Unique Tymlay Titanium-Magnetite Deposit in Zhambyl Region

    ForgeX Solutions Plans 46-Year Open-Pit Mine at Kazakhstan’s Unique Tymlay Titanium-Magnetite Deposit in Zhambyl Region

    AIFC-registered private company ForgeX Solutions Ltd is planning to develop the Tymlay titanium-magnetite deposit in the Korday District of Zhambyl Region through open-pit mining, with stripping operations starting in 2027 and ore extraction beginning in 2028 under a 46-year mine plan running to 2072.

    The project envisages extraction of 223.7 million tonnes of marketable ore at a processing plant capacity of 5 million tonnes per year. According to the published mining plan, the deposit’s reserves include 64.5 million tonnes of iron at an average grade of 28.83% and 21.1 million tonnes of titanium dioxide at an average grade of 9.41%. Vanadium pentoxide reserves stand at 232,584 tonnes at an average grade of 0.102%.

    Total titanium-magnetite ore reserves and resources across the Tymlay deposit and associated intrusive bodies in the ore field are estimated at approximately 1 billion tonnes, placing it in the large deposit category and — by titanium content — in the unique category. The project documentation emphasises that Tymlay surpasses all iron ore deposits on the Kazakhstani state balance in titanium content while having among the lowest sulphur and phosphorus concentrations.

    ForgeX Solutions Ltd is registered in the Astana International Financial Centre. Its founder is listed as Zholbarys Baurzhan in the public registry adata.kz. Geological survey and assessment work is planned for this year to verify historical geological information.

    The Tymlay deposit has a complex history. Previous subsoil user TENIR-LOGISTIC conducted exploration from approximately 2006, with plans involving China Machinery Engineering Corporation and China Metallurgical Group Corporation to build a mining and processing complex worth up to $700 million with annual capacity of 5 million tonnes of ore and 1.85 million tonnes of titanium-magnetite concentrate, as well as a chemical-metallurgical plant in Pavlodar Region for titanium dioxide production. Total project estimates ranged from 782 billion tenge to $2.3 billion. The subsoil contract was terminated in 2023 and the deposit returned to state ownership before the current licensing round.

  • Greenland Formally Rejects ETM’s Kvanefjeld Rare Earth Licence Renewal Citing Uranium Law as Company Condemns “Compressed Timeframe”

    Greenland Formally Rejects ETM’s Kvanefjeld Rare Earth Licence Renewal Citing Uranium Law as Company Condemns “Compressed Timeframe”

    Greenland’s government has formally rejected Energy Transition Minerals’ application to renew its exploration licence for the Kvanefjeld rare earth project, also known as Kuannersuit, dealing a potentially decisive blow to one of the world’s largest undeveloped rare earth deposits after a five-year regulatory impasse triggered by the island’s 2021 uranium mining ban.

    “Further exploration in the area is not deemed likely to lead to the discovery of deposits that can be exploited in accordance with the Uranium Act,” the government said in a statement. The decision follows a 2021 ban on uranium mining enacted by the then-ruling Inuit Ataqatigiit party — which effectively halted Kvanefjeld’s development because uranium occurs as a byproduct of the rare earth deposit — and a draft decision signalled to ETM in April indicating the government intended to recommend rejection.

    ETM, a unit of Australia’s Energy Transition Minerals, criticised both the decision and the process leading to it. The company said Greenland’s Ministry of Mineral Resources held its application for nine months before giving it 48 hours to respond to technical geological assessments and refusing a requested one-week extension. “The compressed timeframe meant the decision did not take account of ETM’s recent exploration results, which identified new mineralised zones across the wider licence area,” the company said. ETM also noted the contradiction between the rejection and Greenland’s stated positioning as open for mining investment. “Greenland has positioned itself as open for business. This decision creates a different impression,” it said.

    Greenland’s Minister of Mineral Resources and Foreign Affairs Mute Egede, who was prime minister when the uranium ban was enacted in 2021, said the decision was based on legislation passed by parliament and reflected the long-standing position of communities in South Greenland. “We remain committed to the course Greenland has chosen,” he said.

    The rejection ends ETM’s current licence path at Kvanefjeld, though the company has indicated it will continue pursuing legal options and dialogue. ETM is separately in dispute with Chinese shareholder Shenghe Resources after terminating a 2018 joint development agreement for the project in April.

  • Savannah Resources Resumes Barroso Lithium Work After Portugal Government Overrides Court Injunction on National Interest Grounds

    Savannah Resources Resumes Barroso Lithium Work After Portugal Government Overrides Court Injunction on National Interest Grounds

    Savannah Resources has resumed work at its Barroso lithium project in northern Portugal after the government declared the project of national and European significance and succeeded in lifting a court-ordered suspension that had halted operations for three weeks.

    Work was suspended on 9 June after the Mirandela Administrative and Fiscal Court granted a precautionary injunction filed by the Barroso Assembly of Common Land Holders, following a second administrative easement that gave Savannah access to community and private land for geotechnical work. In its response to the court, the Portuguese government argued that the suspension could cause serious harm to the public interest, delay a project of recognised national and European strategic importance, and jeopardise the energy transition. The suspension was lifted on Monday and Savannah said it will reinitiate fieldwork and complete the planned work programme.

    There is no legal right of appeal against the lifting of the injunction, though opponents may attempt further legal action.

    The Barroso deposit in northern Portugal hosts resources exceeding 39 million tonnes of spodumene, making it Europe’s largest lithium deposit. Potential extensions of 35 million to 62 million tonnes could push total resources above 100 million tonnes and more than double the projected mine lifespan to over 50 years. The project is one of 47 designated as strategic under the EU’s Critical Raw Materials Act.

    The project has faced nearly a decade of sustained community opposition and numerous legal challenges. A final investment decision is expected by the end of 2026, with construction planned for 2027 and first production targeted for 2028.