MINEX Forum

Website: Eurasia.com

  • ACG-Asia Capital Group Plans Gold Exploration Project in Kazakhstan’s Katon-Karagay District

    ACG-Asia Capital Group Plans Gold Exploration Project in Kazakhstan’s Katon-Karagay District

    TOO “ACG-Asia Capital Group” is gearing up to conduct exploration and assessment work for alluvial gold in the Mayemer area of the Katon-Karagay district in the East Kazakhstan Region. The project documentation from the license holder has been made available for public review on Kazakhstan’s Unified Environmental Portal.

    The commencement of geological exploration is scheduled for May 2024, with completion expected by the autumn of 2026. Specialists aim to evaluate the reserves of the promising area according to categories C1 and C2 and include them in the state balance sheet based on the results of the exploration.

    The licensed area covers 4.54 square kilometers. While targeted exploration for alluvial gold has not previously been conducted within Mayemer, the company notes that based on tailings sampling and general geological indicators, the territory holds promise for identifying deposits. Preliminary estimates suggest prospective resources of 68 kilograms of precious metal under category P2.

    The plan includes conducting mining operations, tailings sampling, collecting large-volume samples, and estimating reserves. A total of 950 samples are set to be collected from all excavations (mining and routes) in the Mayemer area.

  • Kazakhstan Ranks Sixth in Gold Production, Surpassing Previous Year’s Output

    Kazakhstan Ranks Sixth in Gold Production, Surpassing Previous Year’s Output

    Kazakhstan’s gold mining industry witnessed a notable surge last year, with the country extracting 130 tons of gold, propelling it to sixth place in the global ranking of gold-producing nations. This information comes from a report by “Kazinform,” citing data from the United States Geological Survey.

    The recorded gold output of 2023 surpassed the previous year’s production by 15 tons, which stood at around 115 tons. China claimed the top spot in 2023 with 370 tons of gold production, followed by Russia and Australia sharing second and third place, respectively, with 310 tons each.

    Overall, gold miners worldwide extracted 3,000 tons of the precious metal last year, with estimated reserves totaling 59,000 tons. When considering gold reserves, both explored and unexplored, Australia and Russia lead the pack, with reserves of 12,000 and 11,100 tons, respectively.

    The United States Geological Survey assesses Kazakhstan’s gold resources at 1,000 tons. It’s worth noting that earlier, Erlan Akbarov, the Chairman of the Committee of Geology under the Ministry of Ecology, Geology, and Natural Resources of Kazakhstan, stated that the country’s reserves amount to 20,000 tons.

  • Anglo Asian Mining Unveils Significant Copper Find in Azerbaijan

    Anglo Asian Mining Unveils Significant Copper Find in Azerbaijan

    Anglo Asian Mining (AAM), renowned for its expertise in gold, silver, and copper extraction in Azerbaijan, announced substantial copper mineralization at the Kharhar site in February 2024. Following Joint Ore Reserve Committee (JORC) standards, the estimated copper mineralization zone at the site stands at 24.9 million tons, boasting an average copper content of 0.48%. From 22 million tons of ore, 106,000 tons of copper have been identified, contributing to the total reserves of minerals at the site, which amount to 119,000 tons. Plans are underway for AAM to kickstart copper production at the Kharhar site by 2026, with an anticipated annual extraction of approximately 9,000 tons over the subsequent seven years. The favorable terrain at the site facilitates open-pit mining operations. Under a contract signed with the British company on August 21, 1997, encompassing the development of six sites, Azerbaijan retains a 51% share, with Anglo Asian Mining holding the remaining 49%. In September 2021, a new agreement expanded the company’s rights to three additional contract blocks, bringing the total to eight areas. Experts highlight that the development of the Kharhar site, alongside other contract areas, promises substantial revenue. The mining sector stands as a pivotal player in Azerbaijan’s non-oil sector development, with the nation actively aligning its industry with global standards, exploring innovative approaches and technologies, and seeking to attract investments. Attention is particularly focused on opportunities in liberated territories, which hold immense potential. The country continues to study and develop its mineral resource base, as outlined in the State Programme for Geological Exploration and Efficient Use of Mineral Resources Base for 2020-2024 and subsequent amendments. Estimates indicate abundant mineral deposits, including gold, mercury, copper, and more, within these territories. Positioned advantageously, Azerbaijan possesses rich reserves of diverse minerals and construction materials, positioning itself as a significant player in the regional mineral resources market.

  • Uzbekistan Aims to Tap into Mining Potential, President Urges Action

    Uzbekistan Aims to Tap into Mining Potential, President Urges Action

    Main Body: The domestic geological sector receives an annual allocation of one trillion sums, with last year’s implementation of targeted programs pushing the production volume in the mining industry to nearly $11 billion. However, the bulk of this output is directed towards precious and non-ferrous metals, despite a vast untapped potential for minerals crucial to industry. Thirty-two such valuable minerals have been identified in the country. In response, during a presentation on January 15th, the head of state issued directives to harness opportunities in this sphere. Measures, plans, and proposals were discussed at today’s meeting. With technological advancements driving global developments, there’s a growing demand for rare earth metals in industries like electric vehicles, green energy, and electronics. Consequently, prices for molybdenum, tellurium, selenium, and graphite have surged in recent years. The President emphasized the significant prospects emerging and underscored the need to expand exploration of existing and new deposits of critical raw materials. Currently, six types of such materials are extracted in the country, with the potential to derive high-value-added products from platinum group metals, indium, vanadium, as well as minerals containing tungsten, molybdenum, rhenium, zinc, and manganese. For instance, the production of previously non-existent powder metallurgy products worth $300 million annually and equipment and components worth $100 million annually could be organized. A critical raw material agreement with the European Union has recently been reached, opening access to this vast market. In light of this, officials have been tasked with formulating, with the involvement of foreign experts and investors, a program of promising projects worth $500 million for rare earth metals. Emphasis is placed on developing this direction with a scientific approach, establishing a project office for this purpose, and engaging leading institutions and research centers. The meeting also addressed increasing the production of precious metals at the Navoi Mining and Metallurgical Combine. Responsible officials reported on opportunities for further increasing both reserves and gold production volumes. The President instructed to reduce production costs at the combine by 10-15%, expand industrial cooperation and localization. A directive was issued to establish a Scientific Center for Advanced Technologies in Precious Metals.

  • Prime Minister of Kyrgyzstan Visits Kumtor Gold Mine, Emphasizes Importance of Mining Operations

    Prime Minister of Kyrgyzstan Visits Kumtor Gold Mine, Emphasizes Importance of Mining Operations

    During a working trip to the Issyk-Kul region, Prime Minister and Head of the Presidential Administration of the Kyrgyz Republic, Akylbek Japarov, familiarized himself with the activities of the closed joint-stock company “Kumtor Gold Company.” A meeting was held with the management of the Kumtor enterprise, where Prime Minister Japarov emphasized the crucial importance for the state to ensure uninterrupted and efficient operation of the mine, as well as the fulfillment of all planned objectives. He then visited the machinery workshop of the enterprise to inspect the assembly of new excavators and refueling stations. The project for the automation of oil storage facilities and refueling stations at Kumtor allows for meticulous control over fuel consumption. Currently, over 800 different vehicles, machinery, and equipment are utilized to ensure uninterrupted mining at the site. Prime Minister Japarov also visited the main quarry of Kumtor, where mining operations are in full swing, including the implementation of an underground gold mining project. It’s worth noting that in February of this year, the underground gold mining project at the Kumtor deposit was launched, aiming to extract around 115 tons of gold. During the inspection of the gold mining plant, it was noted that new equipment has been installed, similar to an X-ray machine, enabling proper control of entries and exits from the plant premises. Additionally, it was announced that gold extraction from ore waste located in the mine’s tailings facility is planned to commence in 2026. Preliminary estimates suggest this could yield an additional 120 tons of gold. Furthermore, the 2023 results revealed that 13,567 tons of gold were extracted from the Kumtor deposit, with the company’s total revenue amounting to $848 million USD, and a net profit of $302.5 million USD. Prime Minister Akylbek Japarov, having familiarized himself with the Kumtor mine operations on-site, highlighted significant changes occurring for the state following Kumtor’s transition. Notably, last year, the country’s budget received 17.2 billion soms in taxes, social payments, and other fees, with over 99.9% of the workforce comprising local specialists.

  • International Conference Addresses Water Deficit in Central Asia

    International Conference Addresses Water Deficit in Central Asia

    The city of Bishkek hosted an international conference titled “Water Deficit in Central Asia: Ways to Address Water Issues at Regional and International Levels.” Participants delved into pressing issues surrounding water scarcity in the region and explored prospects for resolution through interstate cooperation. Marat Imankulov, Secretary of the Security Council of the Kyrgyz Republic, highlighted the grim consensus among experts and international organizations, projecting a global water scarcity crisis within the next 25-30 years. By 2050, the planet may possess adequate hydro resources to sustain a population of nine billion, but their distribution will be uneven. Excessive environmental degradation and climate change will diminish water availability in many developing nations. According to UN reports, failure to conserve water resources promptly could leave over 5 billion people water insecure by 2050. World Bank analysts predict that by 2050, amidst a population surge in Central Asia to 90 million, water deficit may reach 25-30%. Moreover, the demand for water resources in agriculture could surge by 30% by 2030. Currently, Kyrgyzstan grapples with key challenges, including the reduction of accessible clean drinking water, significant wear and tear of water infrastructure, transboundary water management issues, and incomplete reforms in water governance.

  • Prime Minister of Kyrgyzstan Visits Kumtor Gold Mine

    Prime Minister of Kyrgyzstan Visits Kumtor Gold Mine

    During a recent working trip to the Issyk-Kul region, Akylbek Japarov, the Prime Minister and Head of the Administration of the President of the Kyrgyz Republic, visited the operations of the closed joint-stock company “Kumtor Gold Company.” The Prime Minister toured the plant’s machinery workshop, where he inspected the assembly of new excavators and refueling stations. Currently, the mine utilizes over 800 various types of transportation vehicles, machinery, and equipment. Japarov also visited Kumtor’s main quarry, where a project for underground gold mining has been underway since February of this year. According to estimates, the project aims to extract approximately 115 tons of gold. As reported by the cabinet, gold extraction from the mine’s ore waste, located in the tailings facility, is planned to commence from 2026. Preliminary calculations suggest an additional yield of 120 tons of gold through this initiative. In 2023, Kumtor mine yielded 13,567 tons of gold, generating a total revenue of $848 million with a net profit of $302.5 million.

  • Xanadu Mines Director Foresees Commodity “Supercycle” Amid Copper Price Surge

    Xanadu Mines Director Foresees Commodity “Supercycle” Amid Copper Price Surge

    Colin Moorhead, managing director of Xanadu Mines, has joined the ranks of industry experts foreseeing a potential commodity “supercycle,” as copper prices surge by nearly 15% over the past year. Speaking on the “On the Couch” podcast series dedicated to providing insights into the investment landscape, Moorhead emphasized the enduring significance of copper compared to other commodities.

    Xanadu Mines’ flagship Kharmagtai project, situated in Mongolia, boasts a substantial mineral resource estimated at 1.3 billion tonnes, with copper content at 0.3% and gold at 0.2g/t. Notably, the resource includes 52 million tonnes of oxide material, predominantly within the top 20 meters from the surface.

    The current spot price for copper hovers around $14,700 per tonne, while gold maintains a price of approximately $3500 per ounce.

  • Kazakhstan to Collaborate with Afghanistan in Geology and Natural Resource Extraction

    Kazakhstan to Collaborate with Afghanistan in Geology and Natural Resource Extraction

    In a bid to enhance cooperation in the field of geology and natural resource extraction, Kazakhstan announces plans to establish a technical committee comprising domestic and foreign geologists, as reported by the press service of the Prime Minister of the republic. Vice Prime Minister of Kazakhstan, Serik Zhumangarin, engaged in discussions with Afghan counterparts to pave the way for future collaboration. Notably, representatives from Kazakhstani companies such as “Kazakhmys Barlau” and ERG Exploration were also involved in the deliberations.

    Afghanistan’s subsoil is renowned for its wealth in iron and non-ferrous ores, coal, and rare earth minerals. Additionally, the country boasts significant hydrocarbon reserves. It is anticipated that the potential partnership will soon provide Kazakh specialists with maps highlighting prospective areas and documents verifying the presence of mineral resources.

  • Uzbekistan’s Ambitious Rare Earth Investment Plans

    Uzbekistan’s Ambitious Rare Earth Investment Plans

    Uzbekistan is set to make a bold move into the rare earth market with plans to invest $500 million in rare earth projects, aiming to position itself as a major producer in Central Asia. President Shavkat Mirziyoyev unveiled this ambitious endeavor, emphasizing the country’s commitment to developing existing deposits and exploring new ones.

    The mining industry in Uzbekistan has already demonstrated significant economic potential, reaching a production volume of nearly $11 billion last year, primarily driven by precious and non-ferrous metals. However, the focus now shifts towards tapping into the untapped potential of critical minerals, including rare earths. A 2018 study by the U.S. Geological Survey identified 87 deposits of rare earths and rare metals within the country, laying the foundation for Uzbekistan’s strategic investment in this sector.

    The European Union emerges as a potential key market for Uzbekistan’s rare earth exports, aiming to reduce its reliance on rare earth imports from China. Just over a month ago, Uzbekistan signed a memorandum of understanding with the EU on critical raw materials, signaling a promising avenue for future collaboration and trade partnerships.

    Meanwhile, neighboring Kazakhstan, linked to the EU through its own raw materials agreement, has also announced a significant expansion of its rare earth industry. With 15 deposits of rare earth metals and 160 rare earth element-bearing mineral occurrences, Kazakhstan presents formidable competition in the regional rare earth market.