MINEX Forum

Website: Eurasia.com

  • MINEX Asia 2026 – Unlocking the Tethyan Belt: The Strategic Vision for the Middle Corridor’s Mineral Wealth

    MINEX Asia 2026 – Unlocking the Tethyan Belt: The Strategic Vision for the Middle Corridor’s Mineral Wealth

    Session 2 – Unlocking the Tethyan Belt: The Strategic Vision for the Middle Corridor’s Mineral Wealth

    The global race to secure critical raw materials — from lithium and rare earths to cobalt and copper — is redrawing the map of international trade and industrial strategy. At the same time, the Middle Corridor (Trans-Caspian International Transport Route) is evolving from a simple logistics bypass into a potential integrated industrial belt spanning Turkey, the South Caucasus, and Central Asia. This session will explore how the Middle Corridor, supercharged by the TRIPP framework, can successfully evolve into an integrated industrial belt. The session will address the delicate balance between commercial opportunity and regional friction, evaluating how to merge mineral extraction and localised high-value processing with synchronized, multi-modal transport networks to build resilient, de-risked supply chains connecting East and West.

     


     

    Key themes

    Critical minerals and great power competition: what it means for the Tethyan Belt.
    Türkiye’s vision as the gateway to the Middle Corridor mineral economy.
    Kazakhstan’s mineral wealth in the new geopolitical landscape: multi-vector strategy in practice.
    Uzbekistan’s $2.6B critical minerals programme: progress, partnerships and priorities for 2026.
    Kyrgyzstan’s Critical Minerals Drive: Polymetals, Rare Earth Elements, and New Exploration Programs.
    Tajikistan’s Antimony Leadership: Securing Diversified Global Supply Chains for Critical Minerals
    The South Caucasus as a mineral bridge: Armenia and Azerbaijan’s evolving roles.

    Moderator

    Han Ilhan
    Co-Founder and Managing Director
    Catalis Strategies

    Speakers:

    Mehmet Uvez
    Head of EBRD’s office in Ankara, Deputy Head of Türkiye
    EBRD

    Building on latest OECD work on CRM in Central Asia, Céleste will present on-going EU-funded work on the nexus between connectivity for CRM in Central Asia, and how the Middle Corridor can unlock the potential for CRM exports from Central Asia to the EU.
    Céleste Laporte Talamon
    Policy Analyst, Central Asia
    OECD

    Opportunities for Turkish mining businesses in Central Asia
    Simon Glancy
    Managing Partner
    Strategic Solutions

    Critical Minerals in Central Asia and the South Caucasus Regions—Challenges and Opportunities
    Elena Safirova
    Economist and country specialist
    United States Geological Survey

    U.S. policy on critical minerals
    Marina Yakhnis
    Economic Officer
    U.S. Embassy Ankara

    #CriticalMinerals #MiddleCorridor #TethyanBelt #SupplyChains #CentralAsia #MiningIndustry #EnergySecurity

  • Underground Mining Planned for Belogorsk Rare Metal Deposit in East Kazakhstan

    Underground Mining Planned for Belogorsk Rare Metal Deposit in East Kazakhstan

    The Belogorsk rare metal deposit, located in the Ulansky district of East Kazakhstan, is set to be mined underground over a ten-year period. According to announcements regarding the project’s hearings, the planned production capacity of the facility is 350,000 tonnes of ore per year. Over the course of the ten-year license period, it is anticipated that approximately 3.312 million tonnes of ore will be extracted.

    Operations are scheduled to commence in 2026, with the underground mine expected to reach its design capacity by the third year of operation. This production level will be maintained for eight years, within an overall operational lifespan of 11 years. The area designated for underground mining covers 2 square kilometres.

    The nearest settlement to the mine is the eponymous village, located just 50 metres from the deposit. Other nearby settlements include Kalaitapkan, 2.7 km away, Tomenge Taiynty at 3.6 km, Asu-Bulak at 27 km, and Ognyevka at 45 km. The regional centre, Ust-Kamenogorsk, is situated 112 km from the site.

    Exploration of the Belogorsk deposit dates back to the 1930s, with various assessments and approvals of reserves occurring over the decades, the last of which was in 1985. To evaluate the deposit’s potential, exploratory works were conducted on the flanks and deep horizons of the site by the Ust-Kamenogorsk geological exploration expedition during 1985-86, primarily involving core drilling. The project concluded that resources could be significantly increased through further exploration of the flanks and deeper horizons.

    Historical data from 1985 indicates that the deposit contains reserves of beryllium, tin, tantalum, and niobium. Besides tin, the other three metals can be processed at the Ulba Metallurgical Plant (UMP) of Kazatomprom in Ust-Kamenogorsk. Reserves of beryllium in category C1 were estimated at 1,358 tonnes from 2.8 million tonnes of ore, with tantalum at 243 tonnes, niobium at 224 tonnes, and tin at 604 tonnes from 2.7 million tonnes of ore. In category C2, reserves of these metals were calculated at 341 tonnes for beryllium, 42 tonnes for tantalum, 57 tonnes for niobium, and 157 tonnes for tin from 528,000 tonnes of ore. Additionally, inferred reserves were projected at 6.2 million tonnes, including 2,816 tonnes of beryllium, 299 tonnes of tantalum, and 502 tonnes of tin.

    In 2023, media reports cited industry experts questioning the existence of large reserves at the Belogorsk deposit, noting that it had been mined underground until 1993. The mining rights for the Belogorsk deposit were awarded to Sinoinvest Group Ltd following a Ministry of Industry auction in 2025. The hearings were initiated by Asia United Resources Group Corporation Ltd, led by Du Cunfeng, who is also a founder of Sinoinvest Group, alongside Teliewuhabuli Akemubayi, according to data from adata.kz. Notably, Akemubayi has been identified as a university employee in Xinjiang. Earlier in June, Qazba.kz reported on Sinoinvest Group’s iron ore mining project in the Karaganda region, associated with the same ownership.

  • Kazakhstan’s Strategic Position in the Global Critical Minerals Market

    Kazakhstan’s Strategic Position in the Global Critical Minerals Market

    Kazakhstan is poised to strengthen its position in the global supply chains of critical minerals amid rising worldwide demand. The country’s rich resource base is becoming increasingly significant for high-tech industries, energy, IT, aerospace, and defence sectors. The desire of major economies to diversify their supply sources opens up additional opportunities for attracting investment and developing processing capabilities. This strategic importance was highlighted during a Security Council meeting chaired by President Kassym-Jomart Tokayev, who noted the intensifying competition for rare and rare earth metals. He emphasised the need to effectively utilise the country’s resource and production potential while developing local competencies and creating higher value-added products.

    The discussion on Kazakhstan’s prospects in this market, the development of geological exploration, attracting technology and investment, and transitioning to deeper processing was led by industry expert Telman Shuriyev. He pointed out that while Kazakhstan remains a resource-rich country, with a significant portion of its exports comprising oil, gas, and metals, there is a growing trend towards developing the mining and metallurgical complex. The increasing demand for critical minerals from Europe, China, and the USA provides a strong impetus for Kazakhstan to leverage its capabilities in this sector.

    Kazakhstan currently holds a leading position in Central Asia, but neighbouring Uzbekistan is also developing rapidly and offering its metals to Chinese, European, and American markets. To maintain its competitive edge, Kazakhstan must not fall behind in this race. The country has substantial geological potential yet to be unlocked, necessitating an increase in geological exploration and the attraction of new technologies. Cooperation with China, particularly in technology transfer, is seen as essential for accessing other markets.

    The President has tasked the nation with moving away from a raw material model to producing higher value-added products. However, Kazakhstan still predominantly exports metals in the form of concentrates or raw materials, with fewer projects focusing on high-value production. The next step involves producing finished metal products and utilising rare earth metals in high-tech components. The government is gradually regulating this transition, including limiting the export of certain concentrates to encourage domestic processing.

    Geological exploration plays a crucial role in this strategy. Historically, many deposits were discovered based on the most obvious and in-demand raw materials, such as copper and gold. However, there is now a growing interest in tungsten, molybdenum, and rare earth metals. To better understand its critical material reserves, Kazakhstan must enhance the accessibility of geological information for investors and stimulate the arrival of new technologies.

    Kazakhstan’s significant stock of technogenic mineral formations (TMOs) presents another opportunity. With over 58 billion tonnes of TMOs accumulated, there is potential for these to serve as a new raw material base. Recent tax incentives introduced in 2024 have already increased interest in this area, particularly from Chinese companies looking to invest in Kazakhstan’s industrial projects. By effectively processing TMOs, Kazakhstan can extract valuable metals while addressing environmental concerns.

    The elevation of critical materials to the level of the Security Council underscores their strategic importance. This move signals to industrial companies, small and medium businesses, government bodies, and investors that Kazakhstan is serious about diversifying its economy and enhancing its technological sovereignty. With the right investments, technology transfers, and a well-thought-out tax incentive system, Kazakhstan can carve out a niche in the global market for critical minerals, contributing to the diversification of supply chains for the USA, Europe, and beyond. The country has the potential to become a significant player in this field, provided it acts swiftly to develop its resources and capabilities.

  • Oman Delegation Visits Solidcore Resources in Kazakhstan to Explore Investment Opportunities

    Oman Delegation Visits Solidcore Resources in Kazakhstan to Explore Investment Opportunities

    A delegation from the Sultanate of Oman, led by His Excellency Abdul Salam Al Murshidi, President of the Oman Investment Authority (OIA) and Chairman of the Board of Solidcore Resources, recently visited Kazakhstan to engage with the leadership of Solidcore and tour the Kyzyl mine and processing complex. The visit underscores Oman’s commitment to strengthening its investment ties with Kazakhstan, particularly through Solidcore, where Maaden International Investment, a wholly-owned fund of the Omani government, holds a significant 31.7% stake.

    Accompanying the delegation were key figures from Minerals Development Oman (MDO), including Chairman Hamid Al Naamani and CEO Mattar Al Badi. MDO is a partner in a joint venture with Solidcore on the Khabiyat copper-gold project, which marks the first international geological exploration project in Oman, with an agreement signed earlier this year.

    During their meeting with Solidcore’s management, the delegation was briefed on the company’s operations and the progress of the Ertis hydrometallurgical plant (EGMK). His Excellency Al Murshidi highlighted Solidcore as a flagship investment project for Oman in Kazakhstan, emphasising the importance of a predictable regulatory environment in the country. He stated, “We view Kazakhstan as a long-term strategic partner. The stable and predictable investment climate established under the President’s leadership, along with the government’s efforts to protect sovereign investments, forms the basis for long-term cooperation. We intend to continue supporting the growth of Solidcore and expand our investments in the country. The recently signed Investment Cooperation Agreement between our countries is a significant step in defining new investment opportunities between Oman and Kazakhstan.”

    The Omani delegation also visited the Kyzyl mine, Solidcore’s largest operation, which produces approximately 350,000 ounces of gold annually at a grade of 5 g/t. His Excellency Al Murshidi concluded by noting that Solidcore’s deep expertise in ore processing and responsible mining provides a solid foundation for prospective joint projects in Oman, the Gulf region, and potentially Africa. These opportunities will contribute to Solidcore’s evolution into an international mining company, leveraging its technical competencies, quality assets, robust corporate governance, and experienced team.

  • Kazakhstan’s Lomonosovskoye Iron Ore Deposit Set to Resume Operations in 2029

    Kazakhstan’s Lomonosovskoye Iron Ore Deposit Set to Resume Operations in 2029

    Kazakhstan is gearing up for a significant project aimed at the extraction of iron ore from the Lomonosovskoye deposit, located in the Kostanay region. According to financial reports from the company managing the site, preparations for mining operations are set to commence, with the first extraction planned for 2029 after years of inactivity. The report indicates that the amendment to the mining contract is in its final stages of approval, which includes a working programme extending until December 31, 2046, and plans for the construction of a beneficiation plant.

    The timeline for the project outlines that preparatory work will be conducted until the end of 2026, followed by stripping operations from 2026 to 2028, without any concurrent ore extraction. The proposed beneficiation plant is expected to have a capacity of 16 million tonnes of iron ore per year, and the project has already received preliminary approval from the Ministry of Industry.

    Originally acquired by the Austrian company Safin Handelsges. GmbH in 2008, the Lomonosovskoye deposit was initially projected to produce 6 million tonnes of iron ore annually starting in 2015. However, plans changed, and the asset was put up for sale in 2010. In 2011, Canadian firm Newbridge Capital Inc. purchased the majority stake for $70.3 million, while retaining a 15% share for Safin Handelsges. As of the end of 2025, Kazco Beteiligungs GmbH, linked to Kazax Minerals Inc., holds a 99.99% stake in the deposit, with the remaining shares held by minority investors.

    The mining contract for Lomonosovskoye was originally signed in 2009 for a duration of 21 years, allowing for five years of exploration. The reserves were officially approved at 177 million tonnes of iron ore by the state commission in 2015. Subsequent assessments indicated measured and inferred resources of 507.8 million tonnes as of October 31, 2014. The project has faced delays, including a two-year conservation period initiated in 2016, but has recently made strides towards resuming operations.

    Future cash flow projections for the project are based on key assumptions, including an iron ore price of $100 per tonne. The total expected ore production over the life of the deposit is estimated at 275.3 million tonnes, with a projected output of 73.5 million tonnes of iron concentrate containing 67% iron. The project aims to gradually increase production capacity to reach an annual extraction of 22 million tonnes in the later years of operation. Overall, the project’s implementation cost is estimated to be around $1.5 billion, highlighting its significance in Kazakhstan’s mining sector.

  • European Lithium and Critical Metals Corp: A Market-Driven Merger with Variable Exchange Rate

    European Lithium and Critical Metals Corp: A Market-Driven Merger with Variable Exchange Rate

    The merger between European Lithium and Nasdaq-listed Critical Metals Corp has taken a complex turn with the introduction of a variable exchange ratio linked to the price of CRML shares. This new structure, which replaces the original fixed exchange ratio, allows for a dynamic calculation that can either enhance or diminish the value for shareholders depending on the fluctuating stock price of CRML. Investors are now faced with a situation where the exchange ratio can range from 0.025 to 0.045 CRML shares for each European Lithium share, contingent on CRML’s stock price falling within a specified band of USD 8 to USD 16.

    As of the latest trading session, European Lithium shares experienced a decline of 1.86 percent, while Critical Metals Corp saw a slight increase of 2.11 percent. This divergence highlights the differing market perceptions of the revised merger terms. The situation is further complicated by a recent downgrade from Freedom Broker, which lowered its price target for CRML from USD 17 to USD 8, raising concerns about the viability of the merger for European Lithium shareholders.

    European Lithium’s primary asset, the Wolfsberg lithium project in Austria, has yet to generate revenue, and the company has never issued dividends. The focus has shifted towards the 92.5 percent stake in the Tanbreez project in Greenland, where a significant drilling program is currently underway. This transition means that any changes to the exchange ratio will directly affect how much exposure Austrian shareholders have to the Greenland project.

    Despite the recent fluctuations, European Lithium’s stock has shown a remarkable recovery, up 109 percent since the start of the year. However, the volatility remains high, with annualized volatility reaching 100 percent, indicating ongoing uncertainty in the market. The broader environment for critical minerals projects in Europe is also challenging, with increasing local opposition to new mining initiatives, as seen in the Jadar lithium project in Serbia.

    The merger process is still ongoing, with court and security holder approvals pending. The Scheme Booklet, which will provide an independent expert’s assessment of the transaction, is expected to be released in early September. This document could significantly influence the market’s perception of the merger’s value. The completion target for the merger remains set for October 2026, contingent upon receiving the necessary approvals. Until then, the floating exchange rate mechanism will closely tie European Lithium’s valuation to the performance of CRML shares on the Nasdaq, making the outcome of this merger highly dependent on the stock’s daily fluctuations.

  • Zangezur Copper-Molybdenum Combine Regains Top Taxpayer Status in Armenia

    Zangezur Copper-Molybdenum Combine Regains Top Taxpayer Status in Armenia

    The Zangezur Copper-Molybdenum Combine (ZCMC) has reclaimed its position as the leading taxpayer in Armenia, according to the latest data from the Armenian State Revenue Committee. In the first half of 2026, the top five taxpayers in Armenia contributed a total of 173.8 billion drams (approximately $472.5 million) to the state budget, marking a year-on-year increase of 23.4%. This amount includes 3.8 billion drams from customs duties, 62.1 billion drams from direct taxes, and 70.3 billion drams from value-added tax (VAT), reflecting significant growth across all categories.

    The share of the top five taxpayers in the overall list of 1,000 major taxpayers has risen to 16%, up from 14% the previous year. A significant factor in this increase is the return of ZCMC to the forefront of the taxpayer rankings, having previously dropped out in early 2025. After a strong performance in the second and third quarters of 2025, ZCMC has now firmly established itself at the top, contributing 41.6 billion drams to the state treasury in the first half of 2026, which is double the amount from the previous year.

    ZCMC’s contributions include 582.5 million drams in customs duties, 20.2 billion drams in direct taxes, and 960.1 million drams in VAT. Following ZCMC, the second position is held by Mobile Center Art, which contributed 38.2 billion drams, a 16.1% increase from the previous year. Ardshinbank has moved up to third place, contributing 33.6 billion drams, while Gazprom Armenia has slipped to fourth with a contribution of 31.5 billion drams, reflecting a 12.5% decline.

    The fifth position is occupied by a joint venture that contributed 28.9 billion drams, down 4.9% from the previous year. Overall, the top 1,000 taxpayers in Armenia paid a total of 1.1 trillion drams (over $3 billion) to the state budget in the first half of 2026, representing a 12.5% increase compared to the same period last year. This data highlights the vital role of the mining sector, particularly ZCMC, in Armenia’s economy and its contributions to the national budget amidst fluctuating performances from other sectors.

    In comparison, the top five taxpayers in the first half of 2025 included Mobile Center Art, Grand Tobacco, Gazprom Armenia, Ardshinbank, and Ameriabank, which collectively contributed 140.8 billion drams, showing a decline of 15% year-on-year. The ongoing recovery and growth of ZCMC are crucial for the stability and growth of Armenia’s fiscal landscape, especially as the country navigates economic challenges and seeks to enhance its mining sector’s contributions to the economy.

  • Uzbekistan’s NMMC Reports $7.23 Billion Gold Production in First Half of 2026

    Uzbekistan’s NMMC Reports $7.23 Billion Gold Production in First Half of 2026

    In the first half of 2026, Uzbekistan’s Navoi Mining and Metallurgical Company (NMMC) achieved a remarkable production of 1.51 million troy ounces of gold, valued at approximately UZS 86.2 trillion (around $7.23 billion). This achievement is attributed to the company’s ongoing commitment to substantial investments in gold mining, ore processing, and infrastructure development. The operational results reflect a robust output, with NMMC producing 1,508.8 thousand troy ounces of gold during this period.

    The company has also made significant strides in local economic development, investing $236.8 million under Uzbekistan’s Investment Programme, which has resulted in the creation of 1,008 new jobs. As part of its localization programme, NMMC produced localized products worth UZS 808.7 billion (approximately $67.8 million). Furthermore, the company engaged in inter-industry cooperation by purchasing around UZS 4.2 trillion (about $352.2 million) worth of products from local producers, thereby bolstering the domestic economy.

    NMMC is actively advancing its major investment projects, particularly the fifth stage of the second phase of the Muruntau mine development, a key asset for the company. Between January and July 2026, over 96 million cubic meters of rock were mined at this site. The company has also enhanced its operational capabilities by supplying new haul trucks and mining equipment to its Central Mining Administration’s transport division. Additionally, construction and installation of conveyor lines using cyclic-flow technology are underway at the mine, which is expected to improve efficiency.

    At the Kokpatas and Daugyztau gold deposits, construction and installation of the tailings storage facility for Hydrometallurgical Plant No. 3 are ongoing. The company has introduced new electric excavators, motor graders, and front-end loaders to enhance operations at the Daugyztau and Vostochny mines.

    Moreover, NMMC is expanding Hydrometallurgical Plant No. 7 to increase its processing capacity. While construction works for the ore preparation and screening sections have been completed, efforts continue on thickening and desorption facilities, as well as on the power-supply infrastructure. The modernization of Hydrometallurgical Plant No. 2, the company’s largest facility by production performance, is also in progress, with the launch of additional mill blocks bringing the total number of operating mills to 82.

    Lastly, NMMC is reconstructing the tailings facility serving Hydrometallurgical Plants No. 2 and No. 7, which includes the construction of new waste-storage cells, embankments, water-intake facilities, and a 21-kilometer slurry pipeline. These developments not only signify NMMC’s commitment to enhancing its operational efficiency but also reflect its dedication to sustainable mining practices in Uzbekistan.

  • American Company Acquires Teghut Copper-Molybdenum Mine in Armenia

    American Company Acquires Teghut Copper-Molybdenum Mine in Armenia

    In a significant development for Armenia’s mining sector, the Teghut copper-molybdenum deposit has been acquired by the American company Dynamic Frontier Holdings, led by Konstantin Sokolov. This acquisition marks a notable shift in ownership, as the mine was previously under the control of the Russian bank VTB due to outstanding debts. The announcement was reported by the Armenian media outlet Azatutun.

    Sokolov’s recent appointment as the head of the US State Department’s TRIPP+ fund, which oversees the strategic ‘Trump Route’ project through Armenia, adds a layer of interest to this acquisition. Just months prior, Sokolov had expressed interest in purchasing the mine, which is the second largest in Armenia in terms of copper and molybdenum reserves, estimated at around 450 million tons of ore.

    The mine was previously operated by Vallex Group, owned by businessman Valery Medzhlumyan, who faced financial difficulties leading to the transfer of ownership to VTB in 2018. The outstanding debts of the Teghut company to VTB were reported to exceed 162 billion drams (approximately 440 million dollars) as of 2024.

    Dynamic Frontier Holdings, founded in Texas in August 2025, is not registered in Armenia, indicating a new wave of foreign investment in the country’s mining industry. This acquisition follows the earlier investment in the Amulsar gold mine, highlighting a growing interest from Western investors in Armenia’s mineral resources.

    As the mining industry in Armenia continues to evolve, the involvement of foreign companies like Dynamic Frontier Holdings could signal a shift towards more diversified and potentially more sustainable mining practices. The Teghut mine’s operational history and the recent changes in ownership will be closely monitored by industry stakeholders and investors alike.

  • Lydian Armenia’s Vision for a Digitally Integrated Amulsar Mine

    Lydian Armenia’s Vision for a Digitally Integrated Amulsar Mine

    In a recent interview, Connor Chard, General Manager of Lydian Armenia, outlined the ambitious digital strategy for the Amulsar gold mine, which is set to be Armenia’s first operational metal deposit since independence. Chard emphasised that the integration of digital technologies is crucial for modern mining operations, not merely the adoption of new tools. The company aims to establish Amulsar as a fully connected digital mining operation from the outset, leveraging the unique opportunity to design its digital infrastructure from scratch.

    Chard explained that the vision for Amulsar includes creating a comprehensive digital ecosystem that connects all aspects of the mining value chain—from equipment and field operations to management and decision-making. This holistic approach is intended to enhance operational efficiency and facilitate data-driven decisions. The strategy is built on four core principles: system integration, workflow automation, accountability, and the transformation of data into actionable insights. By adhering to these principles, Lydian Armenia aims to overcome common challenges faced by mining companies in their digital transformation journeys, such as inadequate infrastructure and siloed systems.

    Data management is at the heart of this digital initiative. Chard highlighted that data collection will commence at the source, whether from equipment, sensors, or personnel, and will be processed through a controlled platform to ensure reliability and accessibility. This foundational work is crucial for future advancements in analytics and artificial intelligence (AI), which Chard believes will play a significant role in the mining industry’s evolution. However, he cautioned that without a solid digital foundation, AI investments may not yield the expected benefits.

    As Amulsar approaches its operational phase, Chard envisions that the digitalisation efforts will lead to more efficient and predictable day-to-day operations. By ensuring timely access to reliable information and streamlining workflows, the mine will be better equipped to manage production and costs, respond to changing conditions, and improve overall decision-making quality. Ultimately, the goal is for Amulsar’s digital system to not only reflect past performance but also provide insights into current operations and future trends, unlocking the true potential of digital mining.