MINEX Forum

Website: Eurasia.com

  • US and Armenia Sign TRIPP Framework, Strategic Partnership Charter and Critical Minerals Agreement During Rubio Visit to Yerevan

    US and Armenia Sign TRIPP Framework, Strategic Partnership Charter and Critical Minerals Agreement During Rubio Visit to Yerevan

    Secretary of State Marco Rubio and Armenian Foreign Minister Ararat Mirzoyan have signed three landmark agreements in Yerevan, advancing the US-Armenia relationship across transport infrastructure, strategic partnership and critical minerals supply chains simultaneously.

    The centrepiece of the Yerevan meetings is a bilateral framework agreement on the Trump Route for International Peace and Prosperity — the TRIPP corridor — which formalises the commitments made at the White House on 8 August 2025. The framework describes the contours of the TRIPP Development Company, a joint venture between the United States and Armenia intended to support trade, transport and economic development while enhancing regional connectivity. The US and Armenia are also conducting a TRIPP engineering survey, moving the project from political framework toward physical implementation. The agreement is designed to establish unimpeded multimodal transit connectivity within the region while fully respecting Armenia’s sovereignty and territorial integrity.

    Alongside the TRIPP framework, Rubio and Mirzoyan signed a Charter on a Comprehensive Strategic Partnership between the United States and Armenia — elevating the bilateral relationship to its most formal level yet — and a Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths, linking Armenia’s copper, molybdenum and gold resources to US supply chain diversification priorities.

    The three agreements together represent the fulfilment of commitments made in the memoranda of understanding signed by President Trump and Prime Minister Pashinyan in August 2025, and signal a deepening US strategic presence in the South Caucasus at a moment of intensifying great-power competition for critical mineral supply chains and regional transit routes.

  • Finland’s Mining Cluster Targets Global Export Growth as New CEO Sets Sights on Critical Minerals and Sustainable Technology

    Finland’s Mining Cluster Targets Global Export Growth as New CEO Sets Sights on Critical Minerals and Sustainable Technology

    Finland is positioning itself as a leading exporter of mining technology, services and expertise as the country’s underexplored geological potential and world-class research infrastructure attract growing international attention, according to the newly appointed chief executive of Mining Finland.

    Aleksi Salo, who took the role in November 2025, says the association’s 130-member cluster — spanning more than ten universities, research organisations and over 200 technology and service providers — offers a compelling proposition for international markets seeking sustainable and responsible mining solutions. “In this role, I believe I can have a positive impact on the growth of business and the Finnish mining sector as a whole,” Salo told Mining Technology.

    Finland sits on the Fennoscandian Shield, which bears strong geological similarities to the Canadian Shield and the cratonic regions of Southern Africa and Western Australia. The shield hosts world-class deposits of iron, nickel, copper, platinum group metals and gold, yet the Central Lapland Greenstone Belt in the north remains largely unexplored and is considered to have significant gold potential. The country is consistently rated among the world’s most attractive mining jurisdictions for its combination of geological endowment, accessible data and innovation ecosystem.

    Salo identified promoting Finnish water management technologies, mineral processing capabilities and original equipment manufacturers in international markets as key priorities. For small and medium-sized enterprises that cannot afford their own presence at major conferences and trade fairs, Mining Finland’s brand recognition provides an important market entry vehicle. The association works with Business Finland and the Team Finland network to organise delegations and market-specific webinars, connecting Finnish companies with potential partners and clients abroad.

    On Finland’s domestic mining outlook, Salo expressed cautious optimism. Several gold and platinum projects are realistic candidates for production by 2030, alongside expansion projects at existing operations, though he flagged the regulatory environment — and court appeal processes in particular — as a potential source of delay. A recently introduced mineral tax has also created uncertainty for some larger operating mines.

    Looking ahead, Salo said he hoped to see greater investment flowing to junior explorers and miners in Finland over the next four years, and called on the industry to communicate its economic significance and value chain contribution more effectively to the broader public

  • CoreX Holding Plans to Double Manka Gold Resources to 400,000 Ounces and Begin Mining in East Kazakhstan in 2026

    CoreX Holding Plans to Double Manka Gold Resources to 400,000 Ounces and Begin Mining in East Kazakhstan in 2026

    Turkish-Dutch mining group CoreX Holding is targeting a significant expansion of the resource base at its Manka gold deposit in East Kazakhstan, with plans to more than double confirmed resources from 195,000 ounces to over 400,000 ounces through a second phase of exploration drilling, while beginning underground mining operations this year.

    According to the company’s 2025 annual report, CoreX completed a comprehensive underground drilling programme at Manka including 10 additional holes totalling 2,000 metres in 2025, bringing the total drilling since acquiring exploration rights to approximately 5,000 metres. The programme identified approximately 340,000 ounces of potential resources, with 195,000 ounces confirmed through adit clearance and reserve definition in the first exploration phase. A second phase planned for 2026 will include 6,000 additional metres of drilling, expected to push total project resources beyond 400,000 ounces.

    Mining is scheduled to begin in 2026 using underground methods including sublevel stoping and cut-and-fill mining, with production planned to continue for nine years. Annual output is targeted at up to 187,000 ounces of gold — a significant scale for a single underground operation.

    The Manka deposit has a century-long history, having been discovered in 1925. Soviet-era mining between its discovery and 1954 extracted 300,000 tonnes of ore at an average grade of 12.24 grams per tonne, yielding 3.6 tonnes of gold. The deposit is located in a geographically sensitive border area near the intersection of Russia, Mongolia and China.

    CoreX Holding’s Kazakhstan portfolio also includes the Voskhod Chrome operation in Aktobe Region, Altay Polymetals in Karaganda Region and the planned Qazaq Soda ash plant in Taraz.

  • Yugo Metals Confirms Gold Discovery at First-Ever Drilling Campaign in Bosnia as Erak Prospect Shows Open Mineralisation in All Directions

    Yugo Metals Confirms Gold Discovery at First-Ever Drilling Campaign in Bosnia as Erak Prospect Shows Open Mineralisation in All Directions

    Yugo Metals has intersected gold across multiple holes in its first drilling campaign at the Erak prospect within the Sinjakovo Project in Bosnia and Herzegovina, with CEO Petar Tomašević declaring the results confirm a genuine gold discovery.

    Five holes totalling 632 metres have been drilled to date, returning intervals including 4 metres at 1.2 grams per tonne gold from 101 metres, 4 metres at 1.9 grams per tonne from 105.1 metres, 8 metres at 1.2 grams per tonne gold equivalent from 26.1 metres, and 3 metres at 0.9 grams per tonne from 107.4 metres. The gold-bearing mineralisation is associated with phyllic alteration striking east-west, dipping north, and open in all directions. Drilling has also intersected gold-silver-copper-antimony mineralisation of up to 8 metres at 1.2 grams per tonne gold equivalent, including intervals carrying 40 grams per tonne silver, 0.6% copper and 0.25% antimony.

    Two further holes — ERDD005 and ERDD006 — have intersected alteration zones of 23 metres and 34 metres respectively, with assay results still pending from the laboratory in six to eight weeks. Tomašević noted that the thickest alteration intervals are among those still awaiting results, suggesting the overall system could grow considerably.

    The drill rig has now moved to pad three to test a previous trenching result of 61 metres at 1.5 grams per tonne gold at surface — the company’s strongest surface result to date. Further drilling is planned in the western area before the rig relocates to the eastern section of Erak.

    The Sinjakovo Project spans 80 square kilometres across two tenements in Republika Srpska and targets gold, antimony, silver, copper, cobalt, zinc and lead across multiple prospects.

  • Uzbekistan to Scrap State Coal Price Controls From June and Launch $494 Million Nishbosh Mine as Output Targets 11 Million Tonnes

    Uzbekistan to Scrap State Coal Price Controls From June and Launch $494 Million Nishbosh Mine as Output Targets 11 Million Tonnes

    Uzbekistan is overhauling its coal sector with a package of market-oriented reforms, including the abolition of state price controls from 1 June 2026, a $494 million investment in the Nishbosh coal deposit and plans for a 1.4 gigawatt power station — all presented to President Shavkat Mirziyoyev in a sector briefing.

    The administrative price regulation that has governed Uzbekistan’s coal market will be eliminated, with coal also removed from the list of strategically significant social goods subject to state pricing. From June, coal prices will be determined by supply and demand and traded through exchange-based auctions. Power stations and large consumers will purchase coal through a request-for-proposals mechanism at average exchange prices for the relevant reporting period. The government expects this to create an open competitive environment, attract new investment and incentivise producers to increase volumes and improve quality.

    To protect households and public institutions during the transition, a separate distribution mechanism will be introduced. Suppliers will be selected through an electronic system based on criteria including warehouse capacity, equipment availability and tax rating. Railway freight tariffs will be unified to eliminate regional price disparities. Vulnerable families registered in the Social Registry who purchase coal through the mycoal.uz platform will receive one-off financial assistance of up to 600,000 soum between June and December 2026.

    New quality and environmental standards will also be introduced for imported coal, covering sulphur content, calorific value and other parameters. Coal imports failing to meet the standards will be banned from sale or use on Uzbek territory, and all future coal imports will be conducted exclusively by rail.

    On new production, the Nishbosh deposit holds total reserves of 233 million tonnes with a projected annual extraction capacity of 10 million tonnes. The $494 million investment will create 880 permanent jobs. Adjacent to the deposit, a new 1.4 GW power station is proposed — four 350 MW ultra-supercritical units requiring $1.3 billion in investment, generating an estimated 9.8 billion kilowatt-hours of electricity annually and saving 2 billion cubic metres of natural gas per year. Construction will create 1,500 temporary jobs and 310 permanent positions.

    Uzbekistan’s coal output has grown from an average of 3.1 to 4 million tonnes in the first 25 years of independence to 10 million tonnes over the past nine years. The target for the coming autumn-winter season is 11 million tonnes. The number of private coal producers has reached 18, having invested $117.2 million and produced 2.4 million tonnes between 2023 and 2025. Mirziyoyev approved the proposals and issued instructions to responsible officials.

  • EU Designates Spain’s Mina Doade Lithium Project as Strategic Under Critical Raw Materials Act

    EU Designates Spain’s Mina Doade Lithium Project as Strategic Under Critical Raw Materials Act

    The Mina Doade lithium project in Galicia, northwest Spain, has been designated a Strategic Project by the European Union under the Critical Raw Materials Act, placing it among 47 projects selected in the first strategic list as the bloc moves to build domestic supply chains for materials essential to the automotive, technology and industrial sectors.

    The designation, awarded to project developer Recursos Minerales de Galicia S.A., reflects both the strategic importance of lithium to European industry and the supply risk associated with the metal — a risk assessed as high given the concentration of global production in a limited number of countries and the material’s limited substitutability in applications such as EV batteries.

    Under the CRMA framework, which entered into force in May 2024, Strategic Project status unlocks significant practical advantages. Projects on the list gain access to accelerated permitting processes, with approvals available within a maximum of 27 months, and receive priority consideration for financing. These streamlined procedures are designed to close the gap between Europe’s geological potential and its current near-total dependence on imported lithium, almost entirely refined in China.

    Spain holds significant lithium resources across Galicia, Extremadura and Castilla y León, and sits alongside northern Portugal as one of the Iberian Peninsula’s most promising lithium jurisdictions. The Doade-Beariz area in Galicia has been identified as one of the most prospective sites, and the project’s inclusion on the EU’s first strategic list is seen as confirmation of its technical quality and alignment with European sustainability and supply security objectives.

  • Uzbekistan Returns to Gold Export Markets With $1.5 Billion in Shipments as Record Prices Near $4,800 Per Ounce Drive Sales

    Uzbekistan Returns to Gold Export Markets With $1.5 Billion in Shipments as Record Prices Near $4,800 Per Ounce Drive Sales

    Uzbekistan has resumed full-scale gold exports after an extended period of accumulation, shipping approximately $1.5 billion worth of non-monetary gold in the first four months of 2026, with the bulk of shipments concentrated in April as the country moved to capitalise on gold prices hovering near historic highs of around $4,800 per ounce.

    The country had effectively suspended gold exports since September 2025, with January and February 2026 recording zero shipments and March producing only $30 million in sales. During that period, Uzbekistan’s central bank had emerged as one of the largest buyers on the global gold market, building up reserves. The reversal came in April, when central bank reserves declined by approximately 100,000 ounces, signalling a deliberate decision to begin monetising accumulated holdings.

    Uzbekistan produces approximately 130 tonnes of gold annually, making it one of the world’s significant producers. Gold remains a central pillar of the country’s export earnings and fiscal revenues, and the timing of the resumption appears calculated to take maximum advantage of elevated market conditions. At current prices, the economic incentive to sell is considerable.

    The decision to resume exports comes despite — or perhaps because of — heightened global uncertainty stemming from the conflict involving the United States, Israel and Iran. Central Asian economies including Uzbekistan’s have shown relative resilience to external shocks, and officials appear to have judged that the combination of high prices and stable domestic conditions makes this an opportune moment to strengthen the national budget without waiting for geopolitical tensions to fully resolve.

  • Serbia Secures €953 Million in New Chinese Investments During Vučić State Visit, Including Humanoid Robot Production From July

    Serbia Secures €953 Million in New Chinese Investments During Vučić State Visit, Including Humanoid Robot Production From July

    Serbia has secured €953 million ($1.1 billion) in new investment commitments from Chinese companies during President Aleksandar Vučić’s state visit to China, with projects spanning automotive manufacturing, advanced technology and artificial intelligence set to create 1,650 jobs across multiple Serbian cities.

    Vučić announced the agreements following meetings with local firms and a visit to the innovation centre of Hong Kong-listed car parts manufacturer Minth Group in Jiaxing. The investments will be spread across Niš, Novi Sad, Zrenjanin, Šabac, Ćuprija and Inđija.

    Among the most notable announcements is a phased technology investment that will see humanoid robot production begin as early as July, followed by the construction of data factories and AI training centres for the robots, and ultimately the application of artificial intelligence across production systems. Vučić did not identify the investor or provide further financial details.

    The largest single contract was signed with tyre maker Linglong for €566 million, which will create 400 new jobs at its existing factory in Zrenjanin. Minth Group signed two agreements: a €135 million deal creating 600 jobs at its Loznica plant and a €91 million investment adding 220 jobs in Šabac. Xingyu Automotive committed €77 million and 100 new jobs in Niš, while automotive chassis manufacturer SHAK will invest €33.5 million in Novi Sad, creating 50 jobs. Car parts maker Yusei announced a €27 million investment for its second Niš factory bringing 280 new jobs, and BMTS Technology signed a €13.3 million automation-focused agreement.

    The deals add to an already substantial Chinese economic footprint in Serbia. According to Serbian Chamber of Commerce president Marko Cadez, approximately 2,000 firms with Chinese capital currently operate in the country, with the 37 largest having invested around €7.7 billion and employed more than 40,000 people. Zijin Mining and steelmaker HBIS Group are among the largest investors.

    Vučić’s visit to China also included a meeting with President Xi Jinping in Beijing, where more than 20 cooperation documents were signed, marking the tenth anniversary of the China-Serbia comprehensive strategic partnership.

  • Europe Could Meet More Than Half Its Critical Minerals Demand Through Recycling by 2050, Major EU Study Finds

    Europe Could Meet More Than Half Its Critical Minerals Demand Through Recycling by 2050, Major EU Study Finds

    Recovering critical minerals from used batteries, end-of-life vehicles and electronic waste could supply more than half of Europe’s critical minerals demand by 2050, according to a major new report — offering the continent a substantial route to reducing its dependence on Chinese-dominated supply chains without relying solely on new mining.

    The findings come from the FutuRaM project, a European Union-funded research initiative that analysed Europe’s recycling potential across three scenarios. In 2022, approximately 2 million metric tonnes of critical minerals were contained in waste generated across the 27 EU member states plus Switzerland, Norway, the UK and Iceland. That figure is projected to grow to up to 6 million tonnes by 2050 as the stock of clean energy technologies — from EV batteries to wind turbines — reaches end of life. If the secondary raw materials already being collected were fully and functionally recycled, they could supply up to 56% of Europe’s critical minerals demand by 2050.

    The study identifies end-of-life electric vehicles as the single largest contributor to this recycling potential, containing a variety of rare earth elements with high recoverability. However, despite relatively high vehicle collection rates in the EU, most of the minerals contained in them are not currently being processed. Lithium, cobalt and rare earth elements are among the materials most commonly lost during collection or waste processing today.

    Kees Baldé, a senior researcher at the UN Institute for Training and Research and one of the report’s authors, described harnessing Europe’s waste streams as essential for strengthening supply security and supporting the clean energy transition. The report calls for a structural shift in European waste management, noting that countries currently track these materials differently and lack a unified regional market. It also recommends increased investment in recycling infrastructure, skills development and awareness.

    The urgency is amplified by China’s position. China holds a firm grip on the production and refining of 19 out of 20 critical minerals identified by the IEA and accounts for approximately 80% of the world’s mineral recovery capacity. In the past year, Beijing has enacted export controls on rare earths, rare earth magnet components and lithium battery components, raising costs and supply security concerns across European industry. The IEA estimates that scaling up recycling globally could reduce the need for new mining by 25 to 40% by 2050 under climate-aligned scenarios.

    Pascal Leroy of the WEEE Forum said the findings demanded a fundamental mindset shift: “Our mindset needs to shift to think of secondary sources of CRMs as the new primary source.”

  • Verde Magnesium Aims to End Europe’s 25-Year Absence From Primary Magnesium Production With Zero-Carbon Romanian Project

    Verde Magnesium Aims to End Europe’s 25-Year Absence From Primary Magnesium Production With Zero-Carbon Romanian Project

    Europe produces not a single tonne of primary magnesium metal despite the material being essential to the automotive, aerospace and defence industries — a dependency that Verde Magnesium, the only European strategic project for magnesium designated under the EU’s Critical Raw Materials Act, is working to end with a low-carbon operation in Romania’s Bihor County.

    CEO Alexandru Rosu says the project at the Budureasa deposit represents the first realistic prospect of European primary magnesium production in 25 years. China currently provides 90% of global magnesium output, exposing every European industrial user to supply volatility driven by factors entirely outside their control. Verde Magnesium’s process uses an aluminothermic reduction route combining calcined ore and aluminium scrap with electric furnaces, dry processing and full CO2 capture for valorisation as dry ice. Independent pilot tests have confirmed magnesium metal at 99.9% purity, and a life cycle assessment by the German Aerospace Centre has validated what Rosu describes as the cleanest magnesium metal production process in the world. With 100% renewable power, the project would operate as a near-zero carbon primary magnesium facility.

    The automotive case for the project is compelling. Magnesium is approximately 35% lighter than aluminium and 78% lighter than steel. For electric vehicles, that weight reduction translates directly into increased range and battery efficiency. Rosu notes that applications are expanding from legacy components into large structural automotive parts, with thixomolding and gigacasting techniques now making intricate magnesium components commercially viable.

    Despite the technical case being established, Verde Magnesium has identified a structural gap in the EU’s carbon pricing architecture that prevents European low-carbon producers from competing against coal-fed Chinese incumbents. Under the current EU Emissions Trading System, the CO2 avoided when European production substitutes for high-carbon imports carries no economic value. Rosu calculates that one tonne of European primary magnesium produced via Verde’s route avoids approximately 25 tonnes of CO2 relative to the dominant import alternative — a carbon-cost equivalent of roughly €1,900 per tonne at current EU allowance prices, comparable to the cost gap preventing viable European production. The company has submitted a structured proposal to the European Commission suggesting that CRM Act-compliant projects with verified third-party life cycle assessments should be eligible for tradeable carbon certificates equivalent to their avoided emissions.

    The project is targeting quarry restart by end-2026, a 360 tonne per year Mother Plant, and a higher-capacity smelter of up to 30,000 tonnes per year by 2030. A full JORC-compliant mineral resource estimate is targeted for completion alongside the Environmental and Social Impact Assessment in 2027.