MINEX Forum

Website: Eurasia.com

  • Caspian Sunrise Expands into Mining with $25–45 Million Acquisition in Kazakhstan

    Caspian Sunrise Expands into Mining with $25–45 Million Acquisition in Kazakhstan

    UK-based oil and gas company Caspian Sunrise plc is moving to diversify its portfolio through the acquisition of mining assets in Kazakhstan, with a deal valued between 25 and 45 million dollars.

    Under the agreement, the company will acquire 100 percent of Kazikhan Limited, which holds stakes in several entities licensed to explore and develop deposits of manganese, gold, silver, copper, and molybdenum.

    Among the key assets, GRK Borly LLP holds a production licence for manganese with confirmed reserves of approximately 8 million tonnes, while Zhambas PV controls exploration licences for gold and copper, including an estimated 700 kilograms of gold.

    The transaction reflects Caspian Sunrise’s strategic shift toward mining, aimed at increasing profitability while reducing reliance on Kazakhstan’s oil and gas sector. Company leadership views mining projects as requiring lower upfront capital and offering greater resilience to regulatory pressures and commodity price volatility.

    Kazikhan is owned by private shareholders linked to the Oraziman Family Concert Party, which collectively holds a controlling stake in Caspian Sunrise, highlighting a close alignment between the entities involved in the transaction.

    Caspian Sunrise’s core operations remain centred on its BNG contract area in western Kazakhstan, where it is engaged in crude oil exploration and production, alongside oilfield services. However, the latest acquisition follows an earlier move in December, when the company announced the purchase of another Kazakhstan-based asset containing titanium, zirconium, gold, and rare earth elements located near Ekibastuz.

    The expansion signals a broader strategy to build a diversified resource portfolio, positioning the company to benefit from both traditional hydrocarbons and the growing demand for critical and industrial minerals.

  • Greenland Rejects Kvanefjeld Licence Renewal, Dealing Blow to Rare Earths Project

    Greenland Rejects Kvanefjeld Licence Renewal, Dealing Blow to Rare Earths Project

    Energy Transition Minerals (ASX: ETM) said on Tuesday that Greenland does not intend to renew the exploration licence for its Kvanefjeld rare earths project.

    The draft decision represents another setback for one of the territory’s largest undeveloped critical minerals projects, which would include a mine, concentrator and refinery.

    The move stems from Greenland’s 2021 Uranium Act, which effectively prohibits uranium prospecting, exploration and extraction, and is currently the subject of ongoing legal proceedings over its application to Kvanefjeld.

    ETM said similar licences have been renewed since the Act was introduced, raising concerns about regulatory consistency.

    “This draft position appears inconsistent with the historical treatment of the project,” the company said in an emailed statement, noting that Greenland had previously extended the licence even after the uranium legislation came into force and while legal disputes were ongoing.

    ETM said the decision risks sending a broader signal to investors at a sensitive time for Greenland, which is at the centre of increasing geopolitical competition over critical minerals supply. Western governments, including the US and Europe, are seeking to reduce their dependence on China.

    Mining is widely seen as a way for Greenland to diversify its economy, so policy changes that appear to alter the rules may increase concerns about regulatory stability and the long-term commitment to the sector, ETM said.

    The draft outcome also follows Greenland’s efforts to engage with industry at January’s PDAC convention in Canada earlier this year, adding to questions over the direction of policy.

    Shares in ETM fell 7.4 per cent to A$0.050 in Sydney during the first trading session after a halt last week, giving the company a market value of about A$118.7 million. The broader S&P/ASX 200 rose 1.5 per cent. Since the start of the year, the stock has lost half its value.

    Spain support

    The share price decline came despite ETM also securing foreign direct investment approval from the Spanish government for its proposed acquisition of the Penouta tin-tantalum mine.

    The approval removes a key regulatory obstacle, confirms that the investment meets national security requirements, and endorses the company’s financial strength and suitability to operate strategic assets in Spain, marking progress towards completing the deal.

  • Kazakhstan Shifts Focus to Critical Minerals as Exploration Accelerates

    Kazakhstan Shifts Focus to Critical Minerals as Exploration Accelerates

    Kazakhstan is intensifying its geological exploration efforts as it adapts to shifting global demand and prepares for a gradual decline in oil production. While the country has long relied on its vast natural resources, current priorities are increasingly focused on rare and critical minerals, which are emerging as key drivers of future economic growth.

    Over the past year alone, 17 new deposits have been discovered, underscoring the continued potential of the country’s subsoil. Exploration activity has expanded significantly, with geological survey coverage reaching more than 2 million square kilometres. Authorities plan to extend mapping across an additional 100 thousand square kilometres this year, supported by 20 approved project initiatives involving national and industry stakeholders.

    Kazakhstan’s mineral base remains substantial, with approximately 10 thousand deposits identified across the country. Proven reserves include gold, silver, copper, and phosphorites, while total reserves across major resources exceed 2369 tonnes of gold, 4.3 billion tonnes of oil, 3.8 trillion cubic metres of gas, 33.5 billion tonnes of coal, and 26.7 billion tonnes of iron ore.

    A key development is the creation of a certified laboratory complex under the National Geological Service, scheduled for completion by 2028. The facility, valued at 14 billion tenge, will enhance analytical capabilities and support more precise geological data processing.

    According to officials, rising global demand for copper, gold, and rare earth elements is driving a strategic shift in the sector. Greater emphasis is now being placed on improving data accuracy, increasing transparency, and strengthening the investment climate. Over the next three years, the government plans to allocate approximately 240 billion tenge to geological exploration, while also preparing to auction new перспективные участки starting in 2027.

    This renewed focus is partly driven by declining oil output in certain regions, where production has dropped significantly due to resource depletion. In response, exploration is expanding into underexplored sedimentary basins such as the Aral and Syrdarya regions.

    Kazakhstan is also attracting growing private investment, with around 280 billion tenge injected into exploration over the past three years. Rare earth and rare metals are becoming central to this strategy, including deposits such as Kuyryktikol, discovered in 2025, which contains significant reserves of cerium, neodymium, and yttrium.

    More than 100 known deposits across the country contain critical minerals such as tungsten, molybdenum, lithium, beryllium, niobium, tantalum, germanium, and gallium. These materials are essential for high-tech industries, including electric vehicles, electronics, and energy systems, further boosting Kazakhstan’s export potential.

    The evolving structure of the mining sector reflects a broader transformation. Unlike in the past, when extraction often focused on individual elements, modern development requires integrated approaches and advanced technologies. This shift is increasing the sector’s reliance on innovation and international collaboration, as Kazakhstan positions itself as a key supplier in the global critical minerals market.

  • Allied Critical Metals Intersects Significant Tungsten Mineralization at Borralha Project

    Allied Critical Metals Intersects Significant Tungsten Mineralization at Borralha Project

    Allied Critical Metals has reported a major drilling intersection at its Borralha Tungsten Project in northern Portugal, confirming over 200 metres of breccia-hosted tungsten mineralization at the newly defined Venise Breccia target.

    The discovery highlights a potentially extensive mineralized system, with visible wolframite identified alongside molybdenite and chalcopyrite within quartz-sulphide veining. These results are consistent with the company’s geological model and support the continuity of a historically recognised but previously underexplored breccia system.

    The Venise target is located approximately 400 metres from the Santa Helena Breccia deposit, which underpins the project’s current preliminary economic assessment. This proximity reinforces the potential for near-mine resource expansion and longer-term growth of the operation.

    The drilling forms part of a fully funded 20000 metre programme aimed at increasing the resource base, extending mine life, and scaling up the overall project. While the presence of visible mineralization is considered encouraging, the company emphasises that laboratory assay results will be required to confirm grade and economic viability.

    The findings also point to polymetallic potential, with associated molybdenum and copper mineralization suggesting similarities to other breccia-hosted systems in the district. This could further enhance the project’s strategic relevance as Europe seeks to strengthen its supply of critical minerals.

    The Venise Breccia is not yet included in the current resource estimate or mine plan, and further drilling is ongoing to determine the scale and continuity of mineralization. Nonetheless, early results support the company’s strategy of applying modern exploration techniques to historically identified targets.

    As exploration progresses, the Borralha Project is increasingly viewed as a potential district-scale tungsten system, with strategic importance for European and NATO-aligned supply chains amid rising global demand and strong tungsten pricing.

  • Altyndara Advances Development of Koktaszhal and Kyzylshoki Deposits in Kazakhstan

    Altyndara Advances Development of Koktaszhal and Kyzylshoki Deposits in Kazakhstan

    A new phase of development has begun at the Koktaszhal and Kyzylshoki deposits in Kazakhstan’s Karaganda region, following the transfer of the project to Altyndara. The company is preparing to expand geological exploration and gradually scale up production across both sites.

    As part of its development strategy, the investor has outlined plans to increase mining activity and construct a processing plant at the Kyzylshoki site. Total investment in the project is expected to exceed 500 million dollars, reflecting a long-term commitment to unlocking the resource base.

    The initiative is projected to create more than 800 jobs and generate broader economic benefits for the region, including growth in supporting services and infrastructure development.

    Preliminary estimates indicate that ore resources at the deposits exceed 50 million tonnes, with confirmed copper reserves surpassing 500 thousand tonnes. The project was previously held by Altai Polymetally before transitioning to its current operator.

    The expansion underscores ongoing efforts to strengthen Kazakhstan’s mining sector by advancing resource development, attracting investment, and increasing domestic production capacity.

  • Fujian Hengwang to Invest $1.2 Billion in Steel Plant in Kazakhstan

    Fujian Hengwang to Invest $1.2 Billion in Steel Plant in Kazakhstan

    Chinese metallurgical company is set to build a major steel plant in Kazakhstan with an annual production capacity of up to 3 million tonnes. The project, valued at 1.2 billion dollars, is expected to create around 2500 jobs and supply both domestic and export markets.

    The initiative was discussed during a visit by Kazakhstan’s Minister of Trade,  to China’s Fujian province, according to official sources. The project had previously been outlined in February 2025 following talks between Prime Minister  and company chairman Zeng Zhaoqiang.

    Construction of the metallurgical complex is planned in the Zhambyl region, with initial works originally scheduled to begin in April 2025. The first phase, expected to be completed by 2027, will deliver an annual output of 1 million tonnes of steel. Full production capacity of 3 million tonnes per year is targeted by 2029.

    The plant will rely on locally sourced raw materials, including iron ore from deposits in the Ulytau, Karaganda, and Kostanay regions, as well as natural gas and lime.

  • Medaro Mining Shifts Strategic Focus to Sweden to Tap EU Critical Minerals Demand

    Medaro Mining Shifts Strategic Focus to Sweden to Tap EU Critical Minerals Demand

    Medaro Mining is repositioning its operations toward Europe, with a strategic focus on Sweden as it seeks to capitalise on growing demand for critical minerals within the European Union.

    The move follows a comprehensive review of the company’s asset portfolio and aligns with the EU’s , which aims to strengthen domestic supply chains for key raw materials. Sweden has emerged as a favourable destination due to its established mining infrastructure and stable regulatory framework, making it an attractive hub for resource development.

    The company’s current exploration efforts are concentrated on the Bastnäs project, located in the Riddarhyttan-Bastnäs district. Ongoing fieldwork includes detailed surface mapping and systematic sampling campaigns designed to assess the mineral potential of the site. The results of these activities will play a decisive role in determining whether the project advances to the next phase of exploration, including test drilling.

    In parallel with its technical activities, Medaro is also increasing its engagement with investors through a targeted digital marketing initiative aimed at enhancing visibility across European and North American markets.

    Key project milestones include the conclusion of its investor communications programme in July 2026 and the expiration of exploration licences for Bastnäs 100 and 200 in February 2029, as granted by Swedish authorities. These deadlines establish a clear timeline for evaluating the project’s viability and securing further development.

    Market attention is currently focused on assay results from collected rock samples, which are expected to determine whether the project can support a larger-scale exploration programme. As Europe accelerates efforts to secure critical mineral supply chains, Medaro’s Swedish pivot reflects a broader industry shift toward resource development within stable and strategically aligned jurisdictions.

  • Central Asia Advances Geological Reforms to Boost Investment and Resource Development

    Central Asia Advances Geological Reforms to Boost Investment and Resource Development

    Central Asian countries are intensifying efforts to modernise their geology and subsoil use sectors, positioning natural resources as a key driver of economic growth, technological development, and regional cooperation.

    In Kazakhstan, large-scale reforms are being implemented under the direction of President , aimed at improving investment conditions, increasing transparency, and accelerating digital transformation across the sector. Authorities have introduced a Unified Subsoil Use Portal, enabling streamlined access to licensing and geological data, while also aligning reporting standards with international frameworks.

    The country continues to expand its geological exploration coverage, which has now reached over 2 million square kilometres. Funding for geological research has increased significantly and is expected to total around 500 million dollars over the next three years. Kazakhstan’s mineral base remains substantial, with approximately 10 thousand deposits and large reserves of gold, hydrocarbons, coal, and iron, alongside growing attention to rare earth elements.

    Minister of Industry and Construction  noted that the sector is undergoing a structural shift as global demand evolves and resources become more difficult to access. In response, the government is prioritising advanced exploration technologies, including remote sensing, geophysical surveys, and geochemical analysis, as well as deeper institutional reforms to strengthen governance and efficiency.

    Digitalisation is also emerging as a central pillar. A unified platform now supports a full digital cycle from application to licence issuance, integrating electronic auctions and online payment systems. These measures are designed to improve transparency and create a more attractive environment for investors.

    Beyond Kazakhstan, similar reforms are underway across the region. In Uzbekistan, Deputy Minister  highlighted a shift toward investor-led exploration models, supported by legislative updates, tax incentives, and simplified licensing procedures. The country is also prioritising the development of critical minerals, including lithium, tungsten, and rare earth elements, with major investment programmes planned through 2028.

    Tajikistan is likewise advancing its geological strategy, focusing on expanding exploration, increasing resource efficiency, and attracting foreign investment. According to Ilkhomjon Oymuhammadzoda, the country has identified over 70 elements and is preparing hundreds of deposits for industrial development, while promoting joint ventures and domestic processing capabilities.

    Across Central Asia, governments are increasingly viewing geology not only as a source of raw materials but as a foundation for broader economic and technological transformation. Emphasis is shifting toward sustainable resource management, deeper exploration, and regional coordination, including shared geological data, joint studies of cross-border structures, and the development of integrated digital platforms.

    This coordinated approach reflects a wider recognition that future competitiveness in the global minerals market will depend on both resource availability and the ability to manage those resources efficiently, sustainably, and collaboratively.

  • Spain Emerges as Europe’s Critical Minerals Frontier as EU Races to Break Free From Chinese Supply Dominance

    Spain Emerges as Europe’s Critical Minerals Frontier as EU Races to Break Free From Chinese Supply Dominance

    As global demand for digital technologies and electric mobility accelerates, the competition for critical minerals has intensified, placing Spain at the forefront of Europe’s resource strategy. With growing geopolitical tensions over supply chains, the European Union is increasingly looking inward, identifying Spain as a key player due to its significant geological potential.

    Historically, Spain’s mining sector has contributed substantially to the national economy, generating nearly 3.5 billion euros annually. Today, attention has shifted to the Variscan Massif, a vast mineral-rich belt stretching from Galicia to Andalusia. This region holds promising deposits of rare earth elements and critical minerals, essential for modern technologies yet notoriously difficult to extract due to their low concentrations.

    Experts highlight the geopolitical weight of these resources. With China dominating the rare earth market and supplying the majority of key materials such as magnesium to the EU, Europe’s dependence has raised strategic concerns. Recent warnings from the European Court of Auditors underline that progress in reducing this reliance remains insufficient.

    Against this backdrop, Spain is positioning itself as a cornerstone of Europe’s mineral independence. The country holds 15% of global strontium reserves and is the sole producer of this mineral within the EU. It is also the continent’s second-largest copper producer. Notably, 20 of the 34 raw materials classified as critical by Brussels have been identified in Spain, including lithium, cobalt, and nickel.

    To capitalise on this potential, the Spanish government approved the National Mining Exploration Program (2026–2030), allocating 182 million euros to assess and expand extractable resources. Simultaneously, the European Commission has endorsed a portfolio of strategic projects, seven of which are located in Spain, aimed at boosting domestic extraction, processing, and recycling capacities by 2030.

    However, the development of these projects faces strict regulatory, technical, and environmental requirements. Authorities stress that operations must be sustainable, economically viable, and beneficial at a cross-border level. Public concern over environmental impacts remains significant, with local communities and watchdog organisations increasingly scrutinising mining activities.

    In response, attention is also turning to innovative approaches such as recycling mining waste. Spain hosts over 21,000 mining ponds and dumps, presenting opportunities to recover valuable materials while reducing environmental harm. Research initiatives, including projects in the Río Tinto basin, are exploring methods to extract rare earth elements from mine drainage, offering a potential pathway toward more sustainable resource management.

    While still in early stages, these efforts reflect a broader shift toward balancing economic opportunity with environmental responsibility. As Europe seeks to secure its supply of critical minerals, Spain’s role is set to become increasingly pivotal in shaping the continent’s industrial and geopolitical future.

  • Kazakhstan Junior Miner Aurora Minerals Battles Illegal Prospectors at Gold Project While Targeting Nine-Million-Tonne Copper Basin

    Kazakhstan Junior Miner Aurora Minerals Battles Illegal Prospectors at Gold Project While Targeting Nine-Million-Tonne Copper Basin

    Kazakhstani geological exploration company Aurora Minerals has disclosed that illegal artisanal miners are actively extracting gold from its Altyn project in northern Pribalkhashe — a problem the company’s chief geologist Ulan Nurkhannuly colourfully framed as “pirates” operating within their licence area, in a presentation at the Geoscience and Exploration Central Asia forum in Astana.

    Nurkhannuly told the forum’s session on junior company challenges that the Altyn project sits on the boundary of a gold ore field, making it geologically prospective for new discoveries. The project currently covers 80 square kilometres, though Aurora Minerals has identified scope to expand the licence area to between 355 and 360 square kilometres, with the application process already underway. The company has named its priority exploration targets within the project El Dorado, Captain Morgan and Port Royal — a nod, Nurkhannuly explained, to the pirate theme necessitated by the uninvited activity on site. Illegal miners are reportedly extracting both hard rock and alluvial gold at three separate locations within the licence area, effectively running their own informal junior mining operation. They have even installed a water extraction borehole — infrastructure that may prove useful to Aurora given existing water supply challenges in the region.

    A sample taken by Aurora’s team at one of the illegal mining sites returned an exceptional grade of 500 grams of gold per tonne. Historic data generated in the 1980s suggests the broader project area may contain approximately 360,000 ounces, or over 11 tonnes of gold. Further study has identified additional zones warranting exploration.

    Beyond Altyn, Aurora Minerals is pursuing what could prove to be a significantly larger opportunity at its Teniz project, located on the tripoint border of Akmola, Kostanai and Karaganda regions. The company believes the area represents an extension of the Chu-Sarysu sedimentary basin — a geological setting comparable to the giant Zhezkazgan copper deposit. Surface copper showings are sparse, consistent with that analogy. The United States Geological Survey has forecast that the Teniz basin could host up to nine copper deposits with combined resources of as much as nine million tonnes of copper. On the basis of historical data and the US geological forecast, Aurora has identified priority targets across the region and secured licences covering up to 2,000 square kilometres, with the potential to add three further licences and expand the surveyed area to 4,500 square kilometres. Licensing negotiations with state authorities took considerable time due to the presence of a Russian rocket impact zone within the Teniz depression.