MINEX Forum

Website: Eurasia.com

  • Romania Eyes Rare Earth Refining Capacity to Become Global Critical Materials Player

    Romania Eyes Rare Earth Refining Capacity to Become Global Critical Materials Player

    Romania could emerge as a global force in the rare metals industry as it moves to develop domestic refining capacity, Energy Minister Bogdan Ivan said in an interview with Antena 3.

    Ivan argued that Romania already possesses strong industrial foundations, including major automotive and industrial wiring manufacturers that currently import refined copper from countries such as India, China and Turkey, despite much of the raw ore being mined domestically. He said the establishment of a rare earths refinery would encourage high-tech manufacturers, including aerospace component producers, to relocate closer to Romanian industrial hubs such as Brasov, Sibiu and Feldioara.

    According to the minister, three Romanian projects involving critical raw materials were recognised by the European Union as strategically significant in April 2025. One of them is a €300 million investment to build the country’s first copper refinery in Hunedoara county. The project is being developed by a private Romanian company in partnership with state-owned copper miner CupruMin. Currently, copper ore extracted in Hunedoara is exported for refining in Turkey and Asia before being re-imported for use in domestic manufacturing.

    Two additional projects, worth a combined €315 million, focus on metallic magnesium extraction in Bihor county and battery-grade graphite extraction in Gorj county. The Bihor project involves companies from the United States and Canada, while the graphite project in Baia de Fier is operated by majority state-owned company Salrom.

    Ivan also confirmed ongoing discussions with a US-based mining company holding licences for rare earth deposits in Greenland. By mid-April, Romania expects to finalise the terms of what would become its first fully integrated project covering extraction, refining and downstream consumption of rare earth materials. The minister said the US company already holds contracts with major aerospace firms.

    In December, the Energy Ministry announced that the Feldioara Uranium Concentrate Processing Plant, a subsidiary of Nuclearelectrica, would establish a joint venture with US-based Critical Metals Corp. Under the plan, 50% of rare earths extracted from a major Greenland deposit would be processed at the Feldioara facility. The initiative could position Romania as a stable supplier of strategic materials for microprocessors, aerospace and defence industries.

    The project may receive financing under the European RESourceEU Action Plan, which has a budget of up to €3 billion.

  • EBRD Considers €55 Million Loan for Bulgaria’s Asarel Medet Copper Mine

    EBRD Considers €55 Million Loan for Bulgaria’s Asarel Medet Copper Mine

    The European Bank for Reconstruction and Development (EBRD) is reviewing a proposal to provide a loan of up to €55 million to Bulgarian copper producer Asarel Medet to support a major sustainability and renewable energy project.

    According to documents published on the lender’s website, the financing is expected to be considered for approval on 11 March. The funds would partially finance a €109.5 million investment programme focused on the development of captive solar power installations and the implementation of more sustainable copper mining practices at the company’s operations.

    The project also aims to bring the mine’s environmental and social standards in line with international best practices, reinforcing its long-term operational resilience and ESG performance.

    Part of the loan is expected to be backed by the InvestEU Fund, the European Union’s financial instrument that consolidates multiple centrally managed EU funding mechanisms, including the European Fund for Strategic Investments.

    Asarel-Medet operates near the town of Panagyurishte in southern Bulgaria and is the country’s leading open-pit copper mining company. The group employs around 1,200 people directly, along with an additional 400 staff in subsidiary companies.

    Ownership of the company is concentrated in VA Copper Invest Limited, a Malta-based investor holding a 63% stake as of September 2025, according to Trade Registry data.

    Financial results for 2024 show that the Asarel Medet Group generated revenues of 929.8 million levs, equivalent to approximately €480.8 million, and recorded an after-tax profit of 223.9 million levs. During the year, the company extracted 45.8 tonnes of ore mass and processed 15.03 tonnes of ore.

  • Altyn Ken Group Plans Gold Exploration at Mazhera Site in East Kazakhstan

    Altyn Ken Group Plans Gold Exploration at Mazhera Site in East Kazakhstan

    Altyn Ken Group LLP has unveiled a geological exploration programme for hard minerals at the Mazhera site in the Ulan district of East Kazakhstan Region, where gold is expected to be identified across three blocks.

    The company plans to carry out topographic surveying and drill 20 exploration wells with depths ranging from 100 to 200 metres, totalling 3,000 linear metres. Additional geological exploration activities will also be undertaken.

    According to the company’s environmental notification, geochemical work will include lithogeochemical surveying across 80% of the site, with up to 1,000 samples taken at depths of 15–20 cm and analysed for gold using fire assay methods. The objective is to study geological conditions and rock composition, assess peat and sand thickness, determine gold grades in grams per cubic metre, and evaluate the material composition and processing properties of ores and sands in order to select appropriate beneficiation methods. Resource estimates will be calculated in accordance with KazRC standards.

    Altyn Ken Group received its exploration licence from the Ministry of Industry and Construction on 26 December 2025. The company notes that the Mazhera site lies outside the state forest fund, and, according to the National Geological Service, there are no groundwater deposits within the area. The nearest settlement, the village of Zhanuzak, is located 8.4 km east of the site boundary.

    Exploration operations will utilise diesel-powered equipment, including a front-end loader, drilling rig, diesel generator unit, fuel tanker, excavator, water truck, bulldozer, two shift minibuses and a Toyota Hilux SUV. The drilling rig is expected to achieve between 500 and 800 linear metres per month. A team of 16 specialists will work on a rotational basis, either 15/15 or 30/30 days.

    The total area of the Mazhera geological allotment covers 6.48 square kilometres. Exploration is scheduled to begin in the first quarter of 2026 and conclude in the first quarter of 2031.

    The final output of the project will consist of geological data, including core samples, primary documentation, geological maps and a final report with gold and polymetallic resource estimates under categories C2 and P1 for inclusion in the state balance.

    Altyn Ken Group is jointly owned by Xingwang Engineering Kazakhstan Co., Ltd and Inzhu Caspian Gold LLP. The company was registered on 13 November 2025, with Zeng Qi listed as its head. Xingwang Engineering Kazakhstan is fully owned by Guizhou Xingwang Engineering Co., Ltd, while Inzhu Caspian Gold is wholly owned by Aruzhan Sanaeva.

    Earlier, Qazba reported that Shakhtostroy-Gold LLP plans to begin gold exploration in 2026 in the Ulken Naryn district of East Kazakhstan Region.

  • Ukraine Reviews PSA Tenders for Four Uranium Deposits Linked to BGV Group

    Ukraine Reviews PSA Tenders for Four Uranium Deposits Linked to BGV Group

    Ukraine’s interagency commission on production-sharing agreements (PSAs) is reviewing a request to launch competitive tenders for uranium development at four deposits in Mykolaiv and Kirovohrad oblasts, according to Nadra.Info.

    The initiative was submitted by Atomic Energy Systems of Ukraine LLC (AESU), part of businessman Hennadii Butkevych’s BGV Group Management. Butkevych is also a co-owner of the ATB retail chain. AESU is seeking to initiate PSA tenders for the Safonivska site, the Sadova area, the Severynske deposit and the Pidhaitsivske deposit.

    The application was formally submitted in late November 2025 and considered at a commission meeting on Dec. 15, 2025, the same day authorities opened applications for a PSA tender for the Dobra lithium deposit. However, as of January, no final decision had been taken.

    “But so far, they’re saying nothing. The ball is in their court, and it has been for a long time,” Butkevych said, commenting on the delay. He attributed the slow progress to a degree of state caution toward private-sector initiatives in uranium mining.

    The four subsoil plots are included on Ukraine’s list of strategically important deposits to be developed through competitive PSA mechanisms. The Pidhaitsivske and Severynske deposits are located in Kirovohrad Oblast’s Kropyvnytskyi district, while the Sadova area and Safonivska site are situated in Mykolaiv Oblast.

    BGV Group Management plans to develop the projects in partnership with foreign investors, although potential partners have not yet been disclosed. Butkevych has stated that, once permits are granted, uranium production could begin within 1.5 to 2 years.

    The review comes amid broader activity in Ukraine’s strategic minerals sector. On Jan. 12, the Cabinet of Ministers selected Dobra Lithium Holdings JV, LLC — backed by TechMet and The Rock Holdings — as the winner of the PSA tender for the Dobra lithium deposit in Kirovohrad Oblast.

    According to Butkevych, uranium development has also been discussed at the highest political level, including with President Volodymyr Zelenskyy.

  • European Industry Coalition Pushes for Smarter and Faster Permitting Across the EU

    European Industry Coalition Pushes for Smarter and Faster Permitting Across the EU

    Euro Mines announced that 18 organisations have joined forces to establish an informal Coalition on Permitting, a cross-sector platform aimed at improving and accelerating project approval processes across the European Union.

    The move comes amid growing concern that lengthy and complex permitting procedures have become a structural bottleneck for Europe’s industrial revival, delaying investments across mining, energy and manufacturing.

    According to the coalition, permitting reform should be treated as a strategic enabler of Europe’s competitiveness, resilience and industrial value chains. The group is calling on EU policymakers to streamline and align permitting requirements stemming from EU legislation, particularly for cross-border projects, in order to reduce duplication and legal uncertainty.

    Among the proposed measures are enforceable time limits for permit decisions, digital tracking systems, clearer accountability mechanisms and stronger resourcing of permitting authorities.

    Coalition Co-Chair Gabrielle van Melkebeke said the initiative seeks to ensure Europe can deliver the projects required to meet net-zero targets while remaining an attractive destination for investment. She noted that the coalition combines diverse expertise to propose reforms that are both ambitious and practical.

    Co-Chair Florian Anderhuber stressed that Europe cannot meet its industrial, defence and climate objectives without modern and predictable permitting systems. By pooling cross-sector insights, the coalition aims to provide policymakers with evidence-based recommendations on where reforms are most urgently needed.

    The announcement follows mounting pressure on Europe’s industrial base. While the region initially led the early phase of the steel transition away from coal, momentum has slowed. The  reports that China has taken the lead in green steel production and has surpassed its 2025 green hydrogen capacity target of 200,000 tonnes.

    Financial challenges have also emerged. Swedish green steel developer  is facing a funding shortfall of more than $1 billion to complete its plant under construction. Stegra is also a key investor in , which is experiencing financial strain partly linked to limited government support.

    The coalition represents European and national trade associations, technology providers, project developers and supply chain partners. Its goal is to serve as a unified industry voice in support of modernising Europe’s permitting systems and restoring industrial momentum.

  • Tau-Ken Samruk and Cove Capital Sign Agreements on Northern Katpar and Verkhneye Kairakty Tungsten Projects

    Tau-Ken Samruk and Cove Capital Sign Agreements on Northern Katpar and Verkhneye Kairakty Tungsten Projects

    Kazakhstan’s state mining company Tau-Ken Samruk has signed a series of agreements with US-based Cove Capital for the joint development of the Northern Katpar and Verkhneye Kairakty deposits, according to a press release from Samruk-Kazyna.

    The projects are expected to form the raw-material base for establishing deep tungsten processing in Kazakhstan. As part of the Northern Katpar project, the partners plan to produce ammonium paratungstate, a key intermediate product used in high-tech and industrial applications.

    To implement the projects, Cove Capital will secure no less than $1.1 billion in financing. Of this amount, $900 million is expected to be provided by the Export-Import Bank of the United States. In addition to financing, the American side will provide technological support for mining, processing, and beneficiation operations. The US will also facilitate exports to global markets, including arranging offtake contracts with US authorities.

    The two deposits contain an estimated 410,000 tonnes of tungsten. According to the mine development plan presented this week by Northern Katpar, sales of tungsten trioxide, molybdenum, copper, and bismuth are projected to generate more than 1 trillion tenge (approximately $2 billion) in revenue between 2030 and 2048.

    The parties initially agreed on joint development of the deposits in November last year. According to Reuters, Cove Capital will hold a 70 percent stake in the joint venture, while Tau-Ken Samruk will retain 30 percent.

  • Lithuania Signals Willingness to Strike Bilateral Critical Minerals Deal With US

    Lithuania Signals Willingness to Strike Bilateral Critical Minerals Deal With US

    Lithuania may pursue a bilateral agreement with the United States on critical minerals if the European Union fails to move swiftly on a joint partnership, the country’s foreign minister has said.

    Speaking on the sidelines of the Munich Security Conference, Kestutis Budrys emphasized that while Vilnius prefers a coordinated European approach, time is becoming a decisive factor. “We have the intention to go forward at the European level,” he said, adding that if consensus within the EU proves too slow, “the way forward is bilaterally.”

    The EU has been working on a critical minerals partnership with the United States and other like-minded countries to reduce dependence on China, which dominates global supply chains for many rare earth elements and strategic materials essential for advanced technologies. Member states have granted the European Commission a mandate to negotiate on behalf of the bloc. However, some capitals, including Vilnius, have voiced concerns over the pace of negotiations.

    At the same time, the administration of Donald Trump has encouraged individual EU member states to consider direct bilateral agreements.

    The urgency of securing alternative supply chains has intensified amid ongoing trade tensions between Washington and Beijing. China’s export restrictions on rare earths last year heightened concerns among Western governments about supply-chain vulnerabilities and the risk of political leverage through mineral exports.

    Last week, the United States and 55 other countries agreed to introduce new policy tools, including price floors, aimed at stabilizing supply chains and countering market distortions.

    For Lithuania, the issue carries particular strategic weight. The country’s engineering sector and rapidly expanding defense industry rely on stable access to critical minerals. According to Budrys, Vilnius seeks to diversify imports and reduce exposure to what it considers unreliable suppliers, particularly China, which Lithuania accuses of using trade as a political instrument.

    As geopolitical competition over strategic resources deepens, Lithuania’s position highlights growing pressure within the EU to balance collective action with national urgency in securing critical mineral supply chains.

  • Germany Deepens Strategic Partnership With Kazakhstan on Energy and Critical Resources

    Germany Deepens Strategic Partnership With Kazakhstan on Energy and Critical Resources

    Germany considers Kazakhstan one of its key partners in Central Asia and a reliable supplier of energy resources, according to statements cited by the Kazakh Ministry of Foreign Affairs. German Foreign Minister Johann Wadephul described Kazakhstan as “an economically, politically, and strategically pivotal country in Central Asia.”

    For Astana, cooperation with Western partners is primarily aimed at attracting investment and implementing modern technologies, while for Berlin, the partnership ensures stable resource supplies and access to Central Asian markets. Kazakhstan’s mineral resource base includes more than 5,000 deposits, with an estimated value in the tens of trillions of dollars. The country ranks first globally in proven reserves of zinc, tungsten, and barite; second in silver, lead, and chromite; third in copper and fluorite; fourth in molybdenum; and sixth in gold. It also ranks ninth in proven oil reserves, eighth in coal, and second in uranium.

    Energy cooperation remains central to bilateral ties. Kazakh oil supplies to the Schwedt refinery in Germany reached approximately 1.5 million tons in the first nine months of 2025. In 2026, monthly shipments are expected to increase from 100,000 to 130,000 tons.

    Discussions are also under way on exporting green hydrogen from Kazakhstan to Germany and other EU countries. For Germany, this supports energy security and decarbonisation goals, while for Kazakhstan it represents an opportunity to build a new high value-added export sector and attract long-term investment.

    Trade turnover between the two countries reached $3.9 billion from January to November 2025, with Kazakh exports rising by 7.9 percent and imports of German goods increasing by 6.1 percent. By January 2026, 36 investment projects involving German capital had been implemented in Kazakhstan, with total investments amounting to approximately €49.7 billion. Many of these projects are already operational. Cooperation is expanding in mechanical engineering, chemicals, and the mining and metallurgical sector, alongside the introduction of German technologies and management practices.

    In February 2026, Kazakh Foreign Minister Yermek Kosherbayev took part in the “Central Asia – Germany” foreign ministers’ meeting in Berlin. During talks with Katherina Reiche, he emphasised Kazakhstan’s intention to expand economic cooperation both bilaterally and within broader EU–Central Asia frameworks.

    The development of the Trans-Caspian International Transport Route is further strengthening Kazakhstan’s role as a transit hub between Europe and Asia. Germany views the corridor as a reliable alternative supply route, while Kazakhstan benefits from infrastructure development and increased industrial cooperation.

    Overall, the partnership reflects mutual strategic interests: Germany seeks stable access to energy and raw materials, and Kazakhstan aims to diversify its economy through investment, technology transfer, green energy development, and expanded transport connectivity.

  • Romania Claims EU Leadership in Critical Raw Materials as US Partnerships Advance

    Romania Claims EU Leadership in Critical Raw Materials as US Partnerships Advance

    Romania holds 16 of the 32 critical raw materials designated at EU level and ranks first in the bloc in terms of subsoil resources for rare earths and strategic minerals, Energy Minister Bogdan Ivan has said.

    Speaking to local media, Ivan stated that Romania possesses half of the critical elements Europe considers essential, with some found only in Romania and at most one other EU member state. The minister argued that this positions the country as a key pillar of Europe’s resource security strategy.

    Romania is already working with what Ivan described as an “extremely important” American company in efforts to reduce dependence on Chinese critical minerals. According to local reports, this partner is likely Critical Metals Corp, which has links to investor Frank Timiș.

    Ivan acknowledged, however, that Romania currently lacks an integrated processing and refining chain for these materials. Developing such infrastructure would, he said, create the first fully integrated rare earth processing chain in the western hemisphere, potentially supplying strategic industries including aerospace and advanced technology manufacturers such as SpaceX.

    Discussions are also reportedly under way regarding cooperation between Critical Metals Corp and Nuclearelectrica (BVB: SNN). The proposal involves transforming the uranium processing facility at Feldioara into a plant capable of refining rare earth elements sourced from Greenland.

    In parallel, Ivan highlighted three Romanian projects included under the EU’s Critical Raw Materials Act, with a combined value of around EUR 615 million. According to European Commission data, these projects are being developed by Euro Sun Mining (copper), Salrom (graphite), and Verde Magnesium (magnesium). One of the projects, Euro Sun Mining’s copper development, currently lacks a valid environmental permit.

    The minister’s remarks come as the European Union intensifies efforts to diversify supply chains and reduce reliance on external suppliers amid geopolitical tensions and rising demand from the energy transition and defense sectors.

  • Atameken Committee Reviews Constitutional Reform, Mining Roadmap and Rail Tariff Risks

    Atameken Committee Reviews Constitutional Reform, Mining Roadmap and Rail Tariff Risks

    Kazakhstan’s Committee for Geology, Mining, Coal and Metallurgical Industry under the Presidium of the National Chamber of Entrepreneurs “Atameken” convened to review key policy issues, including constitutional reform, implementation of the Mining and Metallurgical Complex (MMC) Roadmap, and risks linked to a proposed new rail tariff model. The meeting was chaired by Committee Head Nikolai Radostovets and attended by Atameken Presidium Chairman Kanat Sharlapayev and Deputy Chair of the Management Board Gulnara Bizhanova.

    Outlining priorities for 2026, Sharlapayev said the Committee’s agenda was shaped through consultations with industry associations and businesses and would be refined as sector challenges evolve. Among the top priorities is resolving legal inconsistencies between subsoil use and land use rights, an issue affecting companies of all sizes. He also stressed the need to consolidate the MMC’s position in discussions around the new Tax Code, including royalty mechanisms, and to preserve export potential through predictable customs regulation.

    Sharlapayev emphasized that Atameken remains the principal platform for dialogue between business and government and called for greater industry unity. He urged companies to avoid fragmentation into parallel negotiation platforms, highlighting the importance of presenting a consolidated position during a period of political transformation.

    Radostovets described the constitutional reform as part of broader state modernization aimed at strengthening institutions and building a competitive economy. He noted that Kazakhstan’s economy has grown at around 6% annually and underlined the importance of reinforcing rule of law, property rights and predictable conditions for long-term investment.

    The Committee also examined progress on the MMC Development Roadmap prepared by the Ministry of Industry and Construction. According to Rustam Shuntukov, Managing Director of Atameken’s MMC Department, the roadmap includes 15 measures, though only about five of 42 business proposals were reflected in the final document. Positive elements include support for processing technogenic mineral formations, SME development, improved subsoil liquidation procedures, and preparation of a Critical Minerals Strategy to 2030.

    Participants further discussed concerns regarding a new rail tariff methodology being developed for Kazakhstan Temir Zholy. Business representatives warned that key proposals from Atameken had not been incorporated and supported commissioning an independent expert review.

    The Committee concluded the meeting by approving its 2026 work plan.