MINEX Forum

Website: Eurasia.com

  • Kazakhstan Confirms Central Asia–U.S. Summit in Washington on November 6

    Kazakhstan Confirms Central Asia–U.S. Summit in Washington on November 6

    Kazakhstan’s presidency has confirmed that a Central Asia–United States summit will take place in Washington, D.C., on November 6, bringing together the leaders of the C5+1 format — the United States and the five Central Asian nations: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

    According to the press office of President Kassym-Jomart Tokayev, the Kazakh leader sent a letter of gratitude to U.S. President Donald Trump for the invitation to participate in the summit. Tokayev described the initiative as both “timely and important,” emphasizing that he shares Trump’s key domestic and foreign policy principles, including the promotion of traditional values, common sense, and global peace and security.

    The upcoming gathering will coincide with the tenth anniversary of the C5+1 diplomatic platform, launched in 2015 to strengthen regional cooperation and deepen U.S.–Central Asia engagement in areas such as energy security, trade, counterterrorism, and sustainable development.

    Regional media have confirmed participation from other Central Asian heads of state. Uzbek outlet Gazeta.uz reported that President Shavkat Mirziyoyev has received an invitation, while Kyrgyz media stated that President Sadyr Japarov will also attend. Invitations have reportedly been extended to all five Central Asian leaders, according to Azattyq.

    The announcement follows recent visits to Kazakhstan and Uzbekistan by U.S. Special Envoy for South and Central Asia Sergio Gor and Deputy Secretary of State Christopher Landau, underscoring Washington’s renewed diplomatic focus on the region.

    President Trump met both Tokayev and Mirziyoyev during the U.N. General Assembly last month in New York, where several multi-billion-dollar business deals were announced. Analysts suggest the upcoming summit aims to counterbalance the influence of Russia and China in Central Asia amid heightened global competition for access to the region’s critical minerals and strategic trade routes.

    In an October 20 letter, members of the U.S. House Foreign Affairs Committee urged President Trump to host the C5+1 summit before the end of the year. The letter highlighted U.S. strategic interests in developing regional critical mineral supply chains—notably tungsten, antimony, lithium, and rare earth elements—as well as advancing trade liberalization through the repeal of the Jackson-Vanik amendment and bolstering counterterrorism cooperation against the regional branch of the Islamic State group.

    The Washington summit is expected to mark a major step in U.S. efforts to strengthen political and economic ties with Central Asia, promote regional resilience, and enhance collaboration in energy, defense, and raw materials security.

  • Putin Orders Roadmap for Russia’s Rare-Earth Extraction as Global Competition Intensifies

    Putin Orders Roadmap for Russia’s Rare-Earth Extraction as Global Competition Intensifies

    Russian President Vladimir Putin has instructed his cabinet to develop a national roadmap for rare-earth mineral extraction by December 1, as global competition for critical raw materials intensifies and countries seek to reduce dependence on China’s near-monopoly in the sector.

    The directive, published Tuesday on the Kremlin’s website, also calls for the expansion of transport and logistics infrastructure at Russia’s borders with China and North Korea, including multimodal hubs and new railway links.

    Rare-earth elements—vital for smartphones, electric vehicles, wind turbines, and advanced weapons systems—have become a major point of strategic rivalry between the world’s largest economies.

    In April, U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy signed an agreement granting the United States preferential access to Ukraine’s mineral resources and supporting U.S. investment in reconstruction projects. Moscow has since said it is also open to cooperation with the U.S. on rare-earth projects, though political and diplomatic tensions stemming from Russia’s ongoing war in Ukraine have stalled progress.

    Earlier this year, Kirill Dmitriev, Putin’s investment envoy, said U.S. firms had shown interest in Russian rare-earth ventures, but talks remain at an exploratory stage.

    Meanwhile, China, which dominates the global rare-earth supply chain, has tightened export controls in retaliation against Western tariffs, pushing Washington and its allies to accelerate domestic and alternative sources of supply.

    Putin’s order stems from discussions at the Far Eastern Economic Forum in Vladivostok in September, where he emphasized the strategic importance of developing Russia’s Far East as a resource and transport hub connecting Asia and Europe.

    According to the U.S. Geological Survey (USGS), Russia’s known rare-earth reserves total about 3.8 million tonnes, though Moscow claims much higher figures. The Russian Natural Resources Ministry estimates 28.7 million tonnes of reserves across 15 different rare-earth metals as of January 2023. Even by Moscow’s count, however, Russia’s share remains relatively small compared to China’s dominant position.

    Putin also ordered the construction of new multimodal transport and logistics centers along the country’s borders with China and North Korea, including upgrades to two existing railway bridges and the completion of a new bridge to North Korea by 2026.

    Both China and North Korea have deepened economic cooperation with Russia amid Western sanctions, making regional integration and resource development key components of Moscow’s broader pivot to Asia strategy.

  • Ferro-Alloy Resources Secures Major Cost Savings and Financing Boost for Kazakhstan Vanadium Project

    Ferro-Alloy Resources Secures Major Cost Savings and Financing Boost for Kazakhstan Vanadium Project

    Ferro-Alloy Resources Ltd (LSE: FAR) saw its shares surge 13% to 6.21p after announcing substantial cost reductions and a financing breakthrough for its flagship Balasausqandiq vanadium project in southern Kazakhstan.

    The AIM-listed mining company has signed an agreement with China National Chemical Engineering Sixth Construction (CC6) — one of the world’s top industrial contractors — for front-end engineering and design (FEED) work on the project.

    According to the company, CC6 has provided an indicative construction cost of $261 million, cutting the total funding requirement to $311.9 million — about 40% lower than previously estimated in the project’s feasibility study.

    The revised figures have significantly improved project economics, boosting Balasausqandiq’s post-tax internal rate of return (IRR) to 31% and its net present value (NPV) to $931.6 million.

    Adding to the positive momentum, CC6 has arranged a conditional, non-binding loan offer worth $221.8 million from the Bank of Communications (Hubei Branch), covering 85% of CC6’s construction scope.

    Discussions are also under way with Sinosure, China’s export credit agency, which could provide loan guarantees to reduce borrowing costs.

    “This partnership with CC6 demonstrates the potential to significantly enhance the project’s financial returns,” said Nick Bridgen, CEO of Ferro-Alloy Resources. “It also strengthens our path to production and positions Balasausqandiq as one of the most competitive vanadium operations globally.”

    The company is now in talks with potential strategic investors to fund the project’s equity component, while CC6’s FEED work — expected to last six months — will be followed by a final engineering, procurement and construction (EPC) contract once costs are finalized.

  • Vulcan Energy Secures Approval to Build Commercial Lithium Extraction Plant in Germany

    Vulcan Energy Secures Approval to Build Commercial Lithium Extraction Plant in Germany

    Vulcan Energy Resources, the German-Australian company pioneering geothermal lithium production in Europe, has received construction approval for its commercial Lithium Extraction Plant (LEP) in Landau, Germany, marking a key milestone toward establishing Europe’s first carbon-neutral lithium supply chain.

    The City of Landau granted the permit for the facility in the D12 industrial zone, complementing previously approved construction permits for the site’s ORC geothermal power plant and 110/20 kV substation. According to Vulcan, it now holds all necessary permits to construct its combined geothermal and lithium extraction plant (G-LEP) in Landau.

    In the project’s first phase, Vulcan plans to produce several thousand tonnes of lithium chloride, which will be transported to Frankfurt-Höchst for further conversion into battery-grade lithium hydroxide monohydrate (LHM). Once fully operational, annual production is expected to reach 24,000 tonnes of LHM — enough to supply approximately 500,000 electric vehicles per year.

    The company’s lithium extraction process uses geothermal brine from the Upper Rhine Valley, home to Europe’s largest combined geothermal and lithium resource. Vulcan’s technology captures geothermal heat for district heating and renewable electricity generation, while extracting lithium chloride from cooled brine before reinjecting it underground. The company notes that the entire operation will be “carbon neutral and fossil fuel-free over its life cycle.”

    Vulcan has already tested the process at pilot scale in Landau and Höchst. In April 2024, the company’s Lithium Extraction Optimisation Plant (LEOP) successfully produced the first lithium chloride from geothermal brine, later refined into battery-grade lithium hydroxide at the Central Lithium Electrolysis Optimisation Plant (CLEOP) in Höchst.

    The upcoming commercial-scale LEP will be built later this year, contingent on the completion of the €690 million financing package for both Landau and Höchst facilities. The German federal government and the states of Rhineland-Palatinate and Hesse have pledged €103.6 million in funding through the EU’s Temporary Crisis and Transition Framework (TCTF) under the “Resilience and Sustainability of the Battery Cell Manufacturing Ecosystem” program.

    In March 2025, the European Union designated Vulcan’s Landau facility as one of 47 strategic projects under the Critical Raw Materials Act (CRMA).

    To secure final financing, Vulcan is leveraging offtake agreements with several major customers. Its latest supply deal, signed with Glencore, covers 36,000–44,000 tonnes of LHM over eight years. The company has also revised earlier agreements with Umicore (23,000 tonnes over six years), LG Energy Solution (31,000 tonnes over six years), and Stellantis (128,000 tonnes over ten years).

    While construction will begin soon, deliveries are now expected later than initially planned. Once operational, Vulcan’s German facilities will play a central role in Europe’s battery supply chain, reducing dependence on imported lithium and advancing the EU’s green industrial strategy.

  • Critical Metals Secures Key Environmental Approvals for Tanbreez Rare Earth Project in Greenland

    Critical Metals Secures Key Environmental Approvals for Tanbreez Rare Earth Project in Greenland

    U.S.-based Critical Metals Corp. (Nasdaq: CRML) has received key environmental approvals for its Tanbreez rare earth project in southern Greenland, marking a major step toward the start of mining operations at one of the world’s largest rare earth deposits.

    The company announced on Tuesday that the Environment Agency for Mineral Resource Activities (EAMRA) has approved the geochemical test work and mine closure plan for the Hill area of the project. The reports, submitted in late September, were prepared by Danish engineering firm NIRAS, a leading environmental consultancy in the Nordic region.

    “The fast approval of these test reports, which can be credited to Greenland authorities as well as the professional work by NIRAS, is a key milestone for Critical Metals Corp towards commencing the mining process at Tanbreez,” said Tony Sage, CEO and Executive Chairman of Critical Metals.

    According to the company, only a few approvals remain — including the final parts of the mine and closure plan and plans for specific activities at the site.

    Following the announcement, Critical Metals’ shares rose nearly 3% to $11.26, giving the company a market capitalization of approximately $1.33 billion.

    A World-Class Rare Earth Deposit

    The Tanbreez project is among the largest rare earth deposits globally, with an estimated 45 million tonnes of resources spread across two main zones — Hill and Fjord. Roughly one-third of this total comprises heavy rare earth elements (HREEs), critical for clean energy technologies, advanced electronics, and defense applications. This makes Tanbreez the largest known heavy rare earth deposit worldwide.

    A preliminary economic assessment (PEA) released earlier this year estimated the project’s net present value (NPV) at $2.8–3.6 billion (depending on discount rates of 15% or 12.5%) and an internal rate of return (IRR) of 180%. The company plans an initial production phase of around 85,000 tonnes of rare earth oxides per year, scaling up to 425,000 tonnes annually following modular expansion.

    The orebody spans an area of 8 km by 5 km, but represents just 1% of the larger 4.7-billion-tonne host rock, suggesting strong potential for future expansion. Exploration work is ongoing at both deposit zones to support a forthcoming bankable feasibility study.

  • Canada Unveils C$1.4 Billion G7-Backed Critical Minerals Investment Plan

    Canada Unveils C$1.4 Billion G7-Backed Critical Minerals Investment Plan

    Rio Tinto Group, Nouveau Monde Graphite Inc., and more than a dozen other companies are set to benefit from a C$1.4 billion ($1 billion) package of new investments and partnerships announced by the Canadian government at the Group of Seven (G7) energy ministers’ meeting in Toronto.

    The measures, unveiled by Prime Minister Mark Carney’s administration, are part of a G7 initiative launched in June to strengthen member nations’ access to critical minerals vital for clean energy, defense, and advanced manufacturing, while reducing reliance on Chinese-dominated supply chains.

    “We have an incredible set of cards in our critical mineral resources,” said Energy Minister Tim Hodgson. “These actions, with the support of our allies, are designed to make sure Canada has all the cards it needs in a world where access to critical minerals is becoming a tool of political and geopolitical coercion.”

    The newly announced projects aim to expand domestic production capacity for metals such as lithium, nickel, copper, and rare earth elements, supporting the transition to clean technologies and reinforcing the resilience of North America’s industrial base.

    Key funding allocations include:

    • C$25 million for Rio Tinto’s scandium plant in Quebec, which will supply the aerospace and defense sectors.

    • C$36.3 million for Ucore Rare Metals Inc. to expand its rare earths processing plant in Ontario.

    • Support for Northern Graphite Corp., Focus Graphite Inc., and Torngat Metals Ltd., alongside a new supply agreement between Canada, Panasonic Holdings Corp., and Traxys North America LLC to secure graphite for battery production.

    Shares of Nouveau Monde Graphite surged 24% intraday on news of the deal before closing 13% higher in Toronto, while Northern Graphite rose 29%.

    Not all financing is finalized: Norway’s Vianode AS, which plans to build a synthetic graphite plant in Ontario, received a letter of interest for up to $500 million in potential Canadian financing, plus $300 million in support from the German government.

    In parallel, Canada has designated critical minerals as essential to national defense and strategic interests, authorizing a domestic stockpiling program and participation in multilateral caching efforts with allies. The government intends to stockpile three types of critical minerals, though it did not disclose which ones.

    “These measures will strengthen our capabilities in strategic sectors and contribute to NATO and defense spending commitments,” Hodgson said. “By protecting domestic production under volatile global conditions, we ensure a secure supply of critical minerals to Canadian and allied defense industries.”

  • Zijin Mining Expands in Kazakhstan, Sees Over 200 Tonnes of Gold Potential at Raigorodok Deposit

    Zijin Mining Expands in Kazakhstan, Sees Over 200 Tonnes of Gold Potential at Raigorodok Deposit

    Chinese mining giant Zijin Gold International, a subsidiary of Zijin Mining Group, expects gold reserves at Kazakhstan’s Raigorodok deposit to exceed 200 tonnes, citing advanced recovery technology and favorable market conditions. The statement follows the company’s $1.008 billion acquisition of RG Gold, which owns the mining rights to Raigorodok — one of the largest active gold deposits in Kazakhstan’s Akmola region.

    The deal was finalized in mid-October, according to reports by inbusiness.kz. Initially valued at $1.2 billion, the final amount was adjusted due to existing liabilities. Zijin Mining, which raised $3.9 billion through a Hong Kong IPO in September, confirmed plans to invest an additional $500 million to build a new processing plant capable of treating 6–8 million tonnes of ore annually. The project is expected to create over 1,000 new jobs.

    Speaking at Kazakhstan Day, held during the China Mining 2025 exhibition in Tianjin, Liao Jiansheng, head of Zijin Eurasia Mining, said the company intends to make Raigorodok a model for green and high-tech gold mining. He emphasized that Zijin’s advanced extraction methods could increase gold recovery to more than 90%, significantly expanding proven resources.

    “The current plant and management are good, and local employees are highly skilled,” Liao said. “We’ll introduce our technologies carefully, ensuring a smooth transition. For us, this project is a shared success — both for Kazakhstan and Zijin.”

    Zijin plans to maintain compliance with Kazakh labor and investment laws, limiting the number of foreign specialists to the legal quota and prioritizing local employment. During the plant’s reconstruction phase, temporary Chinese technical experts will assist in modernization.

    The company holds a mining license valid until 2035, with the potential for renewal. The Raigorodok mine will continue to operate as an open-pit site, with Zijin exploring opportunities to expand its resource base through additional exploration and acquisitions in the Akmola region.

    Zijin also expressed interest in investing further in geological exploration in Kazakhstan, supported by Kazakh Invest and the Chinese Embassy, signaling its long-term commitment to the country’s mining sector.

    Founded in 1993, Zijin Mining Group is the world’s sixth-largest metal producer and China’s largest gold miner. As of 2024, the company controlled 4,000 tonnes of gold, 110 million tonnes of copper, 13 million tonnes of zinc and lead, and 17.9 million tonnes of lithium globally. In the first half of 2025, Zijin reported $23.4 billion in revenue and $3 billion in net profit, with operations in 17 countries and a workforce of 55,000.

  • Kazakhstan Development Bank Launches $1 Billion Program to Finance Rare and Critical Minerals Projects

    Kazakhstan Development Bank Launches $1 Billion Program to Finance Rare and Critical Minerals Projects

    The Development Bank of Kazakhstan (DBK), a subsidiary of the national holding Baiterek, has announced a new $1 billion financing program to support projects in the extraction and processing of rare, rare earth, and critical materials for the period 2025–2030.

    The initiative is designed to become a key financial instrument for advancing high-tech industries in the country’s mining and metallurgical sector, in line with the strategic course set by Kazakhstan’s President to boost domestic value-added production.

    The program aims to support medium and large enterprises implementing investment projects in sectors deemed strategically important to Kazakhstan’s economy.

    Among its main features are a minimum loan threshold of 5 billion tenge (in any currency — dollars, euros, yuan, etc.), loan terms of up to 20 years, the abolition of financing arrangement and modification fees, and the inclusion of grace periods for borrowers.

    DBK emphasized that the program’s relevance stems from the strategic role of rare and critical materials in diversifying Kazakhstan’s industrial base and integrating the nation into global value and trade chains. It also contributes to the objectives of the Comprehensive Development Plan for the Rare and Rare Earth Metals Industry (2024–2028).

    “The launch of this program reflects the Bank’s strategic focus on supporting new growth drivers in the economy,” said Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan. “We are creating conditions for Kazakhstan to become a producer of high value-added products. This will help build new technological chains, enhance the competitiveness of domestic industry, and strengthen the country’s position in the global critical materials market.”

    Financing will target projects within the metallurgical industry, including mining and metallurgical complexes with processing capacity. Borrowers must confirm mineral reserves under the JORC international code. Eligible materials include rare earth elements (lanthanides, scandium, yttrium) and critical materials such as lithium, cobalt, tungsten, germanium, gallium, and graphite, all essential for high-tech industries, green energy, and electronics.

    The program is expected to stimulate technological and industrial development, expand DBK’s portfolio of long-term projects in high-tech sectors, and enhance the sustainability of financial flows. For Kazakhstan’s economy, it promises to create new jobs, increase exports of value-added products, promote domestic raw material processing, and consolidate the country’s role as a reliable global supplier of rare and critical materials.

  • Greater Sudbury Hosts Hungarian Delegation to Strengthen Ties in Critical Minerals and Clean Technology

    Greater Sudbury Hosts Hungarian Delegation to Strengthen Ties in Critical Minerals and Clean Technology

    The City of Greater Sudbury welcomed a high-level delegation from the Consulate General of Hungary in Toronto last week at Tom Davies Square, marking what city officials described as an important step toward deepening international collaboration and innovation.

    Mayor Paul Lefebvre, joined by members of the city’s economic development team, met with János Jákó, Consul General of Hungary; Máté Árpád Igaz, Deputy Head of Mission; and Gábor Péter Markocsány, Consul and Diaspora Liaison Diplomat. The discussions centered on battery production, critical minerals supply chains, and partnerships between Canadian and Hungarian universities.

    Hungary is quickly emerging as a European hub for electric vehicle (EV) battery production, attracting major global investments. By 2030, the country is projected to hold the second-largest planned battery manufacturing capacity in the world — despite not mining critical minerals domestically. This dependency on imports creates new opportunities for cooperation with resource-rich regions such as Greater Sudbury, which is internationally recognized for its responsibly sourced minerals and clean technology innovation.

    Following the meeting, the Hungarian delegation toured several local organizations to learn more about Sudbury’s mining expertise, sustainability practices, and innovation ecosystem.

    “The visit laid the foundation for a growing partnership between Greater Sudbury and Hungary,” the city said in a statement, highlighting shared priorities of sustainability, innovation, and economic development. It also reaffirmed Sudbury’s position as a leader in clean technology, mining innovation, and international collaboration.

  • Montenegro Hires U.S. and Serbian Law Firms to Defend Against Tara Resources’ Mining Arbitration

    Montenegro Hires U.S. and Serbian Law Firms to Defend Against Tara Resources’ Mining Arbitration

    Montenegro has appointed U.S. law firm Hughes Hubbard & Reed and Serbian firm Nikčević Kapor to represent the state in an arbitration case filed by Swiss company Tara Resources over the termination of its mining concession at the former Brskovo mine, the country’s Ministry of Energy and Mining announced Wednesday.

    The ministry said the firms were selected after submitting the top bid in a public tender earlier this year, without revealing details about the other bidders.

    In July 2025, Tara Resources filed a request with the International Centre for Settlement of Investment Disputes (ICSID) in Washington D.C., following Montenegro’s unilateral termination of its concession contract for the Brskovo mining area in May 2024. The government said the company had failed to correct irregularities in its feasibility study, which violated national legislation, before the set deadline.

    The Brskovo mine, located near the northeastern town of Mojkovac, has a long history of exploration. Montenegro originally granted a 25-year lease to Australia’s Sultan Corporation in 2010, which reported a 9.2 million-tonne inferred resource the following year. Tara Resources, based in Switzerland, took over the project in 2018.

    The company claims its 2019 preliminary economic assessment and 2021 pre-feasibility study confirmed Brskovo’s strong economic potential, estimating construction costs at around €180 million for two open pits, a processing plant, and a waste facility. Once operational, the mine was projected to produce 45,000 tonnes of zinc, 13,000 tonnes of lead, 3,000 tonnes of copper, and about 1 million ounces of silver annually, creating 550 direct and 200 indirect jobs.

    However, the project has faced persistent environmental opposition from local residents and non-governmental organizations in Mojkovac, who fear the mine could threaten ecosystems and public health in the region.

    Montenegro’s government maintains that the termination was lawful and in line with national environmental and mining regulations. The arbitration proceedings in Washington could become one of the country’s most closely watched investment disputes, potentially setting a precedent for future resource development projects in the Balkans.