MINEX Forum

Website: Europe.com

  • Metinvest Announces 2024 Operational Results: Steel and Mining Performance Highlights

    Metinvest Announces 2024 Operational Results: Steel and Mining Performance Highlights

    Metinvest B.V., the parent company of a leading international vertically integrated group of steel and mining companies, has released its operational results for the fourth quarter and the full year ending 31 December 2024.

    In the fourth quarter of 2024, the Group produced 489 thousand tons (kt) of crude steel, reflecting a 14% decrease compared to the previous quarter’s output of 568 kt. Despite this quarterly decline, the annual crude steel production for 2024 reached 2,099 kt, marking a 4% increase from the 2,025 ktproduced in 2023.

    The Group’s iron ore concentrate production showed a positive trend, with 3,493 kt produced in the fourth quarter, a 4% rise from the third quarter’s 3,347 kt. For the full year, iron ore concentrate output surged to 15,733 kt, a significant 42% increase compared to 11,092 kt in 2023.

    However, coking coal concentrate production experienced a decline, with 1,057 kt produced in the fourth quarter, down 7% from the previous quarter’s 1,135 kt. Annually, coking coal concentrate output fell to 4,277 kt, a 22% decrease from 5,455 kt in 2023.

    These results highlight the Group’s resilience in iron ore production despite challenges in steel and coking coal output. Metinvest continues to play a pivotal role in the global steel and mining sectors, adapting to market dynamics and maintaining a strong operational presence.

  • BGV Group Management Forges International Partnerships in Critical Raw Materials Sector

    BGV Group Management Forges International Partnerships in Critical Raw Materials Sector

    In early 2025, BGV Group Management, led by Gennadii Butkevych, signed cooperation agreements with three international partners during Ukrainian Week 2025 in Washington, USA. These agreements lay the groundwork for future collaboration in the critical raw materials (CRM)sector, with a focus on advancing joint initiatives. The parties have committed to further refining the terms of cooperation and accelerating the implementation of these projects.

    For nearly a decade, BGV Group Management has been a key player in the extraction and processing of graphite and beryllium. Since 2015, the company has invested approximately $100 million in the mining sector, primarily targeting greenfield projects within the CRM industry.

    Gennadii Butkevych, founder and investor of BGV Group Management, emphasized the significance of these agreements, stating, “The signing of these documents marks a pivotal step in establishing international partnerships and expanding our global presence. With global attention on the CRM industry, our company has been building expertise and executing projects in this field for years.”

    The company’s flagship project, BGV Graphite, is being developed at the Balakhivske deposit in Ukraine’s Kirovohrad region. By early 2025, BGV completed the preliminary feasibility study (PFS)and pilot technological tests for the final product. In collaboration with Finland’s Metso, the company is working on basic engineering for an enrichment plant, with construction slated to begin in the first quarter of 2026.

    Additionally, BGV has made significant strides in producing battery-quality graphite. In 2024, the company, in partnership with Germany’s ANZAPLAN, successfully conducted tests to achieve 99.99% purity and produce spherical graphite (SPG), a key component in lithium-ion batteries. Design work for the SPG production plant is expected to commence in 2025.

    Another major initiative is the BGV Beryllium project, which includes verification drilling and extensive studies to explore the potential for extracting zinc and rare earth elements. The company aims to complete the PFS for this project by 2025, adhering to international standards.

  • Ukraine’s Zavallivsky Graphite Mine Eyes Expansion Amid Investment Challenges

    Ukraine’s Zavallivsky Graphite Mine Eyes Expansion Amid Investment Challenges

    At the 90-year-old Zavallivsky graphite mine in central Ukraine, CEO Ostap Kostyuk envisions producing graphite pure enough for lithium batteries—a task he compares to building a Rolls-Royce in a garage due to chronic underinvestment.

    With U.S. President Donald Trump pushing for a major deal on Ukraine’s rare earths and critical minerals in exchange for continued Washington support, operators like Kostyuk see an opportunity. However, they acknowledge that profits will take time for any American investors.

    “It’s a long-term investment,” said Kostyuk, as he led a Reuters team through the sprawling Kirovohrad facility, where aging Soviet-era machinery still runs amid a fine layer of graphite dust.

    As part of a strategic proposal to Trump, Ukrainian President Volodymyr Zelenskiy highlighted a map of Ukraine’s mineral wealth, including lithium, graphite, titanium, and rare earths—critical for high-performance magnets, electric motors, and consumer electronics. He emphasized that less than 20% of these resources were under Russian control, stressing the need to safeguard the rest.

    Despite trillions of dollars in untapped mineral wealth, experts warn that it could take years for investors to see significant returns due to war-related disruptions and chronic underfunding. Ksenia Orynchak, head of Kyiv’s National Extractive Industries Association, noted that Ukraine’s mining sector has faced a decade of stagnationdue to a lack of financial inflows and outdated mineral classification systems.

    The Zavallivsky mine, last modernized in 1965, illustrates the scale of the challenge. Despite being far from the front lines, it has struggled since Russia’s 2022 invasion caused an Australian partner to withdraw financing. Many of Kostyuk’s workers have also either joined the military or lost their lives in the war.

    Still, the facility is already producing graphite pure enough to be refined into battery-grade spherical graphite (SPG). Ukraine holds 20% of the world’s graphite reserves, a crucial component for electric vehicle batteries and nuclear reactors. While new mining projects could take five to seven years to become operational, Kostyuk remains optimistic.

    “We are ready for this technology,” he said, adding that his goal is to eventually produce SPG in-house. In the meantime, Ukraine is prepared to supply U.S. markets with natural flake graphite, establishing a Ukrainian presence in the global supply chain.

    “Our factory needs upgrades, but our workforce has the expertise to advance if given the resources,” Kostyuk said. “I believe in this factory. I believe in these people. Everyone here wants to work.”

  • Metinvest’s Northern Mining Boosts Production with Second Roasting Machine

    Metinvest’s Northern Mining Boosts Production with Second Roasting Machine

    Metinvest Group’s Northern Mining and Processing Plant (Northern Mining) has launched a second roasting machine to meet increased demand from European partners, according to Metinvest.Media. Now, both LURGI 552 A and LURGI 552 B are operational, enhancing pellet production.

    The decision was preceded by extensive preparations and repairs. Last autumn, both units underwent comprehensive maintenance, with LURGI 552 B receiving quarterly repairs and an equipment inspection to boost reliability. LURGI 552 A also had similar improvements, including an overhaul of the rotary intake system to ensure efficient product shipment.

    To fulfill European contracts on time, the company decided to operate both machines simultaneously. This required additional workforce efforts, with employees at Pelletizing Shop No. 2 (PSM-2) working weekends and night shifts. The launch process took a full week, involving detailed inspections of all mechanisms and equipment.

    Currently, both machines are operating at a capacity of 460-463 tonnes of pellets per hour, ensuring timely deliveriesand stable exports to European customers.

    “The market sets its own rules, and we must maintain the company’s reputation and competitive edge. This brings new challenges for Northern Mining’s teams, especially at the Central Processing Plant-2, where specialists will need to periodically operate the second roasting machine to meet production goals. However, our employees are rising to the challenge, demonstrating dedication and responsibility. More production means higher revenue, increased tax contributions, and more funds for wartime needs,” said Dmytro Malykh, Director of Production and Planning at Metinvest’s Mining Division.

    Earlier, GMK Center reported that 2024 marked a turning point for Northern Mining due to the reopening of Odesa ports, which enabled the resumption of iron ore exports by sea. This development helped stabilize production and increase capacity. Additionally, operations at the Gannivsky open pit resumed during the summer, reaching nearly full capacity by the end of the year.

  • Leviathan Gold Acquires Foca Metals Corp. to Expand Silver and Base Metal Exploration in Bosnia

    Leviathan Gold Acquires Foca Metals Corp. to Expand Silver and Base Metal Exploration in Bosnia

    Leviathan Gold Ltd. (LVX – TSXV, 0GP – Germany) has acquired Foca Metals Corp. (formerly LS Lithium Corp.) through a share exchange agreement dated November 22, 2024. This acquisition secures Leviathan a 100% indirect interest in the Foča Project, a promising exploration site located in Republika Srpska, Bosnia and Herzegovina.

    The Foča Project spans 100.7 square kilometers across three active exploration licenses in a region geologically similar to Adriatic Metals’ Vareš Project. Vareš has reported significant Indicated and Inferred Mineral Resources, highlighting the area’s rich mineral potential within the Central Dinaride metallogenic zone of the Western Tethyan Belt.

    Leviathan’s exploration targets at Foča include:

    • Vrela Prospect: Historical drilling from the 1960s indicated an average thickness of 15 meters of mineralization grading 13.25% Pb+Zn. Recent soil and rock chip sampling confirmed high-grade mineralization extending over 2 kilometers northeast of historic drill sites.
    • Barice Prospect: Recent exploration identified massive sulphide mineralization with rock chip assays of up to 4.48% Cu, 110 g/t Ag, 30.2% Pb, and 6.45% Zn. A coherent Pb, Zn, and Cu soil anomaly was also mapped over a 500-meter strike.

    Leviathan plans to deploy trenching and Induced Polarization geophysical surveys at both prospects to define high-grade and bulk-tonnage drilling targets.

    CEO Luke Norman expressed enthusiasm about the acquisition, highlighting Bosnia’s favorable regulatory environment and the largely underexplored nature of the Central Dinaride Zone. “Despite Adriatic Metals’ success at Vareš and the historic Trepča complex in Kosovo, much of the region remains untouched by modern exploration, creating a significant discovery opportunity,” Norman said.

    Leviathan’s Balkan operating experience, combined with recent legal changes in Republika Srpska, offers a unique first-mover advantage in this promising region. With ongoing government and local support, Leviathan is well-positioned to advance the Foča Project and explore its potential for significant silver and base metal discoveries.

  • Harnessing Nature’s Elements: Magnesium’s Role in Planetary Restoration and Sustainable Investing

    Harnessing Nature’s Elements: Magnesium’s Role in Planetary Restoration and Sustainable Investing

    Amid the global climate crisis—marked by rising temperatures, ocean acidification, pollution, and land degradation—nature itself may hold solutions to address these challenges. Minerals like magnesium play a crucial role in planetary restoration efforts, offering potential benefits across ecosystems, agriculture, oceans, and human health.

    Magnesium, a cornerstone of photosynthesis, is vital for agriculture and forest health. It enhances plant nutrient uptake, bolsters soil fertility, and strengthens plant immunity. In oceans, magnesium hydroxide may help mitigate ocean acidification, preserving marine ecosystems like coral reefs. Magnesium is also essential for over 300 enzymatic processes in humans, supporting bone strength, nerve function, and cardiovascular health.

    Beyond magnesium, minerals such as olivine, lithium, cobalt, nickel, copper, and rare earth elements play pivotal roles in advancing sustainability. Olivine’s ability to sequester carbon when spread across beaches and exposed to ocean waves exemplifies nature’s potential to mitigate greenhouse gas emissions. Meanwhile, critical minerals fuel clean energy innovations like electric vehicles and renewable energy storage, which are essential for reducing carbon emissions.

    However, mineral extraction poses significant challenges, from environmental degradation to water contamination and CO2 emissions. Investors must consider not only a mineral’s quality and location but also environmental safeguards, geopolitical risks, regulatory frameworks, and local community relations. Collaboration across multiple sectors is key to responsible mining practices that prioritize both profits and planetary health.

    Strategic mineral investments represent an opportunity not only for financial returns but also for contributing to sustainable solutions for global challenges. With careful planning, investors can help shape a future where natural resources drive positive environmental change.

  • US Treasury Secretary to Visit Ukraine Amid Resource and Security Discussions

    US Treasury Secretary to Visit Ukraine Amid Resource and Security Discussions

    US Treasury Secretary Scott Bessent will travel to Ukraine this week, marking the first cabinet-level visit from former President Donald Trump’s administration to the war-torn country. The visit aims to negotiate US access to Ukraine’s rare earth minerals, energy resources, and key state-owned enterprises as part of a broader effort to end the Russia-Ukraine war and strengthen American resource security.

    According to an anonymous source, discussions will cover the possibility of a resource-sharing pact, under which the US would gain access to Ukrainian rare earths in exchange for ongoing support against Russian aggression. Trump and Ukrainian President Volodymyr Zelenskiy have expressed mutual interest in such an arrangement.

    US National Security Adviser Mike Waltz further emphasized on Sunday that the US aims to recoup its war-related expenditures by partnering with Ukraine on energy and natural resource projects, including oil and gas.

    A high-profile US delegation, including Secretary of State Marco Rubio, Vice President JD Vance, Defense Secretary Pete Hegseth, and Special Envoy for Ukraine Keith Kellogg, will also hold talks with European allies and Ukrainian officials this week.

    The Trump administration is reportedly pressuring European nations to purchase more American weapons for Ukraine, a move aimed at strengthening Kyiv’s defenses ahead of potential peace negotiations with Moscow.

  • Greenland Unveils New Mineral Resources Strategy Focused on Sustainability and Investment

    Greenland Unveils New Mineral Resources Strategy Focused on Sustainability and Investment

    Nuuk, Greenland – February 11, 2025 – The Government of Greenland has launched its Mineral Resources Strategy for 2025-2029, outlining a vision for a sustainable and prosperous future driven by responsible development of its mineral wealth. The strategy, which replaces the 2020-2024 plan, emphasizes sustainability, attracting investment, and capitalizing on critical mineral resources.

    Naaja H. Nathanielsen, Minister of Business, Trade, Mineral Resources, Justice, and Gender Equality, underscored the importance of the mining sector for global development and Greenland’s economic future. “The mineral resource industry is a necessary prerequisite for the continued development of the global community,” stated Nathanielsen in the strategy’s preface. “The global need for minerals can create jobs and growth locally and nationally, contributing to a more sustainable and robust economic development for us all.”

    The strategy identifies four key focus areas:

    Sustainability and Society: This area prioritizes public engagement, environmental responsibility, and social equity within the mining sector. Initiatives include public surveys on attitudes toward the industry, campaigns promoting education and job opportunities, and the development of gender equality guidelines for companies.

    Attractive Investment Frameworks: Greenland aims to reduce investor risk and stimulate economic growth through targeted tax agreements, streamlined administrative processes via digitalization, and strengthened infrastructure. The strategy also includes ongoing assessments of Greenland’s tax and royalty model to ensure competitiveness.

    Critical Minerals: Recognizing the growing global demand for critical minerals, Greenland will focus on strengthening international partnerships, particularly with the EU and the US, to secure markets for its resources.

    Geological Mapping and Geodata: To improve the attractiveness for exploration and investment, the strategy calls for continued geological mapping, scientific projects to generate new knowledge, and expanded availability of geoscientific data. Focus will also be on preventing natural disasters like landslides.

    The strategy emphasizes a holistic approach to sustainability, encompassing social, environmental, and economic dimensions. It recognizes the importance of balancing resource development with the needs of traditional industries like fishing and hunting, as well as protecting Greenland’s unique natural and cultural heritage.

    The plan outlines numerous concrete initiatives, including marketing efforts at international conventions, increased cooperation with export-import banks to support project financing, and the establishment of a certification system for small-scale licensees. The government also plans to facilitate meetings between investment funds and the mineral resources industry, as well as host an annual investment conference for global investors.

  • EU Awaits Clarification on Trump’s Proposed Metals Tariffs Before Responding

    EU Awaits Clarification on Trump’s Proposed Metals Tariffs Before Responding

    The European Commission announced on Monday that it will take action to protect EU interests following former U.S. President Donald Trump’s declaration of new 25% tariffs on steel and aluminum imports. However, the EU will wait for official clarification before responding.

    Trump’s statement, made on Sunday, signals a significant escalation in trade tensions. The Commission emphasized that it had not yet received formal notification of the tariffs and would not react based on broad announcements. In a statement, the EU reiterated that it sees “no justification” for such tariffs and will take necessary measures to safeguard European businesses, workers, and consumers.

    If confirmed, these tariffs would mirror Trump’s 2018 trade policies, which saw 25% duties on steel and 10% on aluminum, impacting €6.4 billion ($6.6 billion) worth of EU exports. The EU previously retaliated with tariffs on U.S. goods, but a suspension was negotiated under President Joe Biden.

    A key concern for European steel producers is that U.S. import restrictions could redirect 15 million tons of steel originally destined for the U.S. into the EU market, potentially destabilizing the industry. One EU diplomat indicated that if Trump’s policies mirror his first term, the EU’s response is likely to be similar as well.

  • Poland May Extend Copper Output Tax Reduction Beyond 2027

    Poland May Extend Copper Output Tax Reduction Beyond 2027

    Poland’s Finance Minister, Andrzej Domański, announced on Monday that a planned reduction in the copper output tax could be extended beyond 2027. The government is considering prolonging tax relief measures to support the industry amid economic challenges.

    Earlier in the day, Domański confirmed that the tax cuts would lower government revenues by approximately 500 million zlotys ($123.4 million) in 2026 and 700 million zlotys in 2027. The move aims to provide financial relief to copper producers, ensuring competitiveness in the global market.

    The Polish government’s decision on whether to extend the tax reduction beyond 2027 will depend on economic conditions and industry performance in the coming years.