MINEX Forum

Website: Europe.com

  • Amaroq Minerals Achieves First Gold Pour at Nalunaq Mine in Greenland

    Amaroq Minerals Achieves First Gold Pour at Nalunaq Mine in Greenland

    Amaroq Minerals has celebrated a major milestone with the first gold pour at its flagship Nalunaq gold mine in Greenland. The pour occurred on Wednesday, following the Greenlandic government’s approval of Phase 1 commissioning for the Nalunaq processing plant. Over a ten-hour period, the initial pour yielded 1.2 kg of gold.

    The company stated it will optimize the processing plant during this initial phase and aims to achieve weekly gold pours. Looking ahead, Phase 2 commissioning, which includes a flotation circuit, is expected to conclude by the second quarter of 2025.

    Ramp-up to a steady operational capacity of 260-300 tonnes per day with gold grades of 12-16 g/t is anticipated in the fourth quarter of 2024. Additionally, Amaroq plans to release an updated mineral resource estimate for Nalunaq in early 2025.

    The Nalunaq mine previously produced over 350,000 oz. of gold between 2004 and 2013. Since acquiring the project in 2015, Amaroq has expanded the resource base through exploration and introduced a new geological model centered on the Dolerite Dyke.

    Following the announcement, shares of Amaroq Minerals rose 2% to reflect a market capitalization of C$559 million ($399 million).

  • Bulgaria Grants Exploration Permit to Technostroy-Engineering 99

    Bulgaria Grants Exploration Permit to Technostroy-Engineering 99

    Bulgaria’s caretaker government has approved an industrial minerals exploration permit for the Malomir-2 area. The permit has been awarded to Technostroy-Engineering 99, a Yambol-based construction company, which plans to invest a minimum of 47,000 levs (approximately $25,285 or 24,031 euro) in exploration activities. The permit is valid for a one-year period, according to an official statement from the government.

    The Malomir-2 area is situated near the villages of Malomir and Tenevo, in the southeastern Yambol region, highlighting the area’s potential for industrial mineral resources.

  • Arras Minerals to Launch Copper and Gold Drilling in Kazakhstan by 2025

    Arras Minerals to Launch Copper and Gold Drilling in Kazakhstan by 2025

    Arras Minerals, a Canadian mining company, has announced plans to commence active drilling for copper and golddeposits in Kazakhstan’s Pavlodar region in the first half of 2025. This decision follows an extensive geological exploration campaign conducted in 2024, covering a 1,700-square-kilometer area near its Beskauga, Elemes, and Tay projects close to Ekibastuz.

    During its exploration efforts, the company drilled 435 holes and collected 35,000 soil samples, identifying promising sites for further drilling. The first phase of drilling will target high-priority copper deposits under shallow cover, previously unexplored. Tim Barry, CEO of Arras Minerals, expressed excitement about the progress, stating: “We anticipate commencing drill-testing of several high-priority copper targets, currently undrilled and under shallow cover, in the first half of 2025.”

    The exploration focuses on two main sites: a 1,300-square-kilometer area located 56 kilometers northwest of Ekibastuz near the Bozshakol mine, owned by Kaz Minerals, and another site 90 kilometers southeast of Ekibastuz, which includes the Akkuduk and Norgubek projects. Both areas are believed to hold substantial copper and gold reserves.

    Arras Minerals is positioned as a major player in Kazakhstan, holding the third-largest license package for copper and gold exploration, behind only Rio Tinto and Fortescue. In December 2023, the company secured a partnership with Teck Resources Limited (TRL), under which Teck will invest $5 million in geological exploration between 2024 and 2025. Teck Resources also holds a 10% stake in the Beskauga project.

    In a September 2024 interview, Darren Klinck, President of Arras Minerals, praised Kazakhstan’s mining industry reforms, highlighting the nation’s adoption of practices from regions like Western Australia and Canada. Klinck described Kazakhstan as one of the most business-friendly mining jurisdictions, noting the country’s significant progress in attracting international investment.

    With these advancements, Arras Minerals is well-positioned to contribute to and benefit from Kazakhstan’s growing mining sector, which continues to attract global attention.

  • European Lithium Secures Leinster Project, Strengthens Leadership

    European Lithium Secures Leinster Project, Strengthens Leadership

    European Lithium has successfully acquired LRH Resources, the operator of the Leinster lithium project in Ireland, from UK-based Technology Minerals. The Leinster project encompasses an extensive area south of Dublin, with 15 prospecting licenses covering 477 km² and an additional eight licenses spanning 284 km². Notably, the region includes several lithium-bearing spodumene pegmatites across its northern and southern blocks.

    As part of the agreement, European Lithium will issue 1.37 million shares in Critical Metals Corp to Technology Minerals, with a lock-up period lasting until February 28, 2025.

    Chairman Tony Sage highlighted that this acquisition aligns with the company’s strategy to expand its presence in the European lithium market. He stressed the significance of the deal in supporting the European Union’s sustainability goals, securing supply chains for critical minerals crucial for the transition to a low-carbon economy. Sage also emphasized the strategic value of their investment in Critical Metals Corp, which facilitated the acquisition.

    To bolster its exploration efforts, European Lithium has appointed George Karageorge, an experienced geologist and international mining executive, as its Executive General Manager of Exploration. Karageorge brings a proven track record of advancing mining projects from exploration to production, having collaborated with several ASX and TSX-listed companies. His leadership is expected to enhance the company’s exploration and development activities in Europe.

    European Lithium, which also owns the Wolfsberg lithium project in Austria, aspires to become Europe’s first local lithium supplier, playing a vital role in the region’s integrated battery supply chain. The company’s strategic positioning aims to address the surging demand for lithium across Europe, solidifying its status as a key player in the sector.

     

  • Ukraine and USA Partner on Critical Minerals Supply Chain Cooperation

    Ukraine and USA Partner on Critical Minerals Supply Chain Cooperation

    The governments of Ukraine and the United States have signed a Memorandum of Understanding (MoU) to enhance cooperation in the critical minerals sector, focusing on strengthening supply chains for energy, national security, and economic development.

    Ukraine holds 23 of the 50 critical minerals identified by the United States as essential. These minerals, including titanium and lithium, require significant investments and advanced environmentally friendly technologies for exploration, extraction, and processing.

    Under the MoU, both nations will exchange information and expertise on best practices to boost the competitiveness of the mining sector. The agreement aims to attract investment in the exploration, extraction, processing, and recycling of critical minerals, adhering to ESG standards. It also supports the development of safe, sustainable, and responsible supply chains to serve global markets.

    The United States will promote investment opportunities in Ukraine’s mining projects among US companies and the Minerals Security Partnership Forum. Success will depend on Ukraine’s ability to implement key measures, including free access to mineral reserve data, international bidding rounds, access to detailed mining business opportunities, and the creation of financial and economic incentives.

    This collaboration positions Ukraine as a potential hub for critical mineral development, advancing global efforts in securing sustainable mineral resources.

  • Ukraine and Italy are expanding cooperation in the supply of critical raw materials

    Ukraine and Italy are expanding cooperation in the supply of critical raw materials

    Ukraine and Italy are enhancing cooperation in the supply of critical raw materials, as announced by Ukrainian Deputy Prime Minister Yuliia Svyrydenko at the Italy-Ukraine Business Forum in Rome.

    Italian firms like Camozzi and Bondioli & Pavesi, with operational plants in Ukraine, were highlighted alongside Danieli, a major supplier for Ukrainian metallurgy.

    This collaboration aims to develop value chains, attract investments, and promote sustainable practices within the sector. The partnership will also focus on research and innovation, involving cooperation between Italian and Ukrainian geological and environmental institutions.

     

  • Major Executive Shake-Up at Aurubis Following Massive Fraud Losses

    Major Executive Shake-Up at Aurubis Following Massive Fraud Losses

    In response to fraud-related losses in the hundreds of millions, Hamburg-based copper producer Aurubis is undergoing significant leadership changes. On Monday evening, the company confirmed that three out of four executive board members, including CEO Roland Harings, will step down. This move follows “advanced talks” with the supervisory board about terminating their positions.

    Harings, along with CFO Rainer Verhoeven and Chief Production Officer Heiko Arnold, will leave the executive board by February, June, and September of next year, respectively. Despite the impending departures, Aurubis stated that these executives will continue fulfilling their duties until their exit dates.

    The supervisory board initiated an investigation into the leadership’s role in connection with multiple cases of fraud and theft that caused significant financial damage. These incidents included a €169 million shortfall in metal stock discovered during regular checks, resulting in manipulated samples and over-invoicing.

    As a result, the company reported a 33% drop in earnings before interest and taxes (EBT) to €349 million for the fiscal year 2022-23, with revenue falling nearly 8% to €17.1 billion. Despite these challenges, Harings emphasized that security measures have since been strengthened to prevent future incidents.

    A final decision on the leadership changes is expected to be made by the supervisory board on Tuesday.

  • Solaris Resources Appoints New CEO and Moves Headquarters to Switzerland

    Solaris Resources Appoints New CEO and Moves Headquarters to Switzerland

    Solaris Resources has appointed Matthew Rowlinson, former head of copper at Glencore, as its new CEO, effective January 1. Rowlinson, who spent 11 years at Glencore, brings extensive merger and acquisition experience to Solaris as the company advances plans to move its headquarters to Zug, Switzerland. The move is part of an effort to avoid national security reviews that derailed a C$130 million deal with China’s Zijin Mining earlier this year.

    The relocation, coupled with significant board changes, underscores Solaris’ commitment to expanding its operationsand focusing on its flagship Warintza project in Ecuador. The company also plans to spin out non-core assets, including the La Verde, Capricho, and Paco Orco copper projects, into a new company.

    “This is a pivotal moment for Solaris,” said Richard Warke, Solaris’ executive chair, highlighting the company’s focus on advancing permitting and construction for Warintza, which is expected to be one of the last major copper districts developed at low elevation and near infrastructure.

    The shift to Switzerland is seen as a strategic decision to mitigate political risks, following Canada’s earlier security review of Chinese investments. Despite the shift, Solaris’ stock market listings and tax obligations will remain unaffected. Solaris shares rose by 1.2% to C$4.29 on Thursday, bringing the company’s market value to C$711.5 million.

    In addition to Rowlinson, Rodrigo Borja, an experienced Ecuadorian lawyer, and Hans Wick, a financial services expert, have joined the company’s board. This strategic restructuring is aimed at positioning Solaris for growth and enhancing its copper portfolio, particularly at its La Verde project in Mexico and its Capricho and Paco Orco projects in Peru.

  • Islands Decarbonization Fund Launched in Greece with €1.6 Billion Financing

    Islands Decarbonization Fund Launched in Greece with €1.6 Billion Financing

    The Islands Decarbonization Fund was officially launched on the island of Naxos, supported by the European Investment Bank (EIB), the Greek government, and the European Commission. This initiative, described as a smaller-scale version of the European Union’s Recovery and Resilience Facility (RRF) by Deputy Minister of Environment and Energy Alexandra Sdoukou, is focused on advancing green development across Greek islands.

    The fund, with contributions from EIB and public resources, is expected to total €1.6 billion, with an aim to mobilize investments of €3 billion to €5 billion. The government plans to fund its share by gradually selling 25 million carbon allowances (EUAs) under the European Union Emission Trading System (EU ETS).

    During the launch ceremony, Prime Minister Kyriakos Mitsotakis emphasized the initiative’s dual benefits, stating, “We are making lives better through this initiative. At the same time, we improve our economy and strengthen our energy security.”

    Key projects include:

    • €550 million for interconnecting the Dodecanese islands and islands in the northern Aegean Sea to the mainland grid, as part of a €2 billion project by the Independent Power Transmission Operator (IPTO).
    • €135 million for renewable energy self-consumption projects, including battery systems for households, businesses, municipalities, and farmers.
    • €140 million for solar and wind farms with battery systems in connected islands, offering grants covering 40% of costs.
    • €210 million for hybrid renewable energy plants with batteries on non-interconnected islands such as Rhodes, Kos, and Lesbos, covering 42% of costs.

    These initiatives aim to replace diesel power generators, meeting 30% to 40% of electricity needs with renewable energy. Additionally, €260 million is allocated for an offshore wind farm, €100 million for water supply and pumped-storage hydropower plants, €30 million for a car charging network, and €100 million for providing green electricity to ships in harbors.

    The projects are projected to reduce CO2 emissions by one million tonnes annually and save consumers €3.8 billion in energy costs over 25 years. Minister of Environment and Energy Thodoros Skylakakis noted the initiative’s impact on tourism, stating, “This effort will send a green message with great importance when it comes to our tourism as well.”

  • European Commission Approves €790 Million Aid for Closure of Romanian Coal Mines

    European Commission Approves €790 Million Aid for Closure of Romanian Coal Mines

    The European Commission has approved a Romanian state aid measure worth €790 million (approximately RON 3.9 billion) to address the exceptional costs associated with the closure of four uncompetitive coal mines in the Jiu Valley—Lonea, Lupeni, Livezeni, and Vulcan. This decision aligns with the European Union’s state aid rules and supports Romania’s efforts to phase out coal production by 2032, in accordance with the National Recovery and Resilience Planand the Territorial Plan for a Just Transition.

    The beneficiary of this measure is Societatea Complexul Energetic Valea Jiului S.A., the operator of the four mines and the Paroșeni power plant. The allocated funds will cover social costs for workers affected by the mine closures, as well as safety and environmental rehabilitation measures. This includes securing mine shafts, repairing environmental damage, and reclaiming land for future use.

    The aid will be allocated for eligible costs incurred between October 1, 2023, and December 31, 2032. To ensure transparency and compliance, an independent consultant will be appointed to monitor coal extraction, ensuring it is limited to public safety needs, such as preventing spontaneous combustion. Annual reports will be provided to maintain oversight.

    “This measure will help Romania carry out the necessary safety and rehabilitation work to facilitate mine closures while mitigating the social impact of the transition. It ensures that no one is left behind in the green transition,” said European Commission Vice-President Margrethe Vestager.

    The European Commission evaluated the measure under Article 4 of Council Decision 2010/787/EU, determining that the aid strictly covers the exceptional costs arising from the mine closures, with no link to current production. Based on these findings, the Commission deemed the measure compatible with EU internal market rules.