MINEX Forum

Website: Europe.com

  • Baffinland, German firm explore low-carbon steel production

    Baffinland, German firm explore low-carbon steel production

    Baffinland Iron Mines Corp., the largest private-sector employer in the territory, has joined forces with German steelmaker ROGESA Roheisengesellschaft Saar mbH to explore the development and production of low-carbon “green” steel using iron ore extracted in Nunavut.

    The collaboration, formalized through a memorandum of understanding, aims to further investigate the utilization of iron ore sourced from the Mary River Mine, situated on northern Baffin Island, in the steelmaking process, as announced by both companies in a recent news release.

    According to Peter Akman, spokesperson for Baffinland, the ore extracted at the Mary River Mine ranks among the “highest-grade direct shipping iron ore in the world.”

    The partnership aligns with ROGESA’s emissions-reduction initiatives, which necessitate high-quality iron ore, a requirement that Baffinland can fulfill.

    Carbon plays a crucial role in steel production, enhancing its strength and durability. “Green” steel typically refers to steel manufactured with reduced carbon emissions, aiming to mitigate the environmental impact of steel production.

    Steel manufacturing is a significant contributor to global carbon emissions, amounting to eight percent of the total, as reported by the World Economic Forum in 2022.

    According to Akman, the production of low-carbon or green steel is pivotal in the global transition toward reducing the environmental footprint of the steel industry.

    Baffinland’s involvement in low-carbon steel production will primarily focus on its on-site mining operations and shipping processes. Notably, the iron ore extracted at the Mary River Mine undergoes crushing and screening on-site before being directly shipped to markets, eliminating the need for concentration or processing and, consequently, minimizing tailings production.

    Regarding potential job creation at the Mary River Mine resulting from the agreement with ROGESA, Akman stated that as the company gains insights into the process, it may lead to new production developments and, subsequently, employment opportunities.

    This collaboration marks Baffinland’s third initiative to explore the utilization of Nunavut iron ore in low-carbon steel production, following similar memorandums of understanding signed last year with German steel production companies Salzgitter Group and ThyssenKrupp Steel.

  • European Lithium and Sizzle conclude business merger

    European Lithium and Sizzle conclude business merger

    European Lithium has finalized a strategic partnership with Sizzle Acquisition, resulting in the establishment of Critical Metals.

    This collaboration positions the Wolfsberg Lithium Project as the inaugural flagship asset of Critical Metals, with the company’s immediate focus on advancing the mine’s construction and commissioning.

    The successful conclusion of the transaction and subsequent listing of Critical Metals on the Nasdaq represent significant milestones in bolstering the development of this pivotal lithium asset, essential for Europe’s transition to green energy.

    As part of the agreement, European Lithium has received 67,788,383 ordinary shares in Critical Metals, securing the company’s status as the largest shareholder with an 83.03% stake in the issued capital.

    The estimated value of European Lithium’s investment in Critical Metals currently stands at $839 million (A$1.3 billion), based on the closing share price of $12.38 per share as of February 29, 2024.

  • “Metinvest” sold more than half of its products in the EU

    “Metinvest” sold more than half of its products in the EU

    In the first half of 2023, the Mining and Metallurgical Group “Metinvest” sold 55% of its metallurgical and mining products in the countries of the European Union (EU). At the same time, 35% of this production was sold in Ukraine, 2% in MENA countries, 1% in CIS countries, and 7% in other regions. The total revenue amounted to $2.423 billion.

    It is noted that sales of metallurgical products decreased by 33% in the first half of 2023 compared to the same period of the previous year. This was mainly due to the reduction in production volumes at Ukrainian metallurgical enterprises, as well as due to the decrease in average selling prices. However, this situation was partially offset by the increase in the volumes of billets, long products, and coke sales.

    The positive dynamics for the first half of 2023 compared to the second half of 2022 is due to higher sales volumes of finished products, semi-finished products, and coke.

    However, sales of iron ore products also decreased by 32% in the first half of 2023 compared to the first half of 2022, mainly due to falling iron ore prices and reduced shipments due to the blockade of Ukrainian ports. Nevertheless, this was partially offset by increased sales volumes of sinter and concentrate of coking coal.

    The Metinvest Group consists of mining and metallurgical enterprises in Ukraine, Europe, and the United States, with the main shareholders being SCM Group and Smart-Holding. The managing company of the group is Metinvest Holding LLC.

  • Growing value through discovery in the Balkans

    Growing value through discovery in the Balkans

    Terra Balcanica, a junior Canadian explorer of critical metals, eyes untapped opportunities at Europe’s doorstep.

    What do you get when you combine a millennia of mining history, two resource extraction-friendly European jurisdictions with clear paths to permitting mineral exploration concessions, a knowledgeable workforce, and a continent starved for critical metallic resources?

    Add to that a world class metallogenic expertise and a plethora of innovative geochemical and geophysical techniques that helped define grassroot drill targets in less than a year, all of which proved to be mineralised. Welcome to Terra Balcanica Resources Corp. and its ~350km² polymetallic portfolio of the Western Balkan Peninsula.

    Terra Balcanica is a junior Canadian explorer of precious and base metal resources in Europe’s front yard, where it has been advancing five exploration licenses in Bosnia and Serbia. Listed on both the Canadian Securities Exchange, and the Frankfurt Stock Exchange, the company has made strides since acquiring its flagship land package in eastern Bosnia in 2020.

    Called the Viogor-Zanik Project, the 215km² aggregate of licences surrounds the operation Sase mine (Mineco Ltd.) with an annual production of 350,000 tonnes of Pb-Zn-Ag+/- Sb concentrate, and is centred upon a mining district mined as far back as the Roman times when it was known as Argentaria.

    A multidisciplinary approach to target definition

    In slightly over three years, Terra’s technical and field teams have mapped, sampled, surveyed, and drilled two out of three highly prospective target zones within the only Oligo-Miocene manifestation of the highly prolific Western Tethyan orogen in Bosnia and Herzegovina.

    The belt, whose mapped southeastern extension reaches Afghanistan via the Balkans, Turkey, and Iran, features world class porphyry copper and epithermal gold-silver deposits (Sarcheshmeh, Sari Guni, Kişladag, Skouries, Olympias, Trepca), and terminates right at Terra Balcanica’s feet as the metalliferous Srebrenica Magmatic Complex.

    Here, a meticulously systematic approach of layering dozens of data sets obtained by months of lithological and structural mapping, combined by those gained from airborne geophysics, satellite multispectral terrain surveys, and thousands of rock and soil chemical assays revealed two genetically distinct, yet equally attractive targets worth drill testing.

    And drill, Terra did. Both the Cumavici and Brezani targets were tested to the tune of over 2,000m of diamond drilling, respectively, with attractive metal grades intercepted close to surface but the story does not stop with Bosnia.

    In neighbouring Serbia and another mining heavyweight of Europe (e.g. Timok District), Terra Balcanica operates two exploration concessions in the historic Rashka district, once home to many a medieval Saxon miner employed by the Serbian kings of the epoch.

    Here, the Ceovishte and Kaludra licences comprise a 130km² land portfolio rich in Zn-Pb-Ag-Au-Cu showings. Particularly interesting is the former, where Terra’s geologists have collected high-grade precious metal samples on-surface that overlay historical workings featuring highly enriched vein-hosted mineralisation. None of the Serbian targets have been drill tested to date, and remain Terra’s immediate focus for the 2024 Phase III campaign.

    As only the second (foreign) mineral explorer in Bosnia, Terra Balcanica is poised to capitalise on regional early-mover opportunities, while remaining a nimble, agile, and cost-effective explorer of choice in SE Europe.

    For many at Terra, discovering mineable resources needed by the world of tomorrow is not just a self-evident mission but an homage to the proud, century-long history of mining in Europe.

    The art of discovery

    Ours is a disciplined and creative team of mining professionals that has demonstrated an ability to make discoveries in places overlooked or abandoned by others, and to leverage these forgotten or neglected gems as incubators of the mining continuum, and value creators for our shareholders.

    Whether it is systematically rehashing volumes of archived data sets, modelling newly acquired geophysical data, or rapidly ground-truthing the rugged vast expanse of the Western Balkan Peninsula aimed at targeting the ‘sweet spots’ – discovery is in our geological DNA. Our leadership group and technical team are fully vested and singularly committed to this goal.

    The Čumavići target

    Within the Viogor-Zanik Project of eastern Bosnia and Herzegovina lies the Čumavići target. This shallow, high-grade, polymetallic target area extends for over seven kilometres NW/SE through the project. Tens of mineralised showings which returned assay grades up to 128 g/t silver and 20% zinc are visible alongside historic mining works. Silver-zinc-manganese-antimony all show anomalism in soil geochemistry, coupled with linear magnetic low responses (indicative of possible host structures).

    Terra has completed diamond drilling at two locations and discovered polymetallic veins and breccias returning assay grades up to 11m at 505 g/t silver equivalent (gold-silver-lead-antimony-zinc recalculated to the value of silver) in 2022 drillhole CMVDD004.

    Individual drill core samples have returned values as high as 1,420 g/t silver over 1.7m and 31% combined lead and zinc over 90cm. Terra has only scratched the surface of the Čumavići story and is excited to continue drilling in 2024. As more mineralisation is discovered within the Čumavići corridor it is worth noting the proximity of Terras discovery to the operating Sase Mine, actively depleting their ore reserves.

    The Brežani target

    Just 11km to the southeast, within the Viogor-Zanik Project. lies the Brežani target. A greenfield discovery in 2021, Brežani presents a kilometre-scale mineralised hydrothermal system first identified as a large magnetic anomaly, coupled with over 700m strike length of elevated gold in soil. Drilling at the target has revealed not only that the gold on surface extends down to 88m (results from drillhole BREDD002) but is also host to strong epithermal mineralisation at depth.

    The gold in drill core was consistent at 0.5 g/t, reaching up to 1.5 g/t for six metres. Brežani represents the only gold mineralised skarn (a calc-silicate rock) in Bosnia and Herzegovina and is set to grow with further drilling.

    Recently discovered and extensive epithermal mineralisation encountered downhole shallows to the east-northeast, where a similar element assemblage of silver-arsenic-antimony is present within rock and soil samples from a topographic low, coupled with a magnetic low. This offers shallower drill targets for this prospective polymetallic mineralisation.

    Prospective work at Ceovishte

    Terra Balcanica also operates in neighbouring Serbia, where it holds 80km² of highly prospective land in the historic Raška mining district. The Ceovishte Project represents a previously overlooked high grade gold-copper target with surface rock chip assay results up to 64 g/t gold and 2% copper.

    What is in store for 2024?

    As a regional Balkans explorer, Terra Balcanica has proven capabilities of identifying prospective projects and discovery mineralisation. Being on the doorstep of Europe, and given the demand for critical metals such as lithium, Terra has identified a prospective area and is looking to move into the battery metal exploration space.

    The western Balkan Li-B (lithium-boron) metallogenic zone spans for over 1,500km through Croatia, Bosnia and Herzegovina, Serbia, and Kosovo along its path to Turkey to the east. The Serbian portion of the zone hosts Rio Tinto’s Jadar Project, a sediment hosted lithium-boron deposit discovered in 2004 hosting indicated resources of 85.4Mt at 1.76% Li2O and 16.1% B2O3 with further inferred resources of 58.1Mt at 1.87% Li2O and 12.0% B2O3 as of 31 December 2021.

    Terra Balcanica is excited to commence its lithium exploration journey in 2024 and add value to an already diversified portfolio of assets.

    Sustainable mineral exploration practices

    At Terra Balcanica, we emphasise responsible engagement with local communities, municipal governments, and key stakeholders. The company is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

    We are particularly proud of our workplace safety and environmental protection record that include safety trainings, baseline environmental surveys, and regular community initiatives. The goal is to have our employees return to their families safely while maintaining a minimal environmental footprint.

  • Raiden Resources advances its exploration projects in Pilbara, Australia, and Bulgaria

    Raiden Resources advances its exploration projects in Pilbara, Australia, and Bulgaria

    Raiden Resources Limited has made significant strides in its exploration projects, both in Pilbara, Australia, and Bulgaria, heralding a potentially fruitful future in mineral exploration. The company recently completed an Induced Polarisation orientation survey at the Mt Sholl Project, revealing optimistic signs for mineralization. Concurrently, Raiden has advanced its Zlatusha Joint Venture in Bulgaria, setting the stage for a drilling program later this year.

    Exploration Breakthroughs and Future Plans

    Under the guidance of Managing Director Dusko Ljubojevic, Raiden Resources has undertaken a comprehensive geophysical orientation survey at the Mt Sholl Project. This endeavor has not only showcased the project’s potential but has also laid down a roadmap for future exploration activities. The survey’s promising results have steered the company towards planning an extensive drilling program in the Pilbara region for the remainder of 2024. In parallel, Raiden’s permit-wide targeting exercise over the Zlatusha Joint Venture in Bulgaria signifies a leap forward, with drilling activities scheduled to commence later in the year.

    Strategic Expansion in the Mining Sector

    The company’s proactive approach in both Australian and Bulgarian territories underlines its commitment to expanding its mining portfolio. This strategic expansion is not just about exploring new territories but also about strengthening Raiden Resources’ position in the global mining sector. The meticulous planning and execution of geophysical surveys, coupled with the upcoming drilling programs, underscore the company’s determination to explore and exploit potential mineralization zones.

    Implications for the Future

    The advancements made by Raiden Resources in its exploration projects are poised to have significant implications for the mining industry. The successful completion of the Induced Polarisation orientation survey and the detailed targeting exercise in Bulgaria are indicative of the potential for substantial mineral discoveries. These developments not only enhance Raiden’s portfolio but also contribute to the broader mining sector by potentially uncovering new resources. As the company moves forward with its drilling programs in Pilbara and Bulgaria, the industry watches closely, anticipating the outcomes that may redefine the landscape of mineral exploration.

  • Teako Minerals announces strategic pivot with Norway as key focus

    Teako Minerals announces strategic pivot with Norway as key focus

    TEAKO MINERALS CORP. (the “Company” or “Teako“) announces that following a recent Norwegian parliament meeting and the various developments in mineral exploration in Fennoscandia in recent years, the Company has decided to pause exploration efforts in British Columbia, to primarily concentrate on Norway, while also maintaining a minor focus on Finland. The majority of the Company’s projects in British Columbia are in good standing for 2-3 years, allowing the Company the strategic flexibility to explore various alternatives, including the potential of partnering with other parties or selling the projects, as part of its ongoing commitment to maximizing shareholder value. Investors will be regularly informed of developments, ensuring transparency and continuous engagement with our valued stakeholders.

    The primary targeted metals in Norway will be copper, cobalt, and base metals, as well as gold and rare earth minerals (or “REE”), while in Finland, the focus will be on gold.

    The Rationale Behind the Pivot

    Access to critical and battery metals is crucial to establishing a robust value chain in Europe and carrying out the green shift. Today, most of the battery metals, such as nickel, cobalt, and lithium, are produced outside Europe, often in countries with low ESG standards. The EU has introduced a goal that 10% of all critical minerals consumed in the EU in 2030 will need to be produced in the EU by 2030. This means that the production of battery metals within the EU must be dramatically increased to attain this goal.

    Oil and gas have been the primary contributors to Norway’s recent sovereign wealth. However, in alignment with the green shift and rising commodity prices, the mineral exploration industry and Government are keen on reviving the mining and exploration sector, which became dormant in the 1970s due to low commodity prices and the discovery of oil and gas.

    The bedrock in Norway is promising for discoveries of new occurrences of battery and critical metals with its rich history of mining copper, nickel, and cobalt. Only a handful of exploration companies have carried out systematic exploration since the late 1980s; however, multiple major mines are about to open/reopen very shortly, namely the REE mines of Engebø and Fensfelt, as well as the copper mine in Finnmark by Nussir.

    Norway is currently also a world leader in renewable energy production, with an estimated 92% of the country’s energy supply being derived from hydroelectric plants and a further 6% from wind energy and other renewable sources.

    More recently, the Company was invited to attend and contribute to an event at the Norwegian Parliament held on January 16, 2024. The event focussed on sustainable exploration and extraction of critical metals, bringing together a diverse group of experts and industry leaders to discuss establishing Norway’s pivotal role in the European battery and critical minerals supply chain.

    The event surrounded a cross-political specialist seminar with representatives and advisors in the energy and environment committee, the finance committee, the industry committee, mining companies, politicians, and various organizations. The event was followed by a networking gathering where Teako and another Service Alliance partner, Kuniko Limited, and Norsk Bergindustri, met.

    The Company would like to express its profound gratitude to the Norwegian Parliament for the opportunity to contribute to the discussions on the development of Norway’s critical mineral infrastructure. We also sincerely thank Norsk Bergindustri and our Service Alliance partner, Kuniko Limited, for hosting the networking gathering.

  • Kazatomprom Claims Top Spot Among Global Uranium Producers

    Kazatomprom Claims Top Spot Among Global Uranium Producers

    Kazatomprom National Atomic Company has secured its position as the leading global uranium producer, as reported by Insider Monkey, a financial website renowned for its expertise in insider trading and hedge fund data, on February 23.

    Serving as Kazakhstan’s premier operator for uranium export and import, nuclear power plant fuel, and associated technologies, Kazatomprom contributes a remarkable 23% to the global uranium supply, solidifying its status as the largest producer and distributor of natural uranium on a worldwide scale.

    In the year 2022 alone, Kazatomprom achieved an impressive production output of 11,373 tons of uranium, showcasing its significant contribution to the global uranium market.

    Data from the Samruk Kazyna Sovereign Wealth Fund reveals that Kazakhstan emerged as a dominant force in uranium mining during the same year, accounting for a substantial 42% of global production, with Kazatomprom alone representing 22% of this share.

    Furthermore, according to the European Atomic Energy Community (Euroatom), Kazakhstan played a pivotal role in 2022, contributing to 26.82% of the European Union’s uranium imports, underscoring its significance as a key player in the European uranium market.

    Insider Monkey, renowned for its reputable financial news and investment insights, provides comprehensive analysis, data-driven articles, and market updates to empower investors of all levels. With a focus on topics such as stock market trends, investment strategies, and financial news, Insider Monkey equips individuals with the knowledge needed to make informed investment decisions through its extensive coverage and thorough research.

  • Adriatic Metals produces first concentrate at Bosnian silver mine – Nasdaq

    Adriatic Metals produces first concentrate at Bosnian silver mine – Nasdaq

    Adriatic Metals ADT1.L, a British-based mining company, announced on Wednesday that it has achieved a significant milestone by producing the first concentrate at its Vares silver project located in central Bosnia.

    Despite initial plans to commence production at the Vares mine in January, the company successfully produced the first concentrate on Tuesday. However, the official opening of the plant is scheduled for March, marking the culmination of six years of exploration efforts and a substantial investment of $200 million.

    Moving forward, the project aims to gradually increase its processing capacity, with plans to reach approximately 65,000 metric tons per month by the fourth quarter of this year, according to the company’s statement.

    To enhance production levels, Adriatic Metals intends to blend high-grade stockpiled ore with lower grade stockpiles, a strategy aimed at optimizing output.

    Anticipating significant output, the company forecasts an annual extraction of around 800,000 tons of polymetallic ore from the Vares mine. This is expected to yield approximately 65,000 tons of lead-silver concentrate and 90,000 tons of zinc concentrate annually. The projected ore export revenue stands at approximately 800 million Bosnian marka ($444 million) per year.

  • The Antwerp Declaration for a European Industrial Deal

    The Antwerp Declaration for a European Industrial Deal

    The Antwerp Declaration for a European Industrial Deal was recently presented on 20th February 2024 to the Belgian Presidency of the Council of the EU and Commission.

    Endorsed by 447 signatures across 20 sectors, emphasises the urgent need for clarity, predictability, and confidence in Europe’s industrial policy. The declaration asserts that a European Industrial Deal is essential to complement the Green Deal and ensure the retention of high-quality jobs for European workers.

    Outlined in the declaration are ten key calls to action directed towards Member State Governments, the European Commission, and Parliament:

    1. Put the Industrial Deal at the core of the new European Strategic Agenda for 2024-2029.
    2. Include a strong public funding chapter with a Clean Tech Deployment Fund for Energy Intensive Industries.
    3. Make Europe a globally competitive provider of energy by prioritizing new projects for abundant and affordable low-carbon renewable and nuclear energy.
    4. Focus on the infrastructure Europe needs by targeting recovery funds to build world-class EU Energy, digital, CCUS, and recycling infrastructures.
    5. Increase the EU’s raw materials security through scaling up domestic mining, sustainable processing, and recycling capacity for crucial raw materials.
    6. Boost demand for net-zero, low-carbon, and circular products through consumer empowerment and public procurement initiatives.
    7. Leverage, enforce, revive, and improve the Single Market to transition integrated value chains and address fragmentation.
    8. Make the innovation framework smarter by fostering high-quality science, technological innovation, and collaborative policies.
    9. Promote a new spirit of law-making that fosters entrepreneurship, avoids over-regulation, and ensures coherence.
    10. Ensure the structure allows to achieve results by installing a First Vice-President responsible for the delivery of the European Industrial Deal.

    The declaration underscores the importance of keeping industry in Europe to deliver the climate solutions needed, emphasizing that only with a strong industrial fabric and strengthened social dialogue can the green transition be achieved in a just manner. It emphasizes the need for a European approach to support industry throughout the transition, maintaining the integrity of the internal market while considering global competition.

    The declaration concludes by inviting companies, organisations, and associations to support the Antwerp Declaration and join the efforts to strengthen Europe’s industrial landscape.

    For more details and updates on the Antwerp Declaration, visit the official website: https://antwerp-declaration.eu/

  • Rovina Valley project is setting a new standard for sustainable mining in Romania

    Rovina Valley project is setting a new standard for sustainable mining in Romania

    Toronto-listed Euro Sun Mining, under the leadership of South African CEO Grant Sboros, is charting a new course for gold and copper mining in Romania with its Rovina Valley project. This initiative not only aligns with the European Union’s Critical Raw Materials Act but also sets a new standard for environmental sustainability in mining operations. Sboros’s active engagement with the Romanian government and the local community underscores a collaborative approach to ensure the project’s success and compliance.

    Euro Sun Mining’s Rovina Valley project is a beacon of innovation in the mining industry, emphasizing the exclusion of cyanide and wet tailings from its process. This method reflects a growing trend towards more environmentally friendly mining practices. The project’s focus on copper, a critical raw material, is timely given the EU’s increasing emphasis on securing a sustainable supply of such materials. The environmental impact assessment, nearing completion, is a testament to the project’s commitment to minimizing its ecological footprint.

    Engaging with communities and government for mutual growth

    Grant Sboros’s proactive dialogue with Romanian officials and the community at large is pivotal in navigating the bureaucratic and social landscapes. Such engagement is crucial for aligning the project’s goals with those of the local population and the broader Romanian economy. The government’s projected earnings of 45% from the project underline its potential economic impact. Furthermore, the comparison with Gabriel Resources’ Roșia Montană project highlights a shift in Romania’s mining sector towards more sustainable and community-friendly practices.

    Setting the stage for a sustainable mining future

    The Rovina Valley project, slated to begin production in mid-July 2026, represents a significant step forward in the mining industry’s journey towards sustainability and economic viability. The possibility of extending the mine’s life by exploring and potentially doubling its resources speaks to the project’s long-term vision. As the European Union focuses on critical raw materials, projects like Rovina Valley are crucial for demonstrating how mining can evolve to meet modern demands for sustainability and economic contribution.

    This ambitious project not only reflects a significant economic opportunity for Romania but also a model for future mining operations worldwide. The emphasis on environmental sustainability, community engagement, and alignment with critical raw material needs positions the Rovina Valley project as a pioneering initiative in the global mining industry.