Website: Europe.com

  • Boliden Beats Earnings Forecasts Despite Garpenberg Seismic Damage as Zinc Mine Faces Extended Capacity Constraints Through 2027

    Boliden Beats Earnings Forecasts Despite Garpenberg Seismic Damage as Zinc Mine Faces Extended Capacity Constraints Through 2027

    Swedish mining group Boliden has reported first-quarter adjusted earnings well above analyst expectations despite a production halt and significant damage at its Garpenberg zinc mine caused by abnormal seismic activity in March — though the incident has left a lasting mark on the mine’s output capacity that will extend into 2027.

    The company’s quarterly operating profit, excluding a revaluation of process inventory, rose to 4.4 billion Swedish crowns ($475.7 million) from 2.6 billion crowns in the same period last year, beating an analyst consensus of 4.06 billion crowns. The strong result was supported in part by record high gold prices, which at times exceeded $5,000 per ounce during the January to March period, boosting by-product precious metals revenue from Boliden’s mining and smelting operations.

    Garpenberg, one of Boliden’s largest and most strategically important mines and a key source of zinc and silver concentrates, suffered a production halt following the seismic event. The company confirmed that production will resume in the second quarter but at a low pace, with milled volume guidance for the mine reduced to 1.5 million tonnes and zinc grade revised down to 2.7%. Silver grade guidance was nudged up to 100 grams per tonne from 95 grams per tonne. Looking further ahead, 2027 milled volume is now estimated at 2.3 million tonnes — below previous capacity levels.

    Despite the setback, Boliden said its plan to invest in a new hoist at Garpenberg remains in place, with an ambition to reach production of 4.5 million tonnes by 2032, though the company cautioned that this guidance remains preliminary given significant uncertainties. Overall investment plans for 2026 were reiterated without change.

  • Turkey to Launch Critical Minerals Roadmap With Beylikova Rare Earth Project at Its Core, Minister Announces

    Turkey to Launch Critical Minerals Roadmap With Beylikova Rare Earth Project at Its Core, Minister Announces

    Turkey is preparing to officially unveil its Critical Raw Materials strategy in the coming weeks, with the Beylikova rare earth elements project positioned as the centrepiece of a national vision that links mineral extraction to deep processing and high-technology industrial development, Energy and Natural Resources Minister Alparslan Bayraktar has announced.

    Speaking on 28 April at the OECD Critical Minerals Forum in Istanbul, part of the OECD Emerging Markets Forum Series, Bayraktar described Beylikova as potentially one of the largest rare earth element deposits in the world. State mining company Eti Maden is working intensively with partners to establish a full value chain at the site, and a pilot plant is already operational and moving toward industrial-scale production including separation and processing capabilities. “We will produce rare earth oxides needed for permanent magnets in wind turbines and electric vehicle motors,” Bayraktar said.

    The minister framed the forthcoming roadmap — based on findings from the 2025 Critical and Strategic Minerals Report — within Turkey’s broader energy transformation. More than 62% of the country’s installed electricity capacity already comes from renewable sources, and Turkey is targeting an expansion of wind and solar capacity to 120 gigawatts by 2035. Plans to build approximately 40 gigawatts of High Voltage Direct Current transmission lines to strengthen grid integration add further urgency to securing domestic critical mineral supply.

    “These represent a broad structural transformation, with critical minerals at its core,” Bayraktar said. “In this new era, it is not enough to have resources — you must be able to process them. Turkey is building exactly that, combining resource extraction with deep processing capacity and high-tech industrial value creation.”

  • Zinnwald Lithium Secures German Permit to Build Exploration Tunnel at 193 Million Tonne Lithium Project

    Zinnwald Lithium Secures German Permit to Build Exploration Tunnel at 193 Million Tonne Lithium Project

    Zinnwald Lithium has received a permit from the Saxon Mining Authority to construct an approximately one-kilometre exploration tunnel at its Zinnwald Lithium Project in Germany, clearing a significant regulatory hurdle for one of Europe’s most advanced hard-rock lithium developments.

    The permit, granted to the company’s German subsidiary Zinnwald Lithium GmbH, allows construction of a tunnel from a portal at the former Zinnwald Border Station site — a location that has been largely idle since the Czech Republic joined the Schengen area in 2007 — adjacent to federal highway B170 between the villages of Zinnwald and Altenberg. The tunnel is valid until 31 December 2027 and may be extended.

    The exploration tunnel is designed to gather geotechnical, seismic and hydrogeological data on the ore body and will enable the extraction of up to 2,000 tonnes of bulk samples for metallurgical testing and product qualification. According to the company’s pre-feasibility study published in March 2025, a portion of the tunnel alignment may be incorporated into permanent mine infrastructure subject to future regulatory approvals — a provision that could reduce construction costs and timelines if the project advances to production.

    The permit does not authorise mining operations. Commercial production from the deposit will require additional permits, including the completion of an environmental impact assessment and a public consultation process.

    The Zinnwald project hosts a measured and indicated mineral resource estimate of 193.5 million tonnes and a proven and probable reserve of 128.1 million tonnes, with the project targeting production of battery-grade lithium hydroxide. Chief executive Anton du Plessis described the permit as “an important step in the ongoing de-risking of the Zinnwald Lithium Project” following what he called a comprehensive submission process.

  • EU and US Sign Critical Minerals Partnership and Action Plan Covering Full Supply Chain From Exploration to Recycling

    EU and US Sign Critical Minerals Partnership and Action Plan Covering Full Supply Chain From Exploration to Recycling

    The European Union and the United States have formalised a strategic partnership on critical minerals, signing a Memorandum of Understanding and agreeing a joint Critical Minerals Action Plan in Washington DC that commits both sides to coordinated action across the full mineral value chain — from exploration and extraction through processing, refining, recycling and recovery.

    The MoU was signed by EU Trade and Economic Security Commissioner Maroš Šefčovič and US Secretary of State Marco Rubio, while the accompanying Action Plan was set out by Šefčovič and US Trade Representative Jamieson Greer. Together, the two instruments formalise a partnership that traces its origins to commitments made at a Critical Minerals Ministerial meeting held in Washington on 4 February 2026, alongside Japan, and to a joint EU-US statement issued in August 2025.

    The MoU covers bilateral cooperation across the entire supply chain and encompasses support for innovation, investment and geological mapping, as well as both supply-side and demand-side measures. The Action Plan goes further, setting out a framework for exploring a broad range of trade policy instruments designed to reinforce coordinated international action. These include border-adjusted price floors — a mechanism that has been under active discussion among allied governments as a tool to protect non-Chinese producers from market distortion — alongside standards-based markets, price gap subsidies and offtake agreements.

    Cooperation under the Action Plan is also expected to extend to the development of common standards for mining, processing and recycling; joint research and innovation programmes; stockpiling strategies; and mechanisms for rapid response to supply disruptions. Both sides intend to advance the critical minerals agenda through relevant international forums including the G7 and the Forum on Resource Geostrategic Engagement, known as FORGE, with the Action Plan explicitly paving the way toward a possible plurilateral trade initiative with a wider group of like-minded partners.

    The agreement reflects the convergence of European and American concerns about the fragility of critical mineral supply chains and the dominant position China holds across multiple points of the value chain — from mining through processing and refining — for minerals essential to the energy transition, advanced manufacturing and defence.

  • Cornwall’s Lithium Revival Offers Hope to England’s Most Deprived Mining Towns — But Jobs Promise Falls Short of the Legend

    Cornwall’s Lithium Revival Offers Hope to England’s Most Deprived Mining Towns — But Jobs Promise Falls Short of the Legend

    In a glass cabinet at the King Edward Mine Museum near Redruth, a bright blue display for Cornish Lithium sits incongruously among Victorian machinery and sepia-toned mining uniforms. It is, in its way, an apt symbol of what is happening beneath England’s most westerly county: the return of mining to a landscape that lost it, and the complicated question of what that return will actually deliver.

    Cornwall sits on one of Europe’s largest lithium deposits, a fact that has sent politicians into something approaching rapture. Boris Johnson called it the “Klondike of lithium” in 2021. Keir Starmer described critical minerals as “the backbone of modern life” last year. UK demand for lithium is projected to rise by 1,100% by 2035, driven by the government’s electric vehicle and battery storage ambitions. China controls roughly a quarter of global production and more than half of global processing capacity, and ministers are scrambling for alternatives. Cornwall, they hope, is part of the answer.

    Three companies are attempting to make that ambition real. Geothermal Engineering Ltd produced Britain’s first commercial battery-grade lithium earlier this year — somewhat accidentally, as the firm’s chief operating officer Tony Wilson acknowledges. GEL’s primary business is geothermal energy: water is pumped five kilometres into naturally heated granite, brought back to near boiling point and driven through a turbine to generate enough electricity for 10,000 homes. The lithium is a byproduct extracted from the brine before the water is returned underground. “Our lithium concentrations are actually going up rather than going down,” Wilson says. GEL believes it can produce enough lithium carbonate to supply around 250,000 electric vehicles a year within a decade, and targets around 10,000 tonnes of annual lithium carbonate by 2030 — approximately a fifth of the government’s projected UK demand.

    Cornish Lithium has been producing battery-grade samples through hard rock mining since late 2025 and targets a commercial plant by 2029. It projects a similar volume of output and 300 direct jobs over the 20-year lifespan of its Trelavour project, plus 800 during construction. The South Crofty tin mine — the UK’s last, closed in 1998 — is also being reopened to meet growing critical minerals demand.

    The jobs question is the one that matters most to communities like Redruth, which ranks among England’s most deprived towns. In its Victorian heyday, mining employed 30% of men aged 15 to 69 in the area. The collapse, when it came, was devastating — cheaper foreign tin and copper flooded the market, and tens of thousands emigrated in the late 19th century, giving rise to the old saying that at the bottom of every hole in the world, you will find a Cornishman. Today the economy runs on seasonal tourism, daffodil picking and foodbanks. Younger people leave. “Mining is well-paid, well-qualified work,” says David Ager, chairman of the King Edward Mine Museum. “This gives young people an opportunity to make a living here.”

    But the promise has already been punctured once. The most ambitious project on paper — a joint venture between British Lithium and French mining giant Imerys, sitting on one of the UK’s largest confirmed deposits near St Austell — was mothballed in February 2026 after Imerys pulled its funding. Global lithium prices had crashed more than 80% from their 2022 peak, driven by oversupply and slower-than-expected electric vehicle adoption. Between 40 and 70 employees were made redundant. The promised 300 jobs will likely not materialise.

    There is a further structural constraint even for the projects that do proceed. Cornwall can produce raw lithium — but that is only the first step. The metal must be refined and processed into cathode active material before it enters a battery cell. China controls around 60% of that processing capacity, meaning Cornish lithium could still be shipped east for processing before returning as battery components. Green Lithium’s planned Teesside refinery, targeted for completion by 2029, is the only domestic answer currently on the horizon.

    The Camborne School of Mines has relaunched its mining engineering degree at the University of Exeter, and early signs of workforce renewal are emerging. Wilson notes that staff are already working at GEL who would not otherwise be in Cornwall. A statue of a tin miner stands in the centre of Redruth, pick in one hand, ingot in the other. Whether a future statue will hold a battery and a bag of metallic powder remains uncertain. But the direction of travel, at least, has changed.

  • Germany and Brazil Forge Strategic Partnership on Raw Materials and Defence as Berlin Seeks to Break Asia’s Rare Earth Grip

    Germany and Brazil Forge Strategic Partnership on Raw Materials and Defence as Berlin Seeks to Break Asia’s Rare Earth Grip

    Germany and Brazil have agreed to significantly deepen their strategic partnership, with rare earth metals, defence contracts and supply chain diversification at the heart of a new bilateral framework unveiled following government consultations in Hanover.

    German Chancellor Friedrich Merz said he hoped to double the volume of trade with Brazil in the coming years, describing the relationship as a critical hedge against global supply chain vulnerability at a moment of fundamental geopolitical change. “The closeness between our two countries is more necessary than ever at a time when the world order is changing so fundamentally,” Merz said at a joint press conference with Brazilian President Luiz Inácio Lula da Silva.

    Rare earth metals — essential inputs for laptops, mobile phones and the electric motors used in wind turbines — are a central pillar of the agreement, as Germany and the broader European Union seek to reduce a deep dependency on Asian, and particularly Chinese, supply chains. The two governments also agreed to expand cooperation in artificial intelligence, energy, the circular economy, environmental technologies, agriculture and the defence sector.

    Lula was emphatic that the partnership would not replicate historical patterns of resource extraction without industrial benefit for Brazil. “We will not accept models that reduce our country to resource extraction simply to satisfy foreign demand,” he said, framing the agreement as a bidirectional industrial partnership rather than a supplier-client arrangement. The Brazilian president’s remarks reflect a broader posture among resource-rich emerging economies that are increasingly seeking to capture processing and manufacturing value from their natural endowments rather than exporting raw materials alone.

    Both leaders welcomed the EU-Mercosur free trade agreement, an interim version of which enters into force on 1 May ahead of full ratification of the main deal — a framework that provides the commercial scaffolding for the expanded bilateral relationship. The German economy ministry and European wind industry developed a roadmap last year for reducing the bloc’s reliance on rare earth metals in wind turbines, and Brazil’s resources position it as a potentially significant contributor to that effort. Canada has also moved to position itself as a rare earth supplier to Europe, intensifying competition for the supply agreements Germany is now actively pursuing across multiple continents.

  • Norway Takes State Control of Fen Rare Earth Project After Resource Nearly Doubles to 15.9 Million Tonnes — Europe’s Largest Deposit

    Norway Takes State Control of Fen Rare Earth Project After Resource Nearly Doubles to 15.9 Million Tonnes — Europe’s Largest Deposit

    Norway’s government has stepped in to assume direct planning authority over the Fen rare earth deposit in Telemark, Europe’s largest known rare earth resource, citing the need to accelerate development and resolve potential land-use conflicts after a resource upgrade last month nearly doubled the project’s estimated size.

    The deposit was upgraded to 15.9 million metric tonnes of rare earth oxide in indicated and inferred resources — 81% larger than a 2024 estimate — a revision that significantly enhances Fen’s strategic importance to Europe’s push to reduce dependence on China, which dominates global rare earth production and processing. Europe currently has no operating rare earth mines.

    Prime Minister Jonas Gahr Stoere framed the government’s intervention in explicit supply security terms. “The Fen field could be of major significance for Telemark, Norway and Europe’s supply security and competitiveness,” he said. “To ensure future access to critical minerals, it is important to increase production both in Norway and in other countries with which we cooperate in terms of security.”

    The government said it had taken over planning at the request of the local authority, pointing to the risk of land-use disputes and the need to balance competing national interests — a challenge familiar across Europe, where onshore infrastructure projects including wind farms have repeatedly faced delays due to opposition from environmental and agricultural groups.

    Approximately 19% of the oxides at Fen are neodymium and praseodymium, the heavy rare earth materials used in permanent magnets for electric vehicles, wind turbines, electronics and defence systems — placing them among the most strategically sensitive materials in the global energy transition. Developer Rare Earths Norway has said it expects production to begin in late 2031, with output of 800 tonnes of NdPr by 2032, equivalent to approximately 5% of total European Union demand.

  • KGHM Confirmed as World’s Second-Largest Silver Producer With 1,347 Tonnes Output as Polish Miner Expands Rudna Mine

    KGHM Confirmed as World’s Second-Largest Silver Producer With 1,347 Tonnes Output as Polish Miner Expands Rudna Mine

    Polish state-controlled mining giant KGHM has been ranked the world’s second-largest silver producer, generating 1,347 tonnes of the metal in 2025 — placing it behind only Mexico’s Fresnillo, which produced approximately 1,517 tonnes, according to the World Silver Survey, the industry’s longest-running annual market report now in its 36th year.

    Global silver production exceeded 26,000 tonnes in 2025, the survey found, with KGHM’s output reflecting the scale of its integrated mining complex in southwestern Poland. Silver is produced as a by-product of copper extraction at the company’s Lubin, Rudna and Polkowice-Sieroszowice operations and refined at the Głogów smelter, which has been processing precious metals from copper ore since 1993. The company sells silver in granulated form for industrial customers and as bullion bars primarily supplied to financial institutions, with smaller bars for private investors introduced last year.

    KGHM chief executive Remigiusz Paszkiewicz said the ranking reflected sustained effort rather than a single strong year. “This is not a one-time success, but the result of consistently building operational and technological advantage,” he said.

    Silver’s industrial importance continues to grow, with applications in electronics, renewable energy, medicine and jewellery accounting for nearly 60% of global demand — a figure that underpins the metal’s long-term strategic value alongside its role as a financial asset.

    Beyond silver, KGHM ranks among the world’s top ten copper producers and operates assets across Europe and the Americas, including in the United States and Canada. The Polish state holds just under a third of the company’s shares, making it the largest single shareholder.

    On the capital investment front, KGHM is expanding the Rudna mine in Lower Silesia — one of the world’s largest copper operations — with plans to sink a new shaft that could take up to 12 years to complete. The project carries a price tag of several billion zloty, with the final cost dependent on depth, eventual use and other technical factors.

  • Ferrexpo Warns of Total Investment Loss and Imminent Insolvency Risk Without $100 Million Fundraise by End of April

    Ferrexpo Warns of Total Investment Loss and Imminent Insolvency Risk Without $100 Million Fundraise by End of April

    Ukraine-focused iron ore producer Ferrexpo has issued one of the starkest warnings in its history as a listed company, telling shareholders they could lose the “entire value of their investment” if a $100 million emergency equity raise fails to complete by the end of this month — a deadline that, if missed, would trigger a suspension of its London shares and potentially force the group into insolvency.

    Shares in the Baar, Switzerland-headquartered FTSE 250 company fell 12% to 37.98 pence in London on Wednesday morning following the announcement. Ferrexpo said it currently has sufficient cash to operate only until around the end of August, with net cash at 17 April standing at just $20 million — down sharply from $101 million at the end of 2024. The proposed $100 million raise, described as the “only viable solution” available in the required timeframe, would cover short-term operational requirements at a reduced production level for the next 18 months.

    The company’s financial position has been severely eroded by the compounding effect of three overlapping crises: the ongoing war in Ukraine, the suspension by Ukrainian tax authorities of VAT refund payments to the group, and a legal claim against its main operating subsidiary FPM. Without recovery of the VAT refunds — which Ferrexpo acknowledged is outside its control — the group warned it would have “no option but to file for insolvency” if the fundraise does not proceed.

    The equity raise must be launched and completed on or before the end of April for Ferrexpo to be able to publish its audited 2025 financial results. If that deadline is not met, the company expects its shares will be suspended from 1 May until the audit is completed — with no certainty provided on when, or whether, trading would resume. “In such a scenario, there can be no certainty as to the expected timing of the lifting of the suspension of listing and resumption of trading of the company’s shares, if at all,” the company warned.

    Talks are continuing with Fevamotinico Sarl, which holds a 49% stake in Ferrexpo, regarding the potential dilution of its interests as a result of the fundraise and whether it will participate. The outcome of those discussions is material to the viability of the raise. Ferrexpo said a successful capital injection would strengthen liquidity, provide working capital and position the company to restore production capacity to a sustainable level, with potential for longer-term recovery once operating conditions stabilise.

  • Slovenian and Hungarian Consortium Launches Takeover Bid for Remaining Stake in Bosnian Bauxite Miner

    Slovenian and Hungarian Consortium Launches Takeover Bid for Remaining Stake in Bosnian Bauxite Miner

    A consortium comprising Slovenian alumina and zeolite producer Silkem Plus and two Hungarian holding companies, Aela and Atesz, has launched a joint tender offer to acquire the remaining shares in Bosnian bauxite miner Rudnici Boksita Jajce that they do not already own.

    The consortium announced the offer in a filing to the Sarajevo Stock Exchange on Wednesday, pricing the bid at 51.41 convertible marks ($30.80) per share. The offer will remain open for 28 days.

    The three companies collectively hold a controlling stake of 67.63% in Rudnici Boksita Jajce, split between Silkem Plus at 30.65%, Aela at 20.43% and Atesz at 16.55%. The takeover bid targets the remaining 32.37% of the company’s equity. Rudnici Boksita Jajce has 186,321 shares in issue, each with a nominal value of 27 marks. The company’s shares have not traded on the Sarajevo bourse in the past year.