MINEX Forum

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  • Japan and France Sign Critical Minerals Roadmap as Both Nations Race to Break Free From Chinese Rare Earths Dominance

    Japan and France Sign Critical Minerals Roadmap as Both Nations Race to Break Free From Chinese Rare Earths Dominance

    Japan and France have agreed to deepen cooperation on rare earths supply chains, signing a roadmap during French President Emmanuel Macron’s three-day visit to Tokyo for talks with Prime Minister Sanae Takaichi — the latest in a series of moves by both countries to reduce their exposure to China’s commanding grip on global rare earths production.

    At the heart of the agreement is joint support for Caremag, a rare earths refining project in southern France due to begin operations in late 2026. The plant is backed by Japan’s state-owned Japan Organization for Metals and Energy Security, gas company Iwatani and the French government. Japan is targeting approximately 20% of its future demand for dysprosium and terbium — heavy rare earth oxides used in EV motors, offshore wind turbines and electronic components — from the facility, providing a concrete near-term alternative to Chinese supply.

    The two sides also committed to securing raw material supply chains feeding into Caremag, and a joint statement from Takaichi and Macron is expected to call for broader diversification of rare earth and critical mineral supply away from China. French Finance Minister Roland Lescure was unambiguous on the rationale: “We cannot rely solely on specific countries, especially China.”

    The deal comes at a particularly tense moment in Japan-China relations. In February, Beijing prohibited exports of dual-use items — covering seven rare earths including dysprosium and yttrium — to 20 Japanese entities it said supply Japan’s military, following comments by Takaichi about Taiwan that angered Beijing. The restrictions have reinforced longstanding Japanese concerns about supply chain vulnerability, though analysts note that China’s leverage may be limited. “China is pursuing a strategy of using rare earths as a diplomatic card, and if US-China and Japan-China relations improve, exports could recover quickly,” said Kotaro Shimizu, principal analyst at Mitsubishi UFJ Research and Consulting.

    Japan has been diversifying its rare earths supply since a 2010 diplomatic incident in which China restricted exports to Tokyo, reducing its dependence on Chinese supply from 90% to around 60%. That effort is now accelerating across multiple fronts. Sojitz has a long-standing tie-up with Australia’s Lynas Rare Earths, one of the few Western-scale rare earths producers. Mitsubishi Materials this week agreed to acquire a stake in US-based ReElement, a rare earth recycling company, as Tokyo and Washington formalise an action plan for China alternatives. Japan and the US are also weighing joint development of rare-earth-rich seabed mud deposits near the remote Minamitori Island, and Japan is in talks with India to explore rare earths in the desert state of Rajasthan.

    The two countries also agreed to pursue cooperation in space, with companies from both nations expected to sign memorandums of understanding on twelve joint projects including space debris removal and rocket launches.

  • Savannah Resources Targets 50-Year Mine Life at Europe’s Largest Lithium Deposit as Portugal Project Accelerates Toward 2028 Production

    Savannah Resources Targets 50-Year Mine Life at Europe’s Largest Lithium Deposit as Portugal Project Accelerates Toward 2028 Production

    London-listed Savannah Resources is pressing ahead with its Barroso lithium project in northern Portugal with growing confidence that the deposit — already Europe’s largest — can compete globally and become a meaningful contributor to reducing the continent’s dependence on Chinese lithium supply.

    Speaking to Reuters on Tuesday, Chief Executive Emanuel Proença said work had “accelerated in recent months on all fronts,” pointing to advances in engineering studies, progress on environmental requirements and preparations for project financing ahead of a final investment decision expected by the end of this year. Construction is planned for 2027, with first production targeted in 2028.

    Confirmed resources at the Barroso spodumene deposit were upgraded in September to over 39 million metric tonnes, up from 28 million metric tonnes. Proença said potential resource extensions of between 35 million and 62 million metric tonnes could push the total above 100 million metric tonnes, more than doubling the mine’s projected operational lifespan to over 50 years. The company has also received a €110 million grant from the Portuguese government, which Proença described as “a positive step” in the project’s financial development.

    On competitiveness, Proença said Barroso could break even at $600 per tonne of spodumene concentrate — a level he said would allow it “to compete with the majors” — at a time when spodumene shipped to China is trading above $2,000 per tonne. The project’s proximity to European refineries was cited as a further structural advantage, reducing logistical costs and supply chain exposure to China.

    Europe’s push to build domestic lithium extraction and refining capacity remains constrained, and Barroso is widely regarded as one of the continent’s best near-term prospects for closing that gap. However, the project has faced local community opposition since Barroso was designated a World Heritage agricultural site in 2018. Proença acknowledged the tension but said resistance was “gradually decreasing” as the company increases local hiring and intensifies engagement with surrounding communities.

  • Cornish Tin Raises £2.2 Million to Advance World-Class Tin and Lithium Projects in Southwest England

    Cornish Tin Raises £2.2 Million to Advance World-Class Tin and Lithium Projects in Southwest England

    Cornish Tin has closed a funding round of over £2.2 million ($3 million), exceeding its target and valuing the privately held minerals explorer at £29 million ($38 million) pre-money, as the company presses ahead with exploration at two critical mineral projects in Cornwall that it believes could play a meaningful role in securing domestic UK supply.

    The raise was supported by a combination of existing shareholders and new investors. Proceeds will be directed toward the company’s flagship Great Wheal Vor tin project and the Tregonning South lithium project, funding priority target advancement and further resource definition across both sites.

    Great Wheal Vor, located in the Breage mining district, encompasses 26 former producing sites with a history of exceptionally high-grade tin output. Historic records cited by the company indicate average production grades of 3% tin, with peak grades exceeding 5.5% — figures that Cornish Tin says would rank the project among the top three tin mines in the world by grade if it were in production today.

    At Tregonning South, initial exploration in 2022 identified a potential new lithium field underlain by what the company describes as G5 granite, also known as topaz granite — a rare geological formation accounting for approximately 1.4% of all outcropping granites across Cornwall. The region has historically been one of England’s most significant mining areas, and its geology is increasingly attracting attention in the context of European critical mineral supply chain diversification.

    Chief Executive Sally Norcross Webb said the funding marked an important milestone for the company. “We believe Cornwall has the potential to play a significant role in securing domestic supply of critical minerals, and this capital enables us to accelerate our progress towards that goal,” she said.

  • MinRex and Electrum Shareholders Approve Merger to Create Gold-Copper Explorer Spanning Australia and Serbia

    MinRex and Electrum Shareholders Approve Merger to Create Gold-Copper Explorer Spanning Australia and Serbia

    Australian mining company MinRex Resources has confirmed that shareholders of its Canadian peer Electrum Discovery have overwhelmingly approved a planned merger of the two companies, paving the way for the creation of a combined gold-copper exploration group with assets across Serbia and New South Wales.

    An extraordinary shareholder vote held on 24 March returned 99.99% in favour of the transaction, with completion of the merger anticipated on or around 9 April. Under the agreed terms, Electrum’s security holders will hold a 49% stake in the merged entity, with MinRex shareholders retaining the remaining 51% controlling interest.

    First announced in January, the deal is expected to create a combined group with a market capitalisation of approximately A$28 million ($19.3 million). The merged company will bring together Electrum’s Serbian exploration portfolio with MinRex’s gold and base metals projects in Australia’s Lachlan Fold Belt, which spans approximately 438 square kilometres of tenements.

    Electrum, listed on the Toronto Stock Exchange, holds two projects in Serbia — the gold-silver Novo Tlamino and the copper-gold Timok East — both situated within the Western Tethyan Belt, a well-established and mineralised corridor known for significant gold and copper endowments. MinRex, listed on the Australian Securities Exchange, contributes its Lachlan Fold Belt holdings, a region with a strong track record of gold and base metal discoveries in New South Wales.

  • Czech Cinovec Lithium Project Nears Critical EIA Verdict as European Metals Holdings Targets Mid-2026 Milestone

    Czech Cinovec Lithium Project Nears Critical EIA Verdict as European Metals Holdings Targets Mid-2026 Milestone

    European Metals Holdings is approaching a defining moment for the Cinovec lithium project in the Czech Republic, with a pivotal environmental ruling expected by the end of June that will determine whether the development — increasingly regarded as central to Europe’s battery supply chain ambitions — can unlock its EU funding and advance toward construction.

    The Czech Ministry of Environment is anticipated to deliver its verdict on the project’s Environmental Impact Assessment by 30 June 2026, a decision that carries significant financial consequences. A positive outcome is a mandatory prerequisite for European Metals Holdings to access grants allocated from the EU Just Transition Fund, making the ruling one of the most consequential regulatory moments in the project’s history. The formal review procedure is currently underway and will be followed by a public consultation phase before a final decision is issued.

    Ahead of that deadline, the company’s Annual General Meeting on 19 May 2026 will provide shareholders with an opportunity to hear updates on project progress, vote on the reappointment of board directors and receive further detail on planned lithium carbonate production targets. The project’s feasibility study envisages output of battery-grade lithium material sufficient to meet a substantial share of Europe’s projected demand by 2030, positioning Cinovec as a key node in the regional electric vehicle supply chain.

    The project has already secured meaningful regulatory momentum in recent months. In February 2026, official approval was granted for the regional rezoning of the project area, legally designating zones for mining operations, processing facilities and utility infrastructure corridors — a significant permitting milestone that builds on the formal submission of the comprehensive EIA documentation in December 2025.

    Cinovec’s strategic significance has been formally acknowledged by both the European Union and the Czech government, with the project classified as a priority resource in the context of the continent’s energy transition. Located in the Erzgebirge mountain region on the Czech-German border, it is considered one of the largest hard-rock lithium deposits in Europe and has drawn growing attention as the bloc seeks to reduce dependence on imported battery raw materials, particularly from China.

  • Bosnia’s “Green Transition” Dilemma: International Mining Companies Move In as Communities Fight to Protect Land, Water and Livelihoods

    Bosnia’s “Green Transition” Dilemma: International Mining Companies Move In as Communities Fight to Protect Land, Water and Livelihoods

    In the gentle hills of Majevica, a low mountain range in northeastern Bosnia and Herzegovina where farmers grow strawberries, keep bees and distil rakija, a battle is unfolding that mirrors conflicts playing out across much of the developing world: the collision between the European Union’s hunger for critical minerals and the communities whose land sits above them.

    Since September 2023, when residents learned by chance that Swiss prospecting company Arcore was preparing to drill for lithium on the mountain, a grassroots anti-mining movement has taken root across the region. Local activist Andrijana Pekić and her neighbours in Lopare founded an informal organisation to educate their community about the dangers of lithium extraction, collaborating with established environmental groups including Bijeljina-based Eko Put and Tuzla’s Karton Revolucija. Their core argument is unambiguous: “There is no such thing as clean lithium mining.” Tailings from extraction processes containing sulphuric acid and hazardous chemicals contaminate streams, groundwater and soil; rock dust pollutes the air for miles. Majevica’s waterways feed the Drina and Sava rivers, meaning environmental damage would ripple across a vast surrounding region encompassing Tuzla, Bijeljina, Brčko and Zvornik.

    Activists have conducted two petition drives, in 2024 and 2025, calling for a ban on lithium mining and the establishment of a nature reserve across most of the mountain. Both were dismissed by the Republika Srpska parliament. Arcore, meanwhile, has already conducted drill tests on private land — in some cases without the knowledge of landowners — with documented consequences. After the company drilled on the property of Jovan Krsmanović in the village of Vukosavci, both his well and a neighbour’s dried up entirely.

    Majevica is far from an isolated case. Lithium, magnesium, copper, nickel, cobalt and other minerals featured on the EU’s 2024 critical raw materials list have been identified across Bosnia and Herzegovina, and international mining companies have been awarded concessions across the country in circumstances activists and legal experts describe as opaque and frequently unlawful. A central grievance concerns a long-standing legal prohibition on the sale or change of use of state-owned property — a restriction rooted in unresolved property succession disputes following Yugoslavia’s dissolution — which both entities have repeatedly violated when doing so serves favoured investors.

    The most prominent example is the Vareš municipality in central Bosnia, where a concession was granted to Eastern Mining in 2018 and later acquired and expanded by Adriatic Metals, covering silver, zinc, lead and barite deposits. A significant portion of the land falls on state property. The company has been found guilty of clear-cutting forested land, while mining at the Rupice mine has contaminated drinking water supplies for the downstream town of Kakanj. In July 2024, Bosnia’s Constitutional Court ruled that the Federation’s granting of state-owned land use was unconstitutional — yet excavation was permitted to continue regardless.

    Federation Prime Minister Nermin Nikšić has shown little sympathy for conservationists. He dismissed those seeking to protect land around Vareš, suggesting it was irrational to allow “scrubland they call state property to lie useless rather than become a valuable investment.”

    The contradiction at the heart of the crisis is captured bluntly by Snežana Jagodić-Vujić of Eko Put: “Our entire country is being attacked. The green transition is clean there, but dirty here.” Campaigners point out that significant lithium deposits exist within the EU itself — in Portugal and Spain — where stricter environmental laws and stronger rule of law have at least slowed the pace of extraction following mass public protests. Bosnia and Herzegovina, riven with corruption and institutional dysfunction dating to the Dayton constitutional settlement, has so far offered mining companies a far more permissive environment.

  • Citigroup to Enter London Gold Market With Heathrow Vault Partnership as Bullion Boom Drives Clearing Expansion

    Citigroup to Enter London Gold Market With Heathrow Vault Partnership as Bullion Boom Drives Clearing Expansion

    Citigroup is preparing to join the exclusive club of banks at the centre of the world’s largest gold-trading hub, partnering with secure logistics firm Malca-Amit to use its vault near London’s Heathrow Airport as the bank moves toward becoming a clearing member of the London bullion market.

    The move would see Citigroup become only the fifth clearing member of the London market, joining JPMorgan Chase, ICBC Standard Bank, HSBC and UBS Group — a group whose numbers have dwindled in recent years even as the market’s importance has grown. Clearing members occupy a pivotal role in the London market, settling tens of billions of dollars in transactions every day in a city where more than $1 trillion in gold is held in storage. Vaulting capacity is central to that function, allowing precious metals to physically change hands to settle contracts.

    Malca-Amit’s facility near Heathrow — bullion vaults are typically located close to airports to facilitate the swift movement of metal by air — was described in a 2012 profile as capable of holding more than 300 tonnes of gold and 1,000 tonnes of silver. At current prices, 300 tonnes of gold would be worth approximately $43 billion.

    Citigroup’s approach of contracting with an external custodian mirrors the model used by UBS, which also relies on a third-party vaulting arrangement rather than operating its own facility. By contrast, JPMorgan and HSBC both maintain their own London vaults, while ICBC Standard Bank acquired Barclays’ London facility in 2016. JPMorgan’s vault in the City of London is among the largest gold stores in the world, holding close to 1,000 tonnes on behalf of a single bullion-backed exchange traded fund — a holding worth roughly $136 billion.

    The timing of Citigroup’s expansion into the market reflects a broader surge in investor appetite for gold. Bullion prices have risen approximately 45% over the past year, significantly boosting revenues from vaulting services, which are typically calculated as a percentage of the value of gold stored. Citigroup and JPMorgan declined to comment on the matter. Malca-Amit did not respond to a request for comment.

  • Northern Ireland Awards Seven Mining Licences Despite 99.5% of Public Respondents Opposing Them

    Northern Ireland Awards Seven Mining Licences Despite 99.5% of Public Respondents Opposing Them

    Seven mineral prospecting licences have been granted across Northern Ireland to four mining companies, the Department for the Economy has confirmed, in a decision that has drawn fierce criticism from local communities, environmental groups and elected representatives after more than 2,100 public objections were effectively overridden.

    The licences, which cover exploration for minerals excluding gold and silver across parts of Counties Armagh, Tyrone and Fermanagh, were awarded following a 12-week public consultation that concluded in April. Of the responses received, 99.5% were opposed to the licences being granted. Every affected local council also objected to the proposals.

    Under the terms of the awards, Conroy Gold will be permitted to explore south Armagh in areas near Keady and Newtownhamilton. Dalradian Gold will be able to prospect across portions of County Tyrone including land near Strabane and Plumbridge in the Sperrin Mountains. Karelian Diamond Resources has been granted rights to explore in Colebrook, County Fermanagh, while Flintridge Resources will focus on land near Killeter in County Tyrone. The licences cover prospecting only, though there remains the possibility that exploration could ultimately lead to full-scale mining operations.

    Environmental campaigners condemned the decision as a democratic failure. Save Our Sperrins, which has led opposition to the licences, said communities were “shocked and deeply disappointed,” adding that the decision came despite a recent successful judicial review that had identified failures in the very licensing process now being used. “Once again, the democratic voice of local communities has been sidelined in favour of private mining interests,” the group said, describing the decision as “anti-democratic, environmentally reckless, legally questionable, and socially divisive.”

    Martin Tracey of the Campaign Against Mining highlighted what he described as a significant shift in position by Economy Minister Caoimhe Archibald, who he said had previously called for a moratorium on mining licences and a rigorous review of the system governing their award — a stance apparently at odds with the department’s decision to proceed.

    A Department for the Economy spokesperson defended the process, noting that existing legislation must be complied with and that a comprehensive review of mineral licensing is currently underway. The department also clarified that it holds no role in licensing gold and silver exploration, which falls under the remit of the Crown Estate.

    Local campaigners argue the exploration activities pose risks to the environment, water supplies and tourism-dependent rural communities across the affected areas.

  • First Quantum Sells Turkish Copper-Zinc Mine to Cengiz Holding for $340 Million in Latest Portfolio Restructuring Move

    First Quantum Sells Turkish Copper-Zinc Mine to Cengiz Holding for $340 Million in Latest Portfolio Restructuring Move

    Canadian mining company First Quantum Minerals has agreed to sell its Çayeli copper-zinc mine in Türkiye to Cengiz Insaat, a subsidiary of one of Turkey’s largest industrial conglomerates, for $340 million in cash as the miner continues to streamline its asset portfolio and redirect capital toward its highest-priority operations.

    Under the binding agreement, the sale includes an advance payment of $50 million, with the full transaction expected to close during the second or third quarter of this year. Chief Executive Tristan Pascall described the deal as consistent with the company’s “disciplined approach to portfolio management,” with proceeds intended to support strategic priorities including a potential restart of the Cobre Panama copper operation — one of the world’s largest copper mines, which was shut down in late 2023 following civil unrest in the Central American country.

    Located on the Black Sea coast of northeastern Türkiye, the Çayeli mine has been in continuous operation since 1994, producing copper and zinc concentrates from a volcanic hosted massive sulphide deposit. Its reserve base is currently projected to support operations through to 2036.

    The transaction marks the second asset disposal First Quantum has executed in three months, following the $190 million sale of the past-producing Cobre Las Cruces copper mine in Spain in December.

    For the buyer, the acquisition represents a further aggressive expansion of its mining portfolio. Cengiz Holding last week completed its largest mining deal to date — the $1.5 billion purchase of the Copler gold mine in Türkiye from SSR Mining — making the Çayeli transaction the conglomerate’s second major mining acquisition within days.

    Despite the strategic rationale for the sale, First Quantum’s shares initially rose on the news before reversing course, closing down 1.7% by midday at a market capitalisation of approximately C$27.5 billion ($20.2 billion). UBS analyst Myles Allsop nonetheless upgraded the stock to a Buy rating from Neutral, raising his price target to C$50 from C$38, signalling confidence in the company’s refocused strategy.

  • Race to Lock Up Rare Earths Supply Leaves Germany and South Korea Exposed, Warns Arafura CEO

    Race to Lock Up Rare Earths Supply Leaves Germany and South Korea Exposed, Warns Arafura CEO

    Germany and South Korea face a critical vulnerability in their rare earths supply chains as the United States and Japan move rapidly to secure long-term agreements with the world’s limited pool of non-Chinese producers, the chief executive of Australian rare earths developer Arafura has warned.

    The alert comes as China’s export restrictions on key rare earth minerals — imposed last year — continue to reverberate through the automotive and defence industries globally, accelerating a scramble among Western nations to lock up alternative supply. With only two Western producers currently operating at scale — Australia’s Lynas Rare Earths and US-based MP Materials at its Mountain Pass deposit — available supply outside China is extremely constrained.

    The US has already secured Mountain Pass output through a government deal with MP Materials, covering a significant portion of American demand. Lynas this month concluded a long-term supply agreement with Japan Australia Rare Earths running through 2038, alongside a shorter-term deal with the Pentagon. With Lynas’ supply now effectively committed, Arafura CEO Darryl Cuzzubbo said his company had observed a marked increase in urgency from prospective buyers. “The EU and in particular Germany, and Korea are quite exposed — where are they going to get their supply from?” he said.

    Arafura is positioning its Nolans project in Australia’s Northern Territory as one of the few remaining sources of meaningful non-Chinese supply. The project is planned to produce 4,440 metric tons per year of neodymium-praseodymium (NdPr) oxide — a key material used in rare earth permanent magnets for electric vehicles and wind turbines — from the second half of 2029, representing roughly 4% of projected global supply. The company already holds supply agreements with Hyundai Motor, Kia, Siemens Gamesa Renewable Energy and commodity trader Traxys.

    Arafura is now seeking to place a further 1,200 tons of NdPr oxide to bring secured supply to 80% of planned output — a threshold required by project lenders before a final investment decision can be made and construction begins. Cuzzubbo said negotiations were underway with multiple parties, with pricing the determining factor. “We haven’t put all of our eggs into one basket — the one that gets there first on the right sort of pricing regime is the one we’re going to go with,” he said. Arafura is seeking terms in line with those achieved by Lynas, which locked in a price of $110 per kilogram of NdPr oxide in both its recent deals. China-based spot prices currently sit at around $103 per kilogram.

    Beyond direct supply agreements, Arafura expects to participate in Australia’s A$1.2 billion ($836 million) strategic critical minerals reserve, which is due to begin operating in the second half of this year. Cuzzubbo called for the reserve’s floor price mechanism to be anchored to an independent international benchmark — such as that published by Benchmark Minerals Intelligence — rather than to Chinese market prices, which he argued have distorted the global market. “The market is broken — you need to create a functioning market,” he said. “A floor price will take uncertainty out of pricing, which has been very uncertain given China’s control, and that will help bring in investors.”

    He also framed the reserve as a strategic tool for Australian diplomacy. “It is a bit of a bargaining chip that the Australian government can use with its allies,” he said, adding that it could help accelerate project development across the sector.