MINEX Forum

Website: Europe.com

  • Eldorado Gold Uncovers Multiple High-Grade Zones and Eyes Expansion at Key Assets

    Eldorado Gold Uncovers Multiple High-Grade Zones and Eyes Expansion at Key Assets

    Eldorado Gold Corporation has reported a series of significant high-grade discoveries across its exploration portfolio, reinforcing the potential for mine life extensions and future production growth in Canada and Greece. The company also confirmed it has launched studies to assess a possible expansion of processing capacity at its Lamaque Complex in Quebec.

    At Lamaque, recent drilling identified four new high-grade zones around the Ormaque deposit and the historic Lamaque Mine. These include the newly defined Ormaque South-East zone, extensions to the west of Ormaque, the Garnet Zone north of the deposit, and additional mineralization at Lamaque South. The results confirm the presence of multiple stacked and laterally continuous vein systems located close to existing infrastructure, strengthening the case for low-risk, capital-efficient growth. On the back of these results, Eldorado has begun studies to increase throughput at the Sigma mill from around 2,500 tonnes per day toward its fully permitted capacity of 5,000 tonnes per day.

    In Greece, exploration at the Olympias mine outlined a new North West zone with high gold, silver, lead and zinc grades located within 200 metres of current underground workings. Drilling at the West Flats area also intercepted thick massive sulphide mineralization beyond the existing resource, pointing to further expansion potential. In parallel, Eldorado confirmed the discovery of a gold-copper skarn system along the Stratoni Fault, near historic mining operations, adding a new target style to the Kassandra district.

    The company said these discoveries highlight strong upside across its portfolio and support continued investment in exploration. Eldorado plans a substantially expanded drilling programme in 2026 across Quebec, Greece and Turkiye, with total exploration spending expected to rise to between $75 million and $85 million as it targets both resource growth near existing mines and earlier-stage discovery opportunities.

  • Poland Urges Brussels to Act Over Ukraine’s Steel Scrap Export Ban

    Poland Urges Brussels to Act Over Ukraine’s Steel Scrap Export Ban

    Poland has asked the European Commission to intervene after Ukraine introduced measures that effectively halt exports of steel scrap to the European Union, a move Warsaw warns could undermine the competitiveness of its steel industry.

    The dispute highlights growing trade frictions between the two close partners at a time when the EU continues to provide political, financial and military support to Ukraine following Russia’s full-scale invasion. While Poland remains one of Kyiv’s strongest allies, tensions have mounted over trade flows, including agricultural products, transit corridors and now scrap metal.

    From January 1, Ukraine set export quotas for ferrous scrap at zero, effectively blocking shipments of a key input for electric arc furnaces. Poland’s Ministry of Development and Technology said the restrictions are already disrupting supply chains and risk driving up costs for domestic steelmakers.

    Roughly half of Poland’s steel output is produced using electric arc furnaces, which rely heavily on scrap as their primary raw material. In recent years, Poland has been the main destination for Ukrainian scrap exports. According to the ministry, a prolonged shortage could lead to higher production costs, weaker competitiveness and a real risk of output cuts and job losses in the sector.

    Kyiv has defended the measure as a wartime necessity, arguing that limiting exports helps support Ukraine’s own steel industry. Polish industry representatives counter that the policy lowers input costs for Ukrainian producers while increasing prices for manufacturers in the EU.

    Warsaw says it attempted to avert the restrictions before they took effect. On December 18, 2025, the Polish ministry sent a formal letter to Ukraine’s deputy economy minister urging the government to reconsider plans that would block scrap exports. With no response and the zero quotas now in force, Poland escalated the issue to Brussels.

    Following the Ukrainian government’s decision, the ministry formally requested urgent intervention from the European Commission, describing the quotas as a de facto export ban. Polish officials added that the matter will also be raised during upcoming bilateral talks with Ukrainian counterparts.

  • Germany Faces Renewed Calls to Repatriate Gold Stored in the United States

    Germany Faces Renewed Calls to Repatriate Gold Stored in the United States

    Germany is once again under political and public pressure to reconsider the location of its gold reserves, as shifting transatlantic relations and geopolitical uncertainty revive concerns over assets held in the United States.

    The country holds the world’s second-largest official gold reserves and keeps roughly one-third of them, about 1,200 tonnes, in the vaults of the New York Federal Reserve. This storage strategy dates back to the Cold War, when placing bullion abroad was intended to guarantee rapid access in the event of a major global conflict. In addition to New York, Germany also stores gold in London and Paris.

    However, the return of US President Donald Trump to office and the escalation of trade and geopolitical tensions have prompted fresh debate in Berlin. Since April last year, German politicians and fiscal commentators have increasingly questioned whether the United States remains a reliable custodian for such a large share of the country’s reserves.

    Emanuel Mönch, a former senior research official at the Bundesbank, said recently that Germany should reassess its long-standing approach. Speaking to the financial newspaper Handelsblatt, he argued that greater strategic autonomy would justify bringing more gold back to domestic vaults.

    Similar views have been voiced by Michael Jäger, head of the European Taxpayers Association, who has repeatedly urged German authorities to accelerate repatriation plans. This month, he renewed his call after the United States increased pressure over Greenland, warning that political unpredictability could put foreign-held reserves at risk.

    The debate is unfolding against the backdrop of a historic rally in gold prices. The metal has surged to record levels above $5,100 per ounce, up around 80% over the past year. At current prices, Germany’s gold stored in New York alone would be valued at roughly $128 billion.

    Not all economists support the idea. Clemens Fuest, president of the Ifo Institute for Economic Research, cautioned that repatriation could strain diplomatic relations with Washington and potentially trigger unintended economic or political consequences.

    Germany is not alone in facing such pressure. Italy, which ranks as the world’s third-largest holder of gold reserves, has also seen renewed calls to bring home bullion stored in New York.

  • Agnico Eagle Exits Sweden’s Barsele Project, Strengthens Stake in Goldsky

    Agnico Eagle Exits Sweden’s Barsele Project, Strengthens Stake in Goldsky

    Agnico Eagle has agreed to sell its 55% interest in the Barsele gold project in northern Sweden, shifting from direct project ownership to a royalty-based exposure while significantly increasing its equity position in partner Goldsky Resources.

    Under the transaction, Agnico Eagle will receive $20 million in cash and 75.5 million Goldsky shares, valued at C$2.64 each, resulting in Goldsky becoming the sole owner and operator of the Barsele project. The deal also includes a 2% net smelter return royalty retained by Agnico Eagle.

    The sale will be executed through Agnico Sweden AB’s divestment of its stake in Gunnarn Mining AB. Completion is expected by June 30, subject to approvals from the TSX Venture Exchange and Goldsky shareholders.

    Following the transaction, Agnico Eagle’s ownership in Goldsky will increase to approximately 32.5% on a non-diluted basis, up from about 4.1%, with its shareholding rising from roughly 7.4 million to nearly 82.9 million shares. An amended investor rights agreement will allow Agnico Eagle to participate in future equity financings to maintain ownership of up to 19.99% and to nominate up to three directors to Goldsky’s board, though the company said it has no immediate plans to exercise those rights.

    Agnico Eagle said the move reflects ongoing portfolio optimization. While exploration over the past decade has expanded Barsele’s mineral resources, the company noted that additional work is required to move the project toward development.

    Located in Västerbottens Län, around 600 km north of Stockholm, the Barsele project remains one of Sweden’s more advanced gold exploration assets. Agnico Eagle continues to operate producing mines across Canada, Australia, Finland and Mexico.

  • France’s Carester and Malaysia’s Malaco Join Forces on Rare Earth Processing

    France’s Carester and Malaysia’s Malaco Join Forces on Rare Earth Processing

    French rare earth technology company Carester and Malaysia’s Malaco Mining Group have agreed to cooperate on the development of a rare earth separation plant and to explore broader collaboration in rare earth mining, marking a new step in international efforts to diversify critical mineral supply chains.

    The partnership, currently at a pilot stage, will focus on building a rare earth separation facility in Malaysia. According to Benjamin Gallezot, adviser to French President Emmanuel Macron on strategic minerals, the agreement предусматривает передачу технологий Malaco, а также поддержку в вопросах экологического соответствия и соблюдения международных стандартов.

    The project comes as Western economies intensify efforts to reduce dependence on China, which dominates global rare earth production and processing. Rare earth elements are essential inputs for electric vehicles, renewable energy technologies, smartphones and other high-tech applications.

    Malaysia holds an estimated 16.1 million tonnes of rare earth resources but has so far lacked the technological capability to mine and process them domestically. Cooperation with Carester is expected to help close this gap, particularly in separation technologies required before rare earths can be used in permanent magnets and clean technology manufacturing.

    Gallezot said Malaco is already in discussions with several European magnet manufacturers, though specific companies were not named. He also noted interest from Japan, suggesting the project could attract a wider group of international partners.

    In parallel, Gallezot said G7 countries plan to engage with partners outside the group on critical minerals during meetings this year, underlining the growing role of international cooperation in securing diversified and resilient supply chains.

  • EU’s Push for Critical Minerals Raises Concerns Over Securitization and Democratic Backsliding

    EU’s Push for Critical Minerals Raises Concerns Over Securitization and Democratic Backsliding

    The European Union’s drive to secure access to critical raw materials is increasingly being framed as a matter of security, a shift that critics warn could undermine environmental protections, democratic processes, and the rights of local communities.

    Despite accounting for around 5% of the global population, the European Union consumes close to 20% of the world’s mineral resources, a gap that is widening as renewable energy, electric vehicles, digital technologies, and defence needs expand. This imbalance, analysts argue, has encouraged what they describe as a new form of “green imperialism,” aimed at maintaining mineral flows from the Global South and Europe’s periphery to major industrial centres.

    Over the past two decades, access to minerals has shifted from a trade and industrial policy issue to one increasingly treated as an existential security concern. The process accelerated after Russia’s invasion of Ukraine in 2022 and culminated in the EU’s Critical Raw Materials Regulation, adopted in 2024. The regulation designates “Strategic Projects” that benefit from faster permitting, privileged access to funding, and exemptions from certain environmental safeguards, with the stated goal of strengthening Europe’s strategic autonomy.

    Supporters argue the approach is necessary as demand for minerals such as copper, lithium, and rare earth elements is projected to multiply several times by 2030, while global production remains concentrated in a handful of countries. Critics counter that securitization has allowed industrial and political actors to push through projects by weakening environmental oversight, accelerating approvals, and marginalizing opposition.

    Concerns have grown following the European Commission’s designation of dozens of strategic projects through processes that critics describe as opaque and lacking public participation. Civil society organisations report that requests for environmental information have been denied on national security grounds, marking an unprecedented application of defence-related exemptions in environmental governance. In several member states, officials have also portrayed opposition from local communities and environmental groups as threats to public security or economic stability.

    Observers warn that this narrative risks fostering democratic erosion by restricting access to information, delegitimizing environmental activism, and prioritizing industrial interests over public participation. They argue that mining-related conflicts long associated with the “resource curse” in developing countries, such as social polarization, corruption, and weakened rule of law, are now emerging within Europe itself.

    While EU institutions maintain that strategic mineral development is essential for the green transition, defence, and industrial resilience, critics say the current approach reflects a structural contradiction. Efforts to accelerate extraction and processing are colliding with the EU’s own legal commitments to environmental protection, human rights, and transparency.

    As Europe moves to expand domestic mining and overseas supply chains, the outcome of this securitized approach to raw materials policy may determine whether the EU can reconcile strategic autonomy with its democratic and environmental foundations.

  • Ionic Rare Earths Secures UK Grant Offer for Belfast Magnet Recycling Plant

    Ionic Rare Earths Secures UK Grant Offer for Belfast Magnet Recycling Plant

    Australian-listed Ionic Rare Earths announced on Tuesday that its subsidiary has been offered a £12 million ($16.4 million) capital grant from the UK government to support the development of a rare earth magnet recycling facility in Belfast.

    The funding, offered under the UK’s DRIVE35 programme, would contribute to the capital costs of the plant operated by Ionic Technologies, the company’s recycling arm. The grant remains subject to due diligence and standard funding conditions.

    DRIVE35 is a government-backed initiative aimed at accelerating the industrialisation of zero-emission vehicle technologies and strengthening domestic supply chains for critical materials. The UK, in line with other major economies, is seeking to expand domestic production and recycling of critical minerals as part of its strategy to reduce dependence on overseas suppliers by 2035.

    Once operational, the Belfast facility is expected to produce around 400 tonnes per year of high-purity separated rare earth oxides recovered from end-of-life permanent magnets. The plant will use Ionic Technologies’ proprietary long-loop recycling process, designed to return recycled materials directly into high-value magnet applications.

    Ian Constance, chief executive of the Advanced Propulsion Centre UK, one of the bodies involved in administering DRIVE35 funding, said the project would support the UK’s automotive and advanced manufacturing sectors by strengthening access to strategically important materials.

    Ionic Rare Earths said it continues to engage with multiple potential partners and financiers as it works to secure the remaining funding required for the £85 million project.

  • Critical Mineral Stockpiles Would Last Only Weeks in a Global Supply Shock

    Critical Mineral Stockpiles Would Last Only Weeks in a Global Supply Shock

    Most economies would struggle to keep industry running for more than a few weeks if global supplies of critical minerals were suddenly disrupted, highlighting a major vulnerability at the heart of the modern economy.

    Critical minerals underpin everything from electric vehicles and renewable energy systems to electronics and defence equipment. Yet their production and processing are highly concentrated in a small number of countries, leaving supply chains exposed to geopolitical tensions, trade restrictions and conflict, according to the International Energy Agency.

    In response, governments have begun building strategic stockpiles intended to buffer industries against shocks. However, a review of publicly disclosed reserves shows that most countries remain poorly prepared. Outside a small group of exceptions, stockpiles are generally insufficient to sustain even priority sectors for more than a few months during a major disruption. In several cases, governments do not publish data at all, citing national security concerns.

    China stands out as the most resilient player. It not only dominates mining and processing for many critical minerals but also holds the world’s largest known state reserves. Industry estimates suggest China could support domestic demand for months in minerals such as rare earths and battery metals. Recent export controls on materials including gallium, germanium and graphite demonstrated how quickly this leverage can be exercised.

    Among major importers, Japan and South Korea are the most advanced. Japan overhauled its approach after a rare earth supply crisis in 2010 and now maintains reserves covering several months of demand for minerals such as cobalt and nickel. South Korea has built stockpiles equivalent to roughly two months of consumption, with systems designed for rapid release during emergencies.

    By contrast, the United States and Europe appear more exposed than commonly assumed. US reserves are largely focused on defence needs and would likely cover only weeks of broader economic demand in a large-scale disruption, despite recent efforts to rebuild stocks of rare earths, cobalt and antimony. Europe is still debating coordinated stockpiling under the Critical Raw Materials Act, leaving its industrial base vulnerable in the near term.

    Australia is pursuing a producer-led strategy, developing reserves based on domestically mined materials such as rare earths, antimony and gallium, both to improve national resilience and support allied supply chains. India, meanwhile, has acknowledged the need for stockpiles in its critical minerals strategy but remains at an early stage of implementation.

    The reality is stark: if global production halted tomorrow, most economies would be counting their remaining buffer in weeks rather than years. Governments would be forced to prioritise defence, energy and essential manufacturing, while other sectors would face immediate shortages.

    Stockpile size alone, however, does not determine resilience. Effectiveness depends on how well reserves match real demand, how quickly they can be released, and whether alternative supplies or substitutes are available. Small but targeted stockpiles, combined with diversified sourcing, can sometimes offer more protection than large but poorly aligned reserves.

    For mining companies and investors, this shift underscores a broader change. Critical minerals are no longer viewed solely as commodities but as strategic assets, with their value increasingly shaped by geopolitics, security and resilience as much as by traditional supply and demand dynamics.

  • Turkey’s Gokirmak Copper Mine Put Under Review as Owners Sound Out Buyers

    Turkey’s Gokirmak Copper Mine Put Under Review as Owners Sound Out Buyers

    The shareholders behind Turkey’s largest open-pit copper operation have begun exploring a potential sale, capitalising on a strong rally in copper prices, according to people familiar with the process.

    The owners — Akfen Holding AS, Ilbak Holding AS and Bacaci Yatirim Holding AS — have appointed Goldman Sachs Group Inc. to advise on a possible divestment of Acacia Mining Enterprises Inc., which operates the Gokirmak copper mine in Kastamonu province in northern Turkey. The mandate includes assessing interest in either a partial stake sale or a full exit, the sources said.

    Market participants indicate that the shareholders are seeking valuations of up to $1 billion for the entire asset, although pricing expectations could shift depending on demand and market conditions. The sale process remains confidential, and there is no certainty that a transaction will proceed.

    Copper has climbed sharply over the past year, supported by tightening global supply, disruptions at key mining operations, and accelerating demand linked to electrification, renewable energy and grid infrastructure. Prices recently pushed above $13,000 per tonne, reinforcing investor appetite for large-scale producing assets.

    Acacia Mining Enterprises holds an estimated 24 million tonnes of copper-ore reserves and produces roughly 120,000 tonnes of copper concentrate per year, according to disclosures by Ilbak Holding. Export revenues from the operation totaled $265 million in 2024, based on the latest figures from Turkey’s Chamber of Industry.

    Goldman Sachs declined to comment on its role, while the shareholder groups did not respond to requests for comment.

  • Strickland Delivers First Resource for Gradina at Rogozna

    Strickland Delivers First Resource for Gradina at Rogozna

    Strickland Metals has released the first Mineral Resource Estimate (MRE) for the Gradina deposit at its Rogozna project in Serbia, defining 12 million tonnes at 3.0 g/t gold, equivalent to 1.2 million ounces of contained gold. Gradina is one of four large-scale gold and base metals deposits identified at Rogozna and was the last to receive a formal resource.

    The Rogozna project also includes the Shanac (5.30 Moz AuEq), Medenovac (1.28 Moz AuEq), and Copper Canyon (0.81 Moz AuEq) deposits. Strickland said it plans to publish an updated resource for Shanac in the first quarter following its 2025 drilling campaign, which continues to indicate both bulk-tonnage and higher-grade mineralisation potential.

    During 2025, the company completed its largest drilling programme at Rogozna to date, with 79 holes for 46,737 metres. For 2026, Strickland plans to increase drilling to 60,000 metres, a 20% rise year-on-year. In parallel, the company is advancing internal scoping work and pre-feasibility study scenarios, targeting delivery of a pre-feasibility study in the first half of 2027.

    Strickland acquired Rogozna in July 2024 through the $37 million (€31.5 million) purchase of Betoota Holdings, which owns the project via its Serbian subsidiary Zlatna Reka Resources.