MINEX Forum

Website: Europe.com

  • Rosatom Sues Finnish Firms for $2.8 Billion Over Cancelled Nuclear Plant Contract

    Rosatom Sues Finnish Firms for $2.8 Billion Over Cancelled Nuclear Plant Contract

    Russia’s state nuclear corporation Rosatom has launched a high-stakes lawsuit in Moscow against Finnish companies Fortum and Outokumpu, seeking 227.8 billion roubles (approximately $2.8 billion) in damages related to the cancelled Hanhikivi-1 nuclear power plant project in Finland.

    The lawsuit alleges unlawful termination of the EPC (engineering, procurement, and construction) contract and further violations of a shareholder agreement, a nuclear fuel supply deal, and an outstanding loan that Rosatom claims has not been repaid. The contract to construct the 1.2-gigawatt power plant was originally signed in 2013, with planned investments estimated at €6.5–7 billion. However, the Finnish government terminated the agreement in May 2022, citing geopolitical risks following Russia’s invasion of Ukraine, project delays, and overall uncertainty surrounding the project’s feasibility.

    Fennovoima, the Finnish-led consortium behind the Hanhikivi-1 project—of which Outokumpu, Fortum, and SSAB are key stakeholders—responded by initiating international arbitration proceedings to reclaim €1.7 billion in advance payments. Rosatom, in turn, filed counterclaims totaling €3 billion. Both cases are currently being heard in international courts.

    Fortum, once a major foreign investor in Russia’s energy sector, has faced growing losses in the country. In 2023, it effectively lost control of its Russian operations when the Kremlin, under a presidential decree by Vladimir Putin, temporarily seized control of Fortum’s power plants and renewable energy assets.

  • Cracks Appear in Europe’s Lithium Dreams as Global Market Shifts

    Cracks Appear in Europe’s Lithium Dreams as Global Market Shifts

    The once-optimistic projections for lithium mining in Europe, particularly at Portugal’s Covas do Barroso site, are facing new scrutiny amid global market disruptions and plummeting investor confidence.

    Recent developments in Ghana may offer some perspective for local opponents of the Covas do Barroso mine. In October 2023, Ghana awarded a 15-year lease to Atlantic Lithium Limited to mine its Ewoyaa site, one of the top ten largest lithium deposits globally with an estimated 35 million metric tonnes of potential output. However, the company—partly owned by U.S.-based Piedmont Lithium and Cleantech Group—has now announced that the project is on hold. The reason? A dramatic drop in the internal rate of return, from 105% to just 14%, leading Atlantic to declare it unviable under current conditions.

    The company had already invested $70 million, but the lithium market has slumped significantly since its November 2022 peak. Factors contributing to the downturn include major lithium discoveries in the U.S. and China, and the slower-than-expected adoption of electric vehicles. Compounding the issue is China’s fast-developing research and application of sodium-based battery alternatives, which are already entering commercial production for short-range vehicles.

    These global shifts call into question the long-term viability of other lithium projects, such as those pursued by Savannah Resources in Portugal. Savannah, which has secured fiscal concessions from the Portuguese state and projects a 25-million-tonne output from Covas do Barroso, could face similar economic pressures.

    While the Barroso project benefits from geographic proximity to EU refineries and markets—potentially cushioning it from the full brunt of market fallout—it is increasingly likely that operations will proceed on a smaller scale and with diminished returns. This could lead to more balanced decisions that account for both economic realities and the environmental and social concerns of local communities.

  • Ukraine and U.S. Seal Controversial Minerals Deal After Tense Talks

    Ukraine and U.S. Seal Controversial Minerals Deal After Tense Talks

    Ukraine and the United States signed a landmark minerals and profit-sharing agreement on April 30 in Washington, marking the end of months of turbulent negotiations and the beginning of a new phase of economic cooperation focused on reconstruction.

    The agreement gives the U.S. preferential access to future Ukrainian mineral deals and establishes a joint investment fund for rebuilding Ukraine’s war-torn infrastructure. It also secures Ukraine’s full sovereignty over its natural resources, following President Volodymyr Zelensky’s refusal to sign earlier versions that would have required Ukraine to repay past military aid or relinquish control of key assets.

    “This is a win for Ukraine,” said Prime Minister Denys Shmyhal. “We will attract major investments, secure growth, and remain in control of our critical minerals.”

    The U.S. had previously pushed for terms granting it up to 50% of Ukraine’s revenues from rare earths, oil, and gas, and even a stake in infrastructure like ports. President Donald Trump reportedly demanded repayment of $300 billion in aid and up to $500 billion in future mineral revenue — conditions Kyiv firmly rejected.

    Only after Zelensky sent Trump a letter expressing willingness to negotiate and praising U.S. support did tensions ease. “Nobody wants peace more than the Ukrainians,” Trump quoted Zelensky as writing, using the letter to bolster support for the deal during a speech to Congress.

    The final agreement establishes a joint fund where both nations will equally manage proceeds from newly issued licenses for critical minerals. For the first ten years, profits will be reinvested into Ukraine’s infrastructure and economic development. Past revenues and aid are excluded, and there are no debt obligations.

    Ukraine’s mineral wealth includes Europe’s largest lithium deposits, 20% of global graphite resources, and significant reserves of rare earth elements vital to defense and green technologies. But much of this wealth lies in or near Russian-occupied territories, making future exploitation a complex and risky endeavor.

    Despite securing equal partnership terms and full resource control, the deal offers no U.S. security guarantees. Critics say the agreement may remain symbolic if the war drags on.

    Still, U.S. Treasury Secretary Scott Bessent called the agreement a signal to Russia of Washington’s enduring support for a “free, sovereign, and prosperous Ukraine.”

  • Ukraine and U.S. Sign Landmark Minerals Agreement to Launch Joint Reconstruction Fund

    Ukraine and U.S. Sign Landmark Minerals Agreement to Launch Joint Reconstruction Fund

    On April 30, Ukraine and the United States signed a pivotal minerals agreement establishing a joint “Reconstruction Investment Fund” aimed at supporting Ukraine’s economic recovery and long-term development. The deal was signed in Washington by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko and U.S. Treasury Secretary Scott Bessent, following months of complex negotiations.

    “This document ensures success for both our countries,” said Svyrydenko, emphasizing that the fund marks a strategic investment partnership without compromising Ukraine’s sovereignty over its subsoil, infrastructure, or state-owned enterprises.

    The agreement creates a jointly managed fund to which both countries will contribute, using proceeds from newly issued licenses for critical minerals and oil and gas projects. It explicitly excludes revenue from existing projects and does not impose any debt obligations. Additionally, neither Ukraine nor the U.S. will tax the fund’s income or contributions.

    Bessent highlighted the deal as a sign of lasting U.S. support, stating, “This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine.”

    While the deal offers no direct security guarantees, it outlines a long-term strategic alignment and commits the U.S. to help attract further investment and technological support for Ukraine. Importantly, it includes safeguards to prevent individuals or entities linked to Russia’s war machine from benefiting.

    Ukrainian Prime Minister Denys Shmyhal praised the agreement, noting it would help drive reconstruction, economic growth, and technology transfer. He confirmed that the deal must now be ratified by Ukraine’s parliament, the Verkhovna Rada.

    Despite last-minute tensions reported by the Financial Times, the agreement was finalized, setting the stage for a new phase of U.S.-Ukrainian economic cooperation.

  • District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals (TSXV: DMX) has unveiled a significant upgrade to its Viken uranium project in central Sweden, announcing a new resource estimate that positions the project as the second largest uranium deposit in the world. The update has driven a substantial increase in the company’s share price, reflecting investor enthusiasm.

    The updated resource now totals 456 million indicated tonnes with a grade of 175 parts per million (ppm) uranium oxide (U3O8), equating to 176 million contained pounds of U3O8. This marks an almost ninefold increase compared to the previous 2010 resource estimate. Inferred resources also saw a significant boost, growing by 44% to 4.33 billion tonnes at a grade of 161 ppm U3O8, yielding 1.53 billion contained pounds.

    District CEO Garrett Ainsworth expressed that the impressive growth in the resource estimate highlights the strong continuity in grade and thickness of the mineralized Alum Shale formation across the Viken deposit. He also mentioned the potential for further expansion of the inferred resource, further underscoring the project’s promising future.

    Following the announcement, District Metals’ shares surged by 23%, reaching C$0.35 per share in afternoon trading on Tuesday, giving the company a market capitalization of C$45.9 million.

    Sweden’s Uranium Revival
    The new resource estimate for Viken is bolstered by the growing momentum for uranium in Sweden. The country is on the cusp of lifting its 2018 ban on uranium exploration and mining. The Swedish government, led by Prime Minister Ulf Kristersson, has been pushing to overturn the ban since 2023, with legislative changes expected to come into effect by January 2024.

    While Sweden’s uranium output is small on the global stage, its resources represent 27% of Europe’s total, according to the Swedish Geological Survey. The global demand for uranium, driven by the need for zero-emission energy sources, is also creating a favorable environment for Sweden’s uranium projects.

    Global Ranking of Viken
    Viken’s resource estimate places it among the largest uranium projects in the world. District Metals’ analysis, compared to other global uranium projects, positions Viken just below BHP’s Olympic Dam polymetallic project in South Australia, based on the total contained uranium.

    Additional Critical Minerals
    In addition to uranium, the Viken deposit hosts significant amounts of other critical minerals. The indicated vanadium resource has increased more than 16 times, with 2.85 billion pounds of vanadium oxide (V2O5) at a grade of 2,836 ppm. The inferred vanadium resource has grown by 45% to 24.29 billion pounds at a grade of 2,543 ppm V2O5.

    The indicated zinc resource totals 413 million pounds, grading 411 ppm zinc, and the inferred resource adds 3.9 billion pounds at a grade of 417 ppm. The nickel resources are also notable, with 332 million pounds of nickel in the indicated category at a grade of 330 ppm, and 3 billion pounds in the inferred category at a grade of 321 ppm.

    Next Steps
    The Swedish government’s plans to lift the uranium mining ban will influence District’s decision on whether to proceed with a preliminary economic assessment for Viken in the fourth quarter of 2023. The new resource estimate is based on 122 holes, including drilling data from previous operators between 2006 and 2012.

  • U.S. and Ukraine Near Landmark Deal on Mineral Access and Reconstruction Fund

    U.S. and Ukraine Near Landmark Deal on Mineral Access and Reconstruction Fund

    The United States and Ukraine are poised to finalize a landmark strategic agreement that would grant Washington preferential access to future Ukrainian mineral and energy projects in exchange for continued military aid and investment, according to multiple media reports.

    A draft of the agreement, obtained by Reuters, outlines the creation of a joint U.S.-Ukrainian reconstruction fund. This fund would receive 50% of profits and royalties from newly issued resource permits. While the U.S. will not directly own Ukrainian assets or infrastructure, the deal secures American or U.S.-designated entities first-in-line access to new mineral and energy development licenses.

    The proposed agreement exempts existing contracts and drops earlier provisions that would have allowed U.S. influence over Ukraine’s gas infrastructure.

    Bloomberg reported that the deal covers a wide range of critical resources including graphite, aluminum, oil, and natural gas. With Ukraine holding an estimated $15 trillion in mineral reserves—among the largest in Europe—the agreement positions the country as a key supplier of strategic raw materials.

    Ukrainian Prime Minister Denys Shmyhal described the plan as a “strategic investment partnership” that will help rebuild Ukraine and secure its long-term development. Crucially, only future U.S. military aid will be counted as contributions to the fund—previous military support, amounting to tens of billions of dollars, will not be monetized under this framework.

    The deal requires ratification by Ukraine’s parliament. Economy Minister Yulia Svyrydenko is currently in Washington to finalize negotiations.

    The agreement aligns with U.S. President Donald Trump’s broader policy goals, including securing critical resources and promoting a negotiated ceasefire with Russia. Although peace talks remain stalled, recent backchannel diplomacy—including a private meeting between Presidents Trump and Zelensky at the Vatican—suggests renewed communication.

  • EU Grants $36 Million to Advance Cinovec Lithium Project in Czech Republic

    EU Grants $36 Million to Advance Cinovec Lithium Project in Czech Republic

    The European Union has approved a $36 million grant to support the development of the Cinovec lithium project in the Czech Republic, marking a significant step in the bloc’s push to secure domestic supplies of critical raw materials.

    The funding, sourced from the EU’s Just Transition Fund, will be administered by the Czech Ministry of Environment and is conditional on the submission and approval of the project’s environmental impact assessment (EIA) by the end of 2025.

    European Metals Holdings (EMH), which holds a majority stake in the project, stated that the grant will accelerate key stages of development and may enable increased lithium output through improved economies of scale. EMH Executive Chairman Keith Coughlan noted that the funding would allow the company to “fast-track a number of critical path items” on the road to construction.

    Located in the Krusné Hory Mountains near the German border, Cinovec is the largest known hard rock lithium deposit in the EU. The project was designated as a Strategic Project under the EU Critical Raw Materials Act in March, and has also been recognized as a Strategic Deposit by the Czech government—two distinctions that are expected to streamline the permitting process and attract further institutional support.

    EMH has engaged engineering firm DRA Global Limited to complete a definitive feasibility study by the end of 2025. If environmental approval is secured, construction permits could follow within two years.

    In its latest financial update, EMH reported a cash balance of A$4.3 million and no debt as of the end of the first quarter. With Cinovec central to Europe’s ambitions for EV battery production and renewable energy storage, the EU’s financial backing is seen as a strategic investment in securing long-term raw material independence.

  • Germany Bets on Ion Pump Technology to Extract Lithium Sustainably from Geothermal Brine

    Germany Bets on Ion Pump Technology to Extract Lithium Sustainably from Geothermal Brine

    Germany is taking a bold step toward energy independence and environmental sustainability with the launch of the “Thermion” project, aimed at extracting lithium from geothermal brine using an innovative ion pump technology. Spearheaded by the Fraunhofer Institute for Solar Energy Systems ISE and supported by the Federal Ministry for Economic Affairs and Climate Protection, the project targets lithium-rich geothermal sources in the Upper Rhine Graben—a region considered highly promising for such extraction.

    Unlike conventional lithium mining from hard rock or salt flats—which causes significant CO₂ emissions, consumes large amounts of water, and damages local ecosystems—this method offers a clean alternative. The ion pump selectively captures lithium from thermal water extracted from depths of 3 to 5 kilometers, with the brine subsequently returned to its source almost unchanged. This closed-loop process not only conserves resources but also avoids chemical contamination and landscape disruption.

    The Thermion project will focus on both scientific evaluation of regional lithium reserves and the development of a scalable, efficient extraction process. Operating at 15 to 20 bar and 70°C within existing geothermal power systems, the ion pump enhances economic viability by utilizing dual infrastructure for both energy and lithium production.

    Backed by €2.6 million in government funding, the three-year initiative also envisions the future extraction of other valuable minerals such as cesium, rubidium, and cobalt. If successful, it could significantly reduce Germany’s dependence on lithium imports from countries like Australia and China, strengthen its battery production sector, and help meet growing demand for this critical mineral—expected to rise six-fold by 2030.

    However, challenges remain. To make geothermal lithium extraction a competitive and scalable solution, quicker project approvals and improved cost efficiency are essential. Public support will also be crucial, necessitating transparent communication and community engagement. With legislative support like the proposed Geothermal Acceleration Act, Germany could set a global example for clean, local resource extraction integrated with renewable energy.

  • Prior U.S. Aid to Ukraine Not Included in Minerals Deal, PM Shmyhal Confirms

    Prior U.S. Aid to Ukraine Not Included in Minerals Deal, PM Shmyhal Confirms

    Prime Minister Denys Shmyhal has clarified that past US financial aid to Ukraine will not be included in the pending minerals and natural resources deal between the two countries. Shmyhal made the statement after a visit to Washington for technical talks with US officials on the long-debated minerals deal, which took place from 24-26 April.

    During the visit, Shmyhal met with US Treasury Secretary Scott Bessent to discuss “important political aspects” of the agreement. The Ukrainian delegation and US officials made good progress in their negotiations, according to Shmyhal. He emphasized that the agreement must comply with European obligations, not contradict the Constitution and legislation of Ukraine, be ratified by the Parliament, and not count the assistance provided before its signing.

    The US and Ukraine signed a memorandum on the minerals deal on 27 April , and technical talks were completed by 26 April . However, the agreement has not been finalised yet. The deal has been under discussion for months and has faced delays due to concerns it contradicts Ukrainian law and could interfere with Kyiv’s hopes of joining the European Union.

    The minerals deal has also caused tension between President Volodymyr Zelensky and former President Donald Trump. Earlier versions of the deal granted the US extensive control over a joint investment fund with no offer of security guarantees in return. Trump has touted the minerals deal as a way for the US to “recoup” aid provided to Ukraine over the course of Russia’s full-scale war.

    Deputy Economy Minister and Trade Representative Taras Kachka has stated that the deal would not entail converting previously provided US aid into debt. Instead, the US, as one of the partners, will earn at least as much from the activities of this fund as the aid provided. Shmyhal did not specify a date on which he expects the deal to be signed.

  • Vast Resources Advances Mining Operations in Romania and Seeks New Investment Partnerships

    Vast Resources Advances Mining Operations in Romania and Seeks New Investment Partnerships

    Vast Resources, a mining company with operations in Romania, Tajikistan, and Zimbabwe, has announced the continuation of production activities at the Băița Plai polymetallic mine in Romania while initiating discussions for a joint venture with other mining companies to attract foreign investment, according to Economica.net.


    At Băița Plai, Vast reported the mining of 13,562 tonnes during the second half of 2024, alongside the production of 307.8 tonnes of copper concentrate with an average copper grade of 18.06%. Mining operations are running in parallel with underground drilling and reprofiling work.


    The company is also in discussions with potential off-takers and financiers regarding the restart of mining at the Manaila Polymetallic Mine, fully owned by Vast Resources Romania.


    Meanwhile, at the former Hanes Gold Mine, operated under a management contract, Vast has commenced on-site development after a harsh winter. A gravity concentrator has been installed to process gold and polymetallic alluvial minerals directly from the surface, with production expected to start this quarter. Additionally, facilities are prepared to truck significant quantities of ore to Băița Plai for processing, pending approval of new transport permits.


    Vast also confirmed receipt of separation tests for its Blueberry Gold Project, demonstrating gold extraction without the use of cyanide.