The opening session of MINEX EURASIA 2025 — “The New Resource Frontier: Unlocking Central Asia’s Critical Minerals Powerhouse” — delivered a clear message: Central Asia has moved from a region of geological promise to a globally contested arena for critical minerals, but a substantial gap remains between ambition and execution. Speakers highlighted that while the region holds world-class deposits of lithium, tungsten, rare earth elements and other strategic minerals, underinvestment, governance challenges and slow project development continue to restrain advancement.
The session began with a review of the region’s natural endowment. Kazakhstan — the world’s ninth-largest country — dominates regional exploration budgets, yet overall exploration spending across Central Asia remains modest compared with mature mining jurisdictions. Western participation is strikingly low, and despite a handful of standout projects, experts argued that far more risk capital is needed to convert geological maps into operating mines.
A major theme was the mismatch between political urgency and the slow pace of mine development. Globally, the average time from discovery to commercial production now exceeds 16 years, and Central Asia is no exception. Speakers cautioned that “good geology” alone does not guarantee quick results. Long permitting timelines, regulatory uncertainty, environmental and social assessments and technical complexity remain significant barriers — all of which underscore the need for stable rules and predictable permitting systems to attract investors.
Governance emerged as a decisive factor in Central Asia’s critical minerals trajectory. Kazakhstan was cited as a regional leader in implementing international-aligned mining reforms, including adoption of the KAZRC reporting code, a national register of qualified persons and a modernised mineral cadastre. Environmental and subsoil reforms are gradually shifting the sector away from legacy “pay-to-pollute” models toward best-available technologies and lower-impact mining. Uzbekistan, meanwhile, is rapidly implementing its own modern mining code and has expanded joint geological initiatives with Kazakhstan, signalling growing regional alignment.
However, Kazakhstan and Uzbekistan are pursuing distinct strategies. Kazakhstan initially expected private investors to lead in critical minerals but found they instead focused on established copper and gold assets. As a result, the Development Bank of Kazakhstan has launched a multi-year, billion-dollar programme to directly support rare earth and critical mineral projects. Uzbekistan, in contrast, has adopted a state-anchored industrial model through its Technological Metals Company (TMK), which is developing more than 100 projects across 25 minerals. Its plans include large-scale tungsten development, lithium and graphite exploration and integrated upstream–midstream–downstream industrialisation.
Both countries are shifting from exporting raw concentrates to capturing domestic value. Kazakhstan aims to seed new industries in semiconductors, batteries, permanent magnets and heat-resistant alloys, building on existing capacity such as the Ulba Metallurgical Plant. Uzbekistan’s TMK strategy links mining projects with processing plants, technology parks and industrial clusters — many in partnership with Chinese engineering and mining groups, whose turnkey project delivery capability remains unmatched.
The geopolitical landscape is increasingly crowded. China remains the dominant external player thanks to long-term planning, Belt and Road infrastructure, strong engineering capacity and patient capital. U.S. engagement is growing, primarily through offtake-driven agreements intended to secure supply for defence and energy industries. The EU is active but constrained by scale and speed of investment, while South Korea, Japan, Türkiye and the UK are carving out niches as specialised technology and standards partners.
Presentations from the OECD stressed that unlocking Central Asia’s mineral wealth must go hand-in-hand with governance reforms, responsible business conduct and fair taxation frameworks. A multi-year regional programme is now under way to address environmental risks, reduce illicit financial flows and build due diligence systems, with final recommendations expected in 2026.
The UK outlined its ambition to become a key partner in Central Asia’s critical minerals sector through new bilateral agreements, export credit tools and technical support for responsible mining. Case studies demonstrated British expertise across the full lifecycle — from exploration to mine rehabilitation.
The session concluded with cautious optimism. Central Asia has firmly entered the global critical minerals spotlight, supported by geological potential, ongoing reforms and geopolitical attention from major economies. But speakers emphasised that turning opportunity into reality will require sustained investment, credible governance, transparent partnerships and a long-term view that balances foreign capital with local development and environmental protection.
