MINEX Forum

Website: Kazakhstan.com

  • Qarmet to Invest $1.48 Billion in Iron Ore and Coal Projects by 2025

    Qarmet to Invest $1.48 Billion in Iron Ore and Coal Projects by 2025

    Over the next few years, the company plans to invest $1.48 billion in its iron ore and coal departments. Of this amount, $500 million will be allocated to the development of the iron ore division, and $978 million to the coal division. This was announced following President Kassym-Jomart Tokayev‘s visit to the metallurgical plant.

    The official website of the President of the Republic reported that the plant’s management had already implemented several production upgrades and shared future plans. Since the plant was transferred to a new investor, a series of major projects worth over $3.5 billion have been initiated.

    The 2024 plant renovation program includes more than a hundred facilities and the replacement of 50,000 square meters of roofing. Additionally, sanitary and household facilities will be repaired.

    Kassym-Jomart Tokayev was shown the operation of Converter Shop No. 2 and the Continuous Casting Machines. Qarmet intends to further modernize the control systems and hydraulics in this section.

    The company has launched a “5-9-5” program: 5 million tons of steel, 9 million tons of coal, and 5 million tons of iron ore concentrate annually. As a result, by 2025, the metallurgical plant’s capacity will increase by 66% compared to last year.

    In 2023, coal mining was carried out at only three mines; now, Qarmet operates eight mines in Kazakhstan. Next year, all facilities will be equipped with positioning systems.

    President Tokayev summarized that the authorities made the “right decision” by inviting a Kazakh investor to manage the company. He instructed to “restore the former glory” of the metallurgical plant.

  • АО «Алтыналмас» начинает новый проект по добыче золота на месторождении Бактай в Казахстане

    АО «Алтыналмас» начинает новый проект по добыче золота на месторождении Бактай в Казахстане

    Золотодобывающая компания АО «Алтыналмас» представила план горных работ на месторождении Бактай, расположенном в Актогайском районе Карагандинской области Казахстана. План был опубликован на Едином экологическом портале Казахстана. Согласно проектной документации, месторождение Бактай ранее не разрабатывалось, однако геологоразведка на этом участке велась еще с прошлого века. В период с 2018 по 2021 годы компания пробурила 52 скважины и взяла 30 тыс. проб.

    Месторождение Бактай находится в пределах 100 км от одного из основных активов компании «Алтыналмас» — ГОК «Пустынное», где будет перерабатываться золотосодержащая руда с нового месторождения. Добыча руды планируется открытым способом. Минеральные ресурсы оценены в соответствии с кодексом KAZRC и поставлены на баланс в 2021 году. Выявленные запасы составляют 1,23 млн тонн руды (содержат 2328 кг золота, среднее содержание — 1,89 г/т), предполагаемые запасы — 577 тыс. тонн (содержат 698 кг золота, среднее содержание — 1,21 г/т).

    Компания планирует отрабатывать месторождение в течение двух лет с производительностью 940 тыс. тонн руды в год. После завершения добычи компания займется дальнейшими эксплуатационно-разведочными работами на Бактайском рудном поле.

    Кстати, недавно компания получила сертификат ICMI от Международного института по обращению с цианидами на месторождение Пустынное.

     

     

  • Altynalmas Begins New Gold Mining Project at Bakhtai Deposit in Kazakhstan

    Altynalmas Begins New Gold Mining Project at Bakhtai Deposit in Kazakhstan

    The gold mining company Altynalmas JSC has unveiled its mining plan for the Bakhtai deposit, located in the Aktogay district of Kazakhstan’s Karaganda region. The plan was presented on the Unified Environmental Portal of Kazakhstan. According to the project documentation, the Bakhtai deposit has never been developed before, although geological exploration of the site has been ongoing since the last century. From 2018 to 2021, the company drilled 52 boreholes and collected 30,000 samples.

    The Bakhtai deposit is situated within 100 km of one of Altynalmas’ main assets, the Pustynnoe mining and processing complex, where the gold-bearing ore from the new deposit will be processed. The company plans to extract the ore using open-pit mining. The mineral resources were evaluated according to the KAZRC code and were registered in 2021. The identified reserves are estimated at 1.23 million tons of ore (containing 2,328 kg of gold with an average grade of 1.89 g/t), with inferred resources at 577,000 tons (containing 698 kg of gold with an average grade of 1.21 g/t).

    The company intends to develop the deposit over a two-year period, with the quarry expected to produce 940,000 tons of ore per year. Following this, Altynalmas plans to conduct further operational exploration work in the Bakhtai ore field.

    Notably, the gold mining company recently received an ICMI certificate from the International Cyanide Management Institute for its Pustynnoe deposit.

  • Kazakhstan Plans to Boost Investment in Geological Exploration by 2029

    Kazakhstan Plans to Boost Investment in Geological Exploration by 2029

    Kazakhstan’s National Development Plan through 2029 aims to increase investments in geological exploration to $90 per square meter, up from the current $63 per square meter, which is 39.6% below the global average, according to a report by LS. The plan addresses the country’s insufficient reserves of key minerals ready for development, particularly in the areas of chromium, copper, and iron.

    Kazakhstan is rich in nickel, cobalt, and lithium, metals essential for the green economy. However, due to limited investment in geological exploration, the full potential of these resources has not been realized. The same issue affects rare earth metals.

    To improve the situation, the government plans to stimulate investments in junior companies by simplifying their access to the stock exchange and revising tax deduction conditions for investors. Additionally, the taxation system for mining companies will be overhauled, shifting to a model that considers the volume of product sales and profits rather than just the amount of raw materials extracted. This new system will first be tested on several pilot sites.

    Moreover, geological data will be digitized, and administrative barriers to obtaining exploration and mining licenses will be reduced.

  • Kazakhstan to Boost Investments in Mineral Exploration by 2029

    Kazakhstan to Boost Investments in Mineral Exploration by 2029

    The National Development Plan of Kazakhstan aims to increase investments in geological exploration to $90 per square meter by 2029, a significant rise from the current spending of $63 per square meter. According to LS, this current expenditure is 39.6% below the global average, leading to insufficient reserves ready for development, particularly in critical minerals such as chromium, copper, and iron.

    Kazakhstan possesses valuable resources like nickel, cobalt, and lithium, essential for the green economy, but their potential remains underutilized due to limited exploration investments. The same issue affects the development of rare earth metals.

    To address these challenges, the plan proposes to stimulate investments in junior mining companies by simplifying their access to the stock exchange and revising tax deduction conditions for investors. The taxation for companies involved in extraction will also be reformed, shifting to a system based on the volume of product sales and profits rather than just the amount of raw material extracted. This new system will initially be tested on several pilot projects.

    Additionally, geological exploration data will be digitized, and administrative barriers for obtaining exploration and mining licenses will be reduced.

  • Kazakh Company KazZinc Unveils Mining Plan for Novo-Leninogorsk Barite-Polymetallic Deposit

    Kazakh Company KazZinc Unveils Mining Plan for Novo-Leninogorsk Barite-Polymetallic Deposit

    Kazakh company KazZinc has presented its mining plan for the Novo-Leninogorsk Barite-Polymetallic Depositlocated in the Glubokovsky District of the East Kazakhstan Region. The documentation was published on Kazakhstan’s Unified Environmental Portal.

    According to the 2021 KAZRC report, the mineral resource assessment was conducted on the three main deposits of the site: Bogataya, Burovskaya, and Baritovaya, which contain over 95% of the site’s total resources. The ores are polymetallic, with a predominance of lead and zinc over copper. Other accompanying components include gold, silver, cadmium, bismuth, and more.

    At the beginning of 2022, the identified resources were registered: 7.99 million tons of polymetallic ores, 344.5 thousand tons of zinc (average content – 4.31%), 134.3 thousand tons of lead (1.68%), 13.6 thousand tons of copper (0.17%), 15.99 tons of gold (2 g/t), and 303.8 tons of silver (38 g/t). The estimated category totals 22.24 million tons of ore.

    The company is still conducting geological exploration to refine and upgrade the resource category. The determination of the physical and mechanical properties of the rocks was carried out in the VNIITsvetMet laboratory (Ust-Kamenogorsk) during the Soviet era and at the Saint Petersburg Mining University in 2020-2021.

    The mine intends to extract 2.7 million tons of ore annually. The raw material will be processed at the Ridder Mining and Concentrating Complex. The work plan is scheduled for 2024-2047.

  • C29 Metals Secures Southern Tenement at Ulytau Uranium Project in Kazakhstan

    C29 Metals Secures Southern Tenement at Ulytau Uranium Project in Kazakhstan

    C29 Metals has successfully acquired the southern tenement, spanning 213km², at the Ulytau Uranium Project in southern Kazakhstan. This new tenement is contiguous with the existing license area, located directly to the south and east of the project’s current boundaries. With a market capitalization of $11.17 million, C29 Metals announced that the tenement granting process was completed within an impressive 15 days, highlighting the efficiency of government agencies and their support for the company’s endeavors.

     

    Managing Director Shannon Green expressed excitement over the swift approval, stating, “It is very exciting to have this highly prospective application granted in such a rapid timeframe.” He further emphasized that this rapid approval demonstrates the positive operating environment in Kazakhstan and the strong support the company is receiving.

    C29 Metals will immediately begin the exploration approval process for the new southern tenement. The approval process for the company’s planned exploration programs at the Ulytau Project is already well advanced and proceeding as scheduled. The Ulytau Project is located in the Almaty region, approximately 15km southwest of the Bota-Burum mine, one of the largest uranium deposits mined during the former Soviet Union era.

  • Kazatomprom Raises 2024 Uranium Production Guidance After Strong First Half

    Kazatomprom Raises 2024 Uranium Production Guidance After Strong First Half

    Kazakhstan’s Kazatomprom (LON: KAP) announced on Thursday that it has raised its production guidance for 2024following an increase in output during the first half of the year. The world’s top uranium producer now expects to produce between 22.5 million and 23.5 million tonnes of uranium in 2024, up from the previous guidance of 21 million to 22.5 million tonnes.

    The updated forecast comes after the company boosted its uranium production by 6% year-on-year in the first half of 2024, reaching 10,857 tonnes. Production on an attributable basis rose 7% to 5,797 tonnes.

    Despite the increase in production, Kazatomprom and its subsidiaries experienced an 18% decrease in sales in the first half of the year, totaling 7,779 tonnes. However, the average price of uranium concentrate surged by 41% to $66.22/lb.

    Earlier this year, uranium prices soared to a 15-year high of $104/lb due to tight supply and rising demand. The company noted that average realized prices for the second quarter and the first half of 2024 were higher than in the same periods of 2023, primarily due to an increase in the uranium spot price.

    “The company’s current contract portfolio pricing reflects uranium spot prices. However, some long-term contracts for 2024 include fixed pricing components and price ceilings that were set during a period of lower prices,” Kazatomprom said in a statement.

  • Kazakhstan Issues 333 Licenses for Solid Minerals in 2024

    Kazakhstan Issues 333 Licenses for Solid Minerals in 2024

    From January to July 2024, Kazakhstan’s subsoil users received 333 licenses for solid minerals, reports the Ministry of Industry and Infrastructure Development of Kazakhstan. Most of these are exploration licenses, with only 13 issued for extraction. The total number of applications exceeded 800.

    According to the Ministry, auctions held in May alone added 89 million tenge to the budget. An auction was also held for the troubled Obukhovskoye deposit, where authorities expect the new owner to continue operating the processing plant and maintain jobs. The enterprise produces rutile-zirconium concentrate.

    On August 12, another 23 deposits of solid minerals will be put up for auction.

    The Ministry also monitors the fulfillment of obligations: since the beginning of the year, 32 licenses and 22 contractshave been terminated due to non-compliance with conditions.

    The Ministry emphasizes that a key task remains leveraging the country’s raw material potential to attract investments. To this end, amendments to the legislation are being made with the participation of the industry community.

  • C29 Metals Seeks New Exploration Licenses in Kazakhstan

    C29 Metals Seeks New Exploration Licenses in Kazakhstan

    In a recent development, the geological exploration company C29 Metals Limited has submitted applications for new exploration licenses in Kazakhstan. The areas of interest are situated to the south and north of the company’s current exploration site, according to inbusiness.kz. C29 Metals is looking to secure rights to study two sections of land: one covering 213 km² near the Ulutau Uranium Project and another 39 km² site close to the Botaburum mine. The company considers these zones promising based on historical drilling data and satellite imagery. It is estimated that the subsurface may contain 3,800 tonnes of uranium oxide. Currently, the Australian company holds full ownership of the Ulutau project. However, it remains unclear how they plan to proceed with extraction, as current legislation stipulates that mining of this metal must involve organizations with a majority stake held by Kazatomprom.