Investment Projects – MINEX Europe 2024

Serbia Invests €450 Million in New Equipment at Kolubara Coal Mine

Andrey — Mon, 03 Jun 2024 10:01:09 +0000

Serbia is investing 450 million euro ($487.5 million) in new equipment at the Kolubara coal mine to boost its production capacity, the energy ministry announced. The investment will also fund the launch of replacement production capacities for coal extraction from surface mines and the construction of two excavators and supporting systems at the Kolubara mine, according to a press release issued by the ministry on Tuesday.

The introduction of the new systems is expected to increase coal production by an additional 16 to 19 million cubic meters annually, said energy minister Dubravka Djedovic Handanovic. This year, coal production at the Kolubara level has already seen a 3% increase compared to the previous year, she added.

The Kolubara mining complex contributes to 70% of Serbia’s lignite output, according to the website of the state-owned energy producer Elektroprivreda Srbije (EPS).

German Investor Boosts Stake in Impact Minerals Amidst Funding for Drilling Project

Andrey — Tue, 07 May 2024 16:31:17 +0000

Susanne Bunnenberg, a German investor, has expanded her ownership in Impact Minerals, an Australia-based rare earths exploration company. She acquired an additional 450.2 million shares, totaling A$460,169, thereby increasing her stake from 15.83% to 16.85%. This stake increment coincides with Impact Minerals securing a $180,000 grant from the Western Australian government. The grant is designated for drilling activities at the Caligula copper target within Impact’s wholly owned Arkun Project, as reported by mining.com.au. The drilling initiative encompasses 40 boreholes spanning 2,000 meters and aims to investigate a rare earths soil geochemistry anomaly at the Hyperion site.

Aurubis Launches Ambitious Investment Program in Bulgaria

Andrey — Mon, 29 Apr 2024 18:47:51 +0000

Aurubis, a leading global supplier of non-ferrous metals, has initiated a groundbreaking investment program titled “Investments for Progress: Bulgaria 2027,” with a staggering budget of BGN 800 million. The program aims at bolstering the country’s industrial infrastructure, enhancing energy efficiency, and modernizing production facilities. The kickoff ceremony, held on April 25, marked the commencement of several pivotal projects, including the expansion of cathode copper capacity, the construction of new photovoltaic plants, and the implementation of energy efficiency initiatives. Notably, the expansion of the cathode copper refinery near Pirdop and Zlatitsa stands out as a flagship endeavor, promising to boost production capacity by 50%, from 230,000 to 340,000 tons annually. This ambitious venture underscores Aurubis’ commitment to sustainable growth and its pivotal role in meeting the surging global demand for copper amid the ongoing energy transition. The ceremony witnessed the presence of key dignitaries, including CEO Roland Harings of the Aurubis Group and Dr. Petko Nikolov, the Minister of Economy, who hailed the initiative as a significant milestone for Bulgaria’s economic advancement and bilateral relations with Germany.

Romanian minister comes up with gold mining grant scheme amid Rosia Montana scandal

Andrey — Mon, 04 Mar 2024 17:35:45 +0000

Marcel Bolos, the finance minister of Romania, has proposed a grant scheme for the non-ferrous mining sector to provide essential raw materials like copper to the struggling industry, as reported by Bursa.ro. This initiative, if implemented, aims to support the sector which has faced challenges in recent times.

Of note is Bolos’s emphasis on including gold mining among the recipients of this scheme, which is particularly notable given the ongoing legal dispute surrounding the Rosia Montana gold mining project. The outcome of this litigation with Gabriel Resources, the company behind the Rosia Montana project, is still pending official confirmation, although unofficial negotiations for a resolution are reportedly ongoing.

Bolos’s comments on the Rosia Montana project have drawn attention, especially considering the project’s controversial history and the involvement of various political parties. The minister has referenced substantial compensations demanded by Gabriel Resources, purported investments made by the company, and the possibility of a “non-financial settlement” to resolve the dispute. Bolos suggests that such a settlement, which could involve allowing the project to continue, might be more favorable to Romania than paying significant financial compensation.

However, Romania Curata, an NGO opposing the gold mining project, provides additional context to Bolos’s statements. The NGO claims that Gabriel Resources holds a valid license for the Rosia Montana project and asserts that the company aims to remove the region from UNESCO’s protected sites list for Environmental, Social, and Governance (ESG) reasons. Romania Curata alleges that there may be hidden elements of corruption involved in potential agreements between the government and Gabriel Resources, with the government potentially seeking to frame any resolution as a ruling from the World Bank’s ICSID court to justify its actions.

According to Romania Curata, the risk of Romania paying billions of dollars in compensation could make it more acceptable for the government to sell any resolution as a decision mandated by an international court rather than a negotiated agreement. The NGO contends that such a scenario could ultimately lead to Rosia Montana being excluded from UNESCO’s protected sites list.

Overall, the situation surrounding the Rosia Montana project remains complex and politically charged, with multiple stakeholders and interests involved. The proposed grant scheme for the non-ferrous mining sector adds another layer to the ongoing debate about Romania’s mining industry and its future direction.