Chris Barton's keynote speech at the MINEX Europe Forum in Wroclaw on 17 October 2023

Mr. Chris Barton, His Majesty's Trade Commissioner for Europe, delivered a keynote speech at the MINEX Europe Mining Forum, arguing that mining matters for sustainability, security, and success.

Highlights:

• 💡 Mining matters for sustainability

• 🛡️ Mining matters for security

• 💰 Mining matters for success

Summary

Sustainability: Mr. Barton highlighted the role of mining in the clean growth and energy transition, noting that critical minerals are essential for low-carbon technologies such as batteries, solar panels, and wind turbines. He also emphasised that mining can be done in a clean and sustainable way, with rigorous environmental standards and safety practices.

Security: Mr. Barton stressed the importance of securing supply chains for critical minerals, which are becoming increasingly important as we move away from fossil fuels. He noted that China controls over 23% of the global supply of cobalt, which is used in batteries, and that this creates a situation where UK and European jobs and industries are vulnerable to market shocks and geopolitical events.

Success: Mr. Barton argued that mining creates vast economic opportunities, both in the mining sector itself and in the wider economy. He noted that the UK's 10-point plan for a green industrial revolution will create and sustain up to 250,000 local carbon jobs and that British mining supply chain companies are renowned for their expertise in clean growth. He also highlighted London's role as the international hub for mining finance and services.

Mr. Barton concluded by stating that mining matters for sustainability, security, and success and that we need to communicate this message externally and celebrate it internally.

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RETHINKING MINING IN EUROPE TO MEET THE METALS AND MATERIALS DEMAND

The landscape of mineral and metal supply and demand is rapidly changing as European countries transition towards a more sustainable and digital future. As geopolitical tensions keep rising, Europe’s diversification strategy shifts towards replacing trade partners and developing its own mineral and metals potential. Europe’s true mineral potential is still not fully understood due to under-exploration, outdated geological surveys, and lack of investment in mining technology. New exploration technologies and strategies can potentially unlock new reserves. Mining these resources in a sustainable way is a major challenge. Mining operations can have significant environmental impacts, including habitat destruction, water pollution, and greenhouse gas emissions. As such, it is vital that these operations are carried out responsibly, with robust environmental protections in place. Additionally, developing these resources will require substantial investment in infrastructure, skills, and technology. This includes not only the mining operations but also the downstream industries needed to process and refine these minerals.


Opportunities in Eastern, Central and wider Europe to develop the supply of metals and minerals to EU’s green energy transition.


Lithium: This metal is a key component in rechargeable batteries, which are essential for electric vehicles and renewable energy storage. Countries such as the Czech Republic have significant lithium reserves, which could supply a substantial part of the EU’s demand.
Copper and Silver: These metals are essential for wind turbines, solar panels, and electric vehicles due to their electrical conductivity. Poland is one of the world’s leading producers of silver, and both Poland and Bulgaria have substantial copper mining industries.
Rare Earth Elements (REEs): REEs are vital for a wide range of green technologies, including wind turbines, electric vehicles, and energy-efficient lighting. While China currently dominates global REE production, there are significant reserves in countries like Poland, which could potentially be developed to provide a more secure supply.
Nickel and Cobalt: These metals are essential for the production of lithium-ion batteries. Finland, Poland, and the Balkan countries have significant nickel and cobalt reserves.

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JUST TRANSITION AND COAL PHASE-OUT

Central and Eastern Europe region looks to reduce its dependence on fossil fuels and transition to more sustainable energy sources. Many countries in the region have set ambitious targets to reduce greenhouse gas emissions and increase the share of renewable energy in their energy mix. This means that the coal mining industry in Central and Eastern Europe is facing significant challenges, as the demand for coal is expected to decrease in the coming years. This is particularly true for countries like Poland, where coal accounts for a large share of the energy mix. However, there are also opportunities for the coal mining industry to adapt to the changing energy landscape, such as by investing in carbon capture and storage technology, developing alternative uses for coal mining sites and infrastructure, and re-skilling and re-employing displaced coal workers. Additionally, the role of government and regulatory bodies in promoting sustainable mining practices and implementing energy transition policies will be crucial for the success of coal phase-out plans in the region.

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DEVELOPING CRITICAL RAW MATERIALS RESILIENCE

To achieve green and digital transitions, Europe must significantly increase and diversify its critical raw materials supply, strengthen circularity and support research and innovation. In the context of the overarching objectives of the European Critical Raw Materials Act, European Green Deal and the REPowerEU will help to remove regulatory barriers and accelerate domestic development and sustainable supplies of battery materials such as nickel, cobalt, lithium, and graphite for ensuring rapid energy and mobility transitions. Increasing domestic capacity and investments across the battery value chain including exploration, mining, and refining will be essential. This initiative will aim to reinforce EU monitoring capacities and strengthen both the EU value chain – through the identification of mineral resources and raw materials projects in the EU's strategic interest, with strong environmental protection – and EU external policies on CRMs.

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REBUILDING THE SMARTER AND SUSTAINABLE MINING INDUSTRY IN UKRAINE

In recent years, Ukraine has been exploring the potential for a critical raw materials alliance with European markets to secure supply of these materials and increase economic growth. To achieve this, Ukraine is promoting cooperation and collaboration between stakeholders creating a favourable policy and regulatory environment for this alliance. The country is also investing in new technologies and innovation for production and processing, addressing the challenges of critical raw materials supply chain management, and exploring opportunities for critical raw materials recycling and secondary recovery. Russian invasion prevents Ukraine from the development of its mineral resources and from building sustainable supply to the international markets. Despite these challenges, the potential for a critical raw materials alliance between Ukraine and European markets is significant. It can help Ukraine to increase its economic growth by providing European countries with a secure and sustainable source of these materials.

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NET ZERO MINING AND ENERGY TRANSITION AGENDA

The EU has recently unveiled its Net-Zero Industry Act and Critical Raw Materials Act as part of its Green Deal Industrial Plan, aimed at ensuring that the EU can compete with the US and China in making clean tech products and accessing raw materials. In line with this, the EU has set a target of producing at least 40% of the products it needs for “net-zero” technologies, such as solar power or fuel cells, by 2030. About €23 trillion of this investment would come from redirecting investments that would otherwise have funded carbon-intensive technologies. This amounts to roughly 25% of the annual GDP of the EU. The Mining and Metals industry would need to take decisive action to achieve the EU’s climate goals, and stakeholders would need to address several hurdles to accelerate the transition. To meet climate targets, the industry must develop and commercialise new low-CO2 technologies within the next 5-10 years.

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MINING UNICORNS – INVESTMENT OPPORTUNITIES IN EUROPE

Europe offers a variety of mineral exploration opportunities and developed best-in-class resource management practices. The region is rich in a wide range of minerals, including base metals, precious metals, and rare earth elements. Mineral exploration opportunities in Central, Eastern and broader Europe can be developed through innovative exploration techniques such as geospatial technologies, digital mapping, 3D modeling, and Machine Learning. These technologies can help to identify new mineral deposits and improve the efficiency of exploration activities. Resource management best-in-class practices include the use of sustainable mining practices, such as environmental impact assessments, community engagement programs and stakeholder consultation. These practices can help to minimize the environmental and social impacts of mining operations and promote transparency and good governance. Additionally, companies can improve the value of mineral resources through downstream processing and beneficiation. Collaboration and partnerships between mining companies, government and local communities can also help to promote mineral exploration and resource management in Central, Eastern and broader Europe.

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BEST-IN-CLASS PRACTICES FOR MANAGING RESOURCES OF METALS AND MINERALS

Best-in-class mining practices for managing resources of metals and minerals involve a combination of strategies and techniques to ensure sustainable extraction and use of these resources. These include the use of advanced technologies for exploration and extraction, and the adoption of circular economy principles for efficient and sustainable use of resources. Additionally, mining companies are also focused on minimising their environmental footprint through the use of green remediation techniques and the integration of renewable energy sources. The industry is also investing in advanced operations technology, managing environmental regulations and stakeholder engagement, and developing assets in remote locations.

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AUTOMATION AND DIGITAL TRANSFORMATION

Technology and digital transformation are playing an increasingly important role in the mining industry in Europe. Digital technologies such as artificial intelligence, machine learning, robotics, and automation are being used to increase efficiency and reduce costs in mining operations. The use of data-driven decision-making, geospatial technologies, and 3D modelling is also helping to improve mineral exploration and resource management. Additionally, advancements in the Internet of Things (IoT), blockchain technology, and virtual and augmented reality are helping to improve supply chain traceability, mineral rights management, and mining operations. In order to fully leverage the potential of these technologies, companies are investing in digital infrastructure and training workers in digital skills. The use of these technologies can also help to mitigate the environmental and social impacts of mining operations and promote sustainability and transparency in the mining sector.

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The 12th Eurasian Conference on Mining and Mineral Exploration took place on 2 December 2024 in London. The conference focused on the future of raw materials value chains within the Eurasian region, bringing together industry experts, senior officials, and companies to explore opportunities in Central Asia and Mongolia’s mining sector. The event also provided a platform for sharing practical insights on overcoming challenges and mitigating risks in mining project development.

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Establishing a mining ecosystem in Central Asia and the Middle Corridor for critical minerals

This conference session focused on the critical raw materials sector in Central Asia, particularly in Uzbekistan and Tajikistan.

Strategic Importance of Central Asia

Central Asia, comprising countries such as Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, holds a significant position in the global supply of critical minerals. The region is rich in essential minerals, including manganese (38.6% of global reserves), chromium (30.07%), lead (20%), zinc (12.6%), and titanium (8.7%). The increasing demand for critical minerals, driven by the transition to renewable energy, electric vehicles, and advanced electronics, makes Central Asia a crucial player in the global supply chain.

Growing Importance of Critical Minerals in Central Asia – a UK perspective

Oliver Richards, Head of Critical Minerals and Mining (International), UK Department for Business and Trade highlighted the UK's new industrial strategy, which focuses on driving growth in key sectors such as automotive, aerospace, and clean energy. He also mentioned the UK's national wealth fund, which brings together existing capital and new sources of capital to invest in projects. The UK is also working with countries in Central Asia, including Kazakhstan, to develop partnerships and support commercial projects.

Uzbekistan's vision for becoming a global hub for critical raw materials

Han Ilhan, Executive Board Member, TETHYS: Trans-Eurasian Gateway presented the value proposition of Uzbekistan in terms of critical raw materials. He introduced the company TMK, which is a fully integrated company that uses its mining assets to develop metal and end products that are sold to developed nations. TMK has a strong vision and mission to become a global hub for critical raw materials and is committed to providing financing for its projects.

Tajikistan's Potential.

Aziz Nazar, Deputy Minister of Industry and New Technologies of the Republic of Tajikistan presented the country's investment opportunities in the mining sector. Tajikistan has a rich mineral deposit base, with over 800 deposits and occurrences, and is home to Central Asia's largest silver deposits. The country has a strong focus on green energy and has implemented measures to develop new deposits, including the creation of a national center for the study of strategic resources.

The follow-up discussion touched on the challenges of accessing critical raw materials in Central Asia.

Financial Challenges: The traditional financing models may not be sufficient for critical mineral projects due to their complex economics and supply risks. There is a need for innovative financing solutions and government support to crowd in private capital.

Technological and R&D Needs: Developing critical minerals often requires advanced technologies and R&D, particularly for byproducts like gallium and germanium. Uzbekistan's TMK is investing in R&D and plans to build a nanoanalytical laboratory to support these efforts.

Market Focus: There is a suggestion to focus on investing in copper and zinc smelting in Central Asia, as these processes can produce critical raw materials as byproducts, potentially making the region a hub for such activities.

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Establishing a mining ecosystem in Central Asia and the Middle Corridor for critical minerals

This conference session focused on the critical raw materials sector in Central Asia, particularly in Uzbekistan and Tajikistan.

Strategic Importance of Central Asia

Central Asia, comprising countries such as Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, holds a significant position in the global supply of critical minerals. The region is rich in essential minerals, including manganese (38.6% of global reserves), chromium (30.07%), lead (20%), zinc (12.6%), and titanium (8.7%). The increasing demand for critical minerals, driven by the transition to renewable energy, electric vehicles, and advanced electronics, makes Central Asia a crucial player in the global supply chain.

Growing Importance of Critical Minerals in Central Asia – a UK perspective

Oliver Richards, Head of Critical Minerals and Mining (International), UK Department for Business and Trade highlighted the UK's new industrial strategy, which focuses on driving growth in key sectors such as automotive, aerospace, and clean energy. He also mentioned the UK's national wealth fund, which brings together existing capital and new sources of capital to invest in projects. The UK is also working with countries in Central Asia, including Kazakhstan, to develop partnerships and support commercial projects.

Uzbekistan's vision for becoming a global hub for critical raw materials

Han Ilhan, Executive Board Member, TETHYS: Trans-Eurasian Gateway presented the value proposition of Uzbekistan in terms of critical raw materials. He introduced the company TMK, which is a fully integrated company that uses its mining assets to develop metal and end products that are sold to developed nations. TMK has a strong vision and mission to become a global hub for critical raw materials and is committed to providing financing for its projects.

Tajikistan's Potential.

Aziz Nazar, Deputy Minister of Industry and New Technologies of the Republic of Tajikistan presented the country's investment opportunities in the mining sector. Tajikistan has a rich mineral deposit base, with over 800 deposits and occurrences, and is home to Central Asia's largest silver deposits. The country has a strong focus on green energy and has implemented measures to develop new deposits, including the creation of a national center for the study of strategic resources.

The follow-up discussion touched on the challenges of accessing critical raw materials in Central Asia.

Financial Challenges: The traditional financing models may not be sufficient for critical mineral projects due to their complex economics and supply risks. There is a need for innovative financing solutions and government support to crowd in private capital.

Technological and R&D Needs: Developing critical minerals often requires advanced technologies and R&D, particularly for byproducts like gallium and germanium. Uzbekistan's TMK is investing in R&D and plans to build a nanoanalytical laboratory to support these efforts.

Market Focus: There is a suggestion to focus on investing in copper and zinc smelting in Central Asia, as these processes can produce critical raw materials as byproducts, potentially making the region a hub for such activities.

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Bridging the gap between miners and financiers

This conference session, titled "Bridging the Gap Between Miners and Financiers," focused on the challenges and opportunities of financing mining projects in Eurasia. The panellists included representatives from the London Stock Exchange, ACG Metals, IFC, UK Export Finance, and EBRD. The discussion opened with the observation that Eurasia presents significant opportunities for mining investment, but securing funding requires understanding the region's unique landscape. Success stories highlighted the growing collaboration with international markets, such as the UK's approval of export finance for critical minerals and successful bond offerings on the London Stock Exchange.

Diversification of Supply Chains

The panel discussed the need to diversify supply chains, particularly in processing minerals, to reduce dependence on Chinese processing capabilities. Initiatives like the "RISE" program, which focuses on regional coordination and synergies, were mentioned as ways to address this issue.

Good Governance and ESG

A key theme throughout the session was the importance of "good deals" that create value for all stakeholders. This includes strong project fundamentals, robust ESG (Environmental, Social, and Governance) frameworks, and community engagement.

Local Support and Community Engagement

Local support and community engagement were highlighted as crucial. EBRD's example of Tümad demonstrated how local banks and community programs can enhance the viability and acceptance of mining projects.

Political Risk Management

Managing political risk is a significant challenge. IFC and EBRD use mechanisms like B-loan syndication and MIGA guarantees to mitigate these risks. UKEF also provides guarantees to banks, which helps in managing political risks associated with projects in Eurasia.

Case Studies and Examples

ACG Metals

Artem Volynets, Chairman and CEO of ACG Metals, discussed the importance of structuring deals that create value for both parties. He highlighted a transaction in Turkey where flexibility and alignment of interests between the buyer and seller were crucial. ACG Metals uses a mix of equity, debt, and prepayments from offtakes to finance their projects.

EBRD

Natalia Lacorzana, Head of Natural Resources, European Bank for Reconstruction and Development (EBRD) presented a case study on Tümad, a Turkish mining company. EBRD provided $90 million in project finance, emphasising the importance of strong project teams, local community engagement, and comprehensive economic inclusion programs. The project also focused on environmental sustainability, including dry stacking of waste and renewable energy integration. She also discussed the Junior Mining Program (JUMP), which supports early-stage mining companies. The program aims to help these companies advance their projects and eventually attract further investment and construction finance.

IFC

Namrata Thapar, Global Head, Metals & Mining, International Finance Corporation discussed the Oyu Tolgoi copper-gold mine in Mongolia. IFC played a critical role in raising $4.4 billion through project finance, ensuring environmental and social compliance, and managing political risks. The project involved complex financing structures, including B-loan syndication and MIGA guarantees.

UK Export Finance

Christopher Allum, Senior Business Origination Officer, UK Export Finance, explained how UKEF provides commercial debt financing through guarantees to banks. He highlighted the Almalyk Mining project in Uzbekistan, where UKEF supported the purchase of high-tech mining equipment from a Scottish company. UKEF also introduced a new critical minerals support product to ensure the UK's supply of critical minerals.

London Stock Exchange

Ayuna Nechaeva, Head of Europe, Primary Markets, London Stock Exchange discussed how companies from Central Asia, such as Navoi Mining and Metallurgical Company in Uzbekistan, have successfully raised funds through the London Stock Exchange. She emphasised the importance of good governance, ESG compliance, and the ability to meet public market expectations for transparency and sustainability.

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From Compliance to Culture: How Mining Industry in Emerging Markets is Embracing a New Era of Corporate Governance?

The third session of MINEX Eurasia 2024 focused on the importance of Environmental, Social, and Governance (ESG) concerns in the mining industry, particularly in Kazakhstan. A panel of experts from the UK and Kazakhstan's financial and mining industries discussed the impact of regulatory changes on corporate governance in Kazakhstan's mining sector and emerging markets.

Changes in the London Stock Exchange listing rules

Alexander Keepin, Partner, Simmons & Simmons presented a keynote “The impact of the FCA Listing Reforms for companies considering a listing in London”. The London Stock Exchange has reformed its listing rules to become more competitive globally. This includes simplifying listing categories, removing certain requirements (like the three-year track record), and streamlining continuing obligations. The emphasis is on ensuring that corporate governance policies are not just tick-box exercises but are deeply ingrained in the company's culture and operations. These changes aim to attract a wider range of companies, including those from emerging markets like Kazakhstan.

The role of the Astana International Exchange (AIX)

Aray Seitova, Acting Regulation Officer, Astana International Exchange discussed the exchange's approach to corporate governance, which includes a light approach for issuers from equivalent stock exchanges and a flexible approach based on instrument type. AIX, operating within the Astana International Financial Centre (AIFC), is designed to connect Kazakhstan with the global capital market. The AIX (Astana International Exchange) operates under an independent legal framework based on English common law and has high corporate governance standards consistent with those of developed financial markets. AIX balances the promotion of high corporate governance principles with the flexibility required for emerging markets, allowing issuers to comply with regulatory requirements without excessive burden. This includes flexible approaches for different types of issuers and a focus on education rather than punishment to improve compliance.

The importance of independent directors

Roger Barker, Director of Policy and Corporate Governance, Institute of Directors, discussed the importance of good governance and the role of directors in ensuring that companies operate responsibly. Independent directors play a vital role in ensuring good governance, providing oversight, and asking critical questions. They act as a check and balance on management and represent the interests of minority shareholders and stakeholders. The Institute of Directors (IOD) plays a crucial role in training directors and promoting good governance practices.

Practical challenges and solutions

The panel discussed the challenges of navigating complex governance issues, particularly in state-owned enterprises. Eric Rasmussen, Independent Director of Adriatic Metals | Electrum Discovery Corporation, shared his experience of working with companies in the mining industry and emphasized the importance of having a strong moral compass and being able to navigate complex problems.

Kazakhstan's mining sector is at a crossroads, with significant efforts being made to modernize and adopt best international practices in governance, environmental protection, and social responsibility. While challenges persist, the integration of ESG principles, the enhancement of corporate governance, and the role of independent directors are key to ensuring sustainable and responsible mining practices. Continuous dialogue and collaboration among stakeholders are essential for navigating the complexities of the sector and achieving long-term benefits for all stakeholders involved.

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CRIRSCO in Action: Revolutionising Mining Reporting Standards in Central Asia and beyond
While the adoption of CRIRSCO standards alone isn't a guarantee of increased foreign investment, it is a significant step towards creating a more attractive investment environment in the mining sector. The session will discuss the practical experiences of Kazakhstan, Mongolia and other Eurasian jurisdictions in their commitment to implement the internationally acceptable reporting standards and developing a broader strategy to improve the investment climate in these countries' mining sectors.

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Eurasia’s place in the future of raw materials value chains
The Eurasian mining sector experienced significant growth in foreign direct investment and trade throughout 2024. Western countries like the UK, Europe, and the USA are actively seeking partnerships with Kazakhstan and Uzbekistan to secure critical raw material supply chains. However, they face increasing competition from Chinese, Arab, Turkish, and Russian-backed companies. In Kazakhstan alone, the number of active Chinese companies has increased by 3% in August 2024, surpassing 3,000 operational businesses and joint ventures. This escalating competition raises questions about the future landscape: Will this trend persist, and will the national governments maintain a balanced approach to deal allocation to ensure stability and security of raw material supply chains with the Western nations?

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From an Opportunity to Ore

This session will offer an opportunity to discuss mining investment opportunities, geological risks and projects developed across Central Asia.

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MINEX ForumTM is a specialist events and information exchange platform dedicated to promoting Mining Technological Innovation, Regulation and Investment opportunities across Eurasian continent. MINEX Mining and Exploration Forum was established in 2005. Since then MINEX Forum TM has organised 100 mining events in Russia, Central Asia, UK, Europe and China.

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Toronto, Canada, March 4, 2024 – Aurora Limited successfully hosted the fifth annual Kazakhstan Day 2024, a prestigious event that celebrated Kazakhstan's significant contributions to the mining industry and highlighted new investment opportunities within the country. The event, organized in collaboration with industry leaders and government representatives, emphasized Kazakhstan's growing potential in the global mining landscape.

The day began with an insightful welcome address by Kanat Sharlapayev, Minister of Industry and Construction of the Republic of Kazakhstan. Minister Sharlapayev discussed the promising prospects and strategic vision of Kazakhstan's mining sector, highlighting the adoption of a new investor-friendly mining code. He noted that exploration investments have increased significantly, with approximately $250 million invested in 2022 alone. The Minister also emphasized ongoing efforts to refine legislation, particularly the reduction of liquidation security requirements, to further enhance the investment appeal for the development of Kazakhstan's junior mining market.

Andres Blanco, head of Xcalibur Smart Mapping, the leading airborne geophysics company, delivered a pivotal address on the innovative pilot project in the Northern Balkhash area. This initiative, resulting from a Memorandum of Understanding with the National Geological Survey of Kazakhstan, involves a comprehensive regional airborne geophysical survey using magnetic, radiometric, gravimetric, and electromagnetic techniques over the Northern Balkhash and the Kalbanarim rare-metal zone. The project aims to generate a modern, pre-competitive geophysics dataset to attract private investment in Kazakhstan's geological exploration efforts.

A highlight of Kazakhstan Day 2024 was the premiere of the documentary "Northern Balkhash - The Next Copper Elephant," presented by Lakeside Minerals and Trevor Wright. The film compellingly argues Kazakhstan's potential to discover world-class deposits, setting the stage for increased global attention and investment. The movie can be watched via this link - www.lakeside.kz/film.

The event also featured insights from C-level executives of RG Gold and Yer-Tai, who shared their successful journeys from exploration to active mining, highlighting the practical achievements and potential within Kazakhstan's mining sector.

Said Sultanov from Aurora Limited provided a comprehensive overview of the exploration sector's progress, emphasizing the increasing investments and the notable influx of global mining giants and junior mining companies into Kazakhstan. This trend indicates a promising landscape for exploration opportunities, showcasing the country's growing potential as a prime location for mining endeavours.

Sultanov also announced the creation of the Kazakhstan Chamber of Mines, a pivotal development aimed at supporting and advocating for the interests of investors and exploration entities in Kazakhstan. This initiative further solidifies the nation's commitment to becoming a leading destination for mining investment and operations, especially for junior mining exploration companies looking to tap into the abundant opportunities within the region.

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03 Mar 2024 - Delta Hotel Toronto

17:30 - 17:35
Opening remarks
Mr. Darren Klinck, President and Director, Arras Minerals, Honorary Consul of the Republic of Kazakhstan to British Columbia

17:35 - 17:45
Welcome speech
The Honourable Ahmed Hussen, Minister of International Development of Canada

17:45 - 17:55
Welcome speech
Mr. Marc G. Serré, MP, Parliamentary Secretary to the Minister of Energy and Natural Resources, Parliamentary Secretary to the Minister of Official Languages

17:55 - 18:05
Welcome speech
The Honourable Kanat Sharlapaev, Minister of Industry and Construction of the Republic of Kazakhstan

18:05 - 18:35
Keynote Fireside Discussion

Moderator: Dale Austin, Head of Government Relations, Cameco
Mr. Tim Gitzel, President and CEO, Cameco; KCBC Co-Chair; Honorary Consul of the Republic of Kazakhstan to Saskatchewan
Mr. Meirzhan Yussupov, CEO, Kazatomprom; KCBC Co-Chair

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MINEX ForumTM interviewed Mr Evgeny Antonov, Chief Transformation Officer of Navoi Gold at PDAC 2024 in Toronto on 4 March 2024

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Евгений Александрович Антонов, Первый заместитель генерального директора по вопросам трансформации, член правления Акционерного общества «Навоийский горно-металлургический комбинат» дал интервью MINEX Forum на выставочном стенде делегации Республики Узбехистан на конвеции PDAC в Торонто.

Интервью записано 4 марта 2024 г.

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4 March 2024 - Toronto, Canada

Interview with Behzod Mamatov, Head of Department of the Ministry of Mining of the Republic of Uzbekistan on the sidelines of the PDAC 2024 Convention

The Republic of Uzbekistan's official delegation made its debut at the PDAC (The World’s Premier Mineral Exploration and Mining Convention in Toronto, Canada, marking a significant step towards international engagement. With over 30,000 participants and 1,000+ exhibitors from 100+ countries annually attending the event since its establishment in 1932, the Convention serves as a global platform for industry collaboration. MINEX Forum, a key information partner in Europe and Central Asia, traditionally participates in PDAC.

MINEX Forum conducted interviews with leaders and representatives of the Uzbek delegation at PDAC 2024. One such interview was with Behzod Mamatov Head of Department of the Ministry of Mining of the Republic of Uzbekistan, shedding light on Uzbekistan's objectives and initiatives at the convention.

MINEX Forum (MF): What objectives brought the Ministry to PDAC, and what are you hoping to achieve?
Behzod Mamatov (BM): Greetings! Our participation at PDAC is crucial for our nation's economic strategy, which emphasises openness and international collaboration. We aim to showcase our market's openness and our plans to the global community.

MF: What is Uzbekistan presenting at its pavilion? Could you elaborate?
BM: This marks our debut at PDAC, signalling our initial steps towards presenting our country's geological potential to global investors. We're here to highlight Uzbekistan's geology, available territories, permit acquisition processes, tax benefits, and much more.

MF: Given PDAC's historical association with junior companies involved in exploration projects, who is your target audience here? Are you aiming to attract junior companies for exploration or larger corporations for significant mining projects?
BM: We welcome all, from junior companies to major corporations. Understanding the global mining market dynamics, we believe it's beneficial for juniors with international experience to enter our market, potentially bringing in larger investors. We're currently developing a legislative framework to attract junior companies, which, in turn, should help in attracting major investors. This includes a new approach to exploration, primarily funded by investors with minimal state involvement.

MF: Are there any specific investment projects and new mechanisms for engaging with investors?
BM: We're in the preparatory phase, drafting a subsoil use law that outlines the process for obtaining exploration permits and the novel concept of rights alienation. Currently, over ten foreign investors are involved in Uzbekistan's mining sector.

MF: Can you discuss the new economic program announced by President Shavkat Mirziyoyev and the mining industry's role within it?
BM: Our development strategy up to 2030 sets clear goals for the mining sector: to increase gold production by 1.5 times, copper by 3.5 times, silver by 3 times, and uranium by 3.5 times. These targets are expected to be met through both domestic funding and international investment.

MF: Regarding the modernisation of mining enterprises and the creation of production clusters, what is the strategic vision for the industry? Is there a focus on developing natural resources and production increase, or on establishing processing facilities?
BM: Currently, we process annually over 100 million tons of gold ore and 40 million tons for copper ore. The mining sector's total investment projects exceed 23 billion US dollars. With these investments, we aim to boost copper ore processing capacity to 200 million tons per year, increasing the demand for engineering products and chemicals in the sector.
In 2021, a Presidential Decree initiated the creation of a copper cluster, encompassing engineering product localisation and copper production and processing projects. Last year, copper processing reached 57 thousand tons, and we anticipate surpassing 100 thousand tons this year.
Moreover, we're keen on attracting foreign investment in geological exploration. Investors obtaining exploration permits gain exclusive rights to develop any discovered deposits. This strategy not only aims to enhance gold and copper production but also to explore critical metals, supporting the development of electrical products manufacturing in Uzbekistan.
We're looking to attract investors for critical metal deposits from neighbouring countries and beyond, including Canada, the United States, and European nations.

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Kazakhstan-Canadian business forum
"New Horizons of Cooperation in Mining"

March 5,2023
Location: Intercontinental Toronto centre hotel

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Part 1 of the 4th annual Kazakhstan Day organised by Aurora Minerals Group on March 7th in Toronto, Canada within PDAC 2023.

The event program covers a broad range of topics, including Kazakhstan mining legislation, investment opportunities, deep dive into regional geology, high-potential exploration projects, and a rich technical agenda discussing cutting-edge technologies for mineral exploration.

https://www.pdac.ca/convention/programming/presentation-and-reception-room-program/sessions/presentation-and-reception-room-program/kazakhstan-day-2023

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Part 2 of the 4th annual Kazakhstan Day organised by Aurora Minerals Group on March 7th in Toronto, Canada within PDAC 2023.

The event program covers a broad range of topics, including Kazakhstan mining legislation, investment opportunities, deep dive into regional geology, high-potential exploration projects, and a rich technical agenda discussing cutting-edge technologies for mineral exploration.

https://www.pdac.ca/convention/programming/presentation-and-reception-room-program/sessions/presentation-and-reception-room-program/kazakhstan-day-2023

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Kazakhstan-Canadian Business Forum "New Horizons of Cooperation in Mining"

Date and time: March 5,2023
Location: Intercontinental Toronto centre hotel

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