Aziz Inomkhodjaev, head of LBBW’s representative office in Uzbekistan, underscored the bank’s strong interest in forging a long-term partnership with TMK. He emphasized LBBW’s readiness to provide sustained financial support for Uzbekistan’s industrial modernization, especially in the critical minerals and high-tech manufacturing sectors.

As a result of the discussions, both sides agreed to establish a framework for systematic collaboration, beginning with the phased rollout of priority industrial projects. The partnership with LBBW is expected to significantly enhance TMK’s ability to access European technologies and investment resources, further integrating Uzbekistan into global critical minerals supply chains.

One of the company’s main targets is the Siltech mine in Zabrze, Poland, slated for closure at the end of 2025. Despite Poland’s national plan to phase out coal by 2049, Coal Energy sees strategic value in resuming operations at the mine, especially to supply coal back to Ukraine. The firm plans to utilize cost-effective mining technologies to make the project economically viable.

To fund the endeavor, Coal Energy is looking to raise over PLN 14.5 million (approximately $3.76 million) through the issuance of convertible bonds and warrants aimed at private investors. Alongside coal, the company is also exploring opportunities to mine other critical raw materials, including kaolin, phosphorite, feldspar, sulfur, and limestone.

Though based in Luxembourg, Coal Energy’s long-standing operational history in Eastern Europe positions it as a potential player in reshaping parts of the region’s post-coal landscape—even amid tightening decarbonization timelines.

The report evaluates 82 jurisdictions based on both mineral potential and policy attractiveness. According to Elmira Aliakbari, co-author of the report and director at the Fraser Institute’s Centre for Natural Resource Studies, “The Fraser Institute’s mining survey is the most comprehensive report on not just a jurisdiction’s mineral potential, but also government policies that either attract or discourage mining investors.”

The United States dominated the top ten with four states — Nevada, Alaska, Wyoming, and Arizona — while Europe had three entries and Canada followed with two. Saskatchewan maintained its strong performance, ranking seventh globally and leading Canada. Newfoundland and Labrador joined the top ten, buoyed by improved policy perception.

However, not all Canadian jurisdictions fared well. British Columbia, despite its rich mineral base, continued to underperform due to regulatory uncertainty, land claims issues, and environmental policy challenges. Alberta, although ranked ninth globally on policy alone, did not make the top ten in overall investment attractiveness.

Australia, another mining powerhouse, also failed to enter the top ten. Western Australia ranked seventeenth, with South Australia, the Northern Territory, and Queensland falling into the 30s.

Botswana held its position as Africa’s most attractive mining destination but slipped from 15th to 20th overall due to investor concerns over regulatory duplication and legal uncertainty. The policy perception score for Botswana also declined significantly from the previous year.

At the bottom of the list, Ethiopia was ranked as the least attractive jurisdiction, followed by Suriname and Niger. Nova Scotia represented Canada among the bottom ten, alongside countries such as Mozambique, Madagascar, Bolivia, and South Africa — which continues to slide down the rankings.

Aliakbari stressed the importance of policy in attracting investment: “A sound, predictable regulatory regime coupled with competitive fiscal policies make a jurisdiction attractive to investors. Policymakers across the globe should understand that mineral deposits alone are not enough.”

The Fraser Institute survey, a respected benchmark for mining investment sentiment, drew responses from executives and professionals across 82 jurisdictions worldwide.

“The deal is fully compatible with our medium and long-term policy to diversify our energy sources and implement the REPowerEU roadmap,” an EU official stated on Thursday. The Commission reaffirmed its pledge to phase out Russian energy imports “as soon as possible” and reach climate neutrality by 2050.

The announcement came in response to mounting criticism from environmental groups, particularly the European Environment Bureau (EEB), which described the deal as “fundamentally incompatible” with the bloc’s 2030 climate targets. The EC had recently proposed a draft target to reduce net greenhouse gas emissions by 90% from 1990 levels by 2040.

Critics argue that current US energy exports to the EU, valued between $90–100 billion annually, would need to more than double to meet the $750 billion commitment. Luke Haywood, head of climate and energy at the EEB, said such an increase contradicts the EU’s need to significantly reduce fossil fuel consumption in order to meet its climate targets.

“Promising increased fuel imports from a shrinking pie is a very tall order,” Haywood noted. “The future of EU trade lies in renewables, electrification, flexibility, and efficiency — not in fossil fuels.”

The Commission, however, urged stakeholders not to get “hung up by the numbers,” emphasizing the transitional nature of the deal and its compatibility with long-term climate strategy.

Skouries is expected to deliver around 140,000 ounces of gold and 67 million pounds of copper annually. Once operational, it will significantly alter Eldorado’s production profile by adding copper revenues and reducing cash costs.

Construction at the site had previously been suspended between 2017 and 2021 due to permitting delays and local resistance. A revised agreement with the Greek government in 2021 allowed Eldorado to resume development in late 2022.

“We continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” said CEO George Burns. “We are focused on delivering first production of copper-gold concentrate in Q1 2026.”

Eldorado raised the project’s capital cost to $1.06 billion earlier this year—$143 million higher than previously forecast—citing a tight labour market in Greece and the need for quicker procurement of large-scale mining equipment. An additional $154 million in operational capital will be needed before commercial output begins.

In Q2 2025 alone, the company invested $117 million in construction and $27.1 million in operational activities. Cumulative capital spending had reached $705.7 million by the end of June, with another $400–450 million expected for project capital and $80–100 million for pre-production operations through 2025.

The mine will use a hybrid of open-pit and underground mining methods, and Eldorado sees the project as a “key inflection point” in its long-term strategy.

According to the statement, the government plans to “increase nuclear development targets” and raise operational availability for existing nuclear reactors. While it does not specify the number of new nuclear units, the roadmap must align with France’s energy programming bill currently under parliamentary debate, which includes 27 GW of new nuclear capacity by 2050.

At the same time, renewable energy goals are being scaled back or postponed. Targets for solar, onshore wind, and offshore wind have been delayed, citing “lower-than-expected power demand in recent years” and the desire to “optimise industrial returns for French manufacturers.” A draft version of the roadmap from March aimed for 65–90 GW of solar by 2035, along with 40–45 GW of onshore wind and 18 GW of offshore wind.

Significantly, the leaked document notes the roadmap could still be revised to reflect the final outcome of the energy programming bill, set for a second reading in the National Assembly in September.

The bill has stirred political controversy. In June, the lower house rejected it after divisive amendments, including a proposed moratorium on new wind and solar projects. The Senate later passed a revised, nuclear-heavy version in July. Critics warn that prematurely releasing the roadmap could inflame tensions, particularly among right-wing MPs who view early publication as a breach of legislative protocol.

French energy minister Marc Ferracci recently told Sud Radio the decision to publish rests with the Prime Minister: “I’m hoping it happens quickly – our nuclear and renewables sectors need visibility,” he said.

The new owner of RG Gold will be Zijin Gold International, a subsidiary of Zijin Mining Group, one of the world’s largest mining corporations. The company operates more than 30 projects in 17 countries and has a market capitalization of approximately $70 billion. In Kazakhstan, Zijin plans to develop mining with a focus on environmental sustainability and innovation, as well as job creation.

Leading international investment banks JP Morgan Securities plc and BMO Capital Markets, along with the law firm Herbert Smith Freehills, acted as advisors to Verny Capital and RCF in the transaction.

“We managed to implement a unique project, transforming a small production facility into the country’s leading gold mining enterprise. Now, ten years later, we plan to transfer it to a major international player with an impressive track record in managing mining assets. This reflects Verny Capital’s standard business model—developing an asset and selling it under optimal market conditions. We are now looking for new, potentially successful investment opportunities. We see strong prospects for developing successful projects in Kazakhstan and would like to be part of them,” said Aidan Akanov, CEO of the Verny Capital Group.

In 2022, under Verny Capital’s management, RG Gold launched a $424 million gold recovery plant, enabling it to significantly increase production volumes.

“Investing in RG Gold was our first project in Kazakhstan, and we are proud to have contributed to the successful growth of one of the country’s leading enterprises. We are sincerely grateful to our strategic partner, Verny Capital Group, with whom we have realized this success story. We also welcome the entry of such a major international company as Zijin Mining Group into the Kazakh market, as this confirms Kazakhstan’s long-term investment appeal as a reliable partner for businesses and investors,” said Martin Valdez, Partner at RCF.

Over the course of its operations, the company has become one of the largest taxpayers in the country, having contributed more than 160 billion tenge to the national budget and created approximately 1,200 jobs. It also implements initiatives to support local communities and develop regional infrastructure.