79Gold
Au
4,164.10
US$/oz
Day-0.14%
Week≈ -0.7%
52W≈ -2.0%
Failed to hold a push to US$4,200; US$100 oil and hot inflation keep a December Fed hike in play
47Silver
Ag
56.87
US$/oz
Day-0.76%
Week≈ -6.3%
52W≈ +9.7%
Worst week since the spring as tech and industrial demand worries weighed
29Copper
Cu
6.56
US$/lb COMEX
Day+0.08%
Week≈ -1.9%
52W≈ +31.8%
Chilean strikes resolved; LME 3-month official US$14,485, down 0.6% on the week into LME Week
92Uranium
U
90.00
US$/lb futures, 15 Oct
Day0.00%
Week≈ 0.0%
52W≈ +12.6%
TradeTech spot US$89.70 and term a record US$97; Sprott trust at a 12.95% discount; Cameco down 5.3% on the week
78Platinum
Pt
1,626.00
US$/oz, 17:00 New York
Day+0.37%
Week≈ -3.5%
52W≈ +2.0%
Edged up on Friday after a 3.5% weekly fall
46Palladium
Pd
1,096.00
US$/oz, 17:00 New York
Day-1.62%
Week≈ -3.2%
52W≈ -25.0%
Back near a one-year low
60/59Rare earths
NdPr
738,000-741,000
RMB/t NdPr oxide, 30 Sep
Dayn/a
Weekn/a
52Wn/a
SMM says Pr-Nd oxide was flat on 16 Oct and the weekly average rose 0.47%; SP Angel puts NdPr oxide at US$111,173/t
What mattered this week
- 1
Oil tops US$100 as Gulf attacks escalate; gold holds near US$4,165. Brent settled 3.72% higher at US$109.86 and WTI 3.51% higher at US$101.41, its first close above US$100 since 21 September, after a week of near-daily strikes on shipping around the Strait of Hormuz, Houthi missile hits on Riyadh and the Aramco headquarters in Dhahran, and Ukrainian strikes on the Ryazan refinery. Spot gold ended at about US$4,164 (-0.14%) and about 0.7% lower on the week, with US CPI at 3.7% and PPI at 6.3% keeping a December Fed hike about 89% priced.
- 2
Tech sell-off drags the Nasdaq down 4.5% on the week; ASX small caps bounce. The Nasdaq fell 2.14% on Friday and 4.5% on the week, its first weekly loss in five, as chipmakers slid on doubts that AI borrowers can keep funding at multi-year-high yields; the S&P 500 lost 1.9% for the week. The S&P/ASX 200 rose 1.00% to 8,806.7, a third weekly gain, and the Small Ordinaries jumped 2.21% on Friday but still lost 2.8% over the week. The FTSE 100 ended about 3.1% higher on the week at 10,881.90.
- 3
Chilean strikes resolve as copper slips 0.6% on the week into LME Week. Escondida supervisors approved a 36-month contract on 14 October with 64% of votes and Centinela unions reached a preliminary deal late on Friday, with a ratification vote on Saturday. LME three-month copper settled at US$14,485 in the official session, about 0.9% higher on the day but 0.6% lower on the week, as Marex said refined metal continues to flow into the United States ahead of January tariffs. Concentrate treatment charges sit at a record low of minus US$272/t ahead of LME Week.
Explorer market pulse
Neutral
Oil above US$100, hot US inflation data and a 4.5% weekly fall in the Nasdaq weigh on risk appetite, while resolved Chilean strikes, a 4% rebound in ASX gold stocks and three straight weekly gains for the ASX 200 keep the resources tape from turning risk-off.
Macro drivers
US Fed funds
3.75-4.00%
Next decision 28 Oct; about 85% priced for a hold in October and about 89% for a hike by December (CME FedWatch)
US 10-year yield
5.09%
About 14 basis points lower on the week after topping 5.30% earlier in October, the highest since 2002
US inflation
CPI 3.7%
September CPI 3.7% and PPI 6.3% year on year; import prices up 8.1%, the biggest annual rise in four years
Brent crude
US$109.86
Up 3.7% on Friday and 4.9% on the week; WTI closed above US$100 for the first time since 21 September
RBA cash rate
4.60%
Next decision 3 Nov; unemployment rose to 4.7% in September and a November hike is only about 15% priced
NBK base rate
16.25%
Next decision 23 Oct; 85% of surveyed experts expect a cut, most by 25 points; tenge 452.12
The week in one chart Weekly change, best to worst
Brent crude+3.72%WTI crude+3.51%ASX Small Ordinaries+2.21%TSX Venture (Thu)+1.9%LME nickel (3-month)≈ +1.5%TTF gas+1.21%FTSE AIM All-Share+1.05%S&P/ASX 200+1.00%LME copper (3-month)≈ +0.9%LME tin (3-month)≈ +0.8%LME aluminium (3-month)≈ +0.6%Newcastle coal+0.50%LME zinc (3-month)≈ +0.5%FTSE 250+0.45%Tenge vs US$≈ +0.4%FTSE 100+0.38%Platinum+0.37%Australian dollar+0.36%Iron ore+0.36%Euro vs US$+0.16%S&P/TSX Composite+0.11%COMEX copper+0.08%Uranium futures0.00%Gold-0.14%Dow Jones≈ -0.3%US Dollar Index-0.70%Silver-0.76%S&P 500≈ -1.1%Palladium-1.62%Russell 2000≈ -1.7%Henry Hub gas≈ -1.9%Nasdaq Composite≈ -2.1%
Equity indices Friday closes
| Index | Close | Day | Week | 52 weeks |
|---|---|---|---|---|
| Australia | ||||
| S&P/ASX 200 | 8,806.7 | +1.00% | +1.0% | ≈ -2.1% |
| ASX Small Ordinaries | 3,189.2 | +2.21% | -2.8% | n/a |
| United Kingdom | ||||
| FTSE 100 | 10,881.90 | +0.38% | ≈ +3.1% | ≈ +16.3% |
| FTSE 250 | 24,533.90 | +0.45% | ≈ +1.3% | n/a |
| FTSE AIM All-Share | 773.12 | +1.05% | ≈ -0.6% | n/a |
| United States | ||||
| Dow Jones Industrials | 52,002.41 | ≈ -0.3% | +0.7% | ≈ +12.6% |
| S&P 500 | 7,659.44 | ≈ -1.1% | -1.9% | ≈ +14.9% |
| Nasdaq Composite | 26,140.03 | ≈ -2.1% | -4.5% | n/a |
| Russell 2000 | 2,721.37 | ≈ -1.7% | -3.0% | ≈ +11.0% |
| Canada | ||||
| S&P/TSX Composite | 36,176.55 | +0.11% | ≈ +1.4% | ≈ +20.2% |
| S&P/TSX Venture (15 Oct) | 846.38 | +1.90% | ≈ -3.2% | n/a |
Currencies Latest rates
| Pair | Last | Day | Week | 52 weeks |
|---|---|---|---|---|
| AUD/USDTrading Economics; near its lowest since mid-July after weak jobs data | 0.6946 | +0.36% | ≈ -0.5% | ≈ +6.9% |
| EUR/USDTrading Economics late quote | 1.1235 | +0.16% | ≈ +0.3% | ≈ -3.6% |
| USD/KZTNational Bank official rate for 17-19 Oct; week change against the 453.93 rate for 10-12 Oct | 452.12 | ≈ -0.4% | ≈ -0.4% | 2026 range 439-512 |
| USD/CNYPBOC reference rate for 16 Oct; the 13 Oct fix was the strongest since February 2023 | 6.7220 | ≈ -0.05% | ≈ -0.2% | n/a |
| US Dollar IndexTrading Economics; two-week low and the first weekly fall in four | 101.84 | -0.70% | ≈ -0.4% | ≈ +3.5% |
| AUD/KZTNational Bank official cross rate for 17-19 Oct | 314.72 | n/a | ≈ -0.6% | n/a |
Gold, copper and uranium
Au
Gold
Gold loses 0.7% on the week as inflation and oil collide
GlobalSpot gold ended Friday at about US$4,164.10 on the Kitco bid, down 0.14%, after failing to hold a push toward US$4,200 and about 0.7% lower on the week. The metal opened the week at US$4,193.59, touched US$4,216.91 on Monday and fell to US$4,073.35 on Wednesday after US CPI printed 3.7%, then PPI came in at 6.3%. Brent settled above US$109 on Hormuz attacks, the 10-year yield eased to about 5.09% and futures priced about 85% odds of no change at the 27-28 October Fed meeting but a December hike at about 89%. Silver fell 0.76% to US$56.87 and about 6.3% on the week.
Why it matters Gold pinned between US$4,100 and US$4,200 with analysts split 4 bullish, 2 bearish and 6 neutral means explorers need drill results, not the gold price, to move.
Kitco PM reportKitco weekly surveyBusiness Recorder (Reuters)
China buys 23 t in September, the most since 2023
GlobalWorld Gold Council data show the People's Bank of China added 23 t of gold in September, 63 t in the third quarter and about 103 t this year, taking official holdings to 2,410 t, or 8.5% of reserves, in a 23-month buying streak. Chinese gold ETFs took in 11 t (about US$1.6 billion) in September, lifting holdings to a record 304 t, while Shanghai Gold Exchange withdrawals of 234 t in the quarter were 44% below the ten-year average on weak jewellery demand. Net central bank buying was 39 t in August, led by China, Uzbekistan and Poland.
Why it matters Official-sector and ETF buying is the floor under the gold price even while jewellery demand is soft, which keeps the funding case for gold explorers intact.
ASX gold stocks rebound 4% on Friday
AustraliaThe All Ordinaries Gold index fell 1.9% on Wednesday as spot gold slid toward US$4,100, then rose 3.99% on Friday, bouncing off its 200-day moving average as the ASX 200 closed at 8,806.7, up 1.00% on the day and 1.0% on the week. St Barbara jumped 8.1% after selling its remaining Simberi stake in Papua New Guinea for about A$453 million, Northern Star rose 2.3% early in the session and Black Cat Syndicate gained 5.2% on a 1.46 m at 47.05 g/t hit at Coyote. Northern Star reports its September quarter on Wednesday 21 October.
Why it matters A 4% one-day rebound off the 200-day line is the kind of signal that reopens placement windows for gold juniors, but it needs to hold through the quarterly reporting season.
Market Index: evening wrap, 16 OctMarket Index: evening wrap, 14 OctMining.com.au: Black Cat
Cu
Copper
Copper slips 0.6% on the week into LME Week
GlobalLME three-month copper settled at US$14,485 in the official session on Friday, about 0.9% above Thursday but 0.6% lower on the week, with cash at US$14,595 and LME stocks down to 225,425 t. COMEX copper closed at US$6.562/lb, up 0.08% on the day but about 1.9% lower on the week. Reuters said the metal recovered from a two-week low near US$14,256 as the dollar weakened, while Marex noted refined metal continuing to flood into the United States ahead of January tariffs. Fastmarkets' concentrate treatment charge index was minus US$272.20/t on 9 October against a zero 2026 benchmark, and LME Week opens on Monday 19 October.
Why it matters Negative treatment charges and a zero benchmark are the clearest sign the world is short concentrate, which is exactly what copper explorers and developers sell.
Westmetall: LME official pricesBusiness Recorder (Reuters): copperFastmarkets: LME Week previewInvesting.com: COMEX copper
Escondida and Centinela strikes resolve
ASX:BHP and LSE:ANTO, ChileBHP's roughly 1,020-member Escondida supervisors' union accepted a 36-month contract on 14 October with 64% in favour, removing the threat of a strike from 15 October at the largest copper mine in the world. At Centinela, where about 709 workers struck on 7 October and three began a hunger strike, Reuters reported no progress on Thursday, but late on Friday the unions told members a preliminary agreement had been reached, with a ratification vote on Saturday. Antofagasta kept 2026 guidance of 625,000-655,000 t. An avalanche at Codelco El Teniente on 11 October killed two contract workers.
Why it matters Both Chilean labour overhangs that propped copper near US$14,500 cleared in one week, leaving LME Week sentiment and the US tariff decision as the next drivers.
Mining Weekly: EscondidaInvesting.com: Centinela dealMINING.COM: Centinela talks
Glencore lands on the ASX as Cobre Panama waits
ASX:GLC and TSX:FMGlencore's CDIs began trading on the ASX on Wednesday 14 October as a foreign exempt listing with no capital raised. They opened at A$11.44, traded between A$11.16 and A$11.45 and closed at A$11.23 with more than 10.3 million CDIs changing hands; Market Index noted the stock trades at about 4.9 times FY27 EV/EBITDA against 8.2 for BHP. In Panama the ministerial commission on Cobre Panama has asked President Mulino to open formal talks on a restart framed around an orderly closure, with no concession extension, and First Quantum says it awaits government guidance.
Why it matters A copper-heavy mega-cap inside ASX indices pulls Australian superannuation money toward copper, which tends to lift the valuations of the ASX copper developers beneath it.
Glencore releaseMining.com.au: Glencore debutDiscovery Alert: Cobre Panama
U
Uranium
Spot flat near US$90, term at a record US$97
GlobalTradeTech's weekly spot indicator was US$89.70/lb, down US$0.05 on three transactions, with the mid-term indicator at US$91 and the long-term price at a record US$97/lb held for four months; several off-market term deals were done for 2027 delivery. Uranium futures were flat at US$90.00 on Trading Economics. The Sprott Physical Uranium Trust held 81.70 million lb on 16 October with net asset value of US$21.61 a unit against a US$18.81 market price, a 12.95% discount, which one research note called the widest dislocation since 2022. UBS cut its 2026 forecast to US$88/lb and Morgan Stanley sees US$100 in the first quarter of 2027.
Why it matters A near-13% discount means the trust is not buying pounds, so spot has no marginal physical bid and junior equities have no near-term price tailwind despite record term prices.
FNArena: Uranium WeekSprottTrading EconomicsAsymmetric Research
ASX uranium stocks fall again on a quarterly miss and a shelved decision
AustraliaPaladin Energy fell 9.3% on Wednesday and 5.0% to A$6.91 on Thursday after a September-quarter report that Market Index said missed production estimates by 17%, with Morgan Stanley cutting its target to A$10.45 and downgrading Boss Energy to Equal-weight. Deep Yellow lost 18.2% over the week to A$0.84 after withdrawing its final investment decision target for this quarter, citing weak equity markets. NexGen rose 8.3% on Friday after Barrenjoey initiated with an Overweight rating. Short interest sits at 13.97% in Lotus, 13.12% in Boss and 11.45% in Paladin.
Why it matters With the two biggest ASX uranium producers de-rated and a developer shelving its investment decision for lack of equity, uranium juniors face the toughest raising conditions of the year even as the term price sits at a record.
Mining.com.au: PaladinMarket Index: evening wrap, 15 OctMarket Index: live, 16 Oct
Cameco drops 5.3% on the week; Kazatomprom edges up
NYSE:CCJ and LSE:KAPCameco closed at US$81.52 on Friday, down 2.05% on the day and about 5.3% on the week after a 5.4% fall on Wednesday with no company news, as the Nasdaq sell-off hit growth-linked names. Westinghouse, 49% owned by Cameco, filed a confidential draft registration in July and Bloomberg has reported a public filing as soon as October, but none had appeared by 16 October. Kazatomprom GDRs closed at US$64.40 in London, up 0.47% on Friday and about 0.8% on the week, with no company announcement since the 8 October meeting results. NexGen said its Rook I freeze plant is ready to ship months ahead of installation.
Why it matters Cameco's fall on no company news shows the sector trading on the Nasdaq risk-off tape rather than fundamentals, which is worse for juniors than a fundamentals-driven sell-off.
stockanalysis.com: Camecolse.co.uk: KAPMINING.COM: WestinghouseMugglehead: NexGen
Small-cap gauges Day, week and 52 weeks
S&P/TSX Venture15 Oct
846.38
Day +1.9%Week ≈ -3.2%52W n/a
Thursday close; the Friday close could not be verified (the TSX daily report was unreachable); about 2.9% lower for the week at Friday noon
ASX Small Ordinaries16 Oct
3,189.2
Day +2.21%Week -2.8%52W n/a
Best session in weeks on Friday as gold, lithium and tech names bounced, but still down 2.8% on the week
FTSE AIM All-Share16 Oct
773.12
Day +1.05%Week ≈ -0.6%52W n/a
Rose 1.05% on Friday but ended the week slightly lower
Russell 200016 Oct
2,721.37
Day ≈ -1.7%Week -3.0%52W n/a
US small caps fell 3.0% over the week in the tech-led sell-off
Resources IPO pipeline Australia, Canada, UK, US and Kazakhstan
2
Resources names joined the ASX this week: Glencore CDIs on 14 Oct and Europa Metals on 16 Oct
A$180m
Wiluna Mining bookbuild completed on 15 Oct at A$0.65; the ASX lists it for 22 Oct
£15m
Raised by Meantime Resources on its AIM admission on 13 Oct at £10 a share
| Market | Company | Focus | Raise | Price | Listing | Status | Source |
|---|---|---|---|---|---|---|---|
| Australia | Wiluna Mining CorporationASX:WMC | Gold, Western Australia (7.1 Moz resource)Bookbuild completed on 15 Oct with demand of about A$180m; implied market value about A$472m; the ASX page now shows 22 Oct, not 26 Oct; larger than the small-cap band | A$180m | A$0.65 | Thu 22 Oct | Bookbuild completed | ASX |
| Australia | Jacaranda Natural ResourcesASX:JRL | Gold-copper, White Cockatoo (Qld); also holds Botswana projectsThe ASX page shows A$10m; Mining.com.au says about A$8m with the offer closed 9 Oct; not underwritten; about A$4.9m to exploration over two years | A$8-10m | A$0.20 | Thu 22 Oct | Offer closed | Mining.com.au |
| Australia | Matrix Critical MineralsASX:MTX | Rare earths, Narraburra NSW (94.9 Mt at 739 ppm TREO)Offer closes 5pm Fri 30 Oct; priority offer for Orbit Resources holders | A$8-12m | A$0.20 | Mon 23 Nov | Offer open | Finance News Network |
| Australia | M Battery MaterialsASX:MBM | Graphite anode material and vanadium, QueenslandOffer closes Tue 17 Nov; initial market value A$48-58m; directors to invest A$6m; the ASX page shows 2 Dec | A$15-25m | A$0.50 | Wed 2 Dec | Offer open | Grafa |
| Australia | Super MineralsASX:S88 | Gold, south-east NSW (Yambulla)The ASX page still shows the listing date to be advised after the September dates slipped | A$7m | A$0.20 | TBA | Delayed | ASX |
| Australia | Aventine ResourcesASX:ARE | Gold-copper, Paterson and East Pilbara, WANot on the ASX floats page as at 16 Oct and no October update found; the OnMarket offer page shows the original dates | A$15-20m | A$0.20 | TBC | Unclear | OnMarket |
| Canada | Lunex MetalsTSXV:LUNX | Gold-silver, Luna Roja, Santa Cruz, ArgentinaThree-cornered amalgamation closed 15 Oct; trading expected on or about 19 Oct | More than C$3.7m raised | n/a | Mon 19 Oct | Debut set | Junior Mining Network |
| Canada | Kay CopperTSXV | Copper, Arizona (Kodiak Copper and Teck vehicle)Subscription receipts financing closed; no listing date confirmed as at 16 Oct | C$5.37m | n/a | By Oct (target) | Listing application filed | Nasdaq / Kodiak |
| Canada | Sun Valley MineralsTSXV | Gold, Uruguay (Kinross holds 14.9%)Listing applied for, not yet approved; no update found this week | About C$10.3m already raised | n/a | TBC | Preliminary prospectus | Webull / Access |
| United Kingdom | Axies VenturesAIM | Copper and gold, Cyprus and OntarioNominated adviser Allenby; admission not yet confirmed as at 16 Oct | TBC | TBC | Mid Oct (expected) | Schedule One filed 30 Sep | Stockopedia |
| United Kingdom | Cornish MetalsAIM:TIN | Tin, South Crofty, Cornwall (equity raise, not an IPO)Suspended under the AIM Capital Access Window to run a fundraise with a retail offer alongside a US$210m Nordic bond; size and price not disclosed | TBC | TBC | n/a | Suspended 14 Oct | SMM |
| United States | Barrick North AmericaNYSE / TSX | Gold (minority carve-out)Chief executive says it may slide into January; no update this week; large cap | TBC | TBC | Year end or January | In preparation | MINING.COM |
| United States | Gunnison CopperNYSE American:GUNN | Copper, Arizona (already listed as TSX:GCU)Depositary receipts of 35 shares each; no first trading day published as at 16 Oct | TBC | n/a | Late Oct (expected) | Pre-cleared | Gunnison Copper |
| United States | Kaz ResourcesNasdaq:KAZR | Tungsten, KazakhstanCombination with Cove Kaz expected to close by year end or early 2027; no update this week | TBC | TBC | Year end 2026 or early 2027 | Merger pending | StockTitan |
| United States | WestinghouseUS (TBC) | Nuclear fuel and reactors (Cameco owns 49%)Draft registration filed in July; Bloomberg reported a possible public filing in October at a valuation above US$50bn, none seen by 16 Oct; large cap | TBC | TBC | TBC | Confidential filing | MINING.COM |
| Kazakhstan | Kazakhstan Temir Zholy (KTZ)Local exchange + LSE + HKEX | Railways (state-owned)Hong Kong filing lodged in July; KASE admits its two US$500m eurobonds to trading from 19 Oct | About US$1bn (Hong Kong filing) | TBC | Q1 2027 | In preparation | KASE (Russian) |
| Kazakhstan | QazaqGazKASE / AIX (expected) | Gas (state-owned)Tied to gas price reform; no update this week | TBC | TBC | 2026-2027 | Planned | Caspian Post |
Recently listed resources companies
- Europa Metals ASX:EUZ October 2026 A$5m at A$0.20 (ASX page; the company says A$4m); traded at A$0.21 on its first day, 16 Oct
- Glencore ASX:GLC October 2026 Secondary listing of CDIs with no new shares; opened at A$11.44 and closed at A$11.23 on 14 Oct
- Meantime Resources AIM:MTR October 2026 £15m at £10 a share; investing company targeting gold and base metals, admitted 13 Oct
- Normandy Minerals ASX:NMD October 2026 A$12m at A$0.20; closed its first day at A$0.29, up 45%
- Parbo Resources ASX:PRB September 2026 A$5m underwritten IPO; Murchison gold and copper
- Axiant Resources ASX:AXR September 2026 A$8m at A$0.20; Core Lithium gold spin-out
- Cadillac Mines TSX:CADY August 2026 About C$500m at C$6.90, including a secondary sale
- Amapá Minerals TSX:AMAP July 2026 Brazil gold restart; fell 5.3% on debut
- Phoenix Metals TSX:PCA July 2026 C$1.25 IPO, 34m shares
- GoldInxs Mining TSXV:INXS July 2026 C$1.54m at C$0.10
- Rare Earths Americas NYSE American May 2026 US$63.3m at US$19, top of range
- Jaguar Uranium NYSE American:JAGU Feb 2026 US$25m at US$4.00
- AK Altynalmas AIX 2026 First direct listing on AIX
Small-cap announcements Resources companies up to about US$500m market cap
- 16 OctASXHaranga Resources ASX:HAR Drilling
The first phase-two underground hole at the Lincoln gold project in California returned 32 m at 10.41 g/t gold from 143 m, including 1 m at 51.4 g/t; the shares rose 43.4% to A$0.076.
Mining.com.au - 16 OctASXBlack Cat Syndicate ASX:BC8 Drilling
Seven diamond holes at Coyote Central in the Tanami returned 1.46 m at 47.05 g/t gold from 313.54 m and 1 m at 11.07 g/t, and identified a gold-bearing dolerite at depth; the shares rose 5.2% to A$0.71.
Mining.com.au - 16 OctASXTungsten Mining ASX:TGN Drilling
The first 16 holes of a 140-hole program at Mulgine Trench, Mt Mulgine, WA, returned 292 m at 0.11% WO3 from 2 m and 6 m at 5.49 g/t gold from 286 m, with mineralisation up to 45 m thicker than modelled.
Discovery Alert - 16 OctASXCaprice Resources ASX:CRS Drilling
RC drilling at the Island gold project in the Murchison returned 3 m at 8.73 g/t gold from 192 m about 400 m south of Golconda, 4 m at 4.05 g/t at Baxter and 3.7 m at 5.1 g/t at Vadrians ahead of a maiden resource.
Discovery Alert - 16 OctASXTartana Minerals ASX:TAT Exploration
Rock chips from the OK and Bellevue prospects in the Chillagoe district, Queensland, returned up to 17.05% copper and 12 g/t gold ahead of first drill targets; the shares rose 27.3% to A$0.014.
Discovery Alert - 16 OctASXViking Mines ASX:VKA Drilling
Drilling restarted at the Linka tungsten project in Nevada after the first five of 20 RC holes returned 14 m at 0.56% WO3 from 40 m and 18 m at 0.42% WO3 from 62 m; a 900 t bulk sample is approved.
Discovery Alert - 16 OctASXElementos ASX:ELT Exploration
Approval received for a 3,600 m diamond program from early November at the Cleveland tin-tungsten project in Tasmania, targeting the Foleys zone resource of 8.49 Mt at 0.24% WO3.
Discovery Alert - 16 OctASXMacro Metals ASX:M4M Deal
Completed the A$1m purchase of the 102 km² Yandi South iron ore tenements from Western Iron Ore, adjoining BHP Yandi and Rio Tinto Yandicoogina, where 22 rock chips graded above 60% Fe.
Discovery Alert - 16 OctASXManuka Resources ASX:MKR Development
The Wonawinta plant in the Cobar Basin reached full capacity processing Mt Boppy ore, with gold sales moving to weekly; guidance is A$3-4m of revenue a fortnight to the end of 2026.
Discovery Alert - 16 OctASXEuropa Metals ASX:EUZ Listing
The Austrian gold and antimony explorer began trading on the ASX after an IPO at A$0.20 (A$5m on the ASX page; A$4m per the company) and traded at A$0.21 on debut, 5% above the issue price.
Market Index: live, 16 Oct - 16 OctASXMetals X ASX:MLX Deal
Shareholder Summer Moon Capital publicly opposed the indicative 15p cash proposal for First Tin; Metals X holds 29.95% and must bid or walk away by 6 November. Metals X fell 10.8% to A$1.645.
GlobeNewswire - 16 OctTSXVSan Lorenzo Gold TSXV:SLG Placement
Launched a best-efforts placement of up to C$40.0m at C$5.30 a share, split between LIFE and non-LIFE tranches and led by SCP Resource Finance, for drilling and studies at the Salvadora copper-gold project in Chile; closing about 10 November.
Junior Mining Network - 16 OctTSXVDefense Metals TSXV:DEFN Placement
Closed a first tranche of C$3.65m of units at C$0.14, each with half a warrant at C$0.21, to advance the Wicheeda rare earth feasibility study in British Columbia; a final tranche follows.
Junior Mining Network - 16 OctTSXVCopper Lake Resources TSXV:CPL Placement
Closed the final tranche of a C$5.0m placement of units at C$0.15 with a full warrant at C$0.20, with insiders taking 1.47m units, for the Marshall Lake VMS copper-zinc project in Ontario.
Junior Mining Network - 16 OctTSXVBravada Gold TSXV:BVA Resource
Filed the PEA for the Wind Mountain gold-silver project in Nevada: after-tax NPV (5%) of US$415m and a 60% IRR at US$3,600 gold, initial capital of US$98.1m and 44,400 oz gold equivalent a year over 11.2 years.
Junior Mining Network - 16 OctAIMHalo Minerals AIM:HALO Resource
An updated competent person report for the Playa Verde copper tailings project in Chile lifted the ore reserve 5.4% to 33.94 Mt at 0.25% copper, with a post-tax NPV10 of US$174.3m, a 45.6% IRR and capital of US$92.8m.
RNS - 16 OctUSWestwater Resources NYSE American:WWR Development
Endangered species consultation for the Coosa graphite mine in Alabama concluded ahead of schedule and state water permits are under review, with permitting completion targeted for June 2027; mine planning will also assess vanadium.
Junior Mining Network - 15 OctASXDiatreme Resources ASX:DRX Development
A pre-feasibility study for the Northern Silica project at Cape Flattery, Queensland, shows a 3 Mtpa, 25-year first phase with a pre-tax NPV of A$1.29bn, a 36% IRR and capital of A$443.5m, on a maiden 151 Mt probable reserve.
Discovery Alert - 15 OctASXMatsa Resources ASX:MAT Deal
All conditions were satisfied for AngloGold Ashanti to exercise its option over five Lake Carey tenements near Laverton, WA, with the A$45m final payment due within 15 business days on top of a A$10m deposit.
Discovery Alert - 15 OctASXKingsrose Mining ASX:KRM Exploration
The Finnish regulator granted an exploration permit for Area 6 at the Penikat PGE project, allowing up to 5,000 m of drilling a season, with drilling targeted for January 2027 once the appeal period closes on 20 November.
Discovery Alert - 15 OctASXRed Mountain Mining ASX:RMX Exploration
Rock chips at the Pioneer tungsten project in Montana returned copper up to 19.15% at Mammoth and 6.72% at Greenstone alongside tungsten of up to 0.55% WO3; drilling is targeted for 2027.
Discovery Alert - 15 OctASXTorque Metals ASX:TOR Placement
Settled the A$25m institutional placement at A$0.19, a 7.3% discount, led by Canaccord Genuity and Euroz Hartleys, to fund drilling at the 351,000 oz Ritz gold project near Kalgoorlie.
Mining.com.au - 15 OctTSXVTectonic Metals TSXV:TECT Drilling
RC hole CMR26-170 at Alpha Bowl on the Flat gold project in Alaska returned 2.41 g/t gold over 59.44 m from 1.52 m, including 11.82 g/t over 10.67 m, within 1.86 g/t over 80.77 m from surface.
Junior Mining Network - 15 OctTSXVSelkirk Copper TSXV:SCMI Drilling
Hole 26SCM237 at Minto North, Yukon, returned 44.7 m at 2.12% copper, 1.16 g/t gold and 10.7 g/t silver (3.00% CuEq), including 9.2 m at 6.45% CuEq; the phase-two program has reached 54,711 m.
Junior Mining Network - 15 OctTSXVTower Resources TSXV:TWR Drilling
Hole RN-25-077 at the Blue Sky zone, Rabbit North near Kamloops, returned 20.3 m at 3.13 g/t gold from 111.3 m, including 8.0 m at 7.16 g/t, plus 134.0 m at 0.65 g/t in the Lower Blue Sky zone.
Junior Mining Network - 15 OctTSXVBrunswick Exploration TSXV:BRW Drilling
Hole AN-26-17 at Anatacau Main in James Bay, Quebec, intersected 302 m of spodumene-bearing pegmatite about 100 m below a hole that returned 1.31% Li2O over 202 m; assays are pending.
Junior Mining Network - 15 OctTSXVNine Mile Metals CSE:NINE Drilling
Hole WD-26-15 at the Wedge mine in the Bathurst camp, New Brunswick, intersected two VMS zones returning 4.88% CuEq over 7.60 m true width from 114.5 m; the company also staked 14.42 km² of new claims.
StockTitan - 15 OctTSXVATERRA Metals CSE:ATC Placement
Closed a brokered C$8.36m LIFE offering at C$0.06 a share, led by Research Capital with Desjardins in the syndicate, for phase-two exploration at the Totora copper-gold project in Chile.
Junior Mining Network - 15 OctTSXVAtico Mining TSXV:ATY Placement
Closed a US$16.4m convertible debenture with a Trafigura affiliate at 7.0% cash interest, convertible at US$0.22, and settled US$2.5m of debt in shares, repaying the Dundee debenture and funding pre-construction at La Plata in Ecuador.
Junior Mining Network - 15 OctTSXVRocky Shore Gold CSE:RSG Placement
Closed the final tranche of an upsized C$5.21m flow-through placement at C$0.15 for the Gold Anchor and Rocky Pond projects in central Newfoundland.
Junior Mining Network - 15 OctTSXVBlue Lagoon Resources CSE:BLLG Development
Reported its first finalised production from Dome Mountain near Smithers, British Columbia: 341.6 t of concentrate containing 992 oz of gold and 4,181 oz of silver, with about C$16.5m received on concentrate shipped to date.
Junior Mining Network - 15 OctTSXVCoTec Holdings and Battery Mineral Resources TSXV:CTH, TSXV:BMR Deal
Signed a non-binding framework for a joint venture at the Punitaqui copper complex in Chile, sharing incremental production from CoTec technologies 50/50 after CoTec-funded testwork on tailings and low-grade sulphides.
Junior Mining Network - 15 OctTSXVDLP Resources TSXV:DLP Resource
Filed the technical report for the Aurora copper-molybdenum-silver PEA in southern Peru: after-tax NPV (8%) of US$2.70bn and an 18.5% IRR over 17.5 years, producing 90.5 Mlb of copper and 37.4 Mlb of molybdenum a year.
Junior Mining Network - 15 OctTSXVLunex Metals TSXV:LUNX Listing
Closed its three-cornered amalgamation and set a TSXV debut on or about 19 October after raising more than C$3.7m; it holds the Luna Roja gold-silver project in Santa Cruz, Argentina.
Junior Mining Network - 15 OctAIMAnglesey Mining AIM:AYM Development
Set out plans for Parys Mountain in Wales: reassessing historical drilling, possible exploration drilling subject to funding, metallurgical work at White Rock and the Engine Zone and early dewatering of the Morris shaft.
SP Angel via Share Talk - 14 OctASXTerra Metals ASX:TM1 Drilling
Returning from a halt, reported 194 m at 1.01 g/t 3E and 0.17% nickel from 15 m and 181 m at 1.12 g/t PGE3 in diamond drilling at its Southwest PGM discovery, with a maiden resource targeted for the March quarter; the shares fell 15.4% to A$0.16 after a 34.5% rise on Monday.
Market Index: live, 14 Oct - 14 OctASXCannindah Resources ASX:CAE Drilling
Wedge hole 26CRD009W at the Southern Shoot, Mt Cannindah, Queensland, returned 75 m at 1.17% copper equivalent from 213 m, including 18 m at 1.53% CuEq.
Mining.com.au - 14 OctASXPower Minerals ASX:PNN Drilling
Hole MFSR-055 at the Morro do Ferro rare earths project in Brazil returned 91 m at 7.7% TREO from surface, including 23.1 m at 17.5% TREO, and MFSR-054 returned 88 m at 6.33% TREO.
Discovery Alert - 14 OctASXAzzuro Resources ASX:AZ9 Placement
Kerry Resources Logistics of Hong Kong agreed to subscribe A$3.06m at A$0.015, a 7% premium, for a 19.9% stake with a two-year standstill, funding the Red Hill copper-gold and Oval copper-nickel-PGE projects in Mongolia.
Discovery Alert - 14 OctASXCore Lithium ASX:CXO Development
The September quarter report confirmed first spodumene concentrate from the restarted 1.2 Mtpa Finniss plant, with first shipment due this quarter, cash of A$199.7m and a BP33 intercept of 34.08 m at 2.09% Li2O.
Market Index: live, 14 Oct - 14 OctASXGlencore ASX:GLC Listing
CDIs began trading on the ASX as a foreign exempt listing with no capital raised; they opened at A$11.44 and closed at A$11.23 on more than 10 million traded, with index inclusion targeted within 12 months.
Mining.com.au - 14 OctTSXVKodiak Copper TSXV:KDK Drilling
Hole AG-26-034 at Ketchan on the MPD project in British Columbia returned 122.5 m at 0.41% CuEq from 5.5 m, extending mineralisation more than 450 m south-east, and AG-26-015 cut 207.3 m at 0.31% CuEq.
Junior Mining Network - 14 OctTSXVGalway Metals TSXV:GWM Placement
Closed a C$14m brokered placement of flow-through units at C$0.72 with a warrant at C$0.80, with Michael Gentile taking a 10.94% stake under a 12-month lock-up, for Clarence Stream in New Brunswick.
Junior Mining Network - 14 OctTSXVCanuc Resources TSXV:CDA Placement
Closed a C$5.99m placement of units at C$1.20 with half a warrant at C$1.80 to advance mine planning and bulk sample permitting at East Sudbury in Ontario and studies at San Javier in Mexico.
Junior Mining Network - 14 OctAIMOrosur Mining AIM:OMI Drilling
The first hole at the El Cedro porphyry target on the Anza project in Colombia returned 267.4 m at 0.65 g/t gold from surface, including 46.3 m at 1.00 g/t, and is being redrilled to 500 m.
Newsfile - 14 OctAIMCornish Metals AIM:TIN Placement
Suspended trading under the new AIM Capital Access Window to run an equity fundraise with a retail offer alongside the US$210m Nordic bond to complete financing of the South Crofty tin mine for first production in mid-2028.
SMM - 14 OctAIMGalantas Gold AIM:GAL Drilling
Six holes at the Indiana gold-copper project near Copiapo, Chile, all hit mineralisation mostly outside the resource, including 1.48 m at 10.3 g/t gold and 1.4% copper; the PEA is deferred.
SP Angel via Share Talk - 14 OctUSGold X2 Mining NYSE American:AUXX Drilling
Infill drilling at the Moss gold project in Ontario returned 172.0 m at 0.96 g/t gold from 195.0 m, including 18.5 m at 2.44 g/t, across 21 holes.
Stockhouse - 14 OctUSScorpio Gold Nasdaq:SGLD Drilling
Hole 26MN-124 at Goldwedge in the Manhattan district, Nevada, returned 36.42 m at 2.94 g/t gold from 169.62 m, including 4.27 m at 19.33 g/t.
Junior Mining Network - 13 OctASXBallard Mining ASX:BM1 Placement
Secured firm commitments for a A$45m placement at A$0.66, a 7.7% discount, plus a A$5m share purchase plan, to fund A$40m of drilling, a A$28m camp and a feasibility study at the 1.84 Moz Mt Ida gold project in WA.
Mining.com.au - 13 OctASXMaronan Metals ASX:MMA Placement
Raised A$20m at A$0.40, a 2.3% discount to the five-day VWAP, through Taylor Collison, subject to shareholder approval on 4 November, for drilling, engineering and permitting at the Maronan silver project in Queensland.
Discovery Alert - 13 OctASXVolt Resources ASX:VRC Placement
Announced firm commitments for a A$1.5m placement to advance the Alabama high purity graphite refinery, where a definitive feasibility study is planned for the December quarter after a US$5.4m US government award.
Discovery Alert - 13 OctASXWildcat Resources ASX:WC8 Placement
Reported cash of A$76.1m at 30 September and A$56m from the first tranche of a A$60m placement, with the Tabba Tabba lithium feasibility study due in 2026.
Market Index: live, 13 Oct - 13 OctASXCobre ASX:CBE Development
Outlined a staged expansion of the Sierra Atacama copper operation in Chile: about 18,000 t a year of cathode in stage one with a tender award due by quarter end, rising to 50,000 t a year in stage three.
Market Index: live, 13 Oct - 13 OctASXFulcrum Lithium ASX:FUL Exploration
The US Bureau of Land Management approved up to 11 maiden drill holes at the Dry Canyon claystone lithium project in Nevada, where surface samples peaked at 1,219 ppm lithium; drilling is targeted for the December quarter.
Discovery Alert - 13 OctTSXVAuro Metals TSXV:AURO Drilling
The final holes of the phase-one program at Santa Barbara in Ecuador returned 572.47 m at 0.60 g/t gold and 0.10% copper from 72.53 m and 394.4 m at 0.73 g/t gold and 0.10% copper from 8.0 m.
Newsfile - 13 OctTSXVCascade Copper CSE:CASC Drilling
Maiden drilling at the Centrefire copper-gold project near Dryden, Ontario, returned 10.5 m at 1.27% CuEq from 12.0 m within 27.1 m at 0.84% CuEq.
Stockhouse - 13 OctTSXVLabrador Gold TSXV:LAB Placement
Upsized its non-brokered placement from C$4m to up to C$7m of flow-through and hard-dollar shares at C$0.05, with lead investors taking C$2.13m in the first tranche.
Stockhouse - 13 OctAIMBradda Head Lithium AIM:BHL Drilling
The first diamond hole at Whistlejacket in Arizona, under option to Kennecott Exploration, returned 31.8 m at 1.07% Li2O from 161.85 m, including 20.47 m at 1.33% Li2O.
SP Angel via Share Talk - 13 OctAIMMeantime Resources AIM:MTR Listing
Admitted to AIM as an investing company after raising £15m at £10 a share, giving a £15m market value; chaired by Martyn Konig with Martin Horgan as chief executive, it aims to buy a precious or base metals project within 18 months.
Share Talk - 12 OctASXCaspin Resources ASX:CPN Resource
The Kelpie tin resource in WA was upgraded by 45% to 6.5 Mt at 0.43% tin for 28,000 t of contained tin, with 25% in the Indicated category.
Market Index: live, 12 Oct - 12 OctASXCritica ASX:CRI Resource
Declared a maiden Indicated resource of 160 Mt at 1,700 ppm TREO within the 1.7 billion tonne Jupiter rare earths deposit in WA, with a scoping study due shortly.
Market Index: live, 12 Oct - 12 OctASXMeeka Metals ASX:MEK Development
Decline development started at the Turnberry underground mine in the Murchison, which holds a reserve of 50,000 oz at 2.5 g/t within a 360,000 oz resource, with first ore expected in January 2027.
Market Index: live, 12 Oct - 12 OctASXArafura Rare Earths ASX:ARU Deal
Converted a binding term sheet with a global trader into a full offtake agreement for 850 t a year of NdPr oxide plus heavy rare earths from Nolans in the Northern Territory, for five years with a two-year extension option.
Market Index: live, 12 Oct - 12 OctASXAustral Resources ASX:AR1 Exploration
Drilling extended the McLeod Hill copper system near Mt Isa beyond 1 km of strike, with a best intercept of 5 m at 2.32% copper; the shares fell 4.2% to A$0.07.
Market Index: live, 12 Oct - 12 OctAIMMila Resources AIM:MILA Drilling
Assays from four of nine RC holes at the Yarrol gold project in Queensland included 2 m at 11.85 g/t from 156 m and 7 m at 1.11 g/t from 57 m, extending Yarrol North to about 170 m depth; an initial resource is targeted for the December quarter.
SP Angel via Share Talk - 10 OctTSXVSilver X Mining TSXV:AGX Development
Processed 54,681 t at Nueva Recuperada in Peru in the September quarter, up 63% on a year earlier, for 322,822 oz of silver equivalent.
Mining.com.au - No qualifying US small-cap resources announcements captured in this edition.
- No qualifying AIX or KASE small-cap announcements captured in this edition. See the Kazakhstan tab for the wider news.
Kazakhstan news Newest first, with links to the original
- 16 OctAnnouncement
Solidcore completes its US$1.2bn buyback; Maaden to hold 41.3%
Shareholders tendered 103.03 million shares against a maximum of 102.92 million, so the on-market tender offer was scaled back at an acceptance ratio of 0.999. Solidcore bought 102,915,905 shares, about 23.2% of its issued capital, at US$11.66 each for US$1,200 million (about KZT 545 billion), to be held in treasury. Voting shares fall to 340.23 million and Maaden International Investment will hold 41.3% of the shares in circulation.
- 16 OctOfficial data
Kazakhstan joins the World Bank minerals compact targeting US$20bn
At the World Bank and IMF annual meetings in Thailand, Kazakhstan became the first Central Asian country to join the World Bank Group Metals and Minerals Compact. The 2026-2030 country compact, prepared with the Ministry of Industry and Construction and the Agency for Strategic Planning, aims to attract about US$20 billion (about KZT 9.1 trillion) into exploration, mining, processing and infrastructure by 2031, with World Bank guarantee instruments for private investors. Yerlan Galiyev of the National Geological Service signed for Kazakhstan.
Prime Minister of Kazakhstan (Russian) ↗ Astana Times ↗ Kapital.kz (Russian) ↗
- 16 OctOfficial data
Nine-month output: refined gold down 11%, copper down 1.2%
Bureau of National Statistics data for January to September, as reported by Reuters, show refined copper at 351,485 t (down 1.2%), unwrought zinc at 169,281 t (down 12.7%), aluminium including alumina at 1.21 Mt (down 10.0%), crude steel at 3.27 Mt (up 5.0%), ferroalloys at 1.52 Mt (down 0.6%), refined gold at 47.68 t (down 11.0%) and refined silver at 457.3 t (down 0.7%). Lead and uranium were not included in the report.
Moscow Times (Russian) citing Reuters and the Bureau of National Statistics ↗
- 16 OctOfficial data
Tenge firms to 452.12 per US dollar
The National Bank's official rate for 17-19 October is 452.12 tenge per US dollar, set from Friday's KASE session, where the dollar traded between 451.00 and 454.03 on about US$350 million of volume in 913 deals. Official rates during the week were 451.31 on 13 October, 448.45 on 14 October, 450.62 on 15 October and 454.14 on 16 October, so the tenge ended the week about 0.4% stronger against the 453.93 rate for 10-12 October. The official AUD rate is 314.72. The National Bureau of Economic Research cut its end-October forecast to 461.1 from 499.7.
Kapital.kz (Russian) ↗ Interfax-Kazakhstan (Russian) ↗ Kapital.kz: rates for 17 Oct (Russian) ↗ National Business: forecast (Russian) ↗
- 16 OctNews report
Washington extends the Lukoil asset-sale licence to April
OFAC again extended the general licence that allows talks on the sale of Lukoil foreign assets, moving the deadline from 22 October to 24 April 2027. The New York Times values the international portfolio at about US$22 billion; Carlyle withdrew on 9 October and a consortium led by Todd Boehly is reported as a possible buyer. The Kazakh stakes in Tengizchevroil and Karachaganak are not part of the sale.
- 16 OctNews report
Qarmet sets out a US$3.5bn move into higher-value steel
Business Insider, as relayed by local media, reports four disclosed projects worth US$1.49 billion: US$688 million coke batteries with China's ACRE (1.5 Mt a year, due November 2027), a US$113 million galvanising line with John Cockerill of Belgium, a US$600 million 4 Mt a year caster-rolling complex designed by CISDI with Danieli technology for August 2028, and a US$87 million section mill with CERI. Crude steel output rose to 3.8 Mt in 2025 and EBITDA was US$424 million, with US$475 million forecast for 2026.
- 16 OctNews report
US-owned rare earths vehicle registers in the AIFC
Kendala Critical Minerals Ltd was registered in the Astana International Financial Centre on 16 October with charter capital of US$1,000. Its sole founder, KazAmerican Critical Minerals Inc of New York, says it aims to channel Western capital into Kazakh critical mineral deposits for Western defence, battery and technology supply chains. Its declared scope covers holding subsoil rights, feasibility studies, separation plants and offtake contracts. No deposit, licence or partner was named.
- 16 OctNews report
Samruk-Kazyna places CNY 3bn of dim sum bonds on HKEX and AIX
The sovereign fund raised CNY 2 billion of three-year notes at 2.15% and CNY 1 billion of five-year notes at 2.30%, listed in Hong Kong and on the AIX with Teniz Capital as placement manager, and orders exceeded supply by more than three times. Proceeds fund subsidiaries, exports and refinancing. It follows yuan bonds from KazMunayGas (CNY 3.5 billion) and the Development Bank (CNY 3.7 billion) on the AIX in September.
- 16 OctOfficial data
East Kazakhstan revokes 29 artisanal gold licences
The regional akimat's Department of Entrepreneurship and Industry said 29 artisanal mining licences had been revoked as of 16 October for breaches of subsoil legislation and licence conditions found during site inspections. The number of licences still in force was not given.
- 16 OctAnnouncement
KASE admits two US$500m KTZ eurobonds from 19 October
KASE opens trading on Monday 19 October in two international bonds of Kazakhstan Temir Zholy issued on 29 April 2026: US$500 million at 4.875% due 2031 and US$500 million at 5.25% due 2036, quoted in clean price. On Friday the KASE Index rose 0.41% to 7,862.65 and KazMunayGas closed at KZT 35,874.73, up 0.27%.
- 16 OctNews report
Fuel exports rise to Central Asia and Afghanistan but not Russia
Reuters, citing the fuel sector Situational Analytical Centre, reports that the Kondensat refinery in West Kazakhstan exported 17,500 t of petrol in September, including 10,700 t to Afghanistan, and 4,500 t of diesel to Kyrgyzstan, the first diesel export since March 2021. Only 42,500 t of a 100,300 t third-quarter export quota was shipped. Kazakhstan imported about 74,000 t of Russian jet fuel in the quarter, and the Pavlodar refinery overhaul has moved to spring 2027.
- 16 OctNews report
IMF trims 2026 growth to 4.4% as Brent tops US$110
The IMF's October outlook cut Kazakhstan's 2026 growth forecast to 4.4% from 4.6% in July, assuming Brent averages US$96 in 2026 and US$87 in 2027 with the Strait of Hormuz reopening in March 2027. Brent traded above US$110 on Friday for the first time since May before settling at US$109.86. The draft 2027 budget, passed in first reading on 14 October, assumes US$70 oil and output of 96 Mt, with about KZT 3.78 trillion expected from the oil sector.
Forbes Kazakhstan (Russian) ↗ Tengrinews (Russian) ↗ Astana Times: 2027 budget ↗
- 16 OctNews report
CoreX signs an EPC contract for the Manka gold plant
CoreX Holding, which acquired the Manka gold deposit in the Markakol district of East Kazakhstan in 2023, signed an EPC contract with AAEngineering Group LLP for a 200,000 t a year processing plant and related infrastructure, moving the project into execution. Capital cost, reserves and the licence were not disclosed.
- 15 OctAnnouncement
Central Asia Metals clears the last hurdle on Cygnus
CAML received approval from the Kazakh authorities for the issue of new shares on 13 October, the last condition of the all-share scheme to acquire Cygnus Metals, and the Supreme Court of Western Australia approved the scheme on 14 October. Cygnus lodged the orders on 15 October, making it effective; the record date is 19 October and implementation and admission of the new CAML shares to AIM are due on 27 October. CAML closed at 147.80p on Friday, up 1.51%.
RNS: court approval ↗ RNS: Kazakh approval ↗ Cygnus release ↗
- 15 OctAnnouncement
Caspian Sunrise completes its first minerals purchase
The suspended oil producer completed the acquisition of Tau-Cen LLP, a titanium, zirconium and gold explorer with rare earth potential, for US$0.7 million: US$0.35 million in cash and 5,223,881 new shares at 5p issued to Amirbek Oraziman, lifting the Oraziman concert party to 50.63%. The licences cover 235.8 km² with exploration rights to 2031, surveys are under way and about 12,000 m of drilling is planned. Approvals for the separate Kazikhan manganese and gold purchase are still pending, and trading remains suspended until the accounts are published.
- 15 OctAnnouncement
Condor closes C$71.5m to fund Saryozek LNG
Condor Energies closed C$71.5 million of 12% unsecured convertible debentures, convertible at C$6.00 and maturing in October 2029, through a C$28.3 million public offering and a C$43.3 million private placement led by Research Capital and Canaccord Genuity. Proceeds fund a compressor in Uzbekistan and modular LNG at Saryozek in Kazakhstan, where the first 80 t a day module is in final testing with first LNG targeted for the second quarter of 2027.
- 15 OctOfficial data
Kashagan gas plant due in 2027; second plant by 2030
Prime Minister Bektenov reviewed the Kashagan gas projects with Qatar's Power International Holding: the 1 bcm a year plant is under construction with most equipment delivered and commissioning planned for 2027, and the 2.5 bcm second plant has an EPC contractor selected for completion by 2030. The second string of the Beineu-Bozoi-Shymkent pipeline is in design, with stages due in 2027 and 2029. No new development was reported on the KZT 2.36 trillion sulphur fine dispute after Bloomberg said ExxonMobil blocked a settlement proposal.
Prime Minister of Kazakhstan (Russian) ↗ Kapital.kz (Russian) ↗
- 15 OctOfficial data
Experts see the base rate at 15.9% by year end
The National Bank's October survey of 14 expert organisations lowered 2026 inflation expectations to 9.5% from 10.0% and put the median base rate at 15.9% for end-2026, 13.3% for 2027 and 11.5% for 2028, with GDP growth of 4.8% and Brent at US$88.4 this year. The Association of Financiers survey found 85% expect a cut at the 23 October meeting, 71% of them by 25 points to 16.00%, and a median tenge forecast of 456.5 in one month.
National Bank of Kazakhstan (Russian) ↗ BES.media (Russian) ↗
- 15 OctNews report
Altynalmas closes its Moscow office; Fincraft nears the Zhaikmunai deal
AK Altynalmas said it has fully closed the Russian representative office it registered in Moscow in 2019, without giving a reason. Kenes Rakishev's Fincraft Group said the main stage of its purchase of Zhaikmunai, an oil and gas explorer and producer in the north-west, is in its final phase after missing a 15 September target. Separately, Core Resources of Australia delivered an Albion Process pilot plant to Altynalmas for its planned Akbakai research centre for refractory gold ores.
- 15 OctNews report
KEGOC says the 2 GW North-South line will cost more than KZT 700bn
KEGOC said the North-South HVDC line, upgraded from 1 GW to 2 GW, has a completed feasibility study under approval, with construction planned for 2027-2030 and commissioning in 2029; the estimate has risen from KZT 425 billion in 2023 to more than KZT 700 billion. The Energy Ministry put installed capacity at 27.1 GW and plans 13.4 GW of additions by 2029, with generation of 91.7 billion kWh in the first nine months, up 2%.
- 14 OctNews report
Belgian state visit brings a rare earth processing offer
At a critical minerals seminar during the state visit of King Philippe, Vice Minister Saparbekov said Kazakhstan can supply 21 of the 34 EU critical raw materials and proposed phased models that move processing to Kazakhstan, with Molymet, the Port of Antwerp and Lindian Resources presenting. Surveys at Kuirektykol in Karaganda region found more rare earths than estimated, more than KZT 67 billion has gone into exploration since 2018, and a regional rare earth research centre with EBRD-backed feasibility work is due to start construction in 2027. Belgian direct investment was US$428 million in the first half.
Times of Central Asia ↗ Kapital.kz (Russian) ↗ MINEX Forum ↗
- 14 OctNews report
Private developer plans a 500,000 t flotation plant at Zhuantobe
Capital Stroy V LLP, owned by Zhomart Ablasanov through TLC Minerals, plans an ore-dressing plant at the Zhuantobe copper-polymetallic deposit in Bayanaul district, Pavlodar region, which it has explored since 2020. Resources at the start of 2025 were 2.16 Mt of ore at 0.46% copper, 0.26% lead, 0.51% zinc, 0.12 g/t gold and 33.09 g/t silver. The plant would treat up to 500,000 t a year for about 7,300 t of copper-lead concentrate and 3,500 t of zinc concentrate over a 20-year mine life, with public hearings in November.
- 13 OctOfficial data
Oil output down 8.3% in nine months as Tengiz runs at 88% of plan
Deputy Energy Minister Akbarov told the government that January to September oil production was 69.4 Mt, with Tengiz at 26.7 Mt (88% of plan), Kashagan 12.8 Mt (94%) and Karachaganak 7.5 Mt (82%); maintenance at Tengiz and Kashagan was postponed and the 2026 forecast is 96 Mt. Gas output was 47.4 bcm. GDP grew 4.2% despite the fall in oil, with manufacturing up 8.6%. KazTransOil said its deliveries into the CPC system rose 42% to 3.57 Mt.
Prime Minister of Kazakhstan (Russian) ↗ Times of Central Asia ↗ TKS.ru citing Interfax (Russian) ↗
- 13 OctNews report
Kazakhmys drills 17,200 m around Zhezkazgan and plans 30,000 m for 2027
Kazakhmys Barlau drilled 17,200 m in the first nine months, 104.6% of plan, including seven holes for 4,750 m on the flanks of the Zhezkazgan deposit, four deeper holes of more than 3,500 m, 2,300 m at Nurkazgan, 1,600 m at Khadzhikongan-Altyntobe and 2,800 m at Abyz. A programme of more than 30,000 m is drafted for 2027 with 2D seismic across the Zhezkazgan-Zhilandy district. No budget was disclosed.
- 13 OctNews report
Swiss-backed explorer funds Kanaika-1 with a KZT 2.4bn parent loan
Accounts for KAZ Altyn Minerals LLP, 85% owned by Ardi Group Invest of Switzerland and 15% by Bolat Medikhanov, show a KZT 2.4 billion euro-denominated loan from the parent at 2% and a 2025 net loss of KZT 129.9 million. The company holds a 2015 subsoil contract over the 248 km² Kanaika-1 area south-west of Ust-Kamenogorsk, prospective for bedrock and placer gold, with exploration and evaluation planned for 2027-2028 toward a feasibility study.
- 10 OctNews report
Metlen eyes metal recovery from Kazakh industrial waste
A delegation from Greek group Metlen Energy & Metals met Deputy Foreign Minister Zebeshev to discuss phased recovery of copper, zinc, nickel and cobalt from metallurgical waste, with Kazakh Invest support. No agreement, capacity or cost was disclosed, and Metlen has been invited to an investment roundtable in Shymkent on 22 October.
- 9 OctNews report
Exxon blocked a deal to settle the Kashagan fine, Bloomberg says
Bloomberg, citing unnamed sources, reports that ExxonMobil blocked a proposal for the Kashagan partners to settle the roughly US$5 billion (KZT 2.3 trillion) sulphur fine and persuaded TotalEnergies to oppose it. Exxon has told the government that new Kashagan expansion investment depends on resolving the dispute; NCOC still contests the fine.
- 9 OctOfficial data
Tenge slips to 453.93 per US dollar
The National Bank's official rate for 10-12 October is 453.93 tenge per US dollar, set from Friday's KASE session, and the AUD rate is 316.57. The dollar traded between 451.06 and 455.23 on about US$421 million of volume. Over the week the tenge was little changed against the 454.98 average on 5 October.
National Bank of Kazakhstan ↗ Kapital.kz (Russian) ↗ Interfax-Kazakhstan ↗
- 9 OctOfficial data
Reserves fall 5.4% in September as the gold value drops
Preliminary National Bank data put gross international reserves at US$66.41 billion at the end of September, down US$3.80 billion in the month. Monetary gold fell 7.8% to US$51.43 billion while foreign currency assets rose 3.9%; National Fund foreign currency assets slipped 0.8% to US$66.65 billion.
- 9 OctOfficial data
Current account returns to surplus on metal exports
National Bank data show a first-half current account surplus of US$2.4 billion, or 1.6% of GDP, the first in three years, against a US$3.6 billion deficit a year earlier. Goods exports rose 27.1% to US$48.5 billion, with copper cathode exports up 58%, copper concentrate up 42.9% and uranium up 15.1%.
- 9 OctNews report
Carlyle drops its bid for Lukoil foreign assets
Reuters reports that Carlyle is no longer pursuing the sanctioned foreign assets of Lukoil after no US licence was granted. The Kazakh assets were never part of the deal; Kazakhstan says it has a priority right to buy them, and Lukoil has signalled it intends to keep them.
- 9 OctNews report
KMG drilling at Karazhanbas expected to add 3 Mt of reserves
KazMunayGas says 30 new wells in the coastal zone of the Karazhanbas field are expected to add 3 Mt of recoverable reserves. Karazhanbasmunai produced 1.549 Mt of oil in the first nine months of 2026, and four horizontal wells are planned.
- 9 OctNews report
Energy Ministry and Gazprom discuss gas for the north
A joint coordination council in Bishkek covered gas transport to northern Kazakhstan and Astana, storage and gas as a motor fuel, and QazaqGaz signed a memorandum with Gazprom Kyrgyzstan.
- 9 OctNews report
Private developer plans the Masalskoe iron ore mine
Baza Construction LLP, which won the deposit at auction in January 2025, plans an open pit at Masalskoe in Akmola region, with reserves of 729.2 Mt at 15.81% iron and titanium and vanadium by-products. Mining is to rise to 5 Mt a year, and public hearings are due in early November.
- 9 OctNews report
Qarmet starts reprocessing old iron ore sludge
Qarmet has started the OKV-150 plant at Karazhal, which will reprocess up to 1.2 Mt a year of stored iron-bearing sludge into about 30,000 t a month of concentrate at about 52% iron. The cost was not disclosed.
- 9 OctNews report
Russian diesel imports nearly triple
Russian diesel shipments to Kazakhstan rose from 28,000 t in August to 77,000 t in September, according to Reuters data, while Russia has extended its ban on diesel exports to countries without supply agreements until 31 October.
- 8 OctAnnouncement
Kazatomprom holders back the China contract and block the Uranium One deal
At the extraordinary meeting, 88.63% of votes approved the spot and term uranium sales contract with China's SNURDC. The U3O8 supply contract with Uranium One Group failed, with 5.39% for, 6.27% against and 88.34% withheld. Zhandos Kairgeldi of Samruk-Kazyna joins the board. No volumes or values were disclosed.
- 8 OctOfficial data
Prime Minister backs the Balkhash copper smelter as geology funding rises
On a visit to Balkhash, Prime Minister Bektenov reviewed the KZT 750 billion Qazaq Smelter project, designed for 300,000 t of cathode copper and 10 t of gold a year, with construction from 2027 and launch in 2030. About US$500 million is to go to geology by 2030, and Tau-Ken Samruk reported more than 8 t of gold and 150,000 t of copper in newly confirmed reserves.
Prime Minister of Kazakhstan (Russian) ↗ Kursiv (Russian) ↗ Kapital.kz (Russian) ↗
- 8 OctNews report
Lindian unit plans a US$150m rare earth investment at Stepnogorsk
Silkway Metals, a unit of Lindian Resources, will invest about US$150 million to upgrade the existing rare earth plant at Stepnogorsk in Akmola region and add a new plant producing mixed rare earth carbonate, the regional administration said. Trend reports output of about 8,000 t a year of carbonate, with work over 2026-2028.
Interfax-Kazakhstan ↗ Trend ↗ Mining Technology: Carester plan ↗
- 8 OctAnnouncement
Arras drills 574 m at 0.40% CuEq at Elemes
Berezski Central returned 574 m at 0.40% copper equivalent and a new epithermal target at K-Ozek returned 22.8 m at 5.37 g/t gold, from the 40,000 m program in north-east Kazakhstan.
- 8 OctNews report
CPC pipeline back after planned maintenance
The Caspian Pipeline Consortium returned the Tengiz-Novorossiysk line to service after a scheduled 12-hour shutdown on 6 October for defect repairs and work on valves and control systems. Further short planned stops are being agreed with shippers.
- 8 OctNews report
Kazakh bonds placed on J.P. Morgan index watch
J.P. Morgan has put Kazakhstan on positive index watch for possible inclusion of its government bonds in the GBI-EM index, the Finance Ministry said, which could draw more foreign money into tenge bonds.
- 8 OctOfficial data
Tenge eases to 448.94 per US dollar
The National Bank's official rate for 9 October is 448.94 tenge per US dollar, set from Thursday's KASE session on about US$424 million of volume, and the AUD rate is 311.70. In an Association of Financiers survey, 85% of respondents expect a base rate cut on 23 October, and the median forecast is about 456.5 tenge per dollar by early November.
National Bank of Kazakhstan ↗ Kapital.kz (Russian) ↗ Kapital.kz: survey (Russian) ↗ Interfax-Kazakhstan ↗
- 8 OctOfficial data
Tenge rallies to 447.14 per US dollar
The National Bank's official rate for 8 October is 447.14 tenge per US dollar, about 1.4% stronger than a day earlier, set from Wednesday's KASE fixing. The dollar traded between 446.10 and 450.41 on about US$469 million of volume, reversing much of its jump on 6 October. The official AUD rate is 311.08.
National Bank of Kazakhstan (Russian) ↗ KASE (Russian) ↗ Kapital.kz (Russian) ↗
- 7 OctNews report
Tokayev receives Lukoil founder Alekperov
The presidency said they discussed Lukoil's current work, plans and joint oil and gas projects. National Business suggests Lukoil's 5% of Tengizchevroil and the Kalamkas-Khazar offshore project may have been discussed; neither is confirmed.
- 7 OctInterview
Explorer warns uranium reserves need replacing
Aurora Minerals Group founder Saids Sultanov said reserves at Kazatomprom subsidiaries fell 4.9% in 2025 and put the cost of exploring new areas to 2030 at KZT 75-85 billion. Uranium found by other explorers must go into projects in which Kazatomprom holds 75%.
- 7 OctAnnouncement
Central Asia Metals keeps Kounrad guidance; Cygnus approval still awaited
Kounrad produced 3,454 t of copper in the September quarter and 9,758 t in nine months, and 2026 guidance of 12,000-13,000 t is unchanged. Drilling at Yuzhnoe found copper over more than 1 km of strike, including 311 m at 0.22%, with a 3,600 m follow-up planned. Kazakh approval for the Cygnus scheme is still expected by 12 October, with an indicative effective date of 15 October.
- 7 OctAnnouncement
Steppe Cement declares a 2p interim dividend
The shares go ex-dividend on 15 October, with a record date of 16 October and payment on 30 October. The shares rose about 10.8% to 36p on the day.
- 7 OctNews report
Private developer plans a titanium-zirconium mine in Pavlodar region
Druzhba Mining, owned by the Astana-based TZ Group, plans a 10-year open pit at the Druzhba deposit mining up to 1.5 Mt of ore a year, with estimated reserves of about 1.0-1.2 Mt of TiO2 and 0.6-0.8 Mt of ZrO2. It will spend about KZT 1.9 billion of its own funds, and public hearings are due in early November.
- 7 OctNews report
Parliament ratifies the Russian oil supply protocol
The protocol renewing the 2010 agreement on supplies of Russian oil and products passed parliament. Forbes Kazakhstan estimates savings of about KZT 30 billion in 2026 from duty-free imports, and the Energy Minister said the Shymkent refinery expansion to 12 Mt a year should have a feasibility study by the end of 2026.
- 7 OctNews report
Oil producers study a second export route across the Caspian
A working group of eight Tengiz and Kashagan shareholders has commissioned a feasibility study, due in November, comparing a subsea pipeline with a larger tanker fleet from Aktau to Baku, each sized for up to 35 Mt a year. CPC carried 64.8 Mt of the 78.7 Mt of oil Kazakhstan exported in 2025.
- 7 OctNews report
Zhanaozen gas plant modules are on their way
Three vessels carrying process modules for KazMunayGas's 900 million m³ a year gas plant at Zhanaozen are heading to Kazakhstan and a fourth is preparing to leave China. Equipment fabrication is about 61% complete.
- 7 OctNews report
Industry ministry lists four priority plants for 2028
Four priority projects worth about KZT 3.7 trillion are due by 2028, covering steel, processing of sulphide gold concentrates, potash and ferroalloys. A further 120 projects worth more than KZT 6.4 trillion are under construction.
- 7 OctNews report
Mineral extraction tax lifts budget revenue
Economists told Inbusiness that receipts from the mineral extraction tax rose by about 60-65% under the new tax code, about 178% of plan, and with VAT drove most of the growth in revenue.
- 7 OctNews report
National Bank among the leading gold buyers
World Gold Council data show the National Bank bought about 36 t of gold in January to August, including 7 t in August, taking its holdings to 377 t.
- 6 OctAnnouncement
East Star starts drilling at Rulikha
Drilling began on 5 October at the Rulikha copper project, about 1,500 m in five holes. Partner Nova pays for the drilling and East Star is carried to production for a 25-35% interest. No assays have been reported yet.
- 6 OctNews report
Karachaganak gas plant faces new delays
A dispute between QazaqGaz, now running construction of the 4 bcm a year plant, and the Karachaganak partners has pushed start-up to 2030, with costs estimated at about US$5 billion and possibly up to US$8 billion if raw gas supply rises.
- 6 OctOfficial data
Tenge firms to 453.65 per US dollar
The National Bank's official rate for 7 October is 453.65 tenge per US dollar, set at 15:30 on Tuesday on KASE. The dollar traded between 449.40 and 457.50 on US$508 million of volume, and the session average of 452.74 was 2.62 tenge below Monday's.
National Bank of Kazakhstan ↗ Kapital.kz (Russian) ↗ Interfax-Kazakhstan ↗
- 6 OctNews report
Kazakhstan and Oman sign eight agreements
During the Sultan of Oman's state visit the two countries signed eight documents, including an investment protection agreement, a US$150 million joint fund of Samruk-Kazyna and the Oman Investment Authority, and a strategic exploration agreement between KazMunayGas and OQ Exploration & Production.
- 6 OctNews report
Solidcore to build an Astana headquarters with Omani funding
The Oman Investment Authority, which holds 31.7% of Solidcore, will fund 85% of a nine-storey headquarters of more than 18,000 m² in Astana, due in 2029. Solidcore's gold equivalent output rose 71% to 210,000 oz in the first half.
- 6 OctNews report
World Bank holds its 2026 growth forecast at 4.6%
The World Bank's October update for Europe and Central Asia keeps its forecast for Kazakhstan's GDP growth in 2026 at 4.6%.
- 6 OctNews report
Swiss-backed explorer plans gold drilling near Ust-Kamenogorsk
Kaz Altyn Minerals, owned by Switzerland's ARDI Group Invest and Kazakh investor Bolat Medikhanov, plans 2,000 m of drilling in 2027 and 1,000 m in 2028 at the 248 km² Kanayka exploration area, about 50 km south-west of Ust-Kamenogorsk.
- 6 OctOfficial data
Tenge slides to 454.98 per US dollar
The National Bank's official rate for 6 October is 454.98 tenge per US dollar, set from Monday's KASE fixing, when the dollar rose 6.62 tenge. The full session averaged 455.36 on US$645 million of volume. Halyk Finance expects seasonal demand to push the rate towards 490 by the end of the year.
National Bank of Kazakhstan ↗ Kapital.kz (Russian) ↗ Kursiv (Russian) ↗
- 5 OctNews report
Dunga oilfield dispute settled
The Energy Minister and Dunga Operating signed a settlement covering historical costs and a payment to Kazakhstan, still subject to approval by the foreign partners Oman Oil and PTTEP. It clears the way for a 2026-2039 development plan targeting 67.4 million barrels.
- 5 OctOfficial data
Government reviews new uranium exploration areas
Prime Minister Bektenov chaired a meeting on the nuclear industry focused on prospective new uranium areas under the strategy to 2050, at which Kazatomprom presented its exploration plans. Absentee voting on Kazatomprom's two major sales contracts closes at 18:00 Astana time on 6 October.
- 5 OctAnnouncement
AIX trading hits a record in September
Traded value on the Astana International Exchange reached a record US$562 million (KZT 250.2 billion) in September, about US$150 million above the previous high, led by Solidcore shares.
- 5 OctNews report
US report notes progress but flags tax risk
The US State Department's 2026 Investment Climate Statement credits Kazakhstan with about US$170 billion of foreign investment, much of it in minerals and petroleum, but flags 2026 tax code changes to royalties and deductions and regulatory predictability as concerns.
- 5 OctNews report
KazMunayGas plans digital twins at 12 fields
KMG aims to build AI-driven digital models of 12 fields producing more than 90% of its oil by the end of 2028, targeting about 2.8 Mt of extra oil and an economic effect of about KZT 326 billion.
- 5 OctNews report
Private miner contracts out the Karaboulak gold deposit
Qazabulaq Gold awarded a KZT 1.26 billion mining contract on 30 September for the Karaboulak gold deposit near Stepnogorsk in Akmola region, at about 350,000 t of ore a year.
- 5 OctOfficial data
Tenge weakens to 447.73 per US dollar
The National Bank's official rate for 5 October is 447.73 tenge per US dollar, set from Friday's KASE session, when the weighted average rose 6.10 tenge on US$457 million of volume. The base rate is 16.25% and the next decision is on 23 October.
National Bank of Kazakhstan (Russian) ↗ Kapital.kz (Russian) ↗ Forbes Kazakhstan (Russian) ↗
- 4 OctNews report
OPEC+ keeps November output unchanged
Kazakhstan and the six other OPEC+ members still making voluntary cuts agreed to hold November production at September levels, with the next meeting on 1 November. At KIOGE the Energy Ministry said a fourth refinery of up to 10 Mt a year is targeted for 2033.
- 3 OctNews report
Ratification of the Russian oil supply protocol begins
A bill to ratify the protocol reviving the 2010 oil supply agreement with Russia has passed first reading. The agreement would run to 1 January 2028 and then extend automatically for five-year periods.
- 2 OctAnnouncement
Ferro-Alloy raises £4.68m and clears its 2026 bond debt
A non-brokered placing of 137.6 million shares at 3.4p, with Vision Blue taking £1.25m to hold 26.24%, funds repayment of the second tranche of the company's Kazakh bond, clearing all US$13m of debt due in 2026.
- 2 OctOfficial data
Tenge holds near its 2026 high
The National Bank set the official rate at 441.91 tenge per US dollar, about 3.6% stronger over 30 days. The base rate is 16.25% after a 50 basis point cut in September, and the next decision is on 23 October.
- 1 OctNews report
QazaqGaz to explore three new areas
QazaqGaz plans about 6,150 km of 2D seismic and 126,000 geochemical sampling points across the central Pre-Caspian, Shu-Sarysu and Tenyz basins by the end of 2026, and is seeking partners for its 28 exploration areas.
- 1 OctAnnouncement
Condor upsizes its financing to C$70m
The convertible debenture financing rose to C$70 million, a C$25 million public offering plus a C$45 million private placement at 12% interest, convertible at C$6.00. First LNG from the Kazakh modular plant is targeted for the second quarter of 2027.
- 1 OctAnnouncement
Barys extends its entitlement offer to 14 October
The renounceable one-for-one offer at A$0.01, worth about A$2.6 million, now closes at 5pm AWST on 14 October, with allotment on 21 October, after delays in sending the prospectus to offshore holders.
- 1 OctAnnouncement
Nostrum noteholders back the restructuring
Holders of the US$517.5m senior notes passed the consent resolution, helped by an amended OFAC licence. Completion still depends on the US$304.6m sale of Zhaikmunai and POSITIV Invest to Altaris Holding.
- About 1 OctNews report
ERG to develop the Taunsor bauxite deposit
Aluminium of Kazakhstan, part of the privately held ERG, plans to mine the Taunsor bauxite deposit in Kostanay region from 2028.
- 30 SepNews report
KazMunayGas to take full control of its Kashagan holding
KMG will take full ownership of KMG Kashagan B.V., which holds 16.877% of the NCOC consortium, in a related-party deal worth about 14.8% of KMG's assets that the board approved on 24 September.
- 30 SepNews report
CPC loadings down about 4 Mt this year
The Caspian Pipeline Consortium loaded nearly 50 Mt in January to September, about 4 Mt less than a year earlier. Kazakhstan's oil output fell 8.3% to 61.7 Mt in January to August, and the plan is 96 Mt for 2026 and 100 Mt in 2028.
- 30 SepNews report
Collection of the Kashagan fine resumes
After a court rejected the operator's challenge on 28 September, the Justice Ministry resumed collecting the KZT 2.3 trillion (about US$5.2 billion) sulphur-storage fine. The NCOC consortium says arbitration bars enforcement.
- 30 SepNews report
Barys Resources granted a third licence
Licence EL4907 (Zhartasty, 110.8 km²) takes the company's 100%-owned North Balkhash tenure to 445.8 km², targeting epithermal gold and porphyry copper next to an operating gold mine.
- 29 SepAnnouncement
Condor raises C$65m, partly for Kazakh LNG
Condor is issuing up to C$65m of 12% convertible debentures (conversion at C$6.00). Proceeds include completing the first module of its Saryozek LNG plant; closing is expected in the week of 12 October.
- 29 SepNews report
Kazakhstan and Germany sign about US$2bn of deals
President Tokayev's visit to Berlin produced more than 30 commercial agreements worth about US$2 billion and a joint declaration that covers critical minerals.
- Late SepNews report
Aidarly copper deposit changes hands
Aidarly Project sold the subsoil rights to Aidarly Mining for KZT 11.75 billion (about US$26.6 million). The plan is a concentrator treating up to 75 Mt a year to produce 226,000 t of copper a year to 2042.
- Late SepNews report
Solidcore looks beyond Kazakhstan
After a strong first half, Solidcore plans to grow abroad, starting with the Khabiyat copper-gold project in Oman with Minerals Development Oman.
- 23 SepAnnouncement
Central Asia Metals and Cygnus hearing moved to 14 October
The second court hearing for the scheme was adjourned while Kazakh regulatory approval is awaited, now expected by 12 October. The scheme would then take effect on 15 October.
- 23 SepNews report
56 hydrocarbon blocks go to auction in December
The blocks will be auctioned on the e-Qazyna platform on 25 December, with applications closing on 18 November. 112 blocks are planned for auction by the end of the year.
- 21 SepAnnouncement
Kazatomprom wins the Kyzyltu exploration licence
A six-year licence over the Kyzyltu block in Kyzylorda region carries a preliminary estimate of about 10,000 tU. Russian sulphuric acid suppliers will meet 2026 contracts under a new export approval regime, and the company expects no material impact on 2026 guidance.
- 16 SepOfficial data
Metals output lower in January to August
Official statistics show refined copper output of 312,284 t, down 1.7% year on year, with zinc down 13.4%, aluminium down 10.6% and gold down 12.5%.
- 16 SepAnnouncement
Delixy signs an LOI for up to 48% of Sarybulak
The Singapore oil trader signed a non-binding letter of intent for a stake of up to 48% in the Sarybulak oil field in East Kazakhstan, held by Tarbagatay Munay, which has a cross-border gas pipeline to China.
- Mid SepNews report
Mining companies flock to the AIFC
249 companies listing exploration or mining among their activities registered in the Astana International Financial Centre between January and 15 September, 32% more than in all of 2025. In total 708 AIFC companies list mining-related activities.
- SepAnnouncement
East Star and Endeavour gold JV moves to systematic exploration
Endeavour can earn 51% by funding US$5 million over two years from 15 May 2026. The JV has applied for licences over more than 930 km² targeting intrusion-related gold in northern Kazakhstan and has built an in-country team.
- 9 SepNews report
Solidcore opens a US$1.2bn buyback tender
Eligible shareholders can tender some or all of their shares at US$11.66 each between 9 September and 12 October.
- 8 SepNews report
Drone incident briefly halts CPC loadings
Loadings near the CPC terminal outside Novorossiysk stopped briefly. Officials now expect 2026 oil output of about 96 million tonnes, down from 98 million, and the Baku-Tbilisi-Ceyhan alternative to take only up to 1.6 million tonnes this year.
- 3 SepInterview
Arras doubles its 2026 drilling plan
President Darren Klinck said the company has four rigs running in 2026 and has doubled this year's plan to 40,000 metres at Elemes, taking 2024-2026 drilling to about 54,000 metres.
- 24 AugAnnouncement
Jiaxin reports first-half results
Jiaxin International published its interim results for the six months to 30 June 2026 for the Boguty tungsten mine.
- 18 AugAnnouncement
KazMunayGas reports first-half results
KMG published its 1H 2026 operational and financial results, quoting a share price of 34,800 tenge on 14 August.
- 17 AugAnnouncement
Nostrum agrees to sell its Kazakhstan operations
Nostrum Oil & Gas announced an agreement to sell its Kazakhstan operations, followed by a tender offer and consent solicitation update on 4 September.
- 5 AugNews report
Central Asia Metals updates Kounrad
Kounrad's Indicated Resource stands at 595.1 Mt at 0.07% copper (407.9 kt), supporting 74,459 t of cathode from 2026 to licence expiry in 2034. 2026 guidance of 12,000-13,000 t is unchanged.
- 30 JulNews report
Balkhash copper smelter approved
The government approved an investment agreement with the private company Qazaq Smelter for a US$1.6bn smelter producing 300,000 t of cathode copper a year, lifting national copper output by about half to more than 800,000 t.
- 29 JulAnnouncement
Barys quarterly covers two Kazakh gold licences
The June quarter report covers the Dalnee and Karakul gold projects in the North Balkhash region.
- 27 JulNews report
CPC exports resume after a week-long halt
Loadings restarted at the Black Sea terminal after a suspension that followed attacks on tankers. Kazakhstan's oil and condensate output had fallen to about one million barrels a day.
Kazakhstan watchlist Listed companies with Kazakh projects · updated 17 October 2026
21 of 21 companies · sorted by market cap · prices are the latest verified closes
| Stage | KZ commodities | Price | ||
|---|---|---|---|---|
| Barys ResourcesASX: BRYNorth Balkhash gold licences, 445.8 km² | Explorer | A$0.009ASX last, 16 Oct; entitlement offer extended to 22 Oct · source | A$2.4mUS$1.7mA$2.38m | |
| Jupiter EnergyASX: JPRThree oilfields, Mangistau Basin | Producer | A$0.015ASX last, 1 Oct (latest verified) · source | A$19mUS$13mA$19.2m | |
| KazatompromLSE: KAP + AIXISR uranium mines across Kazakhstan | Producer | US$64.4016 Oct, LSE close · source | A$24.0bnUS$16.7bn | |
| KazMunayGasKASE: KMGZ + AIXNational oil and gas company | Producer | KZT 35,874.73KASE close, 16 Oct · source | A$69.5bnUS$48.4bn≈KZT 21,887bn | |
| Solidcore ResourcesAIX: CORETwo producing gold mines and a development project | Producer | n/aTender completed 16 Oct: 23.2% of shares bought at US$11.66; Maaden to hold 41.3% · source | n/an/a | |
| Jiaxin InternationalHKEX: 3858 + AIXBoguty tungsten mine, Almaty region | Producer | HK$44.749 Oct close (latest verified) · source | A$3.7bnUS$2.6bn≈HK$20.38bn | |
| Central Asia MetalsAIM: CAMLKounrad SX-EW copper; Kazakh exploration subsidiaries; Cygnus (Chibougamau, Quebec) scheme effective | Producer | 147.80p16 Oct close; Cygnus scheme effective 15 Oct, implementation 27 Oct · source | A$483mUS$335m£251.86m | |
| Condor EnergiesTSX: CDRLNG facility under construction; copper and lithium brines | Developer | C$4.3129 Sep close (latest verified); C$71.5m debentures closed 15 Oct · source | A$379mUS$263m≈C$372m | |
| Arras MineralsTSXV: ARKElemes and Tay copper-gold projects, northeast Kazakhstan | Explorer | C$1.335 Oct close (latest verified); drill results 8 Oct · source | A$194mUS$135m≈C$191m | |
| Steppe CementAIM: STCMCement and clinker plants | Producer | 41.50p16 Oct close; ex-dividend 15 Oct · source | A$174mUS$121m£90.88m | |
| Caspian SunriseAIM: CASPBNG contract area, Mangistau; Tau-Cen titanium-zirconium-gold licences (235.8 km²) | Producer | 1.90p (suspended)Suspended since 1 Jul; Tau-Cen purchase completed 15 Oct · source | A$86mUS$60m£44.77m | |
| East Star ResourcesLSE: ESTCopper and gold projects; gold JV with Endeavour Mining | Explorer | 8.00p16 Oct close · source | A$84mUS$59m≈£44.0m | |
| Ferro-Alloy ResourcesLSE: FARBalasausqandiq; processing plant | Producer | 4.42p16 Oct, no trades recorded; 755.4m shares (lse.co.uk) · source | A$64mUS$44m≈£33.4m | |
| Nostrum Oil & GasLSE: NOGChinarevskoye field; sale of Kazakh operations to Altaris pending | Producer | 0.80p16 Oct quote; last trade 9 Oct · source | A$2.5mUS$1.8m£1.32m | |
| Delixy HoldingsNasdaq: DLXYNon-binding LOI for up to 48% of the producing Sarybulak oil field, East Kazakhstan | Producer | US$2.1415 Oct close (latest verified) · source | A$10mUS$7.0m | |
| GlencoreLSE: GLENKazzinc (majority owned) | Producer | 578.20p16 Oct close; ASX CDIs began trading 14 Oct · source | A$129.9bnUS$90.2bn≈£67.80bn | |
| Endeavour MiningLSE: EDV + TSXUS$25m gold exploration JV with East Star | Explorer | 4,149p16 Oct close · source | A$19.2bnUS$13.3bn£10.00bn | |
| Ivanhoe MinesNewTSX: IVNChu-Sarysu copper JV with Pallas Resources (20%, can earn up to 80%) | Explorer | C$12.242 Oct close (latest verified) · source | A$17.1bnUS$11.9bn≈C$16.79bn | |
| First Quantum MineralsNewTSX: FMExploration partnership with Pallas Resources; own Kazakh exploration company | Explorer | C$37.3915 Oct close (latest verified) · source | A$31.5bnUS$21.9bn≈C$30.97bn | |
| CamecoNYSE: CCJ + TSX40% of the JV Inkai uranium joint venture | Producer | US$81.5216 Oct close · source | A$51.1bnUS$35.5bn | |
| Lindian ResourcesNewASX: LINSilkway Metals: upgrade of the Stepnogorsk rare earth plant and a new carbonate plant (about US$150m) | Developer | A$0.6025 Sep (latest verified); presented at the Belgium seminar 12 Oct · source | A$1.1bnUS$764mA$1.10bn |
No companies match these filters.
Recently left Kazakhstan
On the radar Private explorers and developers in Kazakhstan
20 of 20 private companies · unlisted, so no prices
Pallas Resources
ExplorerProject More than 20,000 km² of tenure, including the Chu-Sarysu sediment-hosted copper basin and the Sarybastau, Sulukol and Alakol porphyry projects
Partners Ivanhoe Mines joint venture (20% initial stake, can earn up to 80%); exploration partnership with First Quantum
Sep 2025 Ivanhoe reported a copper zone about 20 m thick outcropping at the Merke licence, and drilling started within 10 months of the joint venture
Kulan Resources
ExplorerProject Hard-rock lithium exploration across Kazakhstan
Partners Incubated as a portfolio company of Pallas Resources
Date not stated Launched to search for world-class hard-rock lithium discoveries
Altai Resources
ExplorerProject Nickel sulphide licences, including Quryiq (32 km²)
Partners Pallas Resources portfolio company; geophysicist Dan Core on the advisory board
Date not stated Granted two new nickel sulphide licences
FQM Exploration Kazakhstan
ExplorerProject Copper exploration in the Aqtogay district, Karaganda region
Partners Set up by First Quantum's Kazakh arm and the British investment firm Skyfall
Date not stated Exploration cleared to proceed after the regional prosecutor addressed local permitting delays
Aidarly Mining
DeveloperProject Aidarly copper deposit, Abai region; planned concentrator of up to 75 Mt a year in three phases producing 226,000 t of copper a year to 2042, costed at about US$1.22bn
Partners Privately owned
Late Sep 2026 Bought the subsoil rights from Aidarly Project for KZT 11.75 billion (about US$26.6 million); construction began in July 2026
Qazaq Smelter
DeveloperProject US$1.6bn (about KZT 750 billion) copper smelter at Balkhash: 300,000 t of cathode and 10 t of gold a year; construction from 2027, launch in 2030
Partners Kursiv reports it is wholly owned by QAC Resources Ltd of the Singapore-based Dynastor Group and part of the Kazakhmys structure
8 Oct 2026 Prime Minister Bektenov reviewed the project in Balkhash and told officials to support timely commissioning
Prime Minister of Kazakhstan (Russian) ↗ Kursiv (Russian) ↗ Interfax ↗
Tarbagatay Munay
DeveloperProject Sarybulak oil field, East Kazakhstan: about 100 Mt of approved oil in place, heavy oil production since early 2026 and a gas pipeline to China
Partners Non-binding LOI with Nasdaq-listed Delixy Holdings for up to 48%
16 Sep 2026 Letter of intent signed with Delixy
Cove Kaz Capital Group
DeveloperProject 70% of Severniy Katpar LLP, owner of the Northern Katpar tungsten project, targeting about 12,000 t of APT a year
Partners DRA, ERM and Knight Piesold on the definitive feasibility study
3 Aug 2026 Launched a definitive feasibility study running from July 2026 to the end of 2027
GLY Minerals
ExplorerProject Exploration and mining services company registered in the AIFC
Partners Owned by units of the Chinese group CNMC
30 Jun 2026 Registered in the Astana International Financial Centre
Tarutinskoye LLP
DeveloperProject East Tarutinskoye copper deposit, which extends across the Russian border; about 0.5 Mt of ore a year
Partners Linked to KM Kazakh Mining Co.
3 Sep 2026 Mining planned for 2028-2032
Aluminium of Kazakhstan (ERG)
DeveloperProject Taunsor bauxite deposit, Kostanay region
Partners Part of the privately held Eurasian Resources Group
About 1 Oct 2026 Plans to start mining Taunsor from 2028
Qazabulaq GoldNew
DeveloperProject Karaboulak gold deposit near Stepnogorsk, about 350,000 t of ore a year
Partners Privately owned
5 Oct 2026 Awarded a KZT 1.26 billion mining contract for Karaboulak on 30 September
Dostyq Minerals
ExplorerProject Araltobe gold exploration licence 1645-EL (6.88 km²), Karaganda region
Partners Owned through the AIFC-registered Kazakhstan Tianshan Mining Co., with Chinese ownership
26 Sep 2026 Hiring a field team, with work planned from the first quarter of 2027
Central Asia Kaisheng Minerals & Energy
ExplorerProject 47.52 km² gold exploration licence near Zholymbet, Akmola region
Partners Registered in the AIFC in November 2025 with Chinese owners
18 Sep 2026 Plans 165-170 holes (about 10,000 m) from the third quarter of 2026 to 2028 on a licence granted in May 2026
Kaz Altyn MineralsNew
ExplorerProject Kanayka-1 gold exploration area (248 km²), East Kazakhstan and Abai regions, about 50 km south-west of Ust-Kamenogorsk
Partners Owned 85% by ARDI Group Invest (Switzerland) and 15% by Bolat Medikhanov; KZT 2.4 billion parent loan at 2%
13 Oct 2026 Accounts show a KZT 2.4 billion parent loan and a 2025 loss of KZT 129.9 million; exploration and evaluation planned for 2027-2028 toward a feasibility study
Druzhba MiningNew
DeveloperProject Druzhba titanium-zirconium deposit: a 10-year open pit mining up to 1.5 Mt of ore a year, with estimated reserves of about 1.0-1.2 Mt of TiO2 and 0.6-0.8 Mt of ZrO2
Partners Privately owned through TZ Group Ltd
7 Oct 2026 Plans about KZT 1.9 billion of its own funds for the mine, with public hearings due in early November
Baza Construction LLPNew
DeveloperProject Masalskoe iron ore deposit, Akmola region: 729.2 Mt at 15.81% iron (C1+C2, 2013) with titanium and vanadium by-products
Partners None disclosed; won the deposit at auction in January 2025
9 Oct 2026 Plans an open pit rising to 5 Mt of ore a year and a first-stage plant of about 0.5 Mt a year, with public hearings due in early November
Kendala Critical MineralsNew
ExplorerProject Vehicle registered to hold subsoil rights, run feasibility studies and build separation plants for critical minerals and rare earths; no deposit named yet
Partners Sole founder KazAmerican Critical Minerals Inc; executive Bakhtiyar Nukerbayev
16 Oct 2026 Registered in the Astana International Financial Centre with charter capital of US$1,000
CoreX HoldingNew
DeveloperProject Manka gold deposit, Markakol district, East Kazakhstan, acquired in 2023; 200,000 t a year processing plant
Partners AAEngineering Group LLP as EPC contractor
16 Oct 2026 Signed the EPC contract for the processing plant and infrastructure, moving into execution; cost and reserves not disclosed
Capital Stroy VNew
DeveloperProject Zhuantobe copper-polymetallic deposit, Bayanaul district, Pavlodar region: 2.16 Mt of ore at 0.46% copper, 0.26% lead, 0.51% zinc, 0.12 g/t gold and 33.09 g/t silver
Partners Privately owned; explored the deposit since 2020
14 Oct 2026 Plans a 500,000 t a year flotation plant producing about 7,300 t of copper-lead and 3,500 t of zinc concentrate over a 20-year mine life, with public hearings in November
No private companies match these filters.
Calendar Listings, decisions and results ahead
- Mon 19 OctLME Week opens in London; China third-quarter GDP (Reuters poll 4.4%); Lunex Metals expected to start trading on the TSXV; KTZ eurobonds start trading on KASE; Cygnus scheme record date
- Tue 20 OctBHP September-quarter operational review; LME Dinner; US housing starts
- Wed 21 OctNorthern Star September-quarter results; ICSG at LME Week
- Thu 22 OctWiluna Mining and Jacaranda Natural Resources list on the ASX; Barys Resources entitlement offer closes; EIA gas storage report; Lloyd's List Hormuz brief
- Fri 23 OctNational Bank of Kazakhstan base rate decision at 12:00 Astana; most surveyed experts expect a 25 point cut; US flash PMIs
- Mon 26 OctWeek of Antofagasta and Anglo American third-quarter production reports (dates TBC)
- Tue 27 OctCentral Asia Metals-Cygnus scheme implemented and new CAML shares admitted to AIM; IMARC opens in Sydney (to 29 Oct); Freeport-McMoRan third-quarter results (date TBC)
- Wed 28 OctFed decision; Bank of Canada decision; Boss Energy September-quarter results; First Quantum third-quarter results (date TBC)
- Thu 29 OctEuropean Central Bank decision; US third-quarter GDP and September PCE; Barys Resources entitlement shares due to be issued
- Fri 30 OctMatrix Critical Minerals offer closes; Cameco third-quarter results (date TBC)
- Sat 31 OctASX September-quarter activity and cash flow reports due
- Sun 1 NovOPEC+ meeting of the eight producers, including Kazakhstan
- 2-5 NovADIPEC in Abu Dhabi
- Tue 3 NovRBA decision; US midterm elections; NexGen Energy third-quarter results
- Early NovKazatomprom third-quarter operations and trading update (date not yet set)
- Wed 4 NovMaronan Metals shareholder meeting on its A$20m placement
- Thu 5 NovBank of England decision
- Fri 6 NovUS October jobs report; deadline for Metals X to make a firm offer for First Tin
- Tue 10 NovEIA Short-Term Energy Outlook; San Lorenzo Gold placement closing (about)
- Thu 12 NovCapability X (non-resources) lists on the ASX
- Tue 17 NovM Battery Materials offer closes; Kcell shareholder meetings on the KazNet Media merger