MINEX Eurasia Conference

The geopolitical race to secure alternative sources of critical minerals has intensified dramatically. According to the International Energy Agency, demand for lithium rose by nearly 30% in 2024, while demand for nickel, cobalt, graphite, and rare earth elements grew by 6 to 8%. Yet investment in the sector grew by only 5% in 2024 — or just 2% in real terms — revealing a widening gap between ambition and capital deployment.

Central Asia has emerged as a focal point of this global competition. Kazakhstan's industrial production index reached 107.6% in 2025, with the extractive sector recording growth of 9–10%. The country has launched a large-scale geological exploration programme backed by approximately $81 million in state funding. A landmark $1.1 billion tungsten deal with US-backed Cove Capital has been signed for the North Katpar and Upper Kairakty deposits.

Uzbekistan announced a $2.6 billion initiative to develop mineral resources at 76 sites, with significant deposits of tungsten, copper, lithium, vanadium, rare earths, and uranium. All five Central Asian presidents met with the US President in November 2025, and the Presidents of Uzbekistan and Kazakhstan returned to Washington in February 2026 for a dedicated Critical Minerals Summit.

The EU's Critical Raw Materials Act, the US Minerals Security Partnership, ADB's new $30 billion critical minerals facility, and the revival of Kazakhstan's Stepnogorsk rare earth processing facility all signal that the region is no longer a peripheral supplier but a potential architect of future global supply chains.

Partnering with both local and international companies, Eurasian nations are actively working to replenish mineral reserves, develop green energy sources, and modernise their industries. Businesses operating in Eurasia must stay informed about the ongoing economic, geopolitical, and climate changes in the region and adapt their strategies accordingly.