Solidcore Resources

Solidcore Resources plc is a precious and base metals mining company registered in the Astana International Financial Centre and listed on the Astana International Exchange. The company is headquartered in London and operates its mining business in Kazakhstan, where it owns two producing operations and a substantial development and exploration portfolio. The business was established in 1998 as Polymetal, a Russian-founded mining company associated with Alexander Nesis and ICT Group. Its strategic direction changed substantially after entering Kazakhstan. In 2009, the company acquired the Varvara gold and copper mine in the Kostanay region. Varvara subsequently developed into a broader operating hub containing leaching and flotation facilities, the Varvara open-pit mine, the Komarovskoye open-pit gold deposit, and the Baksy joint venture. In 2014, Polymetal acquired the Kyzyl operation in eastern Kazakhstan, including the Bakyrchik gold deposit. Kyzyl became the company's flagship asset and one of Kazakhstan's largest gold mines. Solidcore's activities cover mineral exploration, open-pit mining, ore processing, concentrate production, and the development of future mine capacity. Its processing expertise includes pressure oxidation and the treatment of refractory and double-refractory ores. At Varvara and Komarovskoye, the company uses conventional truck-and-shovel and drill-and-blast open-pit mining. Kyzyl uses flotation to process ore from the Bakyrchik deposit and produces concentrates with differing carbon characteristics. The company also pursues exploration-led extensions to existing operations, greenfield projects, and additional development opportunities in Kazakhstan. The company's corporate history includes a period of international capital-market expansion. It completed a major share placing on the London Stock Exchange in 2011 and became one of the first Russian-originated companies to enter the FTSE 100 Index. In 2019, it became the first foreign company to list on the Astana International Exchange. Following geopolitical and ownership changes, Polymetal proposed moving its corporate domicile from Jersey to Astana and leaving the London Stock Exchange. ICT Group sold its 23.9 percent stake to a consortium led by the government of Oman in January 2024. In June 2024, the company adopted the Solidcore Resources name, reflecting its post-Polymetal identity and Kazakhstan-centered operating structure. Solidcore reported production of approximately 490 thousand ounces of gold in 2024. The company's stated strategy emphasizes organic exploration, selective acquisition of greenfield projects, and the application of processing capabilities to difficult ores. Varvara's current life-of-mine plan provides for open-pit mining into the early 2040s, while Kyzyl is planned to transition from open-pit production toward underground mining later in the 2030s, subject to development and operating plans. Solidcore is therefore positioned as a Kazakhstan-focused gold producer with additional exposure to copper and a strategy built around mine-life extensions, processing technology, and regional exploration.

Solidcore Resources traces its origins to Polymetal, a mining company founded in Saint Petersburg in 1998 by Alexander Nesis of ICT Group. The original business developed as a precious-metals producer with international ambitions and later expanded into Kazakhstan, which became the central geography of its operating portfolio. The company's first major Kazakhstan transaction was the acquisition of the Varvara gold and copper mine near Kostanay in June 2009. Varvara had a modern processing plant and subsequently became more than a standalone mine: the operating hub came to include leaching and flotation facilities, the Varvara open-pit mine, the Komarovskoye deposit, and the Baksy joint venture. The company acquired Komarovskoye in 2016. Mining at Varvara and Komarovskoye is conducted through conventional open-pit methods using drilling, blasting, trucks, and shovels. The assets also support exploration intended to extend mine life and improve the resource base. Polymetal's international profile grew in 2011 when it completed a share placing worth £491 million on the London Stock Exchange. The transaction valued the company at approximately £3.55 billion and made it the first Russian-founded company to obtain a premium LSE listing. In December of the same year, Polymetal International became one of the first two Russian-originated companies to enter the FTSE 100 Index. This period marked the company as an internationally visible precious-metals producer and gave it access to a broad institutional investor base. In May 2014, Polymetal acquired the Kyzyl gold operation in eastern Kazakhstan for a reported total consideration of US$618 million. Kyzyl includes the Bakyrchik gold deposit and became the company's flagship asset. A 2.4 million-tonne-per-year flotation plant was launched in 2018. The operation produces separate high- and low-carbon concentrates through conventional flotation. The current development concept envisages open-pit mining for more than 15 years, followed by underground mining from around 2030, with potential underground production extending into the 2050s. The company continued to deepen its Kazakhstan capital-markets presence. In April 2019, Polymetal became the first foreign company to list on the Astana International Exchange. In May 2023, it announced a proposed redomiciliation from Jersey to Astana and a delisting from the London Stock Exchange. These changes coincided with a broader restructuring of ownership and corporate identity. In January 2024, ICT Group sold its 23.9 percent stake to a consortium led by the government of Oman. In June 2024, Polymetal International changed its name to Solidcore Resources. Under the Solidcore name, the company presents itself as a Kazakhstan-focused producer of precious and base metals. It operates two mines and one major development project, while also conducting exploration in two regions of Kazakhstan. Its technical strategy emphasizes the treatment of refractory and double-refractory ores, including the use of pressure oxidation expertise. Solidcore reported gold production of approximately 490 thousand ounces in 2024. Its future plans center on extending existing mine lives, developing underground capacity at Kyzyl, pursuing exploration and greenfield opportunities, and applying its processing capabilities to challenging ore bodies.

• 2024

  Ownership transition

  [1]Solidcore Resourcesen.wikipedia.org

  ICT Group sold its 23.9 percent stake to a consortium led by the government of Oman.

• 2024

  Solidcore Resources name adopted

  [1]Solidcore Resourcesen.wikipedia.org

  Polymetal International changed its name to Solidcore Resources.

• 2023

  Redomiciliation and delisting proposal

  [1]Solidcore Resourcesen.wikipedia.org

  The company announced a proposed move from Jersey to Astana and a delisting from the London Stock Exchange.

• 2019

  Astana International Exchange listing

  [1]Solidcore Resourcesen.wikipedia.org

  Polymetal became the first foreign company to list on the Astana International Exchange.

• 2018

  Kyzyl flotation plant begins operation

  [1]Solidcore Resourcesen.wikipedia.org

  A 2.4 million-tonne-per-year flotation plant at Kyzyl was launched to process ore from the Bakyrchik deposit.

• 2014

  Acquisition of Kyzyl

  [1]Solidcore Resourcesen.wikipedia.org

  Polymetal acquired the Kyzyl gold operation in eastern Kazakhstan for a reported total consideration of US$618 million.

• 2011

  London Stock Exchange placing

  [1]Solidcore Resourcesen.wikipedia.org

  Polymetal completed a £491 million share placing on the London Stock Exchange and obtained a premium listing.

• 2011

  FTSE 100 inclusion

  [1]Solidcore Resourcesen.wikipedia.org

  Polymetal International became one of the first Russian-originated companies included in the FTSE 100 Index.

• 2009

  Acquisition of Varvara

  [1]Solidcore Resourcesen.wikipedia.org

  The company acquired the Varvara gold and copper mine near Kostanay in northern Kazakhstan.

• 1998

  Polymetal is founded

  [1]Solidcore Resourcesen.wikipedia.org

  Polymetal was founded in Saint Petersburg by Alexander Nesis of ICT Group.

A Kazakhstan-focused precious-metals producer combining established open-pit mines, refractory-ore processing expertise, exploration, and development of additional mine capacity.

• Gold and copper mining operation · 2009

  Varvara

  Varvara is a Kazakhstan operating hub in the Kostanay region. It includes the Varvara leaching and flotation facilities, the Varvara open-pit mine, the Komarovskoye open-pit gold deposit, and the Baksy joint venture. Ore is mined through conventional open-pit truck-and-shovel and drill-and-blast methods. The processing infrastructure supports production of gold and copper-bearing products, while exploration and pit expansion are intended to extend production beyond the current open-pit mine plan.

• Gold mining operation · 2014

  Kyzyl

  Kyzyl is Solidcore's flagship gold operation in the Abai region of eastern Kazakhstan. It comprises the Bakyrchik gold deposit and a flotation plant with stated capacity of 2.4 million tonnes per year. The plant produces high- and low-carbon concentrates from refractory ore. Current plans envisage continued open-pit mining followed by underground development from around 2030, potentially extending the operation's productive life into the 2050s.

• Mineral concentrate

  Gold concentrate

  Gold concentrate is produced through the processing of ore from Solidcore's Kazakhstan mines. Kyzyl's flotation circuit produces concentrates with different carbon characteristics, while Varvara combines leaching and flotation facilities. The company's technical capabilities are particularly relevant to refractory and double-refractory ores that require specialized processing to recover contained metals.

• 2024

  Rebranding as Solidcore ResourcesStrategy

  Background

  Following ownership and corporate-structure changes, the former Polymetal International business adopted a new identity centered on its Kazakhstan operations.

  Action taken

  The company changed its name from Polymetal International plc to Solidcore Resources.

  Aftermath

  Solidcore continued operating two Kazakhstan mines and a major development portfolio under the new name.

  Source

• 2023

  Proposed corporate redomiciliation and London delistingStrategy

  Background

  The company was reorganizing its corporate structure and concentrating its operating and capital-markets identity in Kazakhstan.

  Action taken

  Polymetal announced a proposed move of its domicile from Jersey to Astana and a delisting from the London Stock Exchange.

  Aftermath

  The restructuring preceded the company's 2024 adoption of the Solidcore Resources name and its continued listing on the Astana International Exchange.

  Source

1. 1Solidcore Resourcesen.wikipedia.org