| Submission declined on 9 December 2024 by Ibjaja055 (talk). This submission is not adequately supported by reliable sources. Reliable sources are required so that information can be verified. If you need help with referencing, please see Referencing for beginners and Citing sources. This draft's references do not show that the subject qualifies for a Wikipedia article. In summary, the draft needs multiple published sources that are:
Where to get help
How to improve a draft
You can also browse Wikipedia:Featured articles and Wikipedia:Good articles to find examples of Wikipedia's best writing on topics similar to your proposed article. Improving your odds of a speedy review To improve your odds of a faster review, tag your draft with relevant WikiProject tags using the button below. This will let reviewers know a new draft has been submitted in their area of interest. For instance, if you wrote about a female astronomer, you would want to add the Biography, Astronomy, and Women scientists tags. Editor resources
|  |
Kazakh precious and base metals mining company
| Company type | Public limited company |
|---|---|
| CORE (AIX) | |
| ISIN | JE00B6T5S470 |
| Industry | Metals and mining |
| Headquarters | Astana , |
Key people |
|
| Products | Gold |
Production output | 486,000 troy oz (2023)[1] |
| Revenue |
|
Number of employees |
|
| Website | https://www.solidcore-resources.com/ |
Overview
editSolidcore Resources plc (hereinafter “Solidcore”, “Solidcore Resources” or the “Company”, known as Polymetal International plc until June 2024) is a precious and base metals mining company registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two mines and one major development project in Kazakhstan. It is the second largest gold producer in the country with 0.5 million troy ounces gold equivalent annual production. The Company’s strategy aims to double its production to 1 million troy ounces in five years by developing its own exploration projects, acquiring greenfield projects and leveraging its strong competencies in pressure oxidation (POX) processing technology that allows efficient treatment of refractory and double-refractory ores.
Shares outstanding: 473,690,320 shares (excluding treasury shares)
Free float: 68.1%
Largest shareholders: Maaden International Investment (23.9%)[4]
History
editWith over 25 years of industry experience, Solidcore Resources plc has established itself as one of the leading gold mining companies.
The Company started its operations in Kazakhstan in 2009 with the acquisition of Varvara gold and copper mine located in northern Kazakhstan, near Kostanai city.[5]
In 2014, Solidcore acquired its largest mine, Kyzyl, in eastern Kazakhstan. The processing plant (concentrator) was built by the Company and launched in 2018.[6]
In 2011, the Company went public with the premium listing on London Stock Exchange and for over 10 years has been firmly positioned as a leading London-listed gold producer, a FTSE100 constituent from 2011–2022.[7]
In April 2019, Solidcore became the first foreign company to list on the Astana International Exchange (“AIX”).[8]
In August 2023, the Company re-domiciled from Jersey to AIFC in Kazakhstan with AIX becoming the Company’s primary stock exchange. Subsequently, the Company delisted from LSE.[9]
On 11 March 2024, following shareholder approval, the Company completed the divestment of its Russian business to JSC Mangazeya Plus with the transaction value at approximately US$ 3.69 billion including third-party debt and intragroup arrangements.[10]
Rebranding
editFurther to the divestment of the OFAC-sanctioned Russian business, which retained its name of JSC Polymetal, Polymetal International plc changed its name to Solidcore Resources plc. From June 17, 2024, the Company trades under the new ticker symbol ‘CORE’ on the Astana International Exchange.[11]
The name “Solidcore” is formed by the combination of two words: “solid” (meaning “reliable”, “durable”) and “core” (meaning “basis”, “foundation”, “essence”, as well as “core sample” – rock sample extracted during exploration drilling). The new name also reflects the Company’s core values: trust, safety, honesty, technical expertise and persistency in achieving the goals.
Strategy
editIn June 2024, Solidcore announced plans for further business expansion through its own geological exploration and active acquisition of bothgreenfield and brownfield projects within Central Asia, Saudi Arabia or Oman.[12]
The Company aims to achieve 1 Moz of gold equivalent production by 2029 and is actively pursuing new M&A targets. Additionally, it seeks to diversify its precious metals production with a portfolio of base metal assets, including copper, tin, zinc, and lead.[12]
Overall, the Company expects to invest more than US$ 1 billion of CAPEX over the next five years, including construction of the Ertis POX.[12]
Operations and development
editKyzyl
editKyzyl is the flagship Company’s asset and the second largest gold mine in Kazakhstan. It was acquired in 2014 for a total of US$ 618 million. The production facility combines the Bakyrchik gold deposit and 2.4 Mtpa flotation plant launched in 2018.
Kyzyl is located in the Abai Region, Kazakhstan, 75 km west from Ust-Kamenogorsk.
Bakyrchik gold deposit is planned to be developed via open-pit mining for more than 15 years and by underground mining starting from 2030 that can potentially last until 2054. Mined ore is processed via conventional flotation that delivers two types of concentrate — high and low carbon content.
2023 key figures
| Production (GE) | 316 Koz |
| Ore processed | 2.2 Mt |
| Total cash costs | US$ 704 GE/oz |
Varvara hub
editVarvara is Solidcore’s first operation in Kazakhstan that was acquired by the Company in 2009 as a standalone gold and copper mine with a modern 4.2 Mtpa processing plant. Today, Varvara comprises Varvara leaching and flotation facilities, Varvara open-pit mine, Komarovskoye open-pit gold deposit that was acquired in 2016 and Baksy JV.
Varvara is located in Kostanai Region, Kazakhstan, 130 km south-west of the regional centre of Kostanai.
At both Varvara and Komar, ore is mined via conventional open-pit truck-shovel and drill-and-blast methods. The current life-of-mine plan provides for open-pit mining until 2042, with further extensions anticipated as a result of pit enlargement and additional exploration activities, particularly at Komar.
2023 key figures
| Production (GE) | 169 Koz |
| Ore mined | 3.9 Mt |
| Total cash costs | US$ 1,189 GE/oz |
Ertis POX
editErtis POX is Kazakhstan’s first large-scale and high-tech full-cycle pressure oxidation plant for refractory ore processing based on Solidcore assets in the country. The plant unlocks country’s significant resource potential by developing new, refractory ore deposits for the processing of which there are currently insufficient production capacity.
Pressure oxidation is one of the most sustainable and safe technologies in the hydrometallurgical industry. It is known to have several ecological benefits:
- No off-site water discharge;
- Water circulation with maximum water reuse;
- Minimal CO2 emissions with no SOx or AsOx emissions.
Solidcore’s decision to build POX will also have positive social impact:
- Job opportunities for the local community: Creation of approximately 500 permanent jobs. Over 1,000 jobs will be created during the construction phase.
- Increased tax payments to the local government.
- Increase of social investment: Annual financial input into social care. Implementation of the most valuable social projects for the local community.
- Support of local contractors and suppliers.
Production*
edit| Year | Production (Koz, gold equivalent)**
|
| 2017 | 123
|
| 2018 | 227
|
| 2019 | 481
|
| 2020 | 541
|
| 2021 | 558
|
| 2022 | 541
|
| 2023 | 486
|
- Notes:
- (*) Kazakhstan business only
- (**) based on 80:1 Ag/Au ratio
Reserves and Resources as at 1 January 2024*
edit| GE, Moz** | |
| Mineral Resources (Measured + Indicated + Inferred) | 4.0 |
| Ore Reserves (Proved + Probable) | 11.6 |
- Notes:
- (*) Kazakhstan business only
- (**) based on 80:1 Ag/Au ratio
References
edit- ^ a b "Preliminary results for the year ended 31 December 2023" (PDF). Solidcore Resources plc. March 15, 2024. Retrieved December 8, 2024.
- ^ "Consolidated financial statements of Polymetal International plc for the year ended 31 December 2023" (PDF). Solidcore Resources plc. March 27, 2024. Retrieved December 8, 2024.
- ^ Anastasia Lyrchikova, Alexander Marrow (January 29, 2024). "Russian tycoon's investment group ICT sells Polymetal stake to Omani-owned consortium". Solidcore Resources plc. Retrieved December 8, 2024.
- ^ "Acquisition of Varvarinskoye is Completed". Solidcore Resources plc. November 2, 2009. Retrieved December 8, 2024.
- ^ "Completion of the acquisition of the Kyzyl gold project in Kazakhstan" (PDF). Solidcore Resources plc. September 4, 2014. Retrieved December 8, 2024.
- ^ "Transaction Announcement". Solidcore Resources plc. September 30, 2011. Retrieved December 8, 2024.
- ^ Yelena Pak (April 17, 2019). "Polymetal becomes first foreign issuer to list on the Astana International Exchange". AIX. Retrieved December 8, 2024.
- ^ "Polymetal completes redomiciliation in Kazakhstan". Interfax. August 8, 2023. Retrieved December 8, 2024.
- ^ Anastasia Stognei, Courtney Weaver (February 19, 2024). "Polymetal secures $3.7bn deal to exit from Russian business". Financial Times. Retrieved December 8, 2024.
- ^ "Rebranding and new development strategy". Solidcore Resources plc. June 12, 2024. Retrieved December 8, 2024.
- ^ a b c Anastasia Lyrchikova, Alexander Marrow (June 11, 2024). "New-look Polymetal aims to double gold output with Central Asia M&A". Mining.com. Retrieved December 8, 2024.
External links
edit