Solidcore Resources, a gold producer, has secured $600 million in financing from the European Bank for Reconstruction and Development (EBRD) and a syndicate of commercial banks, including ING, Société Générale, and Abu Dhabi Commercial Bank (ADCB). The EBRD will provide $300 million over a ten-year period, while the commercial banks will contribute an additional $300 million, with each bank committing $100 million. The initial term of the credit line is set for five years, with an option to extend it to seven years. The agreement also allows for an increase in funding by up to $300 million. The Ertis Hydrometallurgical Plant (ЕГМК) will act as a co-borrower alongside Solidcore.
The financing package includes a three-year grace period, with the repayment of the principal amount commencing after the completion of the plant in 2029. Hussein Ozhan, EBRD’s Managing Director for Central Asia and Mongolia, highlighted that the development of local processing capacities and high-value product manufacturing will enable Kazakhstan to retain a greater share of added value within the country. He emphasized the bank’s commitment to promoting advanced metallurgical technologies, creating new jobs in the Pavlodar region, diversifying Kazakhstan’s mining sector, and enhancing its international competitiveness.
In addition to the EBRD financing, Solidcore has signed a preliminary agreement with KfW IPEX-Bank for a $100 million credit line over seven years, with documentation currently being prepared.
The ЕГМК will focus on extracting gold from previously difficult-to-process ores, located within the special economic zone of Pavlodar. Once operational, the plant is expected to process up to 300,000 tonnes of gold-bearing concentrate annually, producing up to 500,000 ounces of doré gold from the Kyzyl deposit and additional feedstock.
The capital expenditure for the ЕГМК is estimated at approximately $1 billion, with Solidcore planning to finance part of this through loans and the remainder from its own funds. The company anticipates that the project will create around 500 permanent jobs upon completion.
CEO Vitaly Nesis stated that the establishment of the hydrometallurgical plant in Pavlodar aims to mitigate production, market, and geopolitical risks. Construction has already commenced, with an autoclave installed for processing gold-bearing raw materials. The project has received a positive conclusion from the state expertise for the construction of the ЕГМК and its associated infrastructure, with over a thousand workers currently on-site.
Solidcore is actively developing several mining projects, including the Bakyrchik deposit in the Abai region and the Varvarinskoye and Komarovskoye deposits in the Kostanay region. The company has reported a remarkable 222% increase in sales volume in the first quarter of 2026, reaching 123,000 ounces in gold equivalent, with revenues soaring 5.5 times to $595 million.
