The European Bank for Reconstruction and Development is providing a loan of up to $300 million to Solidcore Resources and its subsidiary Ertis Hydrometallurgical Plant for the construction of a pressure oxidation hydrometallurgical complex in the Pavlodar Region of Kazakhstan — the first facility of its kind in Central Asia and a project that will establish a new metallurgical segment in the country.
The EBRD will act as anchor lender, with Abu Dhabi Commercial Bank, ING Bank and Société Générale serving as co-lenders. The Ertis complex will be capable of processing up to 278,500 tonnes of gold concentrate annually, converting refractory and double-refractory gold concentrates into Doré bars — a semi-pure gold alloy — and significantly reducing Solidcore’s dependence on external processing arrangements.
The project carries strategic importance for Kazakhstan’s mining sector, which contributes approximately 12% of GDP and around one third of all commodity exports. Refractory ores, which require more complex processing than conventional gold ores, account for approximately half of Kazakhstan’s total gold resources. The ability to process these ores domestically through pressure oxidation technology will unlock material that has previously been difficult to develop economically, boosting the country’s competitiveness and mineral supply potential.
Pressure oxidation is described by the EBRD as one of the most resource-efficient, environmentally friendly and safe technologies in the hydrometallurgical industry. Solidcore has already tested the technology in similar projects, providing operational confidence for its application at Ertis scale. The project will also benefit from technical assistance provided by the Green Climate Fund and the EBRD to strengthen Solidcore’s corporate climate governance and ESG reporting practices beyond local regulatory requirements.
