Solidcore Resources Acquires Tokhtar Gold Deposit in Northern Kazakhstan for $25 Million

Solidcore Resources plc (formerly Polymetal) has acquired the Tokhtar gold deposit in northern Kazakhstan, Orda.kz reports.

According to Solidcore, the 7.5-square-kilometer deposit is located in the Qostanay region, approximately 180 kilometers from the Varvara hub (also owned by Solidcore). It consists of the Tokhtar, South Tokhtar, and Barambay exploration areas.

According to preliminary estimates, gold reserves at Tokhtar amount to 1.1 million ounces.

In the first stage, Solidcore will acquire a 51% stake in the project for approximately $25 million. An additional 23% will be acquired following the assessment of reserves in accordance with the KazRC code at the Tokhtar and South Tokhtar sites at a price calculated on the basis of this assessment. The remaining 26% will be acquired following the assessment of reserves in accordance with the KazRC at the Barambay site, Solidcore said in a press release.

The deposit sellers will also receive deferred compensation — shares of the volumes of metal extracted.

The parties plan to close the first part of the deal in the third quarter of 2025. Over the next year, Solidcore will prepare design documentation for geological exploration and assessment of reserves at the deposit.

The company plans to complete this assessment in 2027-2028.

Gold will be mined at the deposit using open and closed mining operations. The ore will be sent to the Varvarinskaya flotation plant, and the concentrate will be processed at the Irtysh Mining and Metallurgical Plant in the Pavlodar Region.

The current owner of the deposit with the right to subsoil use is Tokhtar Mining Company LLP, and its founder is KAML Kazakhstan Holding LLP. KAML Kazakhstan Holding LLP's owner is the offshore company Wildorf Holding, registered in the British Virgin Islands.

Solidcore Resources plc is the new name of the Polymetal group, whose principal assets were previously located in Russia (the company officially left the Russian Federation a year ago).

Solidcore is one of the largest gold producers in Kazakhstan, and it has two main production facilities: Qyzyl (Bakyrchik deposit, Abay region) and Varvara hub (Qostanay region). 

The company is building the Irtysh Mining and Metallurgical Plant in the Pavlodar region worth $978 million.

Original Author: Nikita Drobny