Due to a decree by Russian President Vladimir Putin, the Amur hydrometallurgical plant has stopped supplying Dore alloy to Kazakhstan. This was reported by Qazaqyia.kz citing Kursiv Media. This has affected the production volumes of Kazakhstan's leading gold mining company, Solidcore Resources plc.
In its production results report, Solidcore Resources noted that from late May to early June, supplies of Dore alloy (containing at least 70% gold and silver) made from Solidcore's raw materials from the Amur plant to Kazakhstan were suspended. This led to a temporary accumulation of metal inventories.
As a result, group enterprises' metal production in gold equivalent for the first half of the year decreased by 3% compared to January-June 2025, to 267 thousand ounces.
The main decline was observed at the Kyzyl deposit, from which concentrate is sent for processing to the Russian Far East. Gold production in concentrate at Kyzyl fell by 11% this year, to 179 thousand ounces. Meanwhile, gold production at the Varvarinskoye deposit increased by 17%, to 88 thousand ounces.
"In Q2, we demonstrated strong operational results, but cash flow was negatively impacted by temporary disruptions in Dore supplies from a third-party plant. In July, supplies normalized, and we maintain plans to sell accumulated inventories by year-end and produce 540 thousand ounces of gold," commented Solidcore CEO Vitaly Nesis.
Solidcore increased finished product production in the first half to 210 thousand ounces (+71%), sales to 205 thousand ounces, or 97%. At the same time, half-year revenue, amid record gold prices this year and increased sales volumes, grew by 199% to $972 million.
The implementation of the "Ertis Hydrometallurgical Plant (EHMP)" project in Pavlodar, according to the company, is progressing as planned. Project documentation received positive approval from the state construction expertise, and an environmental permit for construction was issued.
In July, Solidcore signed a financing agreement for the construction of EHMP in the amount of $600 million, including $300 million from the European Bank for Reconstruction and Development and $300 million from a syndicate of commercial banks comprising ING, Société Générale, and Abu Dhabi Commercial Bank.
The Amur plant is owned by Polymetal. Previously, the company had operations in Russia and Kazakhstan (Varvarinskoye, Kyzyl deposits) and was listed in London and Moscow. After the start of the Russian-Ukrainian war, assets in Kazakhstan were consolidated into Solidcore with a listing on the Astana International Financial Centre (AIFC) exchange (AIX) to avoid sanctions and other risks. Russian Polymetal continued to operate autonomously.
Meanwhile, Solidcore continues to cooperate with Polymetal, using the services of the Amur plant, where concentrate from Kazakhstan's Kyzyl is processed.
"The Syrymbet project (tin mining is planned at this deposit in the North Kazakhstan region. - Kursiv) is nearing a decision to start construction in September 2026. Preparation of the feasibility study and engineering surveys are being completed, and construction site preparation and equipment marketing are underway," the company noted.
The annual production volume of the mining and processing plant will be $352 million, reported in late 2025 by Deputy Akim of North Kazakhstan Region Kanat Duzelbayev. According to him, Tin One Mining (part of Solidcore Resources) will start production in 2028. It is planned to mine 11 thousand tons of tin annually at Syrymbet. Investments in the project will amount to $227.8 million.
In June 2025, Aida Alzhanova, Deputy General Director for Strategic Development of Solidcore Eurasia, said the company had re-evaluated reserves at Syrymbet. According to her, as a result, the deposit's reserves increased to 286 thousand tons of tin from 206 thousand tons previously, while copper reserves decreased to 55 thousand tons from 74 thousand tons.
Syrymbet is the world's largest undeveloped tin deposit. In 2018, reserves were assessed according to the international JORC standard. Reserves were then estimated at 206 thousand tons of tin and 74 thousand tons of copper.
Solidcore also said that the publication of the company's financial results for the first half is expected on September 8, 2026.
Solidcore Resources is Kazakhstan's leading gold producer, registered in the Astana International Financial Centre (AIFC), with shares quoted on the AIFC Exchange (AIX). Solidcore's portfolio includes two operating enterprises and a major development project in Kazakhstan (EHMP).
Earlier it was reported that the company "Ertis Hydrometallurgical Plant" (part of one of Kazakhstan's largest gold mining companies, Solidcore Resources plc) will build a double-circuit high-voltage power transmission line to the future plant in Pavlodar.