“Solidcore Resources plc (Solidcore) announces the signing of an agreement with the Eurasian Development Bank (EDB) to provide a revolving credit line of up to $100 million,” the published statement reads.
The Chief Financial Officer of Solidcore Resources plc, Evgenia Onushchenko, noted that the deal confirms the confidence of financial partners in the gold mining business and the company's long-term strategy. This partnership will enhance the company's liquidity and provide the necessary flexibility to implement its expansion plans. At the time of publication, Solidcore did not specify how the funds obtained from the EDB would be utilized or under what conditions they would be provided.
Solidcore Resources plc plans to extract 470,000 ounces of gold in 2025, down from 490,000 ounces in 2024, representing a decrease of 4.1%. The reduction compared to the previous year will be attributed to a planned decrease in grades and recoveries at the Kyzyl and Varvarinskoye deposits. The company will also start directing high-carbon concentrate from Kyzyl to an external hydrometallurgical plant.
The company's capital expenditures in 2025 will amount to approximately $300 million. The increase compared to 2024 will be due to the commencement of full-scale construction of the Irtysh Mining and Processing Plant (Ertys GOK), with expenses for this year projected at $160 million, and the construction of solar and gas-piston power plants at Varvarinskoye. Costs at existing operations will include further expansion of the tailings storage at Kyzyl, updating the fleet of mining equipment at Komarovskoye, exploration at Elevatorskoye (Varvarinskoye hub), and the construction of a sample and analytical laboratory in Karaganda. It is worth noting that the company made its forecast calculations based on an expected exchange rate of 560 tenge per $1 and an inflation rate of 16% in 2025.
The authorized capital of the EDB is $7 billion. A significant portion of the EDB's portfolio consists of projects with integration effects in the fields of transport infrastructure, digital systems, green energy, agriculture, industry, and machine engineering.