Solidcore Resources secures $100M for Kazakhstan gold project

Solidcore Resources plc has secured a seven-year, $100 million credit facility from Germany's KfW IPEX-Bank to fund the construction of the Ertis POX project in Kazakhstan. The facility will cover infrastructure, equipment, and engineering costs, featuring a three-and-a-half-year grace period with repayments starting in 2030.

The Ertis POX project, located in the Pavlodar Special Economic Zone, is Kazakhstan's first large-scale, high-tech pressure oxidation plant for refractory ore processing. Total capital expenditures for the project are estimated at $978 million, financed through operating cash flow and bank financing. Once operational, the plant is expected to process up to 300,000 tons of gold-bearing concentrate annually, producing up to 500,000 ounces of gold dore alloy.

The project is anticipated to create approximately 500 permanent jobs and 1,000 jobs during the construction phase. Additionally, the financing supports European exports, including the supply of a 50-meter pressure oxidation autoclave from the Belgian company Coek Engineering.