Solidcore plans $55 mln investment in green energy project at Varvara gold deposit in Kazakhstan

MOSCOW. Sept 19 (Interfax) - The board of directors at gold and silver miner Solidcore (former Polymetal) has approved a green energy project at the Varvara deposit in Kazakhstan.

The company said in a press release that it planned to invest approximately $55 million in the construction of a 23 MW solar power plant and a 40 MW gas piston power plant at Varvara. The gas piston station aims to maintain a steady power supply by balancing uneven solar energy generation. The plants are expected to be launched in Q2 2026 and will almost fully replace third-party electricity from coal power stations, reducing dependence on external power sources and mitigating the impact of rising energy tariffs.

Next year, the board will be considering construction of a 17 MW solar power plant at Kyzyl. With its commissioning planned by the end of 2026, both of the company's mines will switch from purchased grid to self-generated clean energy, leading to a projected 27% reduction in the company's GHG emissions compared to 2023.

The company has said capex this year would be approximately $60 million higher than originally forecast due to advance payments for green energy projects.

The company remains the second largest gold producer in Kazakhstan following the sale of the Russian business. The principal shareholder is a consortium of Omani investors led by the Omani government-owned fund Mercury Investments International with 29.7%.