Solidcore closes deal to buy 55% of Syrymbet tin-polymetallic project in Kazakhstan

MOSCOW. Nov 15 (Interfax) - Gold miner Solidcore Resources plc (former Polymetal) has closed a deal to acquire a 55% interest in Syrymbet, a large undeveloped tin deposit located in the North Kazakhstan region, Solidcore said.

Syrymbet's JORC-compliant mineral resource estimate is 492.4 Kt of tin at a grade of 0.40% and 91.4 Kt of copper at 0.07% (5.9 Moz of GE).

Solidcore has said the deal would cost $82.5 million. Its partner in the project is Berkut Mining, a subsidiary of Lancaster Group. The board of directors is expected to give the go-ahead for construction in 2025.

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%.