Gold miner Solidcore extends $96 mln investment loan to junior exploration co in Kazakhstan

MOSCOW. Nov 19 (Interfax) - Solidcore Resources , a gold mining company formerly known as Polymetal, has provided an investment loan facility of $96 million to Bai Tau Minerals (BTM) to finance its exploration program, Solidcore said in a Tuesday press release.

BTM is a junior exploration company with a large portfolio of copper and gold projects in Kazakhstan, including over 15 copper-porphyry and gold projects across Kazakhstan covering the license area of over 1,000 square kilometers. Besshoky in the Karaganda region and East Balkhash-2 in the Jetisu region are two major assets at the most advanced stage with a large resource base potential.

The loan is secured by a pledge of interest in BTM and its subsidiaries financed with the loan, which BTM will use towards exploration, according to the press release.

"The three-year loan term together with broad access to BTM's financial and technical data will enable more accurate project valuation, and support duly informed and timely decisions for any future acquisitions or investments," the press release says.

Solidcore Resources 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%.