Gold miner Solidcore eyes Middle East as priority expansion region

ASTANA. Sept 9 (Interfax) - Gold miner Solidcore Resources is eyeing the Middle East, including Oman, Saudi Arabia and Egypt, as a priority region for expanding its mining business, Deputy CEO for Strategic Development Aida Alzhanova said Wednesday.

"Beyond Central Asia, there is interest in the Middle East, especially given our shareholder is an Omani fund," Alzhanova told Interfax on the sidelines of the Astana Finance Days 2026 conference. "Through our partners, we have certain administrative resources and the ability to enter and study projects. Khabiyat is the first step."

Oman is the top priority, with Saudi Arabia and Egypt also under consideration, she said.

"Many countries are trying to diversify their economies by developing the mining industry," Alzhanova said. "Historically, many of them focused on oil and gas. Mining is something new for them now, and Solidcore can bring its expertise to these projects."

The company has already taken its first step into the region, striking a joint venture deal with Minerals Development Oman (MDO) to explore and develop the Khabiyat copper-gold project.

Under the agreement, Solidcore will take an initial 20% stake in the JV, with the option to gradually increase its holding to 60%. The company is investing $8 million in the JV's equity to fund exploration, with additional milestone payments of $0.5 million upfront and $1.5 million on completion of the first stage.

A second-stage option would allow Solidcore to acquire another 25% for $20 million in further exploration and resource assessment. A third-stage option would add another 15% for $1.5 million, bringing the total stake to 60%. The value of the stake will be determined based on the project's resource estimate.

Solidcore remains Kazakhstan's second-largest gold producer after exiting Russia. Its largest shareholder is a consortium of Omani investors led by a government-owned fund, with a 31.7% stake.