Gold miner Solidcore to carry out geological exploration in Tajikistan

MOSCOW. Nov 12 (Interfax) - Gold miner Solidcore Resources plc and the Main Department of Geology under the Government of the Republic of Tajikistan have signed a memorandum of cooperation in the field of geology and mineral exploration, Solidcore said in a statement.

The parties intend to jointly undertake geological exploration activities in Tajikistan, with a view to identifying, exploring and evaluating precious and polymetallic mineral deposits.

"Tajikistan has significant geological potential, and we value the opportunity to develop and strengthen it together with the Main Department of Geology. Our recently established subsidiary, Solidcore Tajikistan, will serve as the operational platform for building relationships with government agencies and partners in the country," said Vitaly Nesis, CEO of Solidcore Resources.

The results of the joint work may provide a basis for the creation of new ventures in Tajikistan. The terms governing the implementation of individual projects, including financing arrangements, will be determined by the parties in separate agreements.

After selling its Russian business, Solidcore remains Kazakhstan's second-largest gold producer. The company's largest shareholder is a consortium of Omani investors led by the state-owned Mercury Investments International Fund, which holds a 41.3% stake.