By Mariya Gordeyeva
ALMATY, Kazakhstan (Reuters) – Kazakh gold miner Solidcore Resources Plc aims to borrow at least $1 billion by the end of 2026 to develop projects in Kazakhstan, CEO Vitaly Nesis told Reuters.
The company, formerly named Polymetal, is also considering placing up to $300 million in bonds on the Muscat Stock Exchange (MSX), Nesis said in an interview.
Solidcore, Kazakhstan’s second largest gold miner, plans to produce around 15 tons of gold per year in the country in 2025 and 2026, Nesis said.
He told Reuters in an interview: “In 2025-2026, we want to borrow no less than $1 billion.”
He said that the bulk of the investment would be used for construction of the Ertis pressure oxidation hub, for which $500-600 million of project financing is planned.
Solidcore redomiciled from Jersey to Kazakhstan in 2023, transferring its main listing from London. In March 2024, it sold Russian assets under U.S. sanctions, which accounted for 70% of its production of 1.7 million ounces of gold equivalent.
Gold, traditionally seen as a hedge against political and economic uncertainties, has gained nearly 26% so far this year, as U.S. tariffs have sparked fears of recession. It touched a record high of $3,500.05 on Tuesday.
Nesis told Reuters that he expects the price of gold to fall in the year ahead.
He said: “I expect prices to fall to $2,500 within 12 months.”
“There will be no return to the levels of $1,800-$1,900. The premium to the base level will remain. But right now this is an over-reaction to what is happening in the world,” Nesis said.
(Reporting by Mariya Gordeyeva, Writing by Felix Light, Editing by Louise Heavens)
