At the meeting with the President of Kazakhstan Kassym-Jomart Tokayev, held last week as a part of the 36th plenary session of the Foreign Investors' Council in Astana, Vitaly Nesis, CEO of Solidcore Resources plc ("Solidcore" or the "Company"), outlined the Company's performance and investment plans, including construction of Ertis hydrometallurgical complex (EPOX) in Pavlodar and development of Syrymbet polymetallic deposit in North-Kazakhstan region. EPOX "EPOX is our flagship development project", said Vitaly Nesis. "It will process refractory and double-refractory gold concentrates using autoclave oxidation technology. This is a unique technology recognized as the safest and most sustainable in the hydrometallurgical industry." Mr. Nesis also elaborated on the ongoing pre-project preparation for construction. The plant will be located in the special economic zone "Pavlodar" with design processing capacity of 300 Kt of concentrate per year. It is expected to produce gold dore bars with up to 98% gold purity. Once in operation, the facility will create about 500 new jobs in the region. The planned investments are estimated at approx. US$ 800 million, which will be financed through a combination of the Company's existing cash resources and funding from development banks and international financial institutions. SYRYMBET Vitaly Nesis also informed President Tokayev about the Company's acquisition of a 55% interest in Syrymbet, an undeveloped polymetallic deposit located in North-Kazakhstan region. "Syrymbet is a polymetallic deposit with tin as a major component, which perfectly fits our strategy of enhancing and diversifying Solidcore's exposure to the green transition. Management believes the project will benefit from the Company's execution expertise and successful track record in out-of-the box processing strategies", he said. Solidcore will refine the existing approach to processing to accelerate path to production, optimise capital expenditures and reduce the environmental footprint of the project. The project will bring about social investments in the region and create a significant number of permanent jobs with a focus on the local workforce. LABORATORY "With the growing volume of geological exploration work carried out by the Company, we decided to establish our own geological fire assay laboratory to facilitate analysis and evaluation processes", said Vitaly Nesis. The laboratory will be located in the special economic zone "Saryarka". Commissioning is scheduled for the end of the next year. It will have a processing capacity of 200,000 samples annually and will create about 100 jobs for highly qualified specialists. PERSONNEL DEVELOPMENT With 2025 declared the Year of Working Professions in Kazakhstan, Vitaly Nesis also highlighted the Company's initiatives in training and development of workforce in the regions of Solidcore's presence. A notable example is the Company's collaboration with local authorities to develop Zharma Technological College in Abai region. The College has been equipped with modern educational tools, including excavator and dump truck simulators, as well as machinery and other training equipment. President Kassym-Jomart Tokayev emphasized the importance of the Company's efforts for Kazakhstan's mining sector. Enquiries
FORWARD-LOOKING STATEMENTS
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07/11/2024 Dissemination of a Financial Press Release, transmitted by EQS News. |
