Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m

Gold miner Solidcore, formerly known as Polymetal, will buy a 55% interest in Kazakhstan’s Syrymbet tin deposit from Lancaster Group subsidiary Berkut Mining for $82.5 million, it said on Thursday.

The transaction will be financed from existing cash resources and is expected to complete in the fourth quarter of 2024, subject to regulatory approval, it added.

Solidcore said it has completed 3 km of drilling at Syrymbet this year to validate historical exploration results and conduct metallurgical studies. The deposit is suitable for open-pit mining.

The company said it aims to secure board approval for construction in 2025.

Oman’s Maaden International Investment is Solidcore’s biggest shareholder with a stake of 29.7%. Lancaster Group belongs to a group of Kazakh businessmen.