EBRD to finance Solidcore Resources with $300 million
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The European Bank for Reconstruction and Development (EBRD) will provide $300 million in financing to Solidcore Resources, a Kazakhstan-based gold mining company. The funds are intended to support the company's expansion and modernization projects. The announcement was made on July 9, 2026.
Financing Details
The EBRD's financing package includes a $200 million loan and a $100 million equity investment. Solidcore Resources plans to use the funds to develop its Kyzyl and Baksy gold mines in Kazakhstan. The company aims to increase annual gold production to 500,000 ounces by 2028.
Strategic Context
Solidcore Resources, formerly known as Polymetal International, relocated its headquarters to Kazakhstan in 2023. The EBRD's investment aligns with Kazakhstan's strategy to boost mining output and attract foreign capital. The bank has previously financed mining projects in the region, including a $150 million loan to Kaz Minerals in 2021.
Additional $600 Million Loan
Solidcore Resources secured an additional $600 million loan from the European Bank for Reconstruction and Development (EBRD) for the construction of the Ertis hydrometallurgical plant. The agreement was signed on the sidelines of the Foreign Investors Council meeting chaired by the President of Kazakhstan.
What's Next
The financing is expected to close in the fourth quarter of 2026, pending regulatory approvals. It remains unclear whether the EBRD will extend additional funding for Solidcore's exploration activities in other Central Asian countries.
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EBRD to finance Solidcore Resources with $300 million
