Solidcore Resources reports gold supply disruptions from Russia, H1 output up 71%

AI digestMimile.ai EditorialJuly 31, 2026 at 11:29 AM

This digest was compiled by AI from multiple sources — links to the originals are below.

Solidcore Resources reported temporary disruptions in gold alloy supplies from Russia, which halted shipments from late May to early July, yet first-half production still jumped 71% to 210,000 ounces. Supplies normalized in July, and the company affirmed its 540,000-ounce full-year target.

Supply Disruptions

A decree by the Russian president changing gold export rules led to a halt in doré alloy shipments from the Amur hydrometallurgical plant to Kazakhstan from late May to early July. This forced Solidcore to accumulate inventory, pushing cash flow lower in the second quarter. Shipments resumed in early July, and CEO Vitaly Nesis said the company plans to sell the accumulated metal by year-end.

Production and Financial Performance

Total gold-equivalent output rose 71% year-on-year in the first half to 210k ounces, driven by a recovery in third-party concentrate processing. Second-quarter output increased 56% quarter-on-quarter to 86k ounces, while own-mined production held steady at 145k ounces. Sales volume surged 97% to 205k ounces in H1, and revenue more than doubled to $972 million, helped by higher gold prices. Net cash position declined 7% quarter-on-quarter to $648 million.

Project Funding

In July, Solidcore secured $600 million in financing for the construction of the Ertis mining and metallurgical complex, with $300 million each from the European Bank for Reconstruction and Development and a syndicate of ING, Société Générale, and Abu Dhabi Commercial Bank. The project documentation has received state construction and environmental approvals. Additionally, the company expects to decide on the start of construction at the Syrymbet deposit in September 2026, with a feasibility study and engineering surveys nearing completion.

What's Next

Solidcore expects to decide on the construction of the Syrymbet project in September 2026. It remains unclear whether the Russian gold export rules could disrupt supplies again later this year.

1 source

Solidcore Resources reports gold supply disruptions from Russia, H1 output up 71%

forbes.kz

Forbes Kazakhstan

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Solidcore Resources reports gold supply disruptions from Russia, H1 output up 71%

Supply Disruptions

Production and Financial Performance

Project Funding

What's Next

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