off-the-wire

Kazakh gold miner Solidcore signs first exploration venture in Oman

Kitco Media
By Reuters
Published:
Updated:
Reuters
Kazakh gold miner Solidcore signs first exploration venture in Oman teaser image

Kazakh gold miner Solidcore Resources has entered a joint venture agreement with state-owned Minerals Development Oman to explore and develop the Khabiyat copper-gold project in Oman, it said on Tuesday.

Solidcore can acquire an up to a 60% stake in the venture in three stages, starting with 20%.

The Khabiyat project is the company’s first exploration venture outside Kazakhstan and supports its growth and diversification strategy.

“The Khabiyat project represents an important entry point for the company’s further expansion in the region,” CEO Vitaly Nesis said.

After selling its Russian business in 2024 to eliminate sanctions-related risks, Solidcore remains Kazakhstan’s second-largest gold producer.

Also in 2024, it said it aimed to double output to 1 million ounces of gold equivalent by 2030, driven by M&A opportunities in Central Asia and the Middle East and diversification into base metals.

(By Anastasia Lyrchikova; Editing by Barbara Lewis)

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