Solidcore Resources PLC (formerly Polymetal), a major gold producer in Kazakhstan, has secured a $60 million loan from Bank CenterCredit (BCC) with a seven-year maturity. The company will use the funds to finance the construction of electric power plants at its production facilities, Solidcore said in a statement.
«This agreement is our first deal in the debt market after restructuring. We are ready to continue our productive cooperation with BCC and other financial organizations to implement ambitious strategic projects,» said Evgenia Onuschenko, chief financial officer at Solidcore Resources.
The BCC funds will be allocated for the construction of a 23-megawatt solar power station and a 40-megawatt gas engine power plant at the Varvarinskoye field, as well as a 17-megawatt solar power station at Kyzyl. The project will be a key agenda item at the company’s upcoming board meeting later this year.
All power stations are scheduled to be commissioned in 2026. Once completed, the company will replace electricity generated by coal power plants with green energy, cutting emissions by 27% compared to 2023 levels. By doing so, Solidcore aims to reduce its dependence on external energy sources and mitigate potential tariff increases.
BCC is the third-largest bank in Kazakhstan by assets ($14 billion), according to National Bank data as of January 2025. It also ranked third in net income for 2024 ($389.8 million), following Halyk Bank and Kaspi Bank.
Polymetal announced plans to redomicile from the British island of Jersey to the Astana International Financial Centre (AIFC) in fall 2022. The company completed the process in August 2023. Shares of Polymetal have been traded on the Astana International Exchange (AIX) since Aug. 10, 2023, while also being listed on the Moscow Exchange. In October 2023, Polymetal was added to the AIX Qazaq Index. The company later split its business, selling its Russian subsidiary due to concerns over secondary sanctions. The asset was acquired by Mangazeya Plus, an entity affiliated with Russian mogul Sergey Yanchukov, for $3.69 billion.
