Solidcore has acquired Tokhtar Project in Kazakhstan for $25 mlnSolidcore Resources plc has entered into a binding agreement to acquire 100% interest in the Tokhtar gold property (the Project) in northern Kazakhstan, the company said in a Tuesday press release.The Tokhtar property is located in the Kostanay region, North Kazakhstan, approximately 180 km southwest from the company’s Varvara hub. The Project comprises Tokhtar and South-Tokthar deposits as well as the Barambay prospect area, the press release says.According to the latest available estimates, JORC-compliant Mineral Resources for Tokhtar and South-Tokthar stood at 1.1 million oz of gold. The ore will be processed at the company’s Varvara flotation plant followed by concentrate treatment at Ertis POX.Solidcore will initially acquire a 51% interest in the Project for the total cash consideration of approximately $25 million. The acquisition of the initial 51% interest is expected to be completed in Q3 2025.“An additional 23% will be acquired following the KazRC[1]-compliant reserve estimate for the Tokhtar and the South Tokhtar areas at a price based on the estimate results, with the remaining 26% to be acquired following the KazRC-compliant reserve estimate for the Barambay area at a price based on the estimate results,” the press release says.Solidcore expects to complete the estimate for Tokhtar and South Tokhtar by the end of 2027 and for Barambay area by the end of 2028.Following the divestiture of its Russian assets, Solidcore is now the second-largest gold producer in Kazakhstan. The company owns and operates the gold mine Bakyrchik in the Abay region and the Varvara and Komar mines in the Kostanay region. The company’s largest shareholder is Maaden International Investment SPC, a consortium of Omani investors led by the state-owned Mercury Investments International Fund, which holds a 29.7% stake. (ICE ALMATY)

Fonte notizia: INTERFAX