Kazakhstan-based Solidcore Resources has reported a significant drop in gold equivalent production of 42% to 68,000 ounces in the first quarter of 2025, compared to 117,000 ounces in the same period last year.
The decline is attributed to delays in Kyzyl concentrate shipments to Amursk POX, caused by operational challenges at the latter connected to the impact of international sanctions against Russia.
Solidcore, earlier known as Polymetal, sold its assets in Russia to Mangazeya Plus for $3.69 billion in early 2024 to avoid international sanctions imposed on many Russian miners.
“While sales have been deferred to the second half of the year due to temporary shipment delays, we remain confident in our ability to meet our full-year production guidance. The fundamentals of our business remain strong, and we expect a meaningful recovery in the coming quarters with concentrate stockpiles set to start unwinding in May”, said Solidcore CEO Vitaly Nesis.
Lower Q1 2025 sales (38,000 gold equivalent ounces) and revenue ($109 million) reflected the temporary shipment delays with a strong recovery expected in H2 2025 as toll-processing returns to normal conditions. Meanwhile, gold prices continue to outperform last historic levels, the company said.
Solidcore has retained its full-year production guidance at 470,000 gold equivalent ounces.
Theodor Lisovoy, Managing Editor, Rough&Polished
