BAKU, Azerbaijan, October 29. Solidcore Resources plc has made the final investment decision on its Syrymbet tin-copper project in Kazakhstan, with first production expected in the second half of 2029, according to a company press release.
"The project assessment has delivered strong results while preserving substantial future optionality. Solidcore made the commitment to a strategic metal with strong long-term demand driven by the energy transition with limited global supply opportunities," Vitaly Nesis, CEO of Solidcore Resources plc, said.
He added that with site preparation complete and basic engineering finalised, the project is ready for full-scale construction.
"Together with our partner, Lancaster Group, we look forward to bringing Syrymbet into production in H2 2029 and becoming a major player in the global tin market," Nesis said.
Solidcore holds a 55% stake in the project, with the remaining interest held by its partner, Lancaster Group. All production, reserve and financial figures below represent 100% of the project.
Syrymbet is planned as a conventional open-pit operation with a 10-year mine life from 2029 to 2038, based on the Central deposit. The current mine plan uses ore reserves of 24.2 million tonnes of primary ore, compliant with the JORC Code, with an average tin grade of 0.42% and a copper grade of 0.15%. The reserves contain approximately 101,000 tonnes of tin and 36,000 tonnes of copper.
The project will include a processing plant with an annual capacity of 2.5 million tonnes, combining gravity separation for tin and flotation for copper. It is expected to produce tin concentrate with a grade of approximately 50% and copper concentrate with a grade of around 20%, for direct sale to third-party offtakers. Expected recovery rates are 53-55% for tin and 79% for copper. The planned stripping ratio is 6.3 tonnes of waste rock per tonne of ore.
Life-of-mine production is estimated at 53,000 tonnes of tin and 29,000 tonnes of copper in concentrate, equivalent to approximately 6,000 tonnes of tin and 4,000 tonnes of copper annually.
The project is expected to generate an internal rate of return of 19%, based on a mid-cycle tin price of $42,000 per tonne, a copper price of $12,000 per tonne and an exchange rate of 450 tenge per US dollar. The average life-of-mine total cash cost is estimated at $20,600 per tonne of tin equivalent, while all-in sustaining costs are projected at $22,200 per tonne of tin equivalent.
Initial capital expenditure is estimated at $468 million, approximately 60% of which is expected to be spent locally in Kazakhstan. The project will be financed through a combination of bank loans and cash contributions from Solidcore and Lancaster Group in proportion to their respective shareholdings. Solidcore will act as the project operator and account for its financial results using the equity method in its consolidated financial statements.
The project timeline envisages the start of construction of the main facilities and the state expert review of documentation for infrastructure facilities and the processing plant in the third quarter of 2026. Open-pit mining is scheduled to begin in the third quarter of 2027. Construction and installation work on infrastructure facilities is expected to be completed in the first quarter of 2029, while the processing plant and tailings storage facility are scheduled for completion in the second quarter of 2029. Commissioning and first production are expected in the second half of 2029, followed by a full operational ramp-up in 2030.
Beyond the current mine plan, the project offers opportunities to expand its mineral resource base through exploration at the North-Eastern, South-Western and Sarybulak ore zones. Exploration is expected to begin in 2027, with an initial 10-kilometer drilling program planned for 2027-2028. Mineral resource estimates for these areas are expected in 2029.
The company is also evaluating processing technologies for oxidized ore from the Central pit and surrounding areas. The material will be mined and stockpiled until a suitable processing solution is selected, with processing potentially beginning after 2038. In addition, higher assumed metal prices or improved metallurgical recovery rates could support a lower cut-off grade, potentially expanding ore reserves and increasing plant throughput.
Syrymbet is expected to create more than 800 permanent jobs, with priority given to qualified local residents, including those from the North Kazakhstan region, as well as more than 1,000 indirect jobs during the active construction phase.
Syrymbet is one of the world's largest undeveloped tin deposits and is located in the Ayirtau district of Kazakhstan's North Kazakhstan region. The deposit is approximately 80 kilometers northwest of Kokshetau, 280 kilometers from Petropavl and 440 kilometers from Astana. The nearest settlement, Sholakozek, is six kilometers from the site, while the licensed area covers 10.15 square kilometers.
The site can be accessed via Ugolki railway station, located 30 kilometers away, and is planned to be connected to the 220-kilovolt power grid.
Solidcore agreed in October 2024 to acquire a 55% stake in Syrymbet from Berkut Mining LLP, a subsidiary of Lancaster Group, for $82.5 million in cash. The project was presented at the 37th meeting of the Foreign Investors' Council in June 2025 and has been officially endorsed by the government of Kazakhstan.
Solidcore Resources is a gold producer registered in the Astana International Financial Centre and listed on the Astana International Exchange. The company operates two producing gold mines in Kazakhstan and is developing two growth projects: Ertis POX, a gold concentrate processing hub, and Syrymbet. It also pursues greenfield exploration projects in Oman and Japan.
