Kazakhstan-based gold producer Solidcore Resources has signed an agreement with Tajikistan’s Main Department of Geology to explore for precious metals and polymetallic ores in the country. The two sides signed the memorandum on November 7 following talks between the presidents of Kazakhstan and Tajikistan in Astana.
Solidcore CEO Vitaly Nesis said the company’s newly formed subsidiary, Solidcore Tajikistan, will work with local authorities and partners to identify potential projects. Once approved, the parties will agree separately on a project’s implementation and financing.
Tajikistan has seen rapid growth in gold mining, with production reaching 14.5 metric tons in 2024, more than four times its 2015 level, according to the International Monetary Fund. Chinese companies dominate the sector. The country’s largest gold producer, Zeravshan, is 70% owned by China’s Zijin Mining, with the Tajik government holding the remaining 30%. The mine accounts for approximately 70% of national gold output.
More than 600 deposits containing about 50 types of minerals have been documented in Tajikistan, according to the European Bank for Reconstruction and Development (EBRD). The bank says governance and regulatory barriers have limited private investment in the sector. At the request of Tajik authorities, the EBRD launched a project to review existing rules and propose reforms.
Solidcore, previously known as Polymetal International, sold its Russian operations in 2024 following Western sanctions and shifted its focus to Kazakhstan. The company was founded by Russian businessman Alexander Nesis and is still headed by his younger brother, Vitaly. Its largest shareholder is now a consortium of Omani investors led by a state-owned fund, which held 41.35% of voting rights as of October. The company has been seeking new mining opportunities beyond Kazakhstan, including in Central Asia and the Middle East.
In September, the company agreed with Japan Gold to fund a three-year gold exploration program at five sites on Hokkaido and Kyushu. The program has a $25 million budget.
In Kazakhstan, Solidcore, formerly known as Polymetal International, operates two gold-mining operations: Kyzyl in the Abai region and the Varvara hub in the Kostanay region. Its development projects include the Ertis Hydrometallurgical Plant, which will process gold-bearing concentrates, and the Syrymbet tin-copper deposit, which was approved for construction in October.
In 2025, Solidcore produced 395,000 gold-equivalent ounces and sold 412,000, down 19% and 23%, respectively, from 2024. The company attributed the declines to delays in processing concentrate from Kyzyl at a third-party facility in the first half of 2025. Higher gold prices nevertheless pushed revenue up 13% to $1.5 billion.
As The Times of Central Asia previously reported, the memorandum was among 20 cooperation documents signed in Astana, including agreements on fuel supplies and cooperation in the electricity and metals sectors.
