Polymetal changed its name to Solidcore Resources

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AK&M 17 July 2024 12:29

Polymetal International plc changed its name to Solidcore Resources plc. This is stated in the company's message. 

The decision to rename it was made by the Board of Directors and supported by shareholders at the annual meeting on June 11, 2024 after the sale of the Russian Polymetal JSC, which retained its former name. The new ticker of the company's shares on AIX – CORE - will take effect on June 17, 2024. 

The composition of the assets of Solidcore Resources plc remains unchanged – these are Kyzyl (Abai region) and Varvarinsky hub (Kostanay region). 

The largest of the company's development projects is the Irtysh MMC, which is planned to be built in Kazakhstan. The company plans to invest more than $1 billion in this and other investment projects at existing enterprises over the next five years. Production is expected to increase to 510 thousand ounces of gold equivalent in 2029 from 475 thousand ounces in 2024.

The further development strategy of Solidcore Resources plc provides for business expansion through its own exploration and active acquisition of new projects at the exploration/development stage.

Solidcore Resources plc (Polymetal International plc) is a gold producer in Kazakhstan and combines two production assets in the country.

Polymetal closed the sale of the Russian business on March 7, 2024.

Polymetal International plc's net profit for 2023 was $528 million compared to a loss of $288 million a year earlier. Adjusted net income increased by 40% to $615 million from $440 million. Revenue increased by 8% to $3.025 billion from $2.8 billion. Of these, $893 million (30%) is accounted for by enterprises in Kazakhstan and $2.13 billion (70%) by enterprises in Russia.