The deal for the Tokhtar gold project, which has been ongoing for more than a year, has reached a deadlock. Kazakhstan’s Ministry of Industry and Construction says it never received documents from Solidcore Resources regarding the transfer of subsoil use rights. However, the buyer claims it has long been waiting for approval from state authorities. Where the paperwork disappeared to remains unclear.
Solidcore Resources, formerly Polymetal, announced the acquisition of the Tokhtar project in early 2025. The project includes the Tokhtar and South Tokhtar deposits, as well as the Barambai exploration area in the Kostanay region. Under the JORC standard, mineral resources are estimated at 1.1 million ounces of gold. At the first stage, the buyer planned to acquire 51% for $25 million, with the remaining 49% to follow after a reserve reassessment.
But the transaction stalled. In April 2026, Solidcore CEO Vitaly Nesis stated that the deal had not yet been approved by government agencies, declining to provide further details. The company later confirmed that approval is still pending, but did not explain the reasons for the delay.
Now the Ministry of Industry claims that it never received any application from Solidcore regarding the transfer of subsoil rights. This has caused confusion, since such applications are normally submitted directly to the профильный state authority responsible for issuing licenses for solid minerals. It remains unknown where the company may have sent the documents instead.
According to public registries, the mining contract for the Tokhtar deposit belongs to GRK Tokhtar LLP, while the exploration and mining agreement for the South Tokhtar-Barambai area belongs to Comprehensive Geological and Environmental Expedition LLP. Both entities were linked to Mukhamedzhan Turdakhunov, the former president of SSGPO, part of Eurasian Resources Group (ERG).
According to the Aurora Minerals website, the seller of the project was KAML Kazakhstan LLP. Databases also list KAML Kazakhstan Holding LLP, headed by the same Turdakhunov, with offshore company Wildorf Holding from the British Virgin Islands as its founder. In addition, another similar company — KAML Limited — was registered in 2024. Its founders include Turdakhunov and ERG board member Eduard Surlevich, who has been linked through family ties to the late businessman Alexander Mashkevich.
Uncertainty around the Tokhtar project continues to grow. The buyer insists it submitted the application and is waiting for a response. The seller appears to be connected to influential figures in Kazakhstan’s business community. Meanwhile, officials say they never received the documents. Until it becomes clear where the paperwork was actually sent, the deal will remain in limbo. For Solidcore, this creates the risk of losing a promising asset. For the market, it signals possible administrative obstacles.
Source: inbusiness.kz
