15.07.2024
Seligdar PJSC (MOEX: SELG, hereafter Seligdar Holding or Seligdar), a Russian gold and tin producer, announces operating results for 1H2024 based on management data. Doré gold production by the Seligdar Holding companies increased by 7% year-on-year and reached 2,894 kg. Production of tin in concentrate decreased by 14% and amounted to 1,223 tonnes while production of copper in concentrate increased by 67% to 949 tonnes. For 1H2024, total revenue from metals sales increased by 3% year-on-year and comprised 20.8 billion Russian roubles.
President of Seligdar PJSC, Chairman of the Board of Directors Aleksandr Khrushch:
‘The Holding Group continues to demonstrate steady growth in gold production. We have been able not only to maintain good performance dynamics, but also to improve our results compared to the previous year, which was a record-breaking one. This is confirmed by the actual results we have achieved, which we disclose each reporting period consistently. I am confident that by maintaining this pace, we have all the prerequisites to fulfil the tasks set for this year. During the first half of the year, the Holding Group also successfully implemented a number of technological measures aimed at modernisation of production facilities in the tin mining division. The effect of these measures will have a positive impact on production results in the second half of this year’.
Gold division
· The run-of-mine material in 1H2024 increased by 3% compared to 1H2023 and reached 11.8 million cubic meters.
· Volume of mined ore for the first six months of 2024 comprised 4.6 million tonnes compared to 5.7 million tonnes for the corresponding period of the previous year. This was due to the outpacing stripping operations at the north of the Trassovoye deposit, which is a part of the Nizhne-Yakokitskoye ore field, and to involvement in processing previously mined and stored ore.
· Volume of mined sands decreased by 24% year-on-year and amounted to 362 thousand cubic meters. This was due to the preparatory mining operations before the start of sand washing season.
· Doré gold production increased by 7% compared to the corresponding period of 2023 and reached 2,894 kg. The production growth was driven by carried out modernisation of the ore preparation lines and heap leaching plants at the Ryabinovy and Nizhne-Yakokitskiy production complexes.
· Sales of gold produced by the Seligdar Holding companies increased by 18% and amounted to 2,738 kg compared to 2,328 kg for 1H2023. In the reporting period, Seligdar did not sell gold purchased from third parties, sales of which were recorded in the corresponding period of the previous year and which were one-off operation. Excluding gold produced under contract agreements (not recorded in the IFRS consolidated financial statements of Seligdar PJSC) the gold sales comprised 2,654 kg against 2,284 year earlier.
Tin division
Sales
· The revenue from sales of produced gold increased by 51% from 11.5 billion Russian roubles for 1H2023 (excluding one-off transactions of the third parties gold sales for 6.2 billion Russian roubles in 2023) to 17.3 billion Russian roubles in 1H2024. The growth in revenue was driven by an 18% increase in sales volume and by 31% increase in the average realised gold price amidst favourable market environment.· Revenue from gold sales excluding gold produced under contract agreements (not recorded in the IFRS consolidated financial statements) comprised 16.8 billion Russian roubles.
· Revenue from sales of tin, tungsten and copper concentrates for the first six months of 2024 reached 3.5 billion Russian roubles against 2.5 billion Russian roubles year earlier, an increase of 38% compared to the corresponding period of the previous year. In the reporting period, an insignificant amount of the third parties concentrates was sold (6% of the revenue). The revenue from concentrates produced by the Holding Group companies (excluding the third parties concentrates) amounted to 3.3 billion Russian roubles, a 29% increase year-on-year driven by growth in sales volume.
· The total revenue from sales of produced by the Holding Group companies gold and tin, tungsten, copper concentrates for 1H2024 comprised 20.6 billion Russian roubles, a 47% increase compared to the last year result (excluding one-off transactions of third parties gold and concentrates sales).
Gold Division Results
|
1H2023 |
1H2024 |
Change |
|
|
Run-of-mine material, million m³ |
11.5 |
11.8 |
3% |
|
Ore mined*, million tonnes |
5.7 |
4.6 |
-20% |
|
Sand mined, million m³ |
0.48 |
0.36 |
-24% |
|
Doré gold produced, kg |
2,692 |
2,894 |
7% |
|
Gold sold**, kg |
2,328 |
2,738 |
18% |
|
Gold sold**, recorded in the IFRS consolidated financial statements, kg |
2,284 |
2,654 |
16% |
* on dry weight basis
**for 1H2023 the volume of sales of produced by the Holding Group companies gold is indicated (it excludes sales of third parties gold).
Tin Division Results
|
1H2023 |
1H2024 |
Change |
|
|
Ore mined, thousand tonnes |
450 |
491 |
9% |
|
Ore processed, thousand tonnes |
431 |
423 |
-2% |
|
Tin in concentrate produced, tonnes |
1,425 |
1,223 |
-14% |
|
Tungsten in concentrate produced, tonnes |
57 |
26 |
-55% |
|
Copper in concentrate produced, tonnes |
569 |
949 |
67% |