Media

Seligdar PJSC (MOEX: SELG, hereafter Seligdar Holding or Seligdar), a Russian gold and tin producer, announces operating results for 9M2024 based on management data. Doré gold production by the Seligdar Holding Group companies amounted to 5 937 kg, a decrease of 5% compared to the same period last year; production of tin in concentrate comprised 1,751 tonnes. Total revenue from metals sales for 9M2024 increased by 38% year-on-year and reached 43.2 billion Russian roubles.

Gold division

In August 2024, Seligdar Gold JSC completed the mining contract for the Lunnoye deposit, as well as other related agreements. The financial results of Lunnoye JSC were not included in the consolidated financial statements of Seligdar PJSC, but the volumes of run-of-mine material, ore mined and gold produced under the contract were included in the operating results. Seligdar Gold JSC owns 49.97% of Lunnoye JSC.       

• The run-of-mine material in 9M2024 decreased by 10% compared to the same period of 2023 to 16.8 million cubic meters.

• Volume of mined ore for the first nine months of 2024 decreased by 33% year-on-year and comprised 6.2 million tonnes compared to 9.2 million tonnes for 9M2023. This was due to the planned involvement in the processing of previously mined and stored ore and completion of mining operations at the Lunnoye deposit.

• Volume of mined sands amounted to 1.3 million cubic meters; mining operations were carried out at the Yurskiy and Orto-Sala deposits within the Yurskiy production complex.

• Doré gold production for 9M2024 decreased by 7% year-on-year and reached 5,937 kg. The results includes gold produced at the Lunnoye deposit before the date of termination of the contract.

• Sales of gold produced by the Seligdar Holding companies increased by 15% and amounted to 5,672 kg compared to 4,947 kg for 9M2023 including gold of Lunnoe JSC produced by the contract agreement. In the reporting period, Seligdar sold gold purchased from third parties that amounted to 0.01% (0.3 kg) of the total sales volume, while in the same period last year, the sale of third-party gold amounted to 21% (1,322 kg). Excluding gold produced under contract agreements (not recorded in the IFRS consolidated financial statements of Seligdar PJSC) the gold sales comprised 5,486 kg.

Tin division

The Company planned a slight reduction in tin-in-concentrate production amidst increase in ore mining and processing. We expected to encounter low-grade tin ores during mining, and therefore began to modernise the production facilities in advance. Modernisation of the production sites will allow for the most efficient processing of low-grade ores in 2024-2025, and eventually increase the physical volume of concentrate production. Currently, the mining of low-grade ores is done in accordance with the approved mining development plans. At the same time, the Сompany is preparing new reserves with a higher tin grade (over 1% tin in the mined ore).

• Volume of mined ore for 9M21024 improved by 13% year-on-year to 773 thousand tonnes. This is due to the increased volume of mining operations.
• Ore processing amounted to 739 thousand tonnes, a 10% increase against the same period of the last year.
• For the first nine months of 2024, production of tin in concentrate comprised 1,751 tonnes, a decrease of 22% year-on-year due to the lower tin grades.
• To involve lower tin grade ore in processing, three modular ore sorting facilities were deployed at the plants of the tin mining division. This allows for the production of tin ore concentrate, which is at the next stage processed at plants. In addition, the processing plants were upgraded by installing a ring-type high-gradient separator and gravity concentrators, as well as a high-speed radial lamellar thickener. The Company is also implementing a project to install high-pressure grinding rolls at the plant of the Solnechny production complex, which will increase the amount of processed ore from 400,000 tonnes per year to 600,000 tonnes per year.
• Production of copper in concentrate rose by 65% and reached 1,435 tonnes. Production of tungsten in concentrate comprised 50 tonnes against 88 tonnes year earlier.

Sales      

• Revenue from sales of produced gold increased by 43% from 26.7 billion Russian roubles for 9M2023 (excluding one-off transactions of the third parties gold sales for 6.2 billion Russian roubles in 2023) to 38.3 billion Russian roubles in the same period of 2024. The growth in revenue was driven by an 15% increase in sales volume and by 25% 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 37.1 billion Russian roubles.

• Revenue from sales of tin, tungsten and copper concentrates for the first nine months of 2024 reached 5.1 billion Russian roubles against 4.6 billion Russian roubles year earlier, an increase of 12% compared to the corresponding period of the previous year. In the reporting period, an insignificant amount of the third parties concentrates was sold (5% of the revenue).

• The total revenue from sales of produced by the Holding Group companies gold and tin, tungsten, copper concentrates for 9M2024 comprised 43.2 billion Russian roubles, a 38% increase compared to the last year result (excluding one-off transactions of third parties gold and concentrates sales).

Gold Division Results

* data for 9M2023 was updated compared to the figures disclosed earlier, due to adjustments made after the release of operational information
** on dry weight basis
** for 9M2023 the volume of sales of produced by the Holding Group companies gold is indicated (it excludes sales of third parties gold).
 

Tin Division Results