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Seligdar’s 2023 key events

19.02.2024

JANUARY

Seligdar summed up the 2022 operating results. Gold production by the Seligdar companies increased by 6% compared to 2021 and exceeded 7.55 tonnes. Production of tin in concentrate remained at the level of the previous year and totalled 2,901 tonnes. Production of tungsten in concentrate grew by 72% compared to 2021 and reached 81 tonnes. The growth was driven by the modernisation of technological schemes of operations. Production of copper in concentrate increased 2.5-fold up to 916 tonnes for 2022. Total revenue from metals sales reached 34.7 billion Russian roubles.

Rusolovo commissioned a mine water treatment station. The station’s work is based on the technologies developed by specialists of the Division for science and technology.

Rusolovo finished construction of vehicle bridges over Boltoro River and Gorely Stream, the most complicated part of the taiga road between Suluk settlement and Pravourmiyskiy production complex in the Khabarovsk region. The bridges provide a passage for special and other vehicles at any time of the year including difficult climate conditions such as autumn and spring flooding. In 2023, Rusolovo repaired 36 km of the road that made 50% of the whole 84 km length of the Suluk-Pravourmiyskiy road. Corrugated metal pipes of approximately 600 metres long were used to strengthen the complicated parts of the bridges. Last year, the Company built 14 bridges.

 

FEBRUARY

Seligdar became a winner of All-Russian educational project ‘Expert Appraisal of the Future 5.0’ organised by Glavgosexpertiza (Federal Autonomous Institution 'Main Department of State Expertise’). Seligdar as a part of the SYSTEMA team with COLORNEW IT-Company, Gaschem Engineering LLC, EURASIAN AWP COP presented a project of automated system for design documentation quality management based on quality index; the project was included in the TOP-5 best projects following the results of the presentation.

At the Extraordinary General Meeting held in form of absentee voting on February 28, 2023, shareholders of Seligdar PJSC elected a new Board of Directors that was expanded to 12 members.

Gold production at the processing plant of the Ryabinovy complex passed the 10-tonne mark since its commissioning 2017.

 

Pravourmiyskoye LLC, a Rusolovo PJSC subsidiary, won an auction for an alluvial deposit Topazovy located in the Verkhnebureinskiy district of the Khabarovsk region. The balance reserves of the deposit registered in the State balance of mineral reserves as at January 1, 2022, comprise 942 tonnes of tin including 524 tonnes in C1 category and 418 tonnes in C2 category.

Tin Mining Company JSC, a Rusolovo PJSC subsidiary, won an auction for the subsoil use right for the Solnechnoye deposit located in the Solnechny district of the Khabarovsk region. The balance reserves of the deposit registered in the State balance of mineral reserves as at January 1, 2022, comprise 21.9 thousand tonnes of tin including 10.4 thousand tonnes in B + C1 categories and 11.5 thousand tonnes in C2 category. Off-balance tin reserves in C1 category comprise 2 thousand tonnes. The final one-off payment for the right to use subsoil deposit amounted to 42.4 million Russian roubles.

 

MARCH

Seligdar supported traditional Evenki festivities - the Reindeer Herder’s Day - in the Aldan district of the Republic of Sakha (Yakutia).

The Seligdar senior management and heads of all main functional departments participated in a spring session of the Technical Council held the Company.

Rusolovo and Solnechny Industrial College summed up results of the cooperation. In 2022, 158 employees of the Company’s subsidiaries undertook courses of advanced training, programmes of new professions education and re-qualification.

Rusolovo commissioned phase I of the dry cake storage facility at the processing plant of the Solnechny production complex. The design documentation envisages implementation of the project in three phases. Phase I of the facility is commissioned; it is designed to operate during 2-3 years. The storage facility is designed to store 480 thousand tonnes of dry cake per year; the design capacity allows safe storage of tailings in the next 9-10 years.

Under the project of technical re-equipment Rusolovo put into pilot operation two FMR-3.2 flotation machines at the plant of the Solnechny production complex. The machines are designed for ore processing by froth flotation.

Exploration at the Pyrkakay stockworks is on schedule: under the programme, 54 tonnes of large tonnage technological samples were collected and delivered to the laboratory. Five thousand running metres were drilled to collect technological samples of primary ores.

 

APRIL

Seligdar became the first in Russia to issue gold bonds – a new financial instrument for savings denominated in gold. On April 4, 2023, Seligdar arranged bookbuilding for 5-year GOLD01-series bonds. The par value of each GOLD01-series bond in units is one gramme of gold.

Rating Agency Expert RA assigned expected credit rating of ‘ruA+ (EXP)’ to the bonds of GOLD01-series.

The power grid was modernised at the Nizhne-Yakokitskiy production complex, electric power lines were renewed and new equipment was installed. As a result, in case of a sudden electric power outage, less than a minute is needed for the automated switch to diesel backup power stations.

A dry magnetic separation facility was put into operation at the Samolazovskiy production complex. The equipment is intended for sulphide ore processing via dry separation in order to increase the gold grade at the final stage after being thermally treated.

Seligdar announced operating results for 1Q2023 based on management data. Gold production by the Holding’s companies increased by 13% year-on-year and comprised 777 kg. Production of tin in concentrate grew by 20% to 652 tonnes.

Seligdar published IFRS consolidated financial statements for twelve months ended December 31, 2022. Consolidated revenue comprised 34.7 billion Russian roubles. EBITDA amounted to 11.8 billion Russian roubles. EBITDA margin was 34%.

Rusolovo put into operation screw classifiers at the processing plant of the Solnechny production complex. The purpose of the screw classifiers installation is to increase the extraction of tin concentrate during the sludge cycle.

Rusolovo started the project in order to increase and renew its mining machinery and vehicles fleet. The first dump trucks were supplied and put into operation at the Molodezhny underground mine in the Solnechny production complex.

 

MAY

Seligdar completed the placement of its 5-year GOLD01 series bonds. The final placement volume exceeded 11 billion Russian roubles which was almost 4 times greater than the initially intended volume of 3 billion Russian roubles.

Rusolovo provided aid for repair works of paramedical and midwifery station in the Suluk settlement of the Verkhnebureinskiy district of the Khabarovsk region.

 

JUNE

Seligdar traditionally granted financial aid to the Buryat branch of the Russian public charity foundation ‘Russian Children’s Fund’ to help organise its annual charity event on the International Children’s Day.

Seligdar held a summer session of its Technical Council in Aldan town, Republic of Sakha (Yakutia). The main topics of the Council were 1H2023 results, issues of the complex automation of production and reduction in mining costs, the progress of the Kyuchus and Khvoynoye projects.

Seligdar took part in the campaign ‘100 birches for centenary of Aldan town’. On the World Environment Day, the employees of Seligdar PJSC, town residents, members of public organisations, and staff of other companies planted seedlings on the territory of the cultural and ethnographical complex Seveki.

At the Annual General Meeting of shareholders held on June 14, 2023 in form of absentee voting, the shareholders of Seligdar PJSC approved the Annual Report, the Financial Statements for 2022; made the decision on profit distribution; appointed an auditor; elected members of the Board of Directors and members of the Internal Audit Commission; approved the revised Charter of Seligdar PJSC.

Seligdar finished drilling at the Kyuchus deposit 3 months ahead of the schedule. Total of 110 thousand running meters were drilled at the deposit.

 

JULY

Seligdar was included in the Rating Agency RAEX ranking of human rights respect ‘TOP-50 in Human Rights, Diversity and Inclusion’.

A new grinding mill was put into operation at the Poisk production complex. The new mill is equipped with an electronics, monitoring and control system as well as an oil storage station.

Seligdar announced its operating results for 1H2023 based on management data. Doré gold production by the Seligdar companies reached 2,692 kg, an 8% increase year-on-year. Production of tin in concentrate grew by 14% to 1,425 tonnes, copper in concentrate by 28% to 569 tonnes. Total revenue from metals sales by the Seligdar companies increased by 87% and amounted to 20.2 billion Russian roubles.

Seligdar held its traditional Investor Day on the Moscow Exchange. The 2022 results, short- and long-term development plans, operating and financial results of the Company were discussed at the meeting. The event gathered over 200 members of the investment community.

Seligdar paid a quarterly coupon on its debut gold bond issue GOLD01 in the amount of 167.6 million Russian roubles.

Seligdar and the Employment office of the Aldan town organised a summer work camp for teenagers between 15 and 18.

Under the programme of its strategic development, Rusolovo continued to increase the special vehicles fleet at the Solnechny and Pravourmiyskiy production complexes. Drilling machinery and equipment were renewed there. Three hydraulic drilling rigs were supplied to the Solnechny production complex and one, to the Pravourmiyskiy production complex.

Under the programme of replenishment of biological resources and the habitat, Rusolovo PJSC supported a release of 5.4 thousand young Amur sturgeons into the Amur river. The event was held together with the Amurskiy office of Federal State Budgetary Institution ‘Glavrybvod’ and took place at the Anuyskiy fish hatchery (the Nanayskiy district).

 

AUGUST

Seligdar Gold JSC, a Seligdar PJSC’s subsidiary, received a resolution (protocol) on approval of the reserves of the Trassovoye gold ore deposit, which is a part of the Nizhne-Yakokitskoye ore field. The resolution of the State Commission on Mineral Reserves approved the balance reserves of 14,252 kg of gold including 10,849 kg in the C1 category. The total reserves increment comprised 13,455 kg of gold.

Seligdar published its interim consolidated financial statements prepared in accordance with the International Financial Reporting Standards for the six months ended June 30, 2023. Consolidated revenue of Seligdar PJSC amounted to 21 billion Russian roubles for 6M2023, a 1.8-fold increase year-on-year. Bank-adjusted EBITDA amounted to 6.9 billion Russian roubles. Bank-adjusted EBITDA margin of the gold division stood at 48%.

The gold processing plant at the Ryabinovy production complex has reached the capacity in 1.6 million tonnes of ore per year against the initial design capacity of 1 million tonnes of ore per year. A new jaw crusher was assembled at the plant. The crusher allowed to increase the crushing volume and corresponds to the processing level of the gold plant.

A new KAMAZ truck with a multipurpose air engine heater was supplied to the Seligdar production division in Yakutia. It is intended to supply preheated air to warm up the equipment and repair mining machinery.

Rusolovo PJSC and the Government of the Chukotka Autonomous Okrug entered into a cooperation agreement. The agreement implies the implementation of joint education and scientific research projects, cooperation in the field of target education of industry specialists and the creation of new jobs in the tin mining industry on the territory of the Chukotka Autonomous Okrug.

With the aid of Rusolovo, a monument to the geologist, geo-scientist and writer Oleg Kuvaev was unveiled in the urban district Pevek. The bronze monument of 5.5 metres high stands on the Yanrapaakenay Mountain with sweeping views over the town and Chaunskaya Bay in the East Siberian Sea where the first ever floating nuclear power plant Akademik Lomonosov is located.

Seligdar obtained a license for the exploration of the flanks of the Kyuchus ore field. An increase in reserves up to 250-280 tonnes of gold is expected as a result of the follow-up exploration of the Kyuchus deposit and of its flanks.

Rusolovo PJSC installed new machinery - a high-speed model of radial lamella thickener in the processing cycle of thickening pulp (mixture of finely ground ore and water) desliming as well as closed-loop water clarification. The project is implemented as a part of the modernisation of the processing plant of the Solnechny production complex.

 

SEPTEMBER

Rusolovo PJSC and the Chukotka Autonomous Okrug entered into an agreement on implementing investment project to develop the Pyrkakay stockworks deposit at Eastern Economic Forum 2023.

Rusolovo PJSC, the Government of the Khabarovsk region and the Federal State Educational Institution of Higher Professional Education ‘Pacific National University’ entered into an agreement on cooperation in professional education and employment in the Khabarovsk region.

The Ministry of the Russian Federation for the Development of the Russian Far East and the Arctic, the Government of the Republic of Sakha (Yakutia), State Atomic Energy Corporation Rosatom and Seligdar PJSC entered into an intent agreement for cooperation in projects of the Kyuchus cluster of tin, gold and other mineral deposits.

Rusolovo PJSC and Corporation for the Development of the Far East and the Arctic (KRDV) entered into a number of agreements on cooperation for the purpose of development of mining and mineral processing industry in the Far East and the Arctic, in particular, to implement a project of metallurgical plant construction in the Khabarovsk region, investment projects of the Pyrkakay stockworks development in the Chukotka Autonomous Okrug and Oktyabrskoye, Perevalnoye, Solnechnoye deposits development in the Khabarovsk region.

Starting from September 19, 2023, short selling of Seligdar shares was permitted on Moscow Exchange.

On September 22, 2023, Seligdar shares were included in the MOEX Russia Index and RTS Index.

Seligdar was included for second year in a row in the ‘high level’ category I of the ESG index of companies produced by RBC and credit rating agency National Credit Ratings (NCR).

Rating Agency Expert RA assigned ‘ruA+ (EXP)’ Expected Credit Rating to GOLD02 series bonds.

In order to increase the capacity of the gold processing plant at the Ryabinovy production complex third conditioning tank for cyanide pre-leaching was put into operation. It allowed increased leaching by 12 hours and sorption time at the plant as well as maintaining maximum recovery rate of up to 90% of gold.

An opening ceremony of the renewed geology hall in the local history ethnographic centre of the Solnechny district was held to coincide with the anniversary of the Solnechny settlement. Under the agreement on cooperation between the administration of the Solnechny district and Rusolovo PJSC, financing was provided for the refurbishment, design and technological renewal of the hall.

 

OCTOBER

Seligdar’s production complex Poisk in the Altai region delivered on the 2023 production plan as early as in the 3rd quarter and produced 322 kg of gold.

Polymetallic Holding Seligdar obtained a license for subsoil use rights for the Mlelyuveem River deposit located in the Chaunkiy district of the Chukotka Autonomous Okrug, including the right to conduct geological survey, exploration and mining. The auction was won by Rusolovo PJSC, the parent company of the Seligdar’s tin division. One-off payment for the license amounted to 40.3 million Russian roubles.

On October 10, 2023, Seligdar collected orders for its 6.23-year GOLD02 series fixed rate amortised bonds with amortisation repayment in 2026, 2027 and 2029.

On October 13, 2023, the Board of Directors of Seligdar PJSC made a decision to change its stake in the share capital of Rusolovo PJSC through transfer of up to 10% shares owned by Seligdar as payment for shares in closed-end investment fund Perspektivnoye Razvitiye. 100% of shares in this fund belongs to Seligdar PJSC.

On October 17-21, 2023, Seligdar conducted a regular session of its Technical Council.

Seligdar announced its operating results for 9M2023 based on management data. Doré gold production by the companies of Seligdar Holding increased by 10% compared to the same period of the previous year and amounted to 6,253 kg. Production of tin in concentrate grew by 17% to 2,231 tonnes; tungsten, by 53% to 88 tonnes; copper, by 29% to 870 tonnes. Revenue from metals sales by the Seligdar Holding companies reached 37.5 billion Russian roubles for 9M2023 having increased by 88% year-on-year.

Seligdar laid the foundation for a gold processing plant and main facilities of the Khvoyny production complex.

Rusolovo provides aid to the industry-specific educational institutions on a regular basis in order to arrange education of professionals in the regions of its operations. The Company handed a jaw crusher over the Solnechny industrial college.

Rusolovo produced the first tonne of the copper concentrate at the Pravourmiyskiy production complex in the Khabarovsk region. Earlier, the complex produced only two metal concentrates – tin and tungsten concentrates.

Rusolovo commissioned a modern energy-saving waste-heat recovery system in a shift camp of the Pravourmiyskiy production complex. This technology allows increasing the efficiency of heat and hot water supply to the shift camp at the Pravourmiyskoye deposit and contributing to more economical and ecological energy consumption amid growth in production volumes.

Under Rusolovo’s investment programme of technical re-equipment of the processing plant at the Solnechny production complex, the technological process of concentrate production was enhanced. A ring high-gradient separator was put out into pilot operation.

 

NOVEMBER

Seligdar earned the ‘gold status’ in the Forbes rating of best employers in Russia.

Gazprombank and Seligdar Holding Company conducted a tree-planting event to commemorate its bond issue – “the green tombstone”. At the event held in the Khodynskoye polye park (Khodynka Field) in Moscow, a mature oak tree was planted to commemorate a debut issue of Seligdar’s gold bonds.

Seligdar was ranked 36th among 160 companies in the updated November ESG Ranking of Russian companies designed by the RAEX Rating Agency.

At the extraordinary General meeting of shareholders held on November 22, 2023, the shareholders of Seligdar PJSC approved the payment of dividends on its ordinary shares for 9 months of 2023 in the amount of 2 (two) Russian roubles per share.

Seligdar published its interim condensed consolidated financial statements prepared in accordance with the International Financial Reporting Standards for the nine months ended September 30, 2023. Consolidated revenue of Seligdar PJSC increased by 80% year-on-year to 37.2 billion Russian roubles. Bank-adjusted EBITDA improved by 65% year-on-year and amounted to 14.7 billion Russian roubles. Bank-adjusted EBITDA margin was 40%.

Expert RA Rating Agency affirmed credit ratings of Seligdar PJSC and its subsidiary Seligdar Gold JSC at ruA+ with a stable outlook.

Rating agency National Credit Ratings affirmed the credit rating of Seligdar PJSC at A+.ru with a stable outlook.

National Rating Agency affirmed credit rating of Seligdar PJSC and its subsidiary Seligdar Gold JSC at AA-|ru| in Russian rating national scale; the outlook is stable.

Rusolovo finished construction of phase II of the dry cake storage facility at the processing plant of the Solnechny production complex.

Under the special vehicles renewal programme, 8 trucks were supplied to Rusolovo’s production complexes. Their usage will contribute to growth in drilling and mining works, to an increase in efficiency of delivery of large volumes of ore for further processing and enrichment.

The employees of Rusolovo PJSC participated in ‘BoomBattle’, an All-Russian environmental campaign for used paper collection as part of the ‘Ecology’ national project.

As part of its cooperation with educational institutions Rusolovo PJSC supported a station of young naturalists in the Solnechny settlement and bought equipment to carry out different field experiments and testing.

A package substation with a transformer and high voltage units was purchased for the Pravourmiyskiy production complex. The demand in new electric power equipment is related to a step-by-step expansion of the production complex, growing production volumes as well as necessity in electric power supply of the shift camp and other objects of the complex.

 

DECEMBER

Seligdar assembled a wet semi-autogenous grinding mill and overflow ball mill, which are the main elements of the production chain at the gold processing plant of the Khvoyny production complex.

Seligdar was awarded a prize at the All-Russian competition of best practices of youth employment organised by the Ministry of Labour and Social Protection of the Russian Federation in 2023.

Seligdar summed up full-year results at a session of its Technical Council in the Aldan headquarters.

Seligdar sponsored the 1st Far Eastern Subsurface Use Forum.

Seligdar successfully completed the placement of the GOLD02-series bonds. The term to maturity of the GOLD02 bonds is 6.23 years; the duration with amortisation is 4.3 years. The final placement volume amounted to 6.7 billion Russian roubles.

In order to increase the territory for inventory storage a new warehouse of over 1,100 square metres was built. An overhead travelling crane was installed to move large-size and heavy goods inside the warehouse.

Under the modernisation programme of the Solnechny production complex, new equipment for a chemical analysis laboratory was purchased: a jaw crusher to crush geological samples; an atomic absorption spectrometer to determine the concentration of metals in a sample; a portable X-Ray fluorescence analyser to determine the elemental composition of metals and alloys, soils, and ore. The new equipment allowed to significantly increase the quality of analysis of ore and concentrate samples.

Rusolovo commissioned a main ventilator unit at the Pravourmiyskiy production complex. Its installation was planned as a part of the current year’s investment programme to develop new mining zones of the Pravourmiyskoye deposit. The advantage of the new model is high-voltage frequency converters use for regulation of air stream which should decrease electric power consumption.

In 2023, Seligdar reached a new level: doré gold production by the Seligdar companies increased by 10% compared to 2022 and amounted to 8.27 tonnes. Production of tin in concentrate grew by 4% year-on-year to 3 thousand tonnes.

 


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