Mangazeya Mining Mangazeya Mining

Mangazea Gold (Mangazea Mining) is a gold mining company that operates in the Russian Federation in the Trans-Baikal Territory, where it develops the Savkinskoye and Kochkovskoye deposits, and the construction of a mining and processing plant at the Nasedkino field continues.

2024: Polymetal sells business in Russia to Mangazea Plus group for $3.69 billion

In February 2024, it was announced that the Kazakh gold mining company Polymetal was selling its Russian business to the Mangazea Plus Group, valuing it at $3.69 billion.

This amount also includes dividends in the amount of $1.429 million before taxes, which the Russian JSC will pay in favor of Polymetal, and cash remuneration in the amount of $50 million.

Polymetal will direct the funds received from the transaction for the construction of the Irtysh MMC in Kazakhstan.

2020: Production growth in the 1st half of the year by 38%

In the first half of the year, the company increased production by 38%, which affected profits amid the growth of the precious metal exchange rate. The increase in revenue as a result of the increase in gold prices and sales volumes amounted to 179%. Mangazeya Mining Ltd's gross profit increased 6-fold to $12.26 million.

The total volumes of gold sales from the Savkinskoye deposit increased by 48% and in total for the half year by 29% compared to the same period last year.

The company produced 12.52 thousand ounces (389 kg) of gold. Sales went up sharply - for the half year they increased by 77% compared to the same period in 2019 , due to the sale of products received last year.

Against the background of high demand due to the COVID-19 pandemic and the economic crisis in January-June, the company sold 13.52 thousand ounces (131 kg), which is 2.2 times more than in the first half of 2019.

The company is looking for opportunities for expansion, said Roman Kashuba, chairman of the board of directors of Mangazea Gold.

2019: More than $7m in profit

The company came out of a loss that in 2018 amounted to $18.5 million. The organization completed the reporting period with a profit of $7.429 million. For comparison, in 2018, the company received a loss of $18.539 million. Mangazeya's revenue increased 2.1 times, from $37.211 million to $79.925 million. The result was influenced by the increase in the production of precious metals and the increased cost of gold sales. So, over the past year, revenue from the sale of gold amounted to $79.7 million, silver - $225 thousand. The average selling price of gold per ounce increased by 26%, to $1,925. Production for the year doubled to 44.4 thousand ounces. Including 29.4 thousand ounces received at the Kochkovsky field and 15 thousand ounces at the Savkinsky (Trans-Baikal Territory).