Seligdar

Main article: Gold mining

For 2023, PJSC Seligdar is one of the leading Russian gold mining companies with more than 47 years of experience in the industry.

Aktivs

The assets of the Seligdar holding for 2023 are located in six regions of the Russian Federation:

• Republic of Sakha (Yakutia),
• Orenburg region,
• Altai Territory,
• Republic of Buryatia,
• Khabarovsk Territory,
• Chukotka.

The main metals mined are gold and tin. Gold reserves - 272 tons, tin reserves - 405 thousand tons.

Performance indicators

2024: Revenue growth of 6% to ₽59,3 billion

PJSC Seligdar, one of the ten largest gold mining companies in Russia, increased revenue in 2024 by 6% to ₽59,3 billion compared to 2023. Adjusted EBITDA of the holding increased by 30% and reached ₽27,7 billion. Such data are given in the holding's report published on April 9, 2025.

According to the press service of Seligdar, the company's EBITDA margin increased by 9 percentage points and amounted to 47% against 38% a year earlier. At the same time, gross profit increased by 67% - to ₽23,5 billion.

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Фото: Freepik

Despite the growth in operating efficiency, the holding recorded a net loss of ₽12,8 billion, which is 11% more than in 2023. The loss attributable to the company's shareholders increased by 6% to ₽11,5 billion. However, minus the effect of exchange rate differences, which Seligdar usually has associated with the revaluation of obligations in gold, profits increased 1.9 times and reached ₽5,5 billion.

In the gold mining division, the company produced 7,620 kg of ligature gold, 8% below the 2023 record. Excluding the indicators of the Lunny production complex, with which the contract was terminated, the reduction in gold production amounted to 5% - from 7,772 kg to 7,374 kg.

The volume of rock mass in the gold mining division increased by 2% in 2024 and amounted to 30.0 million cubic meters. At the same time, ore production in dry weight decreased by 34% and amounted to 7.5 million tons, compared with 11.4 million tons in 2023.

The decline in gold production was due to several factors. In the context of the improved market conditions, Seligdar increased its involvement in the development of previously accumulated ores with low gold contents in warehouses, which made it possible not to increase ore production volumes. In addition, the company worked out the flanks of deposits with low-power ore contours, increased the advance opening and completed a contract for the development of the Lunnoye deposit.^[1]

2023

Revenue growth 1.6 times to 55.98 billion rubles

Polymetallic holding "Seligdar" at the end of 2023 recorded revenue in the amount of 55.98 billion rubles, which is 1.6 times more than a year earlier (34.72 billion rubles). The group received a net loss of 11.52 billion rubles, while in 2022 there was a net profit of 4.14 billion rubles. This was reported in the statements that the company disclosed in mid-April 2024.

According to Interfax, citing materials from Seligdar, the group's consolidated revenue in 2023 increased following a 1.6-fold increase in sales of gold sales - to 41.7 billion rubles. Gold sales increased by 4%, to 7559 tons, and the average price increased by 50%, to 5514 rubles per gram.

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Фото: Unsplash

As for the losses, they, according to the statement of Seligdar, were largely the result of a non-monetary revaluation of obligations denominated in gold and dollars, in the context of an increase in the market price for the precious metal and the exchange rate, explains Seligdar. The holding's profit net of exchange rate differences in 2023 amounted to 2.8 billion rubles.

The financial debt of PJSC Seligdar (the amount of loans and loans and obligations under financial leases) as of the end of 2023 amounted to 59.06 billion rubles, net debt (net of cash and the cost of unrealized refined gold) - 46.39 billion rubles.

It also follows from the group's reports that the company sold concentrates in 2023 on the territory of the Russian Federation and for export. Export revenue amounted to 45% in 2023 against 43% in 2022.

Revenue from the sale of tin, copper and tungsten concentrates in 2023 amounted to 6.28 billion rubles, which is 5% more than in the previous year. Revenue from other sales, which is mainly ore mining services and other services provided by Lunnoye JSC and silver sales, decreased by 11% to RUB 1.82 billion.^[2]

Growth in revenues from gold sales by 82% to 50.8 billion rubles

In 2023, Seligdar sold gold by 50.8 billion rubles, which is 82% higher than the result of a year ago. The holding, which is in the top 5 in gold mining in Russia, announced this on its website on January 19, 2024.

It also follows from the materials of Seligdar that about 88% of the revenue of the gold mining division in 2023 fell on the sale of its own gold. The volume of gold sales produced by the holding companies increased by 6% - from 7 thousand 587 kg to 8 thousand 060 kg. The company also sold 1 thousand 322 kg of gold "third parties." Gold sales amounted to 9 thousand 382 kg, or 24% more than in 2022.

Seligdar sold gold for 50.8 billion rubles

The production of ligature gold by Seligdara companies in 2023 increased by 10% compared to 2022 and amounted to 8274 kg. Tin production in concentrate increased by 4% year-on-year to 3003 tons, tungsten - by 26% to 103 tons, copper - by 29% to 1187 tons. For all metals produced in 2023, Seligdar updated its historical maximum indicators, the holding said.

Revenue from the sale of tin, tungsten and copper concentrates in 2023 increased by 5% compared to the previous year and reached 6.3 billion rubles. The total revenue of companies from sales of gold, tin, tungsten and copper concentrates in 2023 increased by 69% to 57.1 billion rubles.

By the end of 2023, Seligdar includes 13 enterprises in, Yakutia,, and Altai Territory Buryatia. Orenburg region Khabarovsk Territory It has licenses for the development and study of 28 placer and gold ore deposits. The holding also includes the Rusolovo enterprise, which develops tin ore deposits in the Khabarovsk Territory, and is also engaged in geological exploration at the Pyrkakai stockworks field in. Chukotka Autonomous Okrug^[3]

2022: Gold mining - 7.55 tonnes

In 2022, gold production amounted to more than 7.55 tons, tin in concentrate - 2.9 thousand tons.

History

2024

Seizure of shares

In November 2024, the Dorogomilovsky District Court arrested a stake in one of the largest gold miners in Russia, PJSC Seligdar, at the request of an investigator of the Main Directorate of the Ministry of Internal Affairs in Moscow. Securities owned by Russian Funds JSC were arrested to ensure the execution of a civil lawsuit and other possible penalties. The press service of the Russian Funds told RBC that they had nothing to do with the case and considered the arrest illegal. The court decision is planned to be appealed to a higher instance.

Purchase of gold ore deposit in Yakutia

Seligdar bought 75% of Beta Mineral, which develops a gold mine in Yakutia. This deal became known at the end of October 2024. Read more here.

Notes