Yuzhuralzoloto (SGC)
Owners:
Gazprombank (GPB) - 67,25%
Content |
Performance indicators
2024
8th place in gold production in Russia - 10.6 tons
In April 2025, TAdviser prepared an infographic dedicated to the largest gold mining companies in Russia in 2024. Read more here.
Revenue cut by 26% to ₽25 billion
Revenue of PJSC Yuzhuralzoloto Group of Companies (UGK) in 2024 decreased by 26% and amounted to ₽25 billion. Such data are given in the company's statements published at the end of March 2025. The main reason for the fall in revenues was a decrease in the volume of sales of precious metals amid unstable market conditions and volatility in world gold prices. Against the background of a decrease in revenue, the company's financial losses also intensified: the net loss of UGK increased by 32% - to ₽7,18 billion against ₽5,45 billion in 2023.
According to Interfax, the main reason for the deterioration in financial performance was the forced suspension of gold production within the Ural hub at the direction of Rostekhnadzor. The hiatus lasted almost three months, which significantly affected operating results. It is the Ural hub that forms the company's RAS reporting base.
The volume of gold sales decreased by 43% and amounted to 3.2 tons. The company's statements indicate that the temporary suspension of activities led to a sharp decrease in revenue and the formation of a loss for 2024.
An analysis of the financial indicators of Yuzhuralzoloto demonstrates that the cost of sales decreased by 12% to ₽21,95 billion. The company's gross profit decreased more significantly - by 66% and amounted to ₽3,04 billion against ₽8,96 billion a year earlier.
Yuzhuralzoloto's management expenses in 2024 increased by 4% to ₽2,57 billion. Profit from sales showed the most significant reduction - by 93%, amounting to only ₽476 million, compared with ₽6,5 billion in 2023.
The pre-tax loss rose 62% to ₽10,82 billion. At the same time, other expenses, net, decreased by 27% and amounted to ₽7,54 billion against ₽10,36 billion in 2023.
It is important to note that the financial statements under RAS of PJSC Yuzhuralzoloto Group of Companies do not take into account the results of other assets of the group. According to previously published data, in total, the Yuzhuralzoloto group produced 10.6 tons of gold in 2024.[1]
2023: Revenue growth by 19% to RUB 68 billion
At the end of 2023, Yuzhuralzoloto increased revenue by 19% compared to 2022 - to a record 68 billion rubles. This rise in the group was associated with an increase in the average cost of gold sales, as well as with the growth of the US dollar. The company published the results of work for 2023 at the end of February 2024.
In 2023, Yuzhuralzoloto produced 412.5 thousand ounces (12.8 tons) of gold, which is 7% less than in 2022. The decline was due to a decrease in gold content at the Kochkar deposit due to the use of poorer ore from warehouses and a shift in the start of production at the Vysokoe deposit in Siberia for 2024.
The press service of Yuzhuralzoloto noted that in the fourth quarter of 2023, gold production increased by 12% on an annualized basis, which was facilitated by the commissioning of new capacities.
 | Two of our three growth projects - Kurasan in the Urals and Kommunar in Siberia - have already made a significant contribution to the results of the UGK for 2023 and will increase gold production in the coming years. Our third growth project - the Vysokoye field, where we launched a gold recovery plant in December - should provide a significant increase in revenue this year [2024], "said Artem Kletskin, financial director of the Yuzhuralzoloto group. |  |
It also follows from the materials of Yuzhuralzoloto that by the end of 2023, ore production by the group's enterprises increased by 30.8% compared to the volume of one year ago, to 17.7 million tons. Ore processing also increased - by 3.4%, to 23.9 million tons, thanks to the use of ore from warehouses.
By the end of 2023, the Yuzhuralzoloto group is one of the largest gold miners in Russia with assets in the Chelyabinsk region, the Republic of Khakassia and the Krasnoyarsk Territory.[2]
History
2025
Transfer to Gazprombank
The Russian government will transfer a controlling stake in the gold mining company Yuzhuralzoloto in the amount of 67.25% to the structure of Gazprombank, which is already a minority shareholder of the enterprise, with a market value of ₽85 billion. The deal is due to be completed in 2025 as part of a program to raise revenue from the sale of government property. This was announced on August 15, 2025 by the Deputy Head of the Ministry of Finance of Russia Alexei Moiseev.
According to TASS, the issue of transferring a stake in the state diamond mining company Alrosa is not being considered. Alexey Moiseev stressed that the gold mining company has a large minority shareholder, which has been preserved and will play a major role in managing the enterprise after acquiring a controlling stake.
In July 2025, the Russian Federation, represented by the Federal Agency for State Property Management, became the main shareholder of PJSC Yuzhuralzoloto GK. The transition of control occurred after the confiscation of the assets of the previous owner by a court decision.
At the end of 2024, AAA Money Management, part of the Gazprombank group, acquired a 22% stake in Yuzhuralzolot. Another 10.15% of the shares of the gold mining group of companies are in free float on the stock market.
Alexey Moiseev noted his intention to complete the sale within 2025. According to him, the ministry has key performance indicators for attracting funds from the sale of state property, and Yuzhuralzoloto is one of the objects that is planned to be sold as soon as possible.
The Deputy Finance Minister stressed that the sale of the Yuzhuralzoloto state package will not be carried out within the framework of the privatization program. This means a special procedure for the transaction, different from the standard procedures for the privatization of state assets.[3]
Semyon Grinko appointed new president
Semyon Grinko became the new president of the Yuzhuralzoloto management company after the nationalization of the holding, previously owned by billionaire Konstantin Strukov. The corresponding changes were made to the Unified State Register of Legal Entities on August 7, 2025, which means the end of the reboot of the management of the gold mining company. The appointment took place after the removal from office of the previous head by a court decision at the suit of the General Prosecutor's Office. This became known on August 8, 2025. Read more here.
Appointment of acting President Larisa Ivleva
Larisa Ivleva was appointed Acting President of the Nationalized Gold Miner, Yuzhuralzoloto Group of Companies Management Company LLC (UK UGK). Corresponding changes were made to the Unified State Register of Legal Entities in July 2025. Larisa Ivleva has been working in the organizations of the Yuzhuralzoloto holding since 1993. She was appointed to the post instead of Konstantin Strukov, who was removed from office by a court decision. Before being appointed to the post of acting President Ivleva held the position of vice president at the company. Read more here
Nationalization by court order
On July 11, 2025, the Sovetsky District Court of Chelyabinsk satisfied the claim of the Prosecutor General's Office on the nationalization of assets related to the main owner of Yuzhuralzolot Konstantin Strukov. Its shares in PJSC Yuzhuralzoloto Group of Companies (UGK) and 100% of LLC UK UGK, as well as shares in a number of other companies, were transferred to state ownership. The court decision is subject to immediate execution, although representatives of the businessman can appeal it.
The lawsuit was considered behind closed doors in two days. In addition to Strukov, the defendants were seven individuals, including his two daughters and other persons associated with him. The Prosecutor General's Office claims that Strukov, being a deputy of the legislative assembly of the Chelyabinsk region and deputy chairman of this body, used his position to lobby for the interests of companies controlled by him. According to the ministry, he monopolized gold mining in the region, and withdrew profits abroad, where he purchased real estate and luxury goods.
The court also confiscated shares in Business Asset LLC, Home LLC, Uralvent LLC, Sadi Foothills LLC, Ekomodul LLC, Arbat City LLC, Korkinsky Excavator-Car Repair Plant LLC and Loading and Transport Management LLC, recognizing them as actually owned by Strukov. The prosecutor's office pointed out that the income of his enterprises was not aimed at raising employees' salaries or modernizing equipment, which led to emergencies, including a dam break at the Svetlinskoye field in 2024.
Finance Minister Anton Siluanov earlier, at a speech in the State Duma on July 9, 2025, said that nationalization is not a necessity, but control over gold mining companies should be strengthened. By July 11, 2025, UGK shares were frozen, and their further fate could be decided through the transfer to state corporations, for example, Rostec or Rosatom, or through the sale to such largest companies as Polyus and Alrosa. Experts believe that the situation will not have a serious impact on the market, but government agencies will tighten supervision of the industry, including environmental standards and licensing.[4]
Nationalization of the company
On July 3, 2025, Yuzhuralzoloto shares fell in price by 17.15%, to ₽0,4759 per share after State Office of Public Prosecutor Russia they filed a lawsuit to appeal states to the company of billionaire Konstantin Strukov. The Prosecutor General's Office believes that Strukov illegally received UGK and ten other companies under control, using his positions and position in state authorities. They are registered for his daughter Alexandra Strukova, who has Switzerland citizenship, and proxies, writes RBC.[5]
On July 11, 2025, the court confiscated the assets of the owner of Yuzhuralzolot as state revenue.
The Soviet court of Chelyabinsk satisfied the claim of the Prosecutor General's Office to confiscate the assets of businessman Konstantin Strukov, including shares in the Yuzhuralzoloto group.
Among the confiscated are all shares owned by Strukov in PJSC Yuzhuralzoloto Group of Companies and 100% of LLC UGK Management Company.
FSB officers came to the offices of Yuzhnouralzolot and conduct searches
Employees Federal Security Services Investigative Committee Russia and conducted searches in the office premises of PJSC "Yuzhuralzoloto Group of Companies" in. Chelyabinsk region Operational and investigative measures were carried out in early July 2025.
According to Kommersant, the fact of the searches was confirmed by the press service of the FSB of Russia in the Chelyabinsk region. The security forces visited the offices of the company and its affiliated organizations in the cities of Plast and Chelyabinsk.
The measures are related to previously initiated criminal cases on violations of environmental legislation, industrial safety and the operation of industrial facilities. The investigation concerns activities on the company's land plots in the Plastovsky and Etkulsky districts.
A law enforcement source said that in recent years, six incidents have occurred at the company's enterprises, resulting in the death of employees. This may indirectly confirm the negligent attitude of Yuzhuralzolot officials to industrial safety requirements.
In July 2024, the prosecutor's office of the Chelyabinsk region, following an inspection of the incident with the breakthrough of the bulk dam of the technical pond at the Svetlinsky field, demanded that criminal cases be opened. We are talking about violation of environmental protection rules and damage to the earth.
The audit found that the hydraulic structure was built with violations and operated without appropriate permission. The damage from the ingress of untreated effluents of the gold recovery plant into the Sanarka and Baturovka rivers exceeded ₽3 billion.
The Plastovsky City Court is considering seven claims of environmental prosecutors against PJSC UGK. Two claims were partially satisfied - almost ₽113 million were recovered from the company to compensate for the damage caused to the nature. The total amount of claims of prosecutors was ₽654,2 million.[6]
2024: Gazprombank bought 22% of Yuzhuralzolot
AAA Capital Management, part of the Gazprombank group, acquired a 22% stake in Yuzhuralzoloto Group of Companies PJSC from the company's president Konstantin Strukov. This became known on December 23, 2024.
According to RBC, after the transaction, Strukov remains the largest shareholder of UGK with a share of 67.85%, and the volume of shares in free float remains at 10.15%. The funds received will be used to repay the debt obligations of related parties.
According to the company's reporting, the obligations of UGK as of July 10, 2024 amounted to ₽22,9 billion. Analyst "Zyfra broker" Kirill Klimentyev notes that the deal is positive for the company, as it eliminates the risk of surety on MelTEK's debts. coal
SGC mines gold in two hubs - Ural in the Chelyabinsk region and Siberian in the Krasnoyarsk Territory and Khakassia. The estimated, identified and estimated resources of the company reach 46 million ounces of gold equivalent.
In November 2023, the group held an IPO, raised ₽7 billion at the price of offering ₽0,55 per share. The company's capitalization at the beginning of trading amounted to ₽117 billion. In June 2024, as part of the SPO, the company raised another ₽8 billion at a price of ₽0,81 per share.
In August 2024, Rostekhnadzor suspended the development of four UGK quarries in the Urals for 90 days due to violations in mining operations. In November, after reviewing the new project documentation, work at three quarries was resumed.
Analyst FG Finam"" Alexey Kalachev believes that the emergence of Gazprombank among the shareholders will increase the stability of the company and may contribute to the growth of its value. According to him, the amount of the transaction could be about ₽30 billion.
The company plans to further expand production. The available resources are sufficient to ensure stable operation for at least 30 years. The main owner of the company, Konstantin Strukov, takes 84th place in the Forbes ranking with a fortune estimate of $1.6 billion.[7]
2023: Raising 7 billion rubles during the IPO
On November 22, 2023, trading in shares of the gold mining company Yuzhuralzoloto (UGK) began on the Moscow Exchange. Their ticker is UGLD.
As part of the IPO, 12.7 billion shares worth 0.55 rubles per share were placed, as a result of which UGK earned about 7 billion rubles. The market capitalization of the company at the time of the start of trading amounted to 117 billion rubles.
| | All funds raised during the IPO will go to the company and will be used for corporate purposes and reduce the debt burden, the UGK said in a statement. | |
During the IPO, the company attracted more than 70 thousand new investors in the equity structure. The share of institutional investors in the offering was about half of the total volume. The share offer consisted solely of an additional share issue. The company's main shareholder did not sell its shares. All funds raised during the IPO will go to the company and will be used to reduce the debt burden and for general corporate purposes, the company concluded. As a result of the IPO, the share of shares in free float will be about 6% of the increased authorized capital.
According to Kommersant, in the first days the collection of applications was not very active, and by the end of last week the book was signed only 1.5 times, but since the beginning of this week, investor activity has grown sharply. Institutional investors took an active part in the placement: about half of the total demand for UGK shares fell on them. "The book of applications turned out to be of very high quality, many large private investors and institutionals," said one of the interlocutors. According to a survey by Kommersant of portfolio managers of large management companies, many said that they put up applications in the amount of several million to hundreds of millions of rubles.[8]
2022: Region bought 29.18% of Petropavlovsk gold mining company from Yuzhuralzolot
On March 9, 2022, it became known about the sale of 29.18% of Petropavlovsk to the Region group of companies Sergei Sudarikov. This block of shares in one of the largest Russian gold mining companies was sold by Yuzhuralzoloto Group of Companies (UGK). Read more here.
Notes
- ↑ UGK in 2024 reduced revenue under RAS by 26%
- ↑ Yuzhuralzolot revenue increased by 19% in 2023
- ↑ The state intends to sell a stake in UGK to the structure of Gazprombank
- ↑ The court turned Yuzhuralzoloto into state ownership
- ↑ UGK shares hit 17% after company confiscation lawsuit
- ↑ FSB conducted searches in the company "Yuzhuralzoloto"
- ↑ "Daughter" Gazprombank bought 22% of one of the leaders of gold mining in Russia
- ↑ Gold miner Yuzhuralzoloto raised ₽7 billion during IPO
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