Yuzhuralzoloto (SGC)
Owners:
Gazprombank (GPB) - 22%
Content |
Performance indicators
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.[1]
History
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.[2]
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.[3]
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
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