Seligdar Posts Significant Revenue Jump in Metal Sales

Robust Growth Across Key Metals

Seligdar has reported a substantial rise in their metals division, with revenue soaring by 88% to reach approximately $392.7 million within the first nine months of 2023, up from the ruble equivalent of 37.5 billion. This impressive uptick is backed by a marked increase in the production of several core metals. Gold production grew by 10% to 6.25 thousand kg, tin saw a 17% increase at 2.23 thousand tons, tungsten spiked by 53% to 88 tons, and copper production rose by 29% to 870 tons.

Operational Highlights

Despite a slight decrease in rock mass and ore production within the gold mining segment, ligature gold production experienced a 10% increase, reaching 6.25 thousand kg. Significantly, gold sales volumes also rose by 18%.

In contrast, the tin mining division witnessed a 45% surge in ore production and a 56% expansion in ore processing. This segment's robust performance is further evidenced by the growth in the production of tin, tungsten, and copper concentrates.

Financial Performance

Seligdar's revenue streams from metal sales paint a positive picture. Revenue from gold sales skyrocketed by 115%, hitting approximately $344.5 million. Income from tin, tungsten, and copper concentrates held steady, contributing to the overall revenue jump of 88%.

While these figures underscore Seligdar's strong position in the metals market, the company reported a loss in the first half of 2023, totaling approximately $76.0 million under IFRS, a stark contrast to the previous year. Nonetheless, revenue and EBITDA during the same period saw substantial growth, hinting at the company's resilience and potential for recovery.

Seligdar, a significant player in the Russian metals market, continues to reinforce its standing with these latest production and revenue figures, despite facing certain financial headwinds.

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