Seligdar Reports Decline in Gold Production and Rise in Revenue for 2024

Russian mining company Seligdar has reported a 5% decrease in gold production from January to August 2024, totaling 5.94 metric tons. The decline in output was attributed to the scheduled processing of previously mined and stockpiled ore and the completion of operations at the Lunnoe deposit. Ore extraction also dropped significantly by 33%, reaching 6.2 metric tons.

Despite the fall in production, Seligdar saw a 15% year-on-year surge in sales of mined gold, reaching 5.67 metric tons over the first nine months of 2024. Revenues from gold sales climbed by 43%, rising from 26.7 billion rubles ($275.7 million) in the first nine months of 2023 to 38.3 billion rubles ($395.5 million) during the same period in 2024. The revenue growth was driven by the increase in gold sales volume and a 25% rise in the average gold selling price, reflecting favorable conditions in the gold market.

Seligdar also reported a mixed performance in other mining activities. Tin concentrate production fell by 22% year-on-year to 1,751 metric tons. However, ore mining increased by 13%, reaching 773,000 metric tons, and ore processing ticked up by 10% to 739,000 metric tons. Meanwhile, tungsten production dropped by 44%, amounting to 50 metric tons, whereas copper concentrate production saw significant growth, surging 65% to 1,435 metric tons over the nine-month period.