Seligdar Reports Increased Revenue Despite Declines in Gold and Tin Production

In 2024, Russia’s Seligdar reported an 8% increase in consolidated revenue from metal sales, reaching 58.2 billion rubles (approximately $776 million). Revenue from gold sales rose by 6% to 50.8 billion rubles ($677 million), while revenue from tin, tungsten, and copper concentrates grew by 19%, totaling 7.5 billion rubles ($100 million).

In the gold mining division, the company reported mixed performance metrics. The volume of rock mass handled rose by 2% to 30 million cubic meters. However, ore extraction decreased sharply, dropping 34% to 7.5 million tons, while sand extraction and washing increased by 3% to 1.5 million cubic meters. The production of ligature gold fell by 8%, amounting to 7.62 metric tons.

The tin mining division experienced growth in some areas. Ore production rose by 16% to 1.071 million tons, and ore processing increased by 15% to 999,000 tons. However, tin production in concentrate declined by 18%, totaling 2,466 tons. Copper production in concentrate showed significant growth, increasing by 73% to 2.05 tons.

Despite the revenue growth, Seligdar faced financial challenges. The company reported a net loss of 10.1 billion rubles ($135 million) for the first nine months of 2024, compared to a loss of 8.96 billion rubles ($119 million) during the same period in 2023. However, revenue for the nine-month period rose by 16% to 42.97 billion rubles ($572 million), and gross profit increased by 40% to 14.46 billion rubles ($193 million).

Seligdar is a significant producer of gold and tin in Russia, with its operations contributing to both domestic and international markets.