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Seligdar announces operating results for 1Q2024

19.04.2024

Seligdar PJSC (MOEX: SELG, hereafter Seligdar Holding or Seligdar), a Russian gold and tin producer, announces operating results for 1Q2024 based on management data. Doré gold production by the Seligdar Holding companies amounted to 845 kg; 9% increase year-on-year. Production of tin in concentrate decreased by 5% to 617 tonnes; production of copper in concentrate grew by 92% and reached 566 tonnes. Revenue from metals sales by the Seligdar Holding companies increased by 78% for 1Q2024 and comprised 8.1 billion Russian roubles.

 

Gold division

·         The run-of-mine material in 1Q2024 stood at the 1Q2023 level and comprised 6.4 million cubic meters.

·         Ore mining for the first three months of 2024 was 2.0 million tonnes compared to 2.8 million tonnes for the same period of the previous year. The 30% decrease was associated with outpacing strip mining. Amount of stacked in stockyards ore allows stockpiling for processing on schedule.

·         Doré gold production increased by 9% year-on-year to 845 kg. The production growth was driven by smooth work of heap leaching plants during the winter and above plan stockpiling in 2023.

·         Sales of gold were 1,107 kg having increased by 32% compared to the same period of the last year.

 

Tin division

·         Ore mining improved by 20% year-on-year to 257 thousand tonnes for 1Q2024. It was primarily driven by the renewal of underground machinery fleet and drilling rigs under the current modernisation programme in the tin division.

·         Ore processing reached 216 thousand tonnes, 15% increase against the same period of the last year.

·         Production of tin in concentrate comprised 617 tonnes for 3M2024 and decreased by 5% year-on-year; production of copper in concentrate rose by 92% and reached 566 tonnes; production of tungsten in concentrate comprised 11 tonnes against 31 tonnes year earlier. Changes in metals production volumes are due to planned changes in composition of mined ore.

 

Sales

·         The 3M2024 revenue from gold sales was 6.7 billion Russian roubles and increased by 77% compared to the same period of the last year. The growth in revenue was driven by 32% increase in sales volume and by 33% increase in the average realised gold price year-on-year.

·         The 1Q2024 revenue from sales of tin, tungsten and copper concentrates comprised 1.4 billion Russian roubles against 0.8 billion Russian roubles year earlier. The growth in revenue was attributed to increase by 95% in volume of concentrates sales.

·         The total revenue from sales of gold and tin, tungsten, copper concentrates for 1Q2024 was 8.1 billion Russian roubles, 78% increase year-on-year.

 

Gold Division Results

3M2023

3M2024

Change

Run-of-mine material, million m³

6.4

6.4

0%

Ore mined*, million tonnes

2.8

2.0

-30%

Doré gold produced, kg

777

845

9%

Gold sold, recorded in the IFRS consolidated financial statements, kg

836

1 107

32%

* on dry weight basis


Tin Division Results

3M2023

3M2024

Change

Ore mined, thousand tonnes

214

257

20%

Ore processed, thousand tonnes

188

216

15%

Tin in concentrate produced, tonnes

652

617

-5%

Tungsten in concentrate produced, tonnes

31

11

-65%

Copper in concentrate produced, tonnes

294

566

92%

 

 


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