Seligdar reports higher gold, tin and copper output

Operational results published on 23 October showed ore production up 6% year on year to 5.8 million tonnes. Seligdar linked the increase mainly to output at the Nizhne-Yakokitskoye field, especially Khvoynoye. The Khvoynoye gold plant produced 1.1 tonnes during the period while in pilot industrial testing. Group companies produced 7,128 kilograms of doré gold, up from 6,148 kilograms a year earlier.

Physical gold sales fell to 5,809 kilograms from 6,243 kilograms, which the company attributed to its sales policy. Tin ore extraction declined 11% to 829,000 tonnes, but tin in concentrate rose 20% to 3,121 tonnes. Copper in concentrate increased 20% to 2,074 tonnes, and associated silver content rose 92% to 2.3 tonnes. Tungsten in concentrate remained at 95 tonnes. Total metal sales revenue rose 26% to RUB 77.1 billion.

Growth in the gold division’s output did not translate into higher sales volume. Doré production rose 16% to 7,128 kilograms in the nine months, while sales fell 7% to 5,809 kilograms. Seligdar attributed the gap to its sales policy and reported 1,024 kilograms of refined gold in inventory on 30 September. It valued that stock at RUB 11.522 billion using prices at the end of Q3. Production, sales and revenue therefore need to be read separately: lower sales do not mean the company mined less gold.

Khvoynoye was a notable operating change: the site produced 1.1 tonnes of gold during pilot operations. Gold ore output rose 6% to 5.770 million tonnes, while sand volume used for heap leaching fell 13% to 1.045 million cubic metres. These inputs represent different processing stages, so tonnes and cubic metres cannot be added together. The company reported that gold sales revenue increased 18% to RUB 64.4 billion, while revenue from other concentrates rose from RUB 6.5 billion to RUB 12.7 billion. Total nine-month revenue was RUB 77.1 billion.

In tin, ore production declined 11% and processing fell 5%, but concentrate output increased 20% to 3,121 tonnes. The company linked the difference to modernisation and processing changes at the Solnechny and Pravourmiysky facilities. Crossing 3,000 tonnes for the first time in a nine-month period shows that concentrate production did not move in line with ore volume. Contained copper in concentrate rose 20% to 2,074 tonnes; contained silver increased 92% to 2.3 tonnes. Seligdar associated the gain with additional flotation machines. Tungsten output was unchanged at 95 tonnes.