22 Oct 2024, 09:42

Seligdar reports 5% drop in gold production for 9M 2024

Sales of gold mined by Seligdar surged by 15% year on year to 5.67 metric tons in nine months of this year

MOSCOW, October 22. /TASS/. Gold production by Seligdar dropped by 5% annually as of the end of January - August 2024 to 5.94 metric tons, the Russian mining company reports.

Ore extraction plummeted by 33% to 6.2 tons. The decline was driven by scheduled processing of earlier mined and stockpiled ore and completion of the Lunnoe deposit development, the company stressed.

Sales of gold mined by Seligdar surged by 15% year on year to 5.67 metric tons in nine months of this year.

Revenues from sales of produced gold soared by 43% from 26.7 billion rubles ($275.7 million) in nine months of 2023 to 38.3 billion rubles ($395.5 million) in the like period of 2024. Growth in revenues was driven by an increase in produced gold sales by 15% and in the average gold selling price by 25% amid the comfortable situation on the gold market.

Tin concentrate production contracted by 22% annually to 1,751 metric tons. Ore mining added 13% to 773,000 metric tons, while oil processing ticked up by 10% to 739,000 metric tons.

Tungsten production fell by 44% to 50 metric tons in the reporting period. Copper concentrate production skyrocketed 65% to 1,435 metric tons over nine months of this year.

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