What Auriant Mining AB does

Auriant Mining AB is a Swedish junior mining company focused on gold exploration and production in Russia. Founded in 2004 and headquartered in Stockholm, the company operates four assets across the Republics of Tyva and Khakassia and the Zabaikalsky region: two producing mines (Tardan and Staroverinskaya), one development-stage project (Kara-Beldyr), and one early-stage exploration license (Uzhunzhul). Total reserves and resources stand at approximately 48,058 kg (1,545 thousand oz) of gold as of January 2025, with 2024 production of 554.0 kg (17,811 oz).

The company's core technology stack is conventional hard-rock gold mining combined with modern processing. The Tardan Carbon-in-Leach (CIL) plant, commissioned in Q3 2019, achieves over 90% gold recovery — a 30% improvement over the prior heap-leach method — and is positioned as more environmentally friendly. Alluvial operations at Staroverinskaya are outsourced to contractor Urumkan under a royalty arrangement (Auriant receives 18.6% net sales). The company holds Russian subsoil use licenses across its asset base and a 3.5% Net Smelter Royalty on Kara-Beldyr following its 2014 buyout of Centerra Gold's 70% stake.

Auriant generates revenue by producing and selling gold doré bars (≥70% gold purity) directly to specialized precious metals refineries in Russia, where the doré is refined into pure gold and sold into commodity markets. Pricing is fully determined by global gold spot prices, with no disclosed per-unit pricing or branded product. The company was previously listed on Nasdaq First North Growth Market in Stockholm but was delisted at its own request on 3 February 2025, returning to private status with controlling shareholder Bertil Holdings Limited (52.21%) led by Chairman Preston Haskell. Its stated long-term strategy is to act as a consolidation vehicle for Russian gold assets while diversifying, over time, into other minerals and geographies.

Name

Auriant Mining AB

Legal name

Auriant Mining AB (publ.)

Website

https://auriant.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Auriant Mining AB is a Swedish junior gold producer operating two producing mines (Tardan, Staroverinskaya) plus the Kara-Beldyr development and Uzhunzhul exploration asset in Russia, selling doré bars to Russian refineries and holding ~1,545 koz of reserves and resources.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Smelting & Refining (IMAKAEAE), Silver Mining (IMAKAEAB), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Gold mining
• Gold exploration
• Gold production
• Precious metals mining
• Mineral extraction

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Others

Revenue model

1. Gold Production and Sales: Auriant Mining generates revenue primarily through the production and sale of gold doré bars. Gold doré (containing not less than 70% gold, along with copper, iron, and silver) is shipped to specialized precious metals refineries in Russia where it is refined to pure gold. The company also holds a Net Smelter Royalty (NSR) of 3.5% on any future mineral production from the Kara-Beldyr deposit.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Auriant Mining AB produces and sells gold doré bars from two operating hard-rock gold mines (Tardan and Staroverinskaya) in Russia, using Carbon-in-Leach (CIL) processing and heap leaching. The company also holds a development-stage asset (Kara-Beldyr) and an early-stage exploration license (Uzhunzhul), with total 2024 gold production of 554.0 kg (17,811 oz) sold directly to Russian precious metals refineries.

Product overview

Auriant Mining AB is a Swedish junior mining company focused on gold exploration and production in Russia. The company operates four assets: two producing gold mines (Tardan and Staroverinskaya/Solcocon) utilizing CIL and heap leaching processing technologies, one advanced exploration project (Kara-Beldyr), and one early-stage exploration license (Uzhunzhul). The company's operations span Zabaikalye, the Republic of Khakassia, and the Republic of Tyva in Russia, with total 2024 gold production of 554.0 kg (17,811 oz).

Differentiator

Problem solved

Functional benefit

Products and services

• Tardan Gold Mine Operating hard-rock gold mine in the Republic of Tyva, Russia, utilizing Carbon-in-Leach (CIL) processing and heap leaching for gold extraction. Produces gold doré bars sold to Russian precious metals refineries.
• Staroverinskaya (Solcocon) Gold Mine Operating gold mine in Zabaikalsky region, Russia, producing gold through both hard-rock mining and outsourced alluvial operations (managed by contractor Urumkan under a net sales royalty arrangement).
• Kara-Beldyr Project Advanced exploration/development gold project in the Republic of Tyva with GKZ-approved resources of approximately 842,000 oz of gold, currently obtaining mining and processing permits with planned construction commencement in 2026.
• Uzhunzhul License Early-stage gold exploration property in the Republic of Khakassia, Russia, covering 134 km2 with multiple gold occurrences including Yurkovsky, Vostochny, and Paraspan.

Quantifiable outcome

• Gold production of 554.0 kg (17,811 oz) in 2024
• +2 more outcomes

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Centerra Gold Inc.coreStrategic or Co-development Partner · 1 January 2008In 2008, Auriant Mining (then Central Asia Gold) entered into a joint venture agreement with Canada's Centerra Gold Inc. to explore and develop the Kara-Beldyr greenfield gold deposit in the Republic of Tyva. Centerra Gold would earn in by continuing exploration activities, gradually increasing its stake to 70%. In 2014, Auriant bought out Centerra's stake in exchange for future Net Smelter Royalty (NSR) payments of 3.5% on any mineral production from Kara-Beldyr. The Kara-Beldyr resources were approved by Russia's State Reserve Committee (GKZ) in April 2019.
• UrumkancoreStrategic or Co-development PartnerIn 2012, Auriant Mining outsourced all of its alluvial mining operations at the Staroverinskaya (Solcocon) license area to Urumkan, an experienced alluvial mining operator. Under this arrangement, Auriant receives a net sales royalty of 18.6% while Urumkan is responsible for all mining operations. This partnership enabled a tripling of alluvial gold production in 2013 compared to 2012.
• Edison Investment ResearchminorGTM or Marketing PartnerEdison Group publishes investment research and analyst coverage on Auriant Mining, including multiple reports covering production performance, strategy updates, and valuation analysis from 2018 to 2021.
• Mangold InsightminorGTM or Marketing PartnerMangold Insight provides commissioned research coverage on Auriant Mining, including a 2020 research report. Mangold also sponsored investor days in which Auriant participated.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Petropavlovsk plc: London-listed junior gold producer with primary operations in Russia (Amur region), producing several hundred thousand ounces annually. Direct comparable given Russian-focused hard rock and alluvial gold mining, similar scale, and shared exposure to Russian geopolitical and regulatory risk.
• Highland Gold Mining: UK-listed mid-tier gold producer with assets concentrated in Russia (Khabarovsk, Zabaikalsky, Chukotka). Operates hard rock gold mines in similar Russian Far East geographies to Auriant, including adjacent Zabaikalsky region, and sells refined gold to similar off-takers.
• Nordgold: Major Russian-headquartered gold producer with mines across Russia and West Africa, producing over 1 Moz annually. Comparable as a Russian-domiciled gold miner with both open-pit and underground operations; larger scale but operates in the same Russian mining ecosystem and gold doré distribution channels.
• Centerra Gold Inc. Canadian mid-tier gold producer and former JV partner of Auriant at Kara-Beldyr. Comparable as a junior-to-mid-tier gold miner with interests in former Soviet/CIS geographies and similar CIL/heap leach processing expertise.
• Yuzhuralzoloto Group of Companies (YuGC): One of Russia's largest privately held gold producers, with hard rock and alluvial operations across multiple Russian regions. Comparable for Russian-domiciled gold mining, doré production, and consolidation strategies across the Russian gold sector.
• Polymetal International: London-listed precious metals miner with primary operations in Russia and Kazakhstan, producing gold and silver. Direct comparable for doré-bar production, hard rock and refractory ore processing, and exposure to Russian regulatory and tax regimes.
• Seligdar: Russian-listed gold and tin producer with hard rock mining operations in Yakutia and other regions. Comparable as a mid-tier Russian precious metals miner with multiple operating assets and exploration pipeline.

Broad incumbents

• Pan American Silver Corp. Major silver and gold producer with diversified Latin American operations. Broadly comparable as a precious metals miner producing doré bars containing gold and silver byproducts, though at significantly larger scale and in different geographies.
• Eldorado Gold Corporation: Canadian mid-tier gold producer with operations in Turkey, Greece, and Canada. Comparable as a mid-tier gold miner of similar scale with multi-asset portfolios, doré production, and CIL processing; differs geographically but competes for the same junior-miner investor pool.

Others

• VTB Bank: Russian state-owned bank that provided financing for Auriant's Tardan CIL plant construction. Included as an ecosystem participant given its role as a key financial counterparty and indirect gatekeeper to Auriant's Russian operations.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/follow

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Auriant Mining AB