What Seligdar does

Seligdar PJSC is a Russian polymetallic mining holding company that produces gold and tin, with associated tungsten and copper concentrates as by-products. The group operates two main divisions: a Gold Division with seven mining and processing complexes across the Republic of Sakha (Yakutia), Altai Region, and Buryatia (including Nizhne-Yakokitskiy, Ryabinovy, Samolazovskiy, Sininda, Podgolechny, Poisk, and Yurskiy), and a Tin Division through subsidiary Rusolovo PJSC operating the Pravourmiyskiy and Solnechny complexes in Khabarovsk region. Core processing technologies include heap leaching, gravity concentration, flotation, and a proprietary ore thermal treatment facility at Samolazovskoye that lifts gold recovery from refractory ores from an industry-standard 20-30% to 90% at cyanidation; the company is also piloting cassiterite flotation and bioleaching processes. Total reserves stood at 285.1 tonnes of gold (B+C1+C2) and 412.1 thousand tonnes of tin as of January 2025, and 2024 production was 7.62 tonnes of gold and 2,466 tonnes of tin in concentrate.

The company monetizes output through direct sales of doré gold bars, gold concentrates, and tin/tungsten/copper concentrates to Russian refineries, metallurgical processors, and commodity exchanges at prevailing market prices. In parallel, Seligdar pioneered Russia's first gold-denominated corporate bonds (GOLD01, GOLD02 series, 2022-2023) and a silver bond issuance in 2024, listed on Moscow Exchange, creating a gold/silver-linked capital-markets revenue stream and product line. Customers are commodity buyers rather than named enterprises; the company serves metal commodity markets and Russian investors seeking inflation-hedged instruments. Seligdar is publicly listed on Moscow Exchange (ticker SELG), included in the MOEX Russia Index and RTS Index since September 2023, with Maximus LLC as controlling shareholder (42.44% of capital, 50.0001% of ordinary shares since 2023). Major growth projects include the Khvoyny processing complex (completed 2024, 3 Mt ore/year, 2.5 t Au/year) and the Kyuchus Arctic-zone deposit (175 tonnes gold reserves, targeted 250-280 tonnes after further exploration), with a 40-year Small Modular Reactor power supply agreement signed with Rosatom (Rusatom Overseas) in 2022 to support Kyuchus development from June 2028.

Name

Seligdar

Legal name

Seligdar PJSC (ПАО Селигдар)

Website

https://seligdar.ru

Company type

Public

Founded year

1975

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Seligdar PJSC is a Russian polymetallic mining holding that produces gold and tin concentrates from nine production complexes across seven Russian regions, selling doré bars and concentrates to refineries and commodity exchanges while also issuing Russia's first gold-denominated bonds on Moscow Exchange.

Ownership category

akta.pro rank

Product category

Gold and Tin Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Metal Ore Mining (2122)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Smelting & Refining (IMAKAEAE), Precious Metals Bullion & Concentrates Trading (Gold, Silver, PGM) (IMAKAJAD)

Keywords

• Gold mining
• Tin mining
• Polymetallic ore processing
• Refractory ore extraction
• Precious metals production

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Gold sales: Sale of doré gold bars and gold concentrates from gold mining operations in Yakutia, Altai Region, and Buryatia. Gold sales recorded in IFRS consolidated revenue.
2. Tin concentrate sales: Production and sale of tin concentrates from Pravourmiyskoye and Festivalnoye deposits in Khabarovsk region, along with associated tungsten and copper concentrates.
3. Gold bonds: Seligdar pioneered gold-denominated bonds in Russia. GOLD01 (2023), GOLD02 (2023), GOLD03 (2024) series bonds with par value tied to gold price, offering savings instruments denominated in gold.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Seligdar is a polymetallic holding company operating two main divisions: the Gold Division, which extracts gold from ore deposits via heap leaching and a proprietary thermal treatment facility (lifting gold recovery at cyanidation from 20-30% to 90%) at operations in Yakutia, Altai, and Buryatia, and the Tin Division, which produces tin, tungsten, and copper concentrates from the Pravourmiyskoye and Solnechny mining complexes in the Khabarovsk region. The company sells gold doré bars, gold concentrates, and tin/copper/tungsten concentrates directly to commodity exchanges, refineries, and metallurgical processing facilities in Russia.

Product overview

Seligdar PJSC is a Russian polymetallic holding company specializing in gold and tin mining operations. The company operates two main divisions: the Gold Division (extracting gold via heap leaching, thermal treatment, bioleaching, and gravity processing) and the Tin Division (producing tin, tungsten, and copper concentrates). Key products include doré gold and various metal concentrates. Major mining assets include Nizhne-Yakokitskiy, Ryabinovy, Samolazovskiy, Sininda, Poisk, Yurskiy (gold), Pravourmiyskiy and Solnechny (tin). Major growth projects include the Kyuchus gold deposit (175 tonnes reserves) and Khvoyny processing complex. The company also offers specialized technologies including thermal treatment for refractory ores and cassiterite flotation for tin extraction.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold doré bars Refined gold bars (doré) produced from ore mining and processing operations, sold directly to Russian refineries and metal exchanges. Doré is an intermediate product of gold mining that requires further refining into pure gold.
• Gold concentrates Processed gold-bearing ore concentrates produced from mining operations in Yakutia, Altai Region, and Buryatia, sold to refineries for final gold extraction.
• Tin concentrates Tin concentrates produced from the Pravourmiyskoye and Solnechny mining complexes in the Khabarovsk region, sold to metallurgical processing facilities for tin smelting and refining.
• Tungsten concentrates Tungsten concentrates produced as a co-product of tin mining at the Khabarovsk-region operations, sold to metallurgical processors for tungsten refining.
• Copper concentrates

Quantifiable outcome

• Gold production target: 20 tonnes annually by 2030
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• IrgiredmetcoreStrategic or Co-development Partner · 1 January 2024Leading Russian research institution engaged to identify optimal processing technology for Kyuchus gold deposit. One of multiple research partners including Russian and international organizations.
• UralmekhanobrcoreStrategic or Co-development Partner · 1 January 2024Leading Russian research institution engaged for technical-economic evaluation and comparison of processing technologies for Kyuchus deposit.
• NIETZ Technologies (MISIS University)coreStrategic or Co-development Partner · 1 January 2024National University of Science and Technology MISIS engaged for research on improving gold recovery from Kyuchus deposit. Joint research completed in 2024 achieved 5-7% higher recovery rates.
• BGRIMM Technology (China)coreStrategic or Co-development Partner · 1 January 2024Chinese company with practical experience in developing deposits similar to Kyuchus. Verification tests for cassiterite flotation technology conducted at Beijing research institute.
• REDCO Mining Consultants (Chile)coreStrategic or Co-development Partner · 1 January 2024Chilean mining consulting company with international experience in similar deposit development, part of international consortium for Kyuchus.
• SPb-Giproshakht LLC (Russia)coreStrategic or Co-development Partner · 1 January 2024Russian engineering company part of international consortium studying Kyuchus deposit development options.
• Yakutskgeologiya JSC (RosGeo subsidiary)minorStrategic or Co-development Partner · 1 January 2023Joint exploration work at Chulkovskaya area gold deposit in Yakutia. Exploration completed 3 months ahead of schedule with 110 thousand running meters drilled.
• Rosatom (Rusatom Overseas JSC)coreStrategic or Co-development Partner · 20 January 2022Agreement for supply and consumption of energy from Small Modular Reactor (SMR) Nuclear Power Plant for Kyuchus development. 40-year energy supply period starting June 2028, minimum 35 MW nuclear-generated electricity.
• Rosgeologia JSCminorStrategic or Co-development Partner · 1 January 2022Joint geological survey and exploration agreement at Khokhoy ore field in Aldan district, Yakutia. Seligdar owns 75% of Khatirkhay LLC pursuing this project.
• AtomredmetzolotominorStrategic or Co-development Partner · 1 January 2022Joint venture established in 2006 for exploration of Lunnoye deposit in Elkon gorst, Yakutia. Seligdar Gold became the operator of the joint venture.
• Moscow Institute of Physics and Technology (MIPT)minorStrategic or Co-development Partner · 1 January 2021Talents to Regions educational project supporting industry specialists training. Seligdar provides financial aid and scholarships for students under this program.
• North-Eastern Federal University (NEFU)minorStrategic or Co-development Partner · 1 January 2021Agreement on development of engineering education and industry specialists in Yakutia, supporting Talents to Regions project.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Eldorado Gold: Eldorado Gold operates gold mines in Greece, Turkey, and Canada, with relevant experience in refractory ore processing and gold doré/concentrate output. Comparable to Seligdar on technology profile and mid-tier gold miner scale.
• Kinross Gold: Kinross is a global mid-tier gold producer with diversified operations across the Americas and West Africa. Comparable to Seligdar in mid-cap gold-mining profile, heap leach and refractory ore processing experience, and gold doré/concentrate product mix.
• Yunnan Tin Group: Yunnan Tin is one of the world's largest integrated tin producers with mining, smelting, and refining operations. Comparable to Seligdar's tin strategy (mining through refining) and global tin supply relevance.

Direct peers

• Petropavlovsk PLC: Petropavlovsk operates gold mines in the Amur region of Russia with refractory ore processing (pressure oxidation, BIOX). Directly comparable to Seligdar on Russian geography and refractory-ore processing technology.
• Highland Gold Mining: Highland Gold is a Russian-focused mid-cap gold producer with operations in Khabarovsk, Buryatia, and Chukotka — overlapping directly with Seligdar's regional footprint and polymetallic style of operations.
• Minsur: Minsur is the largest tin miner globally and operates integrated tin mining and refining. Directly comparable to Seligdar's tin division (Rusolovo PJSC) on product (tin concentrate/refined tin), vertical integration strategy, and small group of global tin producers.
• Polyus: Polyus is Russia's largest gold miner and the most direct domestic competitor to Seligdar. Both operate gold mines across multiple Russian regions, sell doré and gold concentrate, and are publicly listed in Russia — making Polyus the closest comparable on asset base, market, and regulatory regime.
• Nordgold: Nordgold is a private gold miner with significant Russian assets (e.g., Gross, Suzdal) alongside West African operations. Highly comparable to Seligdar in terms of gold-only production profile, refractory ore processing needs, and CIS operating exposure.
• Polymetal International: Polymetal is a major Russian/CIS-focused gold and silver producer with a polymetallic portfolio similar to Seligdar's gold-tin model. Comparable across target commodity mix (precious + base), processing complexity, and Russian/CIS operating geography.

Emerging players

• B2Gold: B2Gold is a mid-tier gold producer with a focus on heap-leach operations across Africa and the Americas. Comparable to Seligdar on heap-leach gold processing at multiple sites and mid-cap gold miner size, though operating outside Russia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 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 Seligdar