About the company Seligdar
Security pageSeligdar is a gold mining holding company operating in Yakutia, the Altai, the Orenburg region and the Russian Far East. Its feature that is rare for the industry is a second line of business: mining tin, a metal with an entirely different market and different demand. The shares trade on the Moscow Exchange under the ticker SELG.
What the company does
The gold business works the way it does at any miner: the company extracts the metal and sells it at the world price, and profit comes down to the cost of producing an ounce. What sets Seligdar apart is the large share of its output that comes from placer mining and heap leaching, a technology that is cheap but cannot be applied to every kind of ore.
The tin business follows rules of its own. Tin is a small market by volume with highly concentrated consumption: it goes above all into solders for electronics, so demand is tied not to jewellery but to the production of chips and circuit boards.
Debt policy deserves a separate mention: the company has raised funds through bonds whose face value is linked to the price of gold. Such debt becomes more expensive together with the metal — that is, exactly when revenue is rising too, which makes the burden more predictable than that of an ordinary foreign-currency loan.
Business lines
Gold mining
Hard-rock and placer deposits in Yakutia, the Altai, the Orenburg region and the Russian Far East.
Tin business
Mining and processing of tin ore — a market tied to electronics.
Exploration
Reserve additions at operating and new sites.
History
- 1975The start of operations of a prospectors' cooperative in Yakutia, out of which the company grew.
- 2008Reorganisation into a holding company and listing on the exchange.
- 2020-еDevelopment of the tin business and the issue of bonds with a face value linked to gold.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- Two different metals in the asset portfolio.
- Growing output of tin, where global supply is limited.
Weaknesses
- Debt linked to the price of gold becomes more expensive exactly when gold rises.
- Production costs above the industry average.
- Small scale compared with the industry leaders.
Opportunities
- Gold rises in price in periods of instability and high inflation.
- Tin is in demand from the electronics industry, while its global supply is limited.
- Heap leaching makes it possible to bring into production low-grade ores that cannot be mined by the conventional method.
- Linking debt to the price of gold makes the burden more predictable when the metal rises.
Threats
- The company does not control the prices of either metal.
- Debt linked to gold grows together with the metal — when revenue falls, the burden does not decline proportionally.
- Operating in remote regions means expensive logistics and seasonal deliveries of supplies.
- The tin market is small and therefore volatile: a few large trades move the price.
Frequently asked questions
What does Seligdar do?
It mines gold at deposits in Yakutia, the Altai, the Orenburg region and the Russian Far East, and also mines and processes tin ore.
Why does a gold miner need a tin business?
It is diversification across markets: demand for tin comes from electronics, not from investment and jewellery demand, as it does for gold. The two metals rarely fall in price at the same time and for the same reason.
What are gold-linked bonds?
They are bonds whose face value is linked to the price of gold: the amount of the debt changes together with the metal. For a gold miner this is convenient — the debt becomes more expensive at the same time as its revenue grows, and vice versa.
Issuer profile
What the company does
The company is classified under the «Metals & mining» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 27 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 1402047184. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 15 securities listed: 1 share class, 14 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 12 at level 2, 2 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 1 March 2027 and the farthest on 3 January 2030. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A1062M5, with a face value of 11,441.31 ₽ per bond, maturing on 31 March 2028. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2019 and 2024 the issuer made 8 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 4.00 ₽ per security with a record date of 11 October 2024. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 2.54B ₽.
That is 53.1 % more than in 2024, when revenue was 1.66B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 2.17B ₽.
Of every unit of revenue, 85.2 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 32.87B ₽ against total assets of 183.90B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.
Securities of this issuer
Shares1
Bonds14
- RU000A1062M5Селигдар GOLD01
- RU000A106XD7Селигдар GOLD02
- RU000A108RQ7Селигдар GOLD03
- RU000A10ABK5Селигдар SILV01
- RU000A10B1X2Селигдар 001Р-02
- RU000A10B933Селигдар 001Р-03
- RU000A10C5K9Селигдар 001Р-05
- RU000A10C5L7Селигдар 001Р-04
- RU000A10D3S6Селигдар 001Р-06
- RU000A10D3X6Селигдар 001Р-07
- RU000A10DTA2Селигдар 001Р-9
- RU000A10DTF1Селигдар 001Р-08
- RU000A10EC22Селигдар 001Р-10
- RU000A10EXW6Селигдар 001Р-11