Gold miner Seligdar boosts EBITDA 29% to $86 mln in 2011
MOSCOW. July 18 (Interfax) - Russian gold mining group Seligdar increased consolidated revenue to IFRS by 39.5% to $168.96 million in 2011, the company reported in a statement.
EBITDA grew 28.8% to $85.99 million.
Seligdar's total debt on bank loans stood at $140.64 million as of December 31, 2011, down by $15.7 million from a year earlier. The debt includes loans from Sberbank and Unicredit, the company said.
Seligdar was Russia's eleventh largest gold miner in 2011, with output of 3,026 tonnes, according to the Union of Russian Gold Producers.
The Seligdar group, formed in 2008 on the basis of the eponymous prospector cooperative, holds the licenses to 12 gold deposits in Yakutia, as well as assets in Altai Territory, the Orenburg Region and Buryatia. The group includes OJSC Seligdar Gold, LLC Orenburg Mining Company, LLC Poisk, LLC Evroart, LLC Sininda-1, LLC Ryabinovoye and CJSC Lunnoye.
Seligdar's shareholders are Russkiye Fondy Investment Group with about 40%, management with about 30%, and Russian and foreign portfolio investors with about 30%, according to the company.