Seligdar starts selling gold on Moscow Exchange, ready to enter retail market given legal framework

MOSCOW. March 30 (Interfax) - Russian mining group Seligdar has become a participant in the precious metals market on the Moscow Exchange and tested this sales channel.

The company has already sold "more than a hundred kilograms" on the exchange, Seligdar board chairman Alexander Khrusch said on BCS Live. "Fast, fairly liquid," he said about the transactions.

He said Seligdar is generally interested in expanding its sales channels. Gold prices reached a favorable level for the company by the end of 2022 and Seligdar sold off all of its inventory, but in general most gold miners began to pursue a "new business strategy" last year, he said.

"We started working on marketing gold, meaning we became engaged in selling it. While before we were engaged in sales selling only to banks, today we have a wide gamut," Khrusch said.

Seligdar is even prepared to sell gold directly to retail customers if the legal framework is created for this. "Yes, we'd really like to," Khrusch said when asked if the company would enter the retail market.

"But legislation needs to be revised for this. It probably makes sense to do this, but it hasn't happened yet. But as soon as it does, yes, we will be very happy to sell," Khrusch said.