production from Russian miner fell in Q1 2022, according to its latest quarterly results.

Seligdar owns and operates the and mines in the Russian Far East through its subsidiary . In the first quarter this year, the two mines produced a combined 542 tonnes of tin-in-concentrate, down 35% quarter-on-quarter and 20% lower year-on-year. According to the company, output was lower due to natural variations in the ore grade at the two mines.

Our view: The apparent grade at the two mines, based on the volume of ore processed and an estimated 70% tin , was 0.59% Sn. This is down from 0.82% in Q4 2021. On top of the lower tin grade, the first quarter is a normal seasonal low for Russian production. This is likely due to weather affecting mine production and logistics.

Sanctions on Russian metals have been well-publicised, but it is unlikely that Seligdar has been affected on the tin side. Around half of all Russian tin concentrates are smelted domestically, with the rest going to Asia where there are few sanctions against .