Russian gold mining company PJSC Yuzhuralzoloto has posted a net loss of 6.013 billion rubles for the first nine months of 2026.
The net loss at the producer widened 1.2 times compared to the same period last year, according to a corporate financial statement cited by the RIA Novosti news agency.
Despite the increased loss, the miner achieved substantial top-line growth over the three quarters. Total revenue surged nearly threefold to 32.442 billion rubles, up from the first nine months of the previous year.
Higher revenues were accompanied by escalating production expenses. The company reported that its cost of sales increased 1.4 times to reach 27.243 billion rubles, while gross profit jumped more than twofold to 2.413 billion rubles.
Shift in balance sheet liabilities
The corporate filing highlighted a significant realignment in the balance sheet at Yuzhuralzoloto, which is also known as UGC. Long-term obligations dropped by half to 20.884 billion rubles, down from 41.204 billion rubles recorded at the end of last year.
In contrast, short-term obligations climbed much more steeply. Near-term liabilities expanded from 43.142 billion rubles to 72.913 billion rubles over the nine-month period, placing higher immediate borrowing demands on the business.
The shift in liabilities follows a credit downgrade announced last month by the Analytical Credit Rating Agency, known as ACRA. The agency lowered the credit rating of Yuzhuralzoloto to AA-(ru) with a stable outlook, while removing the enterprise from its watch list.
ACRA attributed the rating decision to deteriorating evaluations of the miner's production costs and its heavier debt burden. Credit agencies assess corporate debt structures to monitor the capacity of industrial firms to meet their ongoing financial commitments.
Nationalisation and state auction
Yuzhuralzoloto ranks among the largest gold mining enterprises in Russia, running extraction pits and processing facilities across the Chelyabinsk region, the Krasnoyarsk territory, and the Republic of Khakassia. The company extracts gold through both open-cast mines and underground operations.
The gold producer was transferred into state hands in July last year after a court ordered its nationalisation. The judicial ruling followed legal claims submitted by the Russian Prosecutor General's Office against the company's owner, billionaire Konstantin Strukov.
The Russian government subsequently moved to return the mining business to private ownership. In June this year, infrastructure engineering company JSC BTS-Most Holding was selected as the winning bidder in a state-run auction.
Securing a buyer required substantial financial compromises from the authorities. The Federal Agency for State Property Management, known as Rosimushchestvo, had originally sought 162 billion rubles for the enterprise, but was forced to reduce the valuation to 93.1 billion rubles to complete the sale.
