Dundee exceeds its gold production targets

14 January 2021 | Business

PHILLEPUS UUSIKU

Dundee Precious Metals (DPM) has not experienced any material disruptions to its operations as a result of the Covid-19 pandemic.

The company exceeded its production targets, with total gold production for the year being at the high end of the company’s 2020 guidance range.

The preliminary production results include both of its mines in Bulgaria and Tsumeb.

“Our impressive operating results throughout the year reflect outstanding efforts by our teams to effectively manage the challenges of the Covid-19 pandemic while continuing to prioritize the health and safety of our workforce and local communities,” said David Rae, the Chief Executive Officer (CEO) of Dundee.

The Tsumeb smelter processed approximately 231 900 tonnes of complex concentrate in 2020. During the fourth quarter, approximately 52 500 tonnes of complex concentrate were processed, reflecting a 4-day shutdown following the previously announced employee fatality in November, as well as maintenance activities in the converter area of the facility, he said.

Mines in Bulgaria

Ada Tepe delivered impressive performance in 2020, producing 118 7000 gold ounces, which exceeded its gold production guidance of 94 000 to 115 000 ounces.

Chelopech continued its consistent track record in 2020, producing 179,600 ounces of gold and 35.6 million pounds of copper, achieving the high end of its gold production guidance of 163 000 to 184 000 ounces and meeting its guidance for copper production of 35 to 40 million pounds, Rae pointed out.

On December 8, 2020, DPM announced a 50% increase to its quarterly dividend from US$0.02 per share to US$0.03 per share. – [email protected]

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