Dundee Precious Metals Announces Q2 2017 Production Results
TORONTO, ONTARIO--(Marketwired - July 10, 2017) - Dundee Precious Metals Inc. (TSX:DPM) ("DPM" or "the Company") announced its mine and smelter production results for the three and six months ended June 30, 2017 and confirmed the timing of the release of second quarter 2017 operating and financial results, together with the related conference call and webcast.
"The Chelopech mine continues to perform better than expected with strong production in the quarter," said Rick Howes, President and CEO. "Tsumeb also delivered improved operating performance and is on track to achieve its production guidance. At Krumovgrad, construction of our gold project is proceeding well and we still expect production to begin in the fourth quarter of 2018."
Second quarter and year-to-date 2017 mine and metals production at the Chelopech mine and complex concentrate smelted at the Tsumeb smelter are provided below.
|Chelopech||Tsumeb||Year 2017 Consolidated Guidance 1|
|Q2 2017||YTD 2017||Q2 2017||YTD 2017|
|Ore milled ('000s tonnes)||584.8||1,125.4||-||-||2,040 - 2,200|
|Metals contained in concentrate produced|
|Gold ('000s ounces)||53.5||99.8||-||-||157 - 174|
|Copper (million pounds)||8.7||16.8||-||-||33.7 - 37.0|
|Payable metals in concentrate sold|
|Gold ('000s ounces)||37.9||81.4||-||-||135 - 150|
|Copper (million pounds)||6.8||15.1||-||-||32.0 - 35.0|
|Complex concentrate smelted ('000s tonnes)||-||-||60.6||102.2||210 - 240|
|1||As disclosed in Management's Discussion and Analysis ("MD&A") for the period ended December 31, 2016 and issued on February 15, 2017.|
Gold production at the Chelopech mine during the second quarter benefited from gold grades being higher than anticipated in the zones mined while copper production was in line with the mine plan. Chelopech is expected to achieve the upper end of its 2017 production guidance.
Smelter throughput in the quarter was at targeted levels with the smelter demonstrating improved stability and performance following the implementation of several operational initiatives, which more than offset reduced oxygen availability for 18 days with an unplanned outage of the high pressure oxygen plant. A new matte holding vessel was successfully commissioned during the quarter and is expected to provide additional operating stability and further enhance smelter performance. The smelter remains on track to achieve 2017 guidance with the next Ausmelt furnace relining not expected prior to 2018.
At Krumovgrad, earthworks continue to progress in accordance with the project implementation plan, with first concrete poured in April as planned. Installation of major equipment foundations will continue through the third quarter and the project remains on track for commencement of operations in the fourth quarter of 2018.
2017 guidance will be reviewed and updated, as appropriate, in conjunction with the release of our second quarter operating and financial results on July 27, 2017.
Second Quarter Results
The Company's second quarter 2017 operating and financial results are expected to be released after market close on Thursday, July 27, 2017. The press release, MD&A and consolidated financial statements will be posted on SEDAR at www.sedar.com and on the Company's website at www.dundeeprecious.com.
The Company will hold a call and webcast to discuss its second quarter results on Friday, July 28 at 9:00 am EST. The call will be hosted by Rick Howes, President and Chief Executive Officer, who will be joined by Hume Kyle, Executive Vice President and Chief Financial Officer, together with other members of the executive management team. The call will be accessible via a live webcast and by telephone.
|Second Quarter 2017 Call and Webcast (Listen/View only)|
|Date:||Friday, July 28, 2017|
|Time:||9:00 am EST|
|Canada and USA Toll Free:||1-877-497-0577|
|Outside Canada or USA:||647-427-7580|
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold and exploration properties located in Bulgaria, Serbia, Armenia and Canada, including the Krumovgrad gold project, which started construction in the fourth quarter of 2016 and is expected to commence production in the fourth quarter of 2018, and its 10.5% interest in Sabina Gold & Silver Corp.