Dundee has extracted record amount of gold from Ada Tepe in 2023

Dundee Precious Metals Inc. announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter in Namibia for the three and twelve months ended December 31, 2023.

Our mining operations continue to deliver strong results, with Ada Tepe achieving record gold production and Chelopech achieving its annual guidance for gold and copper production,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals. “We also continued our track record of strong sustainability performance, ranking in the 91st percentile among mining and metals companies in the 2023 S&P Global corporate Sustainability Assessment for the third consecutive year.”

“In December 2023, we announced the acquisition of Osino Resources, which adds the advanced stage, multi-million ounce Twin Hills project in Namibia to our portfolio, and declared a maiden Mineral Resource estimate at our Čoka Rakita project in Serbia, which further positions DPM as an intermediate gold producer with a growth pipeline supported by two new high-quality gold discoveries.”

Operating Highlights

Ada Tepe continued to deliver impressive operating performance, producing a record 35,200 ounces of gold during the fourth quarter. In 2023, Ada Tepe produced 134,200 ounces of gold, achieving a new record for annual gold production and its annual gold production guidance.

In the fourth quarter, Chelopech produced approximately 41,900 ounces of gold and 8.2 million pounds of copper, in-line with expectations. In 2023, Chelopech produced approximately 161,900 ounces of gold and 30.5 million pounds of copper, within its annual guidance for gold and copper production. In November 2023, DPM announced a mine life extension to 2032, an optimized life of mine plan, and updated Mineral Resource and Mineral Reserve estimate for the Chelopech mine. The updated LOM adds approximately 128,000 ounces of recovered gold and 9 million pounds of recovered copper between 2024 and 2032. During this period, LOM gold grade and copper grades increased by 5% and 3%, respectively, and recoveries for gold increased by 5%.1

The Tsumeb smelter processed approximately 67,900 tonnes of complex concentrate during the fourth quarter, achieving near record-level performance. Tsumeb’s improved operating performance reflects the successful completion of maintenance activities in the off-gas system, which were undertaken in the third quarter during the Ausmelt furnace shutdown. In 2023, Tsumeb processed approximately 188,800 tonnes of complex concentrate, below the annual guidance range a result of unplanned downtime and the Ausmelt furnace maintenance, which was extended in order to complete repairs to the off-gas system, as previously reported.

Source: Press Release