Dundee Precious Metals extracts record amount of gold from Ada Tepe

Dundee Precious Metals extracted a record amount of gold from its newest mine in Bulgaria – Ada Tepe. Together with the amounts from its other mine in the country – Chelopech – the enterprise has mined nearly 75 thousand ounces of gold in the period July – September. Both mines have recorded gold and copper output results, which are in line with production guidelines set at the start of the year.

According to company data, Ada Tepe produced 33.8 thousand ounces of gold in the third quarter of 2023, which is more than in any previous quarter since the mine came into operation three years ago.

The volume of gold produced is about 60% higher than the third quarter of last year and about 6% higher than the previous quarter, which was also strong.

In the third quarter, we continued our strong operating results, with Ada Tepe achieving a new quarterly gold production record and Chelopech delivering stable production in line with our expectations," said David Rae, President and CEO of the Canadian company.

The Ada Tepe results are on track to meet the mine plan's 2023 production targets.

Chelopech – Dundee Precious Metals’ older mine in Bulgaria – produced 40.3 thousand ounces of gold, which was slightly below the previous quarter's result, and the year-on-year comparison. Still, the mine produced 3.3 thousand tons of copper and is also on track to meet the set targets for the year.

Translated by Tzvetozar Vincent Iolov