Dundee Precious Metals’ production from its Bulgarian Chelopech gold-copper mine and Ada Tepe gold mine exceeded analysts’ expectations and is on track to reach 2022 guidance ranges, while that its Namibian Tsumeb smelter is undergoing a guidance review following unplanned downtime.
The Company’s consolidated gold production for the quarter was 72,900 ounces (Chelopech: 49,200 ounces; Ada Tepe: 23,700 ounces), which exceeded Canaccord Genuity Capital Markets guidance of 64,000 ounces and National Bank of Canada Financial Markets 68,300 oz.
That brought the company’s first-half gold production to 136,000 ounces, which is 54% of the lower end of the benchmark range of 250,000 to 290,000 ounces, CG noted.
Dundee’s copper production from Chelopech for the three months was 8.8 million pounds. This brought first-half production to 16.5 million pounds, which compares with the full-year forecast of 32-37 million pounds.
Dundee said the Tsumeb smelters processed around 21,100 tonnes of complex concentrate during the quarter, reflecting unplanned downtime due to water leaks which were resolved during scheduled maintenance.
“This 45-day shutdown included additional maintenance to the gas venting systems and bag filters, which should improve operational performance going forward,” Dundee said.
It plans to release updated guidelines for the foundry on July 28.
Dundee’s share price was C$6.01 (US$4.61) on July 11. The company has a market capitalization of CA$1.15 billion.