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Dundee sees strong production in Q3

Chelopech mine. Credit: Dundee Precious Metals

During the third quarter of 2021, Dundee Precious Metals (TSX: DPM) continued to deliver strong operating performance at both of its mines in Bulgaria, as well as improving smelter performance, according to president and CEO David Rae.

Preliminary production results released on Friday showed that the gold miner produced 71,000 oz during the three-month period, placing the company on track to achieve its full-year guidance of 271,000-317,000 oz.

Ada Tepe, which entered commercial production in June 2019 and was Bulgaria’s first greenfield mine in 40 years, continued its track record of strong performance in the third quarter, producing approximately 33,300 oz gold. The production was better than planned as a result of higher-than-expected gold grades.

The Chelopech underground mine also performed well during the third quarter, producing approximately 38,400 oz gold plus 8.4 mlb copper, reflecting the mining of lower copper and gold grade zones.

Both Chelopech and Ada Tepe are on track to achieve their respective 2021 production guidance.

Meanwhile, the Tsumeb smelter in Namibia processed approximately 55,100 tonnes of complex concentrate during Q3, in line with recent quarterly performance but below expectation.

As a result of a water leak in the off-gas system, which has the potential to result in additional unplanned maintenance downtime, Tsumeb is expected to be at or below the low end of the guidance range of 200,000-220,000 tonnes for 2021.

With regards to its newly acquired Loma Larga gold property in Ecuador, Dundee has been focused on integration activities, stakeholder engagement, and a review of the technical studies and permitting schedule for this advanced-stage project.

A program focused on geotechnical drilling, condemnation drilling at the planned location of facilities and extensional exploration drilling is expected to begin at Loma Larga in the fourth quarter of 2021.

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