Dundee Precious Metals Achieves Record Gold Production in 2020; Announces Timing of Q4/20 Financial Results

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Overig advies 11/01/2021 18:03
TORONTO, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) 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, 2020. DPM met or exceeded production guidance at each of its operations, with total gold production for the year being at the high end of the Company’s 2020 guidance range.

“2020 was another milestone year for DPM, as we delivered record gold production and met or exceeded our production guidance at each of our operations,” said David Rae, President and CEO. “Our impressive operating results throughout the year reflect outstanding efforts by our teams to effectively manage the challenges of the COVID-19 pandemic while continuing to prioritize the health and safety of our workforce and local communities.”

Preliminary Production Results

Preliminary results for the fourth quarter and full-year 2020 are provided in the table below:
processed Metals contained in concentrate produced Payable metals in concentrate sold Complex concentrate smelted
(Kt) Gold (K oz) Copper (Mlbs) Gold (K oz) Copper (Mlbs) (Kt) Q4 2020
Chelopech 541.0 38.1 7.6 37.4 7.8 -
Ada Tepe 213.4 26.1 - 25.2 - -
Tsumeb - - - - - 52.5
Consolidated 754.4 64.2 7.6 62.6 7.8 52.5
Full-Year 2020
Chelopech 2,201.2 179.6 35.6 150.8 33.4 -
Ada Tepe 890.7 118.7 - 120.1 - -
Tsumeb - - - - - 231.9
Consolidated 3,091.9 298.3 35.6 270.9 33.4 231.9
2020 full-year guidance ( 1) 2,855 – 3,092 257 – 299 35 – 40 229 – 267 33 – 38 230 – 265

(1) As disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2020, issued on November 12, 2020 and available at www.sedar.com and at www.dundeeprecious.com

Operating Highlights

Ada Tepe delivered impressive performance in 2020, producing 118,7000 gold ounces, which exceeded its gold production guidance of 94,000 to 115,000 ounces. In the fourth quarter, gold production of approximately 26,100 ounces was in-line with plan.

Chelopech continued its consistent track record in 2020, producing 179,600 ounces of gold and 35.6 million pounds of copper, achieving the high end of its gold production guidance of 163,000 to 184,000 ounces and meeting its guidance for copper production of 35 to 40 million pounds. Fourth quarter production of approximately 38,100 ounces of gold and 7.6 million pounds of copper was in-line with plan.

The Tsumeb smelter processed approximately 231,900 tonnes of complex concentrate in 2020. During the fourth quarter, approximately 52,500 tonnes of complex concentrate were processed, reflecting a 4-day shutdown following the previously announced employee fatality in November, as well as maintenance activities in the converter area of the facility. For the year, annual guidance was achieved despite the operation being impacted by a 30-day reduction in throughput related to COVID-19 during the second quarter.

To date, DPM has not experienced any material disruptions to its operations as a result of the COVID-19 pandemic. The Company continues to effectively manage the pandemic, prioritizing the health and safety of its workforce and host communities and ensuring security of its inbound and outbound supply chains.


On December 8, 2020, DPM announced a 50% increase to its quarterly dividend from US$0.02 per share to US$0.03 per share. The increase comes less than a year after the announcement of the Company’s inaugural quarterly dividend in February 2020 and reflects strong ongoing operational performance, significant free cash flow generation and a growing cash balance. The increase to US$0.03 per share will commence with the previously announced fourth quarter dividend, payable on January 15, 2021 to shareholders of record as at 5:00 p.m. Toronto local time on December 31, 2020.

Sale of MineRP

As previously announced on December 22, 2020, DPM and other shareholders of MineRP Holdings Inc. (“MineRP”) have entered into a definitive agreement for the sale of 100% of MineRP to Epiroc Canada Holding Inc., a subsidiary of Epiroc Rock Drills AB. Consideration for DPM’s fully-diluted 70% equity interest in MineRP and the repayment of DPM shareholder loans include approximately US$40 million in cash payable on closing and potential additional payments in the form of an earn-out of up to US$28.7 million, payable on the achievement of certain MineRP revenue targets in 2021 and 2022. The transaction is expected to close in late Q1 or early Q2 2021.

DPM Publishes Inaugural Climate Change Report

In-line with DPM’s focus on managing its climate change impact and its commitment to transparency, the Company is pleased to announce that it has published a report entitled “Risks and Opportunities Related to Climate Change”, its first report on the impact of climate change on DPM’s business.

The report follows the recommendations of the Task Force for Climate-related Financial Disclosure, highlights DPM’s efforts to achieve reductions in energy, water use, emissions and consumption of raw materials, and outlines the major identified risks and opportunities related to climate change. The report is available for download on our website at www.dundeeprecious.com.

Timing of Fourth Quarter 2020 Operating and Financial Results

The Company plans to release its fourth quarter and full-year 2020 operating and financial results after market close on Thursday, February 11, 2021. The news 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.

On Friday, February 12, 2021 at 9:00 a.m. Toronto local time, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. Participants are encouraged to dial into the call 15 minutes before its scheduled start time or to join via the audio webcast to reduce hold time in advance of the call.

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