Dundee Precious Metals’ Chelopech mine and smelter, in Bulgaria, achieved another record year of gold production, at 201 100 oz, in 2018, exceeding the company’s guidance of 190 000 oz to 200 000 oz.
Moreover, copper production of 36.7-million pounds was in line with guidance of 35-million to 38-million pounds.
Chelopech’s production performance was attributed to the company realising a higher gold grade and recoveries in the mined areas.
Further, the company’s Tsumeb smelter, in Namibia, also achieved a record year of complex concentrate smelted, at 232 000 t, in line with guidance of 230 000 t to 250 000 t.
“Chelopech exceeded expectations for the year and Tsumeb continued to ramp up throughput, delivering a strong performance,” Dundee president and CEO Rick Howes said in a statement on Wednesday.
He added that as a result of the company’s Krumovgrad project, in Bulgaria, being on budget and ready to start concentrate production during the first quarter of this year, Dundee expects to deliver considerable growth in gold production and free cash flow.
The company’s fourth quarter and full-year 2018 operating and financial results are expected to be released on February 12.