Dundee Precious Metals had a rolling 2022

The Canadian-based company Dundee Precious Metals has had a robust 2022 at all its copper, gold and silver operations in Namibia and Bulgaria.

On 10 November 2022, Dundee produced 63 870 ounces of gold and 6.9 million pounds of copper, against the 2022 production guidance of 250 000 to 290 000 ounces of gold and 32 to 37 million pounds of copper.

Tsumeb Smelter in Namibia had a throughput of 63 990 tons of complex concentrate smelted, which was a near-record quarterly production level.

The company generated US$30m from operating activities and US$43.2m in free cash flow.

10 January 2022

Dundee Precious Metals Inc. released results for the three and 12 months that ended 31 December 2021.

The Tsumeb smelter (Namibia) processed 52,000 tonnes of complex concentrate during the fourth quarter, reflecting an eight-day maintenance shutdown to repair a water leak in the off-gas system. 

As a result, the smelter processed approximately 189,700 tons of complex concentrate in 2021, slightly below the revised guidance range of 195,000 to 200,000 tons.

Ada Tepe (Bulgaria) produced a record 33,800 gold ounces in the fourth quarter, slightly above plan due to higher grades. 

In 2021, Ada Tepe produced 133,000 gold ounces, at the higher end of its annual production guidance.

Chelopech (Bulgaria) produced 49,000 ounces of gold and 9.2 million pounds of copper in the fourth quarter. Gold production exceeded expectations due to mining in higher-grade gold zones and better recoveries. 

In 2021, Chelopech produced 177,000 ounces of gold, above the higher end of its annual guidance. Copper production of 34.7 million pounds was in line with annual production guidance.

17 February 2022

Dundee Precious Metals Inc. declared a first-quarter dividend of US$0.04 per common share, representing a 33% increase to its quarterly dividend.

The dividend was payable on 18 April 2022 to shareholders.

Dundee Precious Metals president and chief executive officer David Rae said the quarterly dividend increase reflected strong free cash flow generation, balance sheet strength, and commitment to delivering superior returns to shareholders through disciplined capital allocation.

17 February 2022

Dundee Precious Metals Inc. reported a record gold production of 309 965 ounces and 34,7 million pounds of copper. Gold production was higher than the 2021 guidance, while copper was in line with the guidance.

The company generated a record US$253.1m from operations and US$252.4m free cash flow. The company also reported sales of US$359.9m, an all-in sustaining cost per ounce of gold of US$657 and a cash cost per tonne of complex concentrate smelted of US$479, in line with 2021 guidance.

Dundee generated net earnings attributable to common shareholders from continuing operations of US$190.7mn and adjusted net earnings of US$202m or US$1.09 per share.

The company ended the year with US$334.4m in cash, an investment portfolio of US$48mn, an undrawn US$150m long-term revolving credit facility and no debt.

Dundee declared the first quarter dividend of US$0.04 per common share. 

For 2022, Dundee expected gold production of between 250,000 and 290,000 ounces at an all-in-sustaining cost of between US$750 and US$890 per ounce of gold, with continued solid production in 2023 and 2024, as outlined in the three-year outlook.

24 February 2022

Dundee Precious Metals Inc. suffered a drawback when it stopped drilling activities at its Loma Larga project in Ecuador after some non-governmental organisations filed a constitutional protective action against the environment ministry.

The court suspended the environmental permit pending the action hearing in early March.

25 February 2022 

The Toronto Stock Exchange accepted Dundee's notice of intention to purchase certain of its common shares through the facilities of the TSX. Under the Current Bid, Dundee sought approval to purchase up to 9 million shares. By 17 February 2022, Dundee had purchased 2,857,800 Shares under the Current Bid.

31 March 2022 

Dundee Precious Metals said the mine life extension for Chelopech had been extended to 2030, while proven and probable mineral reserves were set at 1.7 million ounces of gold and 341.9 million pounds of copper.

The updated life of mine plan included improved metallurgical recoveries, concentrate terms and a reduction in the cut-off value. Between 2022 and 2030, Dundee plans to increase production by about 286,000 ounces of gold and 47 million pounds of copper.

The total measured and indicated mineral resources, exclusive of mineral reserves, of 1.26 million ounces of gold and 270 million pounds of copper add further potential to extend mine life.

The company planned a significant drilling program for 2022, including 44,000 metres of in-mine drilling and 50,000 metres of brownfield drilling on Sveta Petka to support a commercial discovery application.

11 April 2022 

Dundee Precious Metals Inc. released preliminary production results for three months that ended 31 March 2022.

Tsumeb smelter processed about 47,200 tonnes of complex concentrate in the first quarter of 2022, below target for the quarter due to maintenance to the off-gas system and reduced baghouse capacity.

Chelopech produced 41,500 ounces of gold and 7.7 million pounds of copper in the first quarter. 

Gold production was above expectation, mainly due to higher ore processing and higher gold recovery achieved in copper concentrate, partially offset by lower recoveries in pyrite concentrate. 

Copper production was slightly below plan due to lower copper grades. Chelopech is on track to achieve 2022 guidance.

Ada Tepe produced about 21,400 ounces of gold, above expectations for the first quarter due to higher gold grade. Ada Tepe is on track to achieve 2022 guidance, with grades and production expected to be stronger in the year's second half.

4 May 2022 

Dundee Precious Metals declared a second-quarter dividend of US$0.04 per common share.

4 May 2022 

Dundee Precious Metals announced its greenhouse gas (GHG) emissions reduction targets, including commitments to reduce absolute Scope 1 and 2 emissions by 37.5% by 2035, to achieve Net Zero emissions by 2050 and to develop a Scope 3 emissions target by 2025.

The reduction targets were developed in alignment with the latest findings of the Intergovernmental Panel on Climate Change and consistent with the aspiration of remaining within a well-below two-degree threshold, as defined by the Paris Agreement. 

11 July 2022 

Dundee Precious Metals announced preliminary production results for the three and six months that ended June 30, 2022.

Chelopech produced 49,200 ounces of gold and 8.8 million pounds of copper during the second quarter, benefitting from higher gold grades and recoveries. Chelopech is on track to achieve its 2022 guidance.

Ada Tepe produced 23,700 ounces and was on track to achieve its 2022 guidance.

The Tsumeb smelter processed 21,100 tonnes of complex concentrate, reflecting unplanned downtime due to water leaks during the planned Ausmelt maintenance shutdown. 

28 July 22022 

Dundee Precious Metals released operating and financial results for the second quarter of 2022, showing production of 72,904 ounces of gold and 8.8 million pounds of copper, in line with 2022 guidance.

The company reported the cost of sales per ounce of gold sold of US$906 and an all-in-sustaining cost of US$792, supporting a year-to-date cost below the low end of the 2022 guidance range.

Delivered US$71.8 million in cash provided from operating activities and US$41.2 million of free cash flow(2);

Generated net earnings attributable to common shareholders from continuing operations of US$33.5 million or $0.18 per share and adjusted net earnings of US$33.3 million or $0.17 per share.

Ended the quarter with US$423.3 million in cash, an investment portfolio of US$35.8 million, an undrawn US$150m long-term revolving credit facility and no debt.

Dundee declared a third-quarter dividend of US$0.04 per common share and repurchased 1,598,800 common shares for a total value of US$9.5m in the first six months of 2022.

11 October 2022

Dundee Precious Metals announced preliminary production results from its mines and the smelter for the three and nine months ended on 30 September 2022.

Chelopech produced 43,100 ounces of gold and 6.9 million pounds of copper. Gold production was in-line with expectations, and copper production was lower than expected, reflecting lower copper head grades.

Ada Tepe produced 20,800 ounces of gold during the third quarter, in line with expectations. Gold grades at Ada Tepe are expected to increase in the fourth quarter per the mine plan.

The Tsumeb smelter processed about 63,800 tonnes of complex concentrate during the third quarter, representing a significant increase from the previous quarter following the completion of the planned Ausmelt maintenance. 

10 November 2022 

Dundee Precious Metals announced its operating and financial results for the third quarter of 2022.

Metals production was 63,870 ounces of gold and 6.9 million pounds of copper; on track to achieve 2022 production guidance of 250,000 to 290,000 ounces of gold and 32 to 37 million pounds of copper.

Tsumeb smelted 63 990 tons of complex concentrate, a near-record quarterly production level.

The company reported cost of sales per ounce of gold sold of US$1,209 and an all-in sustaining cost per ounce of gold sold of US$991. 

Dundee generated US$30m cash from operating activities and US$43.2m free cash flow.

It recorded a net loss attributable to common shareholders from continuing operations of US$57.7m or US$0.30 per share, resulting from a US$85m non-cash impairment charge in respect of Tsumeb, and adjusted net earnings of US$25.3 million or US$0.13 per share.

The company's financial position remained strong with US$419.6m of cash, supplemented by a new US$150m revolving credit facility that generally includes more favourable terms and provides added financial flexibility.