Canada-based Dundee Precious Metals has met its 2022 production guidance, with its two gold mines in Bulgaria achieving “impressive” results, while its Tsumeb zinc smelter, in Namibia, missed its full-year guidance.
Dundee produced 273 100 oz of gold and 30.8-million pounds of copper in the year, meeting its guidance of 250 000 oz to 290 000 oz of gold.
“Our mining operations achieved impressive production results in the fourth quarter, as Ada Tepe delivered its highest quarterly gold production of the year and Chelopech continued its track record of strong performance,” said Dundee president and CEO David Rae.
In 2022, Ada Tepe produced 94 000 oz, which was towards the higher end of its yearly production guidance. Fourth-quarter output was 28 100 oz.
In 2022, Chelopech produced 179 100 oz of gold and 30.8-million pounds of copper, well within its annual guidance for gold and slightly below the low end of the range for copper. In the fourth quarter, Chelopech produced 45 300 oz of gold and 7.4-million pounds of copper.
The Tsumeb smelter produced 174 100 t, which is below its 185 000 t to 200 000 t guidance.
In the fourth quarter, the Tsumeb smelter processed 41 800 t of complex concentrate. Results were impacted by a 17-day shutdown to repair a water leak in the offgas system and instability in the power grid as a result of abnormally heavy rainfall in December, Dundee explained.