Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update


Miner Posts Strong Q3 Gold Production; Expects to Meet High Range of FY Guidance
News Update

Share on Stocktwits


Dundee Precious Metals reported preliminary Q3/20 production results at its two gold mines in Bulgaria and its complex copper concentrate smelter operation in Namibia.

In a news release, Dundee Precious Metals Inc. (DPM:TSX), announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter for the three and nine months ended September 30, 2020.

The company advised that the strong performance it delivered in Q3/20 and year-to-date keeps the firm on track with previously issued FY/20 guidance of 257,000-299,000 ounce (257-299 Koz) gold and that it expects that FY/20 gold production will come in at the higher end of the range of those estimates.

Dundee Precious Metals' President and CEO David Rae commented, "Our operations continue to perform extremely well and delivered another strong quarter of production in the third quarter...Our impressive performance year-to-date reflects outstanding efforts at all of our sites to proactively manage the challenges of the COVID-19 pandemic."

The company highlighted production results from its two projects in Bulgaria in Q3/20. The firm noted that the Ada Tepe mine produced higher than planned production of 30 Koz gold due to higher gold grade and higher volumes of ore treated. Dundee noted that the Chelopech project also continued to deliver in the quarter by producing approximately 49.8 Koz gold and 9.2 million pounds (Mlb) of copper. The company stated that gold production met expectations as a result of higher recoveries to pyrite concentrate and in-line copper production.

The firm indicated that for the nine months ended September 30, 2020, Ada Tepe produced 92.6 Koz gold and Chelopech produced 141.5 Koz gold and 28.0 Mlb copper. The company pointed out that the strong year-to-date operational performance at both Ada Tepe and Chelopech are aiding the firm to remain on target to achieve the higher end of prior gold production guidance for 2020.

The firm added that complex concentrate smelted for the year is expected to be in line with previously issued 2020 guidance and that the Tsumeb smelter located in Namibia processed 55,900 tons of complex concentrate in Q3/20 and a total of 179,400 tons year-to-date through September 30, 2020.

The company stated that it has been successful at managing the COVID-19 pandemic, prioritizing the health and safety of its workforce and host communities and that it has not experienced any material inbound or outbound supply disruptions in its operations.

Dundee confirmed that as it previously announced, the company will pay a quarterly dividend of US$0.02 per share to shareholders of record as of September 30, 2020, on October 15, 2020.

The company indicated it will release its complete Q3/20 operating and financial results on November 12, 2020, after markets close for trading and will discuss the results in detail during a webcast the following morning.


1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Want to read more about Gold investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe