Dundee Precious Metals says it processed approximately 188,800 tonnes of complex concentrate in 2023, an 8% increase from 174,122 processed in 2022 at the Tsumeb Smelter.
The company says the increase is despite the facility facing unexpected hurdles encountering unplanned downtime and extended Ausmelt furnace maintenance.
The challenges, notably repairs to the off-gas system, led to processing figures below the annual guidance range as the smelter had aimed at 200,000 to 220,000 tonnes of complex concentrate smelted.
“Despite the challenges faced in 2023, we remain committed to delivering strong results and maintaining our track record of sustainability performance,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals.
Rae further highlighted the successful completion of maintenance activities in the off-gas system during the Ausmelt furnace shutdown contributed to Tsumeb’s improved operating performance.
This comes as the Tsumeb smelter processed 41,800 tonnes of complex concentrate during the fourth quarter of 2022.
“Our mining operations continue to deliver strong results, with Ada Tepe achieving record gold production and Chelopech meeting its annual guidance for gold and copper production,” added Rae.
The company’s sustainability efforts were also recognised, ranking in the 91st percentile among mining and metals companies in the 2023 S&P Global Corporate Sustainability Assessment for the third consecutive year.
“In December 2023, we announced the acquisition of Osino Resources, adding the advanced stage Twin Hills project in Namibia to our portfolio and declared a maiden Mineral Resource estimate at our Čoka Rakita project in Serbia,” Rae stated, emphasising the company’s growth pipeline supported by new high-quality gold discoveries.
Rae added that the strategic expansion further positions Dundee Precious Metals as an intermediate gold producer with a promising future.
Meanwhile, the company’s other sites, Ada Tepe produced a record 35,200 ounces of gold during the fourth quarter. The mine achieved a new record for annual gold production, reaching 134,200 ounces in 2023, in line with annual production guidance.
Rae said Chelopech also performed well, producing approximately 41,900 ounces of gold and 8.2 million pounds of copper during the fourth quarter, meeting expectations.
In 2023, Chelopech achieved its annual guidance for gold and copper production, producing approximately 161,900 ounces of gold and 30.5 million pounds of copper.
“In November 2023, DPM announced a mine life extension to 2032, an optimised life of mine plan, and updated Mineral Resource and Mineral Reserve estimates for the Chelopech mine,” Rae said.
The updated plan adds approximately 128,000 ounces of recovered gold and 9 million pounds of recovered copper between 2024 and 2032, with increased gold and copper grades and improved recoveries.
This comes as previously announced in November 2023, Dundee will pay a quarterly dividend of US$0.04 per share on 15 January 2024, to shareholders of record as at 17h00 Toronto local time on 31 December 2023, Rae mentioned.
During the fourth quarter, Dundee repurchased approximately 1,306,192 common shares at an average price of US$6.21 (Cdn$8.62) per share, totalling approximately US$8.1 million.
In 2023, the company repurchased a total of 9,738,063 common shares at an average price of US$6.74 (Cdn$9.10) per share, amounting to approximately US$65.6 million