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DPM’S Bulgarian Mine Achieves Record Gold Output in Q3

by Charlie Atkinson
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Canada-based Dundee Precious Metals (DPM) said that its Bulgarian mine Ada Tepe delivered a record 33,800 ounces of gold in the third quarter of 2023, meeting projections and reflecting higher ore grades.

Canada-based Dundee Precious Metals (DPM) said that its Bulgarian mine Ada Tepe delivered a record 33,800 ounces of gold in the third quarter of 2023, meeting projections and reflecting higher ore grades.

In the nine months through September, Ada Tepe produced 99,000 ounces of gold, DPM said in a press release on Tuesday, quoting preliminary results.

DPM’s other Bulgarian mine, Chelopech, yielded some 120,000 ounces of gold and 22.3 million pounds of copper in the first nine months of this year. In July-September alone, Chelopech delivered 40,300 ounces of gold and 7.2 million pounds of copper.

“In the third quarter, we continued our strong operating track record, with Ada Tepe achieving a new record for quarterly gold production and Chelopech delivering solid production in line with our expectations,” DPM president and CEO David Rae said.

Gold production at the two mines is forecast to total between 270,000 and 315,000 ounces for the full year, with production of copper projected at between 30 and 35 million pounds. Both Ada Tepe and Chelopech are on track to meet their 2023 production guidance, DPM said.

In June, DPM signed a binding agreement with peer Velocity Minerals for an exclusive option to acquire a 75% interest in the Iglika copper-gold project and related exploration rights in southeastern Bulgaria, in a deal including a $2 million (1.9 million euro) cash payment, according to Velocity Minerals.

Source: See News

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