“2020 was another milestone year for DPM, as we delivered record gold production and met or exceeded our production guidance at each of our operations,” said
Preliminary Production Results
Preliminary results for the fourth quarter and full-year 2020 are provided in the table below:
Ore processed | Metals contained in concentrate produced | Payable metals in concentrate sold | Complex concentrate smelted | |||
(Kt) | Gold (K oz) | Copper (Mlbs) | Gold (K oz) | Copper (Mlbs) | (Kt) | |
Q4 2020 | ||||||
Chelopech | 541.0 | 38.1 | 7.6 | 37.4 | 7.8 | - |
213.4 | 26.1 | - | 25.2 | - | - | |
Tsumeb | - | - | - | - | - | 52.5 |
Consolidated | 754.4 | 64.2 | 7.6 | 62.6 | 7.8 | 52.5 |
Full-Year 2020 | ||||||
Chelopech | 2,201.2 | 179.6 | 35.6 | 150.8 | 33.4 | - |
890.7 | 118.7 | - | 120.1 | - | - | |
Tsumeb | - | - | - | - | - | 231.9 |
Consolidated | 3,091.9 | 298.3 | 35.6 | 270.9 | 33.4 | 231.9 |
2020 full-year guidance(1) | 2,855 – 3,092 | 257 – 299 | 35 – 40 | 229 – 267 | 33 – 38 | 230 – 265 |
(1) | As disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended |
Operating Highlights
Chelopech continued its consistent track record in 2020, producing 179,600 ounces of gold and 35.6 million pounds of copper, achieving the high end of its gold production guidance of 163,000 to 184,000 ounces and meeting its guidance for copper production of 35 to 40 million pounds. Fourth quarter production of approximately 38,100 ounces of gold and 7.6 million pounds of copper was in-line with plan.
The Tsumeb smelter processed approximately 231,900 tonnes of complex concentrate in 2020. During the fourth quarter, approximately 52,500 tonnes of complex concentrate were processed, reflecting a 4-day shutdown following the previously announced employee fatality in November, as well as maintenance activities in the converter area of the facility. For the year, annual guidance was achieved despite the operation being impacted by a 30-day reduction in throughput related to COVID-19 during the second quarter.
To date, DPM has not experienced any material disruptions to its operations as a result of the COVID-19 pandemic. The Company continues to effectively manage the pandemic, prioritizing the health and safety of its workforce and host communities and ensuring security of its inbound and outbound supply chains.
Dividend
On
Sale of MineRP
As previously announced on
DPM Publishes Inaugural Climate Change Report
In-line with DPM’s focus on managing its climate change impact and its commitment to transparency, the Company is pleased to announce that it has published a report entitled “Risks and Opportunities Related to Climate Change”, its first report on the impact of climate change on DPM’s business.
The report follows the recommendations of the
Timing of Fourth Quarter 2020 Operating and Financial Results
The Company plans to release its fourth quarter and full-year 2020 operating and financial results after market close on
On
The call-in numbers and webcast details are as follows:
Date and Time | |
Webcast link | https://edge.media-server.com/mmc/p/d3mqbvii |
Telephone dial-in | Toll-free ( International: +1-478-219-0512 Passcode: 4328409 |
Replay (available for 7 days following the call) | Toll-Free ( International: +1-404-537-3406 Passcode: 4328409 |
Technical Information
The technical and scientific information in this press release has been reviewed and approved by
About
For further information please contact:
President and Chief Executive Officer
Tel: (416) 365-5092
drae@dundeeprecious.com
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dundeeprecious.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this news release relate to, among other things: statements with respect to the potential payments and upside from the MineRP earn-out, the timing of the closing of the sale of MineRP, expected benefits to the Company and MineRP from the sale of MineRP, South African competition approval, the Company’s expected use of proceeds, the impact on the Company’s balance sheet, measures the Company is undertaking in response to the COVID-19 (coronavirus) outbreak, including its impacts across the Company’s global supply chains, the level of and duration of reductions or curtailments in operating levels at any of the Company’s operations or in its exploration and development activities, expected cash flows; the price of gold, copper, silver and acid, and other commodities; toll rates, metals exposure and stockpile interest deductions at Tsumeb; the estimation of Mineral Reserves and Mineral Resources and the realization of such mineral estimates; estimated capital costs, operating costs, and other financial metrics, including those set out in the outlook provided by the Company; currency fluctuations; the impact of impairment charges; the processing of Chelopech concentrate; timing of further optimization work at Tsumeb; potential benefits of any upgrades and/or expansion, including the planned rotary furnace installation, at the Tsumeb smelter; results of economic studies; government regulation of mining and smelting operations; the payment of dividends; and the timing and number of common shares of the Company that may be purchased pursuant to the Company’s normal course issuer bid. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management, as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this news release, such factors include, among others, there being no assurance that the sale of MineRP will close, uncertainties with respect to obtaining required South African regulatory approvals, discretion of the Company with respect to the use of proceeds from the sale of MineRP, uncertainties with respect to realizing the targeted MineRP earn-outs, uncertainties with respect to realizing the benefits of the sale of MineRP, risks relating to the Company’s business generally and the impact of COVID-19, including, changes to the Company’s supply chain; product shortages; delivery and shipping issues; closures and/or failure of plant, equipment or processes to operate as anticipated; employees and contractors becoming infected with COVID-19; lost work hours; labour force shortages; fluctuations in metal and acid prices, toll rates and foreign exchange rates; possible variations in ore grade and recovery rates; conclusions of economic evaluations and economic studies; changes in project parameters, including schedule and budget, as plans continue to be refined; uncertainties with respect to actual results of current exploration activities; uncertainties and risks inherent to developing and commissioning new mines into production, which may be subject to unforeseen delays; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; limitation on insurance coverage; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; actual results of current and planned reclamation activities; opposition by social and non-government organizations to mining projects and smelting operations; unanticipated title disputes; claims or litigation; cyber attacks and other cybersecurity risks; there being no assurance that the Company will purchase additional common shares of the Company under the normal course issuer bid; risks related to the implementation, cost and realization of benefits from digital initiatives; failure to realize projected financial results from
Source:
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