Dundee Precious Metals Inc

Published : July 07th, 2016

Dundee Precious Metals Announces Second Quarter Production Results, Additional Commodity Hedging and Timing of Second Quarter 2016 Financial Results

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Dundee Precious Metals Announces Second Quarter Production Results, Additional Commodity Hedging and Timing of Second Quarter 2016 Financial Results

TORONTO, ONTARIO--(Marketwired - July 7, 2016) -Dundee Precious Metals Inc. (TSX:DPM) ('DPM' or 'the Company') announced its mine and smelter production results for the three and six months ended June 30, 2016, additional 2016 and 2017 commodity hedging and confirmed the timing of the release of second quarter operating and financial results, together with the related conference call and webcast.

On a consolidated basis, ore milled, metals production and complex concentrate smelted in the first six months of 2016 were in line with the Company's current guidance, reflecting the sale of the Kapan Mine.

Production Highlights

Second quarter mine and metals production at the Chelopech and Kapan mines and complex concentrate smelted at the Tsumeb smelter are provided below.

Chelopech Kapan Tsumeb Consolidated Year 2016 Consolidated Guidance
Q2 2016 YTD
2016
Q2 2016 YTD 2016 Q2 2016 YTD 2016 Q2 2016 YTD
2016
Ore milled ('000s tonnes) 561 1,105 26 130 - - 587 1,235 2,165 - 2,395
Gold ('000s ounces) 29.6 63.0 1.1 6.3 - - 30.7 69.3 101 - 115
Copper (million pounds) 9.6 20.2 0.1 0.7 - - 9.7 20.9 33.8 - 38.6
Silver ('000s ounces) 50.0 119.2 21.2 111.3 - - 71.2 230.5 319 - 354
Zinc(million pounds) - - 0.6 2.8 - - 0.6 2.8 2.8 - 3.2
Complex Concentrate smelted ('000s tonnes) - - - - 44.6 102.0 44.6 102.0 215 - 250
Payable gold in pyrite concentrate sold ('000s ounces) 5.4 15.1 - - - - 5.4 15.1 26 - 40
  1. Kapan second quarter results reflect one month of production prior to the completion of the sale to Polymetal International plc on April 28, 2016.
  2. As disclosed in Management's Discussion and Analysis ('MD&A') for the period ended March 31, 2016, issued on May 4, 2016.

Second quarter Chelopech copper and gold production was in line with the 2016 mine plan. Grades in the first half of 2016 are higher than the grades expected in the second half of 2016, as planned. Chelopech remains on track to achieve 2016 guidance.

At the Tsumeb smelter, smelting rates remained in line with 2016 guidance. The new converters were brought on line during the second quarter and have performed as expected.

The planned Ausmelt maintenance shutdown commenced on June 18 with expected completion on July 11, at which point the furnace reheat process will begin. The smelter is expected to meet 2016 guidance.

The Krumovgrad approval process continues to advance in line with Company expectations. During the quarter, the Company completed the land purchase process, and submitted an application to the Krumovgrad Municipality for a construction permit. Issue of the construction permit is expected imminently, and the Company remains on track to commence construction in the second half of 2016, as planned.

Commodity Hedging

In June 2016, the Company entered into additional commodity hedges to reduce its near-term commodity price exposure and, in turn, support the advancement of its growth initiatives. In particular, the Company entered into option contracts covering 6,600 ounces of gold, representing approximately 10% of its projected payable production for the balance of 2016, and 45,000 ounces of gold, representing approximately 30% of its projected payable production for 2017. These contracts, which had a zero upfront cash cost, provide for the Company to receive a minimum price of $1,200 per ounce of gold, and maximum prices of $1,484 and $1,497 per ounce of gold for the balance of 2016 and 2017, respectively. In June 2016, the Company also entered into additional copper swap contracts in respect of approximately 14,550,000 pounds of copper, representing approximately 38% of its 2017 projected copper production, at an average price of $2.17 per pound of copper. These hedges, together with the Company's recent equity issue, were undertaken primarily to increase the Company's financial flexibility and available cash resources to support advancing its growth initiatives.

Second Quarter Results

The Company's second quarter 2016 operating and financial results are expected to be released after market close on Thursday, July 28, 2016. The press release, MD&A and consolidated financial statements will be posted on SEDAR at www.sedar.com and on the Company's website at www.dundeeprecious.com.

The Company will hold a call and webcast to discuss its second quarter results on Friday, July 29, 2016 at 9:00 am EST. The call will be hosted by Rick Howes, President and Chief Executive Officer, who will be joined by Hume Kyle, Executive Vice President and Chief Financial Officer, together with other members of the executive management team. The call will be accessible via a live webcast and by telephone.

Second Quarter 2016 Call and Webcast (Listen/View only)
Date: Friday, July 29, 2016
Time: 9:00 am EST
Webcast: http://www.gowebcasting.com/7704
Canada and USA Toll Free: 1-866-223-7781
Outside Canada or USA: 1-416-340-2216
Replay: 1-905-694-9451 or 1-800-408-3053
Replay Passcode: 3510223

About Dundee Precious Metals

Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's continuing operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold and exploration properties located in Bulgaria, Serbia, and northern Canada, including the Krumovgrad project and its 10.7% interest in Sabina Gold & Silver Corp.

Cautionary Note Regarding Forward Looking Statements

This press release contains 'forward looking statements' that involve a number of risks and uncertainties. Forward looking statements include, but are not limited to, statements with respect to the future price of gold, copper, zinc and silver, the estimation of mineral reserves and resources, the realization of such mineral estimates, the timing and amount of estimated future production and output, life of mine, costs of production, cash costs and other cash measures, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, success of permitting activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, the potential or anticipated outcome of title disputes or claims and timing and possible outcome of pending litigation. Often, but not always, forward looking statements can be identified by the use of words such as 'plans', 'expects', or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'outlook', 'intends', 'anticipates', or 'does not anticipate', or '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. Forward looking statements are based on 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. Such factors include, among others: the actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations and economic studies; changes in project parameters as plans continue to be refined; future prices of gold, copper, zinc and silver; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; 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, 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; fluctuations in metal prices; unanticipated title disputes; claims or litigation; limitation on insurance coverage; cyber attacks; as well as those risk factors discussed or referred to in the Company's MD&A under the heading 'Risks and Uncertainties' and under the heading 'Cautionary Note Regarding Forward Looking Statements' which include further details on material assumptions used to develop such forward looking statements and material risk factors that could cause actual results to differ materially from forward looking statements, and other documents (including without limitation the Company's 2015 AIF) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by securities laws, the Company undertakes no obligation to update forward looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Bulgaria | Namibia | Serbia | All
Gold and Silver Prices for these countries : Bulgaria | Namibia | Serbia | All

Dundee Precious Metals Inc

PRODUCER
CODE : DPM.TO
ISIN : CA2652692096
CUSIP : 265269-20-9
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Dundee Precious Metals is a zinc and gold producing company based in Canada.

Dundee Precious Metals produces zinc, gold, copper and silver in Armenia, develops copper, gold and silver in Bulgaria.

Its main asset in production is KAPAN in Armenia, its main assets in development are CHELOPECH and KRUMOVGRAD in Bulgaria and its main exploration property is SURDULICA in Bulgaria.

Dundee Precious Metals is listed in Canada. Its market capitalisation is CA$ 1.4 billions as of today (US$ 1.1 billions, € 947.0 millions).

Its stock quote reached its highest recent level on December 17, 2010 at CA$ 9.99, and its lowest recent point on January 22, 2016 at CA$ 0.84.

Dundee Precious Metals has 178 440 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Dundee Precious Metals Inc
2/27/2019Exyn introduces robots into Dundee Precious Metals' gold min...
4/13/2010Discovers New Gold Deposits in Bulgaria
Financings of Dundee Precious Metals Inc
10/9/2013Issued Shares and Warrants of Sabina Gold & Silver Corp. on ...
6/11/2013Announces Result of Early Warrant Exercise Program
Nominations of Dundee Precious Metals Inc
3/21/2013DPM Board Announces Executive Transition and Senior Officer ...
11/14/2012DPM Board Announces Senior Appointment
9/19/2012Eira Thomas Joins Dundee Precious Metals' Board of Directors
Financials of Dundee Precious Metals Inc
10/15/2013NOTICE: DPM 2013 Third Quarter Financial Results
8/1/2013Announces 2013 Second Quarter Results
7/10/2013NOTICE: DPM 2013 Second Quarter Financial Results
5/9/2013Announces 2013 First Quarter Results
4/17/2013NOTICE: DPM 2013 First Quarter Financial Results
2/15/2013Announces 2012 Fourth Quarter and Annual Results and 2013 Gu...
1/24/2013NOTICE: DPM Fourth Quarter and Year End 2012 Results
11/7/2012Announces 2012 Third Quarter Results
10/18/2012NOTICE: Dundee Precious Metals 2012 Third Quarter Results
8/1/2012Announces 2012 Second Quarter Results and Updated 2012 Guida...
7/9/2012NOTICE: DPM 2012 Second Quarter Results
5/8/2012DPM First Quarter 2012 Financial Results
10/14/2011NOTICE: DPM Third Quarter 2011 Results
7/11/2011NOTICE: DPM Second Quarter 2011 Results
4/27/2011Notice: DPM Annual General Meeting and 2011 First Quarter Re...
2/23/2011DPM Reports Fourth Quarter 2010
Project news of Dundee Precious Metals Inc
9/16/2013s 2013 Production Guidance
5/16/2013(Chelopech)Confirms Fundamentals Unchanged; Chelopech Mine Operating at...
9/10/2012(Chelopech)DPM Files Technical Report on Chelopech Pyrite Recovery Proj...
1/13/2012(Krumovgrad)Files Technical Report on Krumovgrad Gold Project
11/24/2011(Krumovgrad)Bulgarian Government Approves EIA for DPM's Krumovgrad Gold ...
2/23/2011(Chelopech)DPM Reports Fourth Quarter 2010 and Year-End Results and Upd...
Corporate news of Dundee Precious Metals Inc
7/28/2016Dundee Precious Metals Announces 2016 Second Quarter Results
7/25/2016Dundee Precious Metals Announces Power Blackout in Namibia R...
7/11/2016DPM Announces Closing of C$54.65 Million Bought Deal Financi...
7/7/2016Dundee Precious Metals Announces Second Quarter Production R...
6/20/2016DPM Announces C$50 Million Bought Deal Financing
12/21/2015Dundee Precious Metals Announces 15% Increase to Measured an...
12/21/2015AVALA RESOURCES STARTS DRILLING ON THE LENOVAC PROJECT
11/30/2015AVALA RESOURCES ANNOUNCES EARN-IN AND JOINT VENTURE AGREEMEN...
11/19/2015Dundee Precious Metals Announces Approval of Main Detailed D...
11/5/2015Dundee Precious Metals Announces 2015 Third Quarter Results
11/4/2015Dundee Precious Metals Announces Changes to Board of Directo...
10/8/2015Dundee Precious Metals Announces Third Quarter Production Re...
9/15/2015Dundee Precious Metals Announces Maintenance of the Tsumeb S...
7/30/2015Dundee Precious Metals Announces 2015 Second Quarter Results
7/9/2015Dundee Precious Metals Announces Second Quarter Production R...
4/14/2015Dundee Precious Metals Announces First Quarter Production Re...
4/14/2015Announces First Quarter Production Results and Provides Noti...
3/31/2015Dundee Precious Metals Announces Reserve and Resource Update...
3/31/2015Announces Reserve and Resource Update for 2015
3/18/2015Dundee Precious Metals Announces Commencement of Annual Tsum...
3/18/2015Announces Commencement of Annual Tsumeb Smelter Shutdown
2/26/2015AVALA RESOURCES PROVIDES AN EXPLORATION UPDATE
2/18/2015Tags to Riches: Mining Company Tracks Production With Sensor...
2/13/2015Dundee Precious Metals Announces 2014 Fourth Quarter and Ann...
2/13/2015Dundee Precious Metals Announces 2014 Fourth Quarter and Ann...
1/22/2015NOTICE: Dundee Precious Metals 2014 Fourth Quarter and Year ...
1/14/2015(Chelopech)Announces Record Fourth Quarter Production at Chelopech and ...
1/14/2015Dundee Precious Metals Announces Record Fourth Quarter Produ...
11/6/2014Dundee Precious Metals Announces 2014 Third Quarter Results
11/5/2014Dundee Precious Metals Announces 2014 Third Quarter Results
10/16/2014NOTICE: Dundee Precious Metals 2014 Third Quarter Results
10/16/2014NOTICE: Dundee Precious Metals 2014 Third Quarter Results
10/8/2014Dundee Precious Metals Announces a Favourable Preliminary Ec...
10/8/2014Dundee Precious Metals Provides Third Quarter 2014 Productio...
10/3/2014Dundee Precious Metals Acquires Shares and Warrants of Avala...
7/30/2014Dundee Precious Metals Announces 2014 Second Quarter Results
7/14/2014NOTICE: DPM 2014 Second Quarter Results
7/10/2014Dundee Precious Metals Announces Krumovgrad Municipal Counci...
7/10/2014Dundee Precious Metals Announces Krumovgrad Municipal Counci...
6/26/2014Dundee Precious Metals Increases Revolving Credit Facility b...
5/20/2014Dundee Precious Metals Strengthens Senior Management Team
8/29/2013Announces First Underground Mineral Resource Estimate for th...
7/24/2012Reports on Progress of Acid Plant at Smelter in Namibia
4/30/2012Receives First Contact from Namibian Government on Tsumeb Sm...
4/23/2012DPM Exercises Warrants of Dunav Resources Ltd.
2/16/2012DPM Announces 2011 Deno Gold Open Pit Project and Undergroun...
1/26/2012(Krumovgrad)Bulgarian Court Dismisses Appeal of DPM's Krumovgrad Mining ...
11/30/2011(Krumovgrad)DPM: New Krumovgrad Feasibility Study Confirms Low Cash Cost...
9/15/2011Improves Safety and Operational Efficiency With AeroScout Re...
9/2/2011Dunav Resources and Dundee Precious Metals Complete Transact...
8/23/2011DPM to Acquire Shares and Warrants of Dunav Resources Ltd. o...
5/10/2011(Chelopech)DPM and Chelopech Mining Raise Final US$14.5 Million of Chel...
3/23/2011DPM Exercises Warrants of Avala Resources Ltd.
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (DPM.TO)
7.92-0.63%
TORONTO
CA$ 7.92
09/22 17:00 -0.050
-0.63%
Prev close Open
7.97 8.05
Low High
7.92 8.12
Year l/h YTD var.
7.19 -  9.82 -13.44%
52 week l/h 52 week var.
7.19 -  10.60 -16.98%
Volume 1 month var.
275,416 2.46%
24hGold TrendPower© : -11
Produces Copper - Gold - Silver - Zinc
Develops Copper - Gold - Silver
Explores for Molybdenum
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021-13.44%9.957.22
202058.30%9.9610.03
201963.74%6.663.44
201817.67%3.782.56
201733.33%3.702.13
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.72+1.74%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.43+0.41%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.03+0.66%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.09+3.81%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.57-3.09%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.42-1.72%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.99+2.51%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.48+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.20+2.63%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.75+0.36%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 34.45+4.11%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+3.03%Trend Power :