March 31 (SeeNews) - Canada-based Dundee Precious Metals (DPM) said it has extended the life of its Chelopech gold and copper mine in Bulgaria by one year, to 2031, based on updated mineral reserve estimates.
The extension is supported by proven and probable mineral reserves of 1.55 million ounces (Moz) of gold and 311.5 million pounds (Mlbs) of copper, Dundee said in a press release on Thursday.
Total measured and indicated mineral resources, exclusive of mineral reserves, of 1.3 Moz of gold and 281 Mlbs of copper, add further potential to extend mine life, the company added.
Dundee also said it plans a significant drilling programme for 2023 which involves 44,000 metres of in-mine drilling for mineral resource development as well as 50,000 metres of brownfield drilling.
In 2022, Chelopech produced 179,135 ounces of gold and 30.8 million pounds of copper. The company confirmed its previously disclosed three-year outlook for gold and copper production at the mine.
Dundee also operates a second gold mine in Bulgaria, Ada Tepe, and is active in Namibia, Ecuador and Serbia. In 2022, the company booked revenue of $271.7 million (249.7 million euro) from Chelopech and $161.8 million from Ada Tepe.
($ = 0.9188 euro)