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DPM's Bulgarian mine posts record gold output in 2023

Jan 10, 2024, 10:57:32 AMArticle by Mihaela Miteva
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January 10 (SeeNews) - Canada-based Dundee Precious Metals (DPM) said its Bulgarian mine Ada Tepe produced a record 134,200 ounces of gold in 2023, meeting its annual target.

DPM's Bulgarian mine posts record gold output in 2023
Ada Tepe mine. Photo: Dundee Precious Metals (DPM)

In the fourth quarter alone, the mine delivered a record 35,200 ounces of gold, continuing its strong performance, DPM said in a press release on Tuesday, based on preliminary production results.

Meanwhile, DPM’s other Bulgarian mine, Chelopech, yielded some 161,900 ounces of gold and 30.5 million pounds of copper last year, within its annual production guidance.

Chelopech produced some 41,900 ounces of gold and 8.2 million pounds of copper in October-December alone, in line with the company's expectations.

Gold production at the two mines was projected to total between 270,000 and 315,000 ounces last year, with production of copper seen at between 30 and 35 million pounds.

In November, DPM said it extended the life of its Chelopech mine to 2032, based on updated mineral reserve estimates. The company forecasts additional production of 128,000 ounces of gold and 9 million pounds of copper between 2024 and 2032, with a 5% increase in average gold grades and a 3% rise in copper grades.

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