January 11 (SeeNews) - Canada's Dundee Precious Metals (DPM) said it produced 197,700 ounces of gold from its Chelopech mine in Bulgaria in 2017, exceeding its output guidance for the year.
"Annual gold production at Chelopech was above DPM’s improved 2017 guidance which was increased twice over the course of the year," DPM said in a statement late on Wednesday. "Copper production was in line with guidance."
During the fourth quarter alone, the mine produced 49,400 ounces of gold.
The company mined 35.8 million pounds of copper from Chelopech in 2017, 9.5 million pounds of which during the fourth quarter alone.
DPM’s other project in Bulgaria, the Krumovgrad gold mine, is on track to commence operations later this year, the company said.
"The current forecasted capital cost at completion is $162 million (135.6 million euro) to $168 million, compared with the original estimate of $178 million, and the project remains on track for production of first concentrate in the fourth quarter of 2018," DPM said.
($ = 0.8373 euro)