'Our mining operations continued to deliver impressive performance in the fourth quarter, driven by a new record for quarterly gold production at Ada Tepe combined with strong results from Chelopech,' said
'Overall, 2021 was another very strong year for DPM as we delivered record annual gold production for the third consecutive year and achieved the higher end of our guidance range for gold production. We also added the high-quality
Operating Highlights
Chelopech also had a strong operational quarter, producing approximately 49,000 ounces of gold and 9.2 million pounds of copper in the fourth quarter. Gold production was above expectations as a result of mining in higher grade gold zones and better recoveries. In 2021, Chelopech produced approximately 177,000 ounces of gold which was above the higher end of its annual guidance. Copper production of 34.7 million pounds was in line with annual production guidance.
The Tsumeb smelter processed approximately 52,000 tonnes of complex concentrate during the fourth quarter, reflecting an 8-day maintenance shutdown to repair a water leak in the offgas system. As a result, the smelter processed approximately 189,700 tonnes of complex concentrate in 2021, slightly below the revised guidance range of 195,000 to 200,000 tonnes.
Returning Capital to Shareholders
In line with its disciplined capital allocation framework, DPM continues to return capital to shareholders through a sustainable quarterly dividend and periodic share repurchases under its Normal Course Issuer Bid.
As previously announced in
During the fourth quarter, DPM repurchased 152,300 common shares at an average price of
Timing of Fourth Quarter 2021 Operating and Financial Results
The Company plans to release its fourth quarter and full-year 2021 operating and financial results, detailed guidance for 2022 and updated three-year outlook after market close on
On
About
Contact:
Tel: (416) 365-5092
Email: drae@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. 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. Such factors include, among others, those risk factors discussed or referred to in any other documents (including without limitation the Company's most recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of
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