Dundee Precious Metals Continues to Operate In Line with Guidance and Provides Update on COVID-19 Response Measures
TORONTO, April 02, 2020 (GLOBE NEWSWIRE) — Dundee Precious Metals Inc. (TSX: DPM) (the “Company”) reports that its Chelopech and Ada Tepe mines in Bulgaria continue to operate fully in line with previously issued guidance and have not experienced any disruptions to production as a result of COVID-19. The Tsumeb smelter in Namibia also continues to operate in line with previously issued guidance, although activities in certain ancillary areas of the plant have been reduced in cooperation with government measures intended to limit staffing levels at the facility.
“We continue to take measures to safeguard the health of our workforce and local communities,” said Rick Howes, President and CEO. “We remain confident that we can effectively navigate and respond to this rapidly evolving pandemic given our financial and operating strength.”Chelopech and Ada TepeThe Chelopech and Ada Tepe mines in Bulgaria continue to operate as planned, and to date, the Company has not experienced any disruptions to inbound or outbound supply chains. The majority of Chelopech concentrate continues to be processed at Tsumeb in line with expectations and can be shipped to other processing outlets, if necessary.TsumebIn cooperation with the government of Namibia’s directive to temporarily limit staffing for the health and safety of the workforce and local communities, Tsumeb has reduced capacity primarily in certain ancillary areas of the plant, including the slag mill. As a result of these reductions, Tsumeb is expected to process approximately 600 tonnes per day of complex concentrate, relative to its targeted capacity of approximately 700 – 750 tonnes per day. This reduction is expected to be in place until April 16, 2020 or as otherwise required by the government or the Company to ensure the health and safety of the workforce. Based on the current timing we expect to operate at this capacity, DPM expects a minimal impact on annual throughput, which continues to be in line with the previously issued annual guidance for Tsumeb.The Company also continues to proactively manage its supply chain, including outbound shipments of sulphuric acid and is exploring alternative options should any of its local customers be impacted by the restrictions in Namibia. With a sufficient supply of complex concentrate on site and at receiving and delivery port facilities, Tsumeb has adequate feed to return to full operating capacity once the restrictions have been lifted. General COVID-19 response measuresAs previously reported, DPM has established procedures and contingency plans in response to the COVID-19 pandemic, which are being overseen by a cross-functional team that includes members of senior management and leaders at our operations.The Company is monitoring the situation closely and continues to develop additional measures as needed. About Dundee Precious Metals Inc.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 operating assets include the Chelopech operation, which produces a gold-copper concentrate containing gold, copper and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; the Ada Tepe operations, which produces a gold concentrate containing gold and silver, located in southern 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 Canada, Serbia and Ecuador, including its 10.4% interest in Sabina Gold & Silver Corp. and its 19.5% interest in INV Metals Inc.For further information please contact:Rick Howes
President and Chief Executive Officer
Tel: (416) 365-2836