Dundee Metals says the Tsumeb copper smelter processed approximately 67,900 tonnes of complex concentrate during the fourth quarter, achieving near-record-level performance.
The company says Tsumeb’s improved operating performance reflects the completion of maintenance activities in the off-gas system, undertaken in the third quarter during the Ausmelt furnace shutdown.
According to Dundee, Tsumeb processed about 188,800 tonnes of complex concentrate in 2023, below the annual guidance range due to unplanned downtime and the Ausmelt furnace maintenance, which was extended to complete repairs to the off-gas system, as previously reported.
During the fourth quarter, Dundee repurchased about 1,306,192 common shares at an average price of US$6.21 (C$8.62) per share for approximately US$8.1 million.
In 2023, DPM repurchased 9,738,063 common shares at an average price of US$6.74 (C$ 9.10) per share for a total value of approximately US$65.6 million.
The company plans to release its fourth quarter and full-year 2023 operating and financial results after market close on Wednesday, February 14, 2024.
The company’s other projects, Ada Tepe and Chelopech, also performed well.
Ada Tepe produced a record 35,200 ounces of gold during the fourth quarter, and in 2023, Ada Tepe produced 134,200 ounces of gold, achieving a new record for annual gold production and its annual gold production guidance.
Chelopech produced approximately 41,900 ounces of gold and 8.2 million pounds of copper in the fourth quarter, in line with expectations.
In 2023, Chelopech produced approximately 161,900 ounces of gold and 30.5 million pounds of copper, within its annual guidance for gold and copper production.
In November 2023, Dundee announced a mine life extension to 2032, an optimised life of mine plan, and an updated mineral resource and mineral reserve estimate for the Chelopech mine.
The updated life of mine adds approximately 128,000 ounces of recovered gold and 9 million pounds of recovered copper between 2024 and 2032.
During this period, life of mine gold and copper grades increased by 5% and 3%, respectively, and recoveries for gold increased by 5%.
Dundee CEO David Rae said the company’s mining operations continue to deliver strong results, with Ada Tepe achieving record gold production and Chelopech achieving its annual guidance for gold and copper production.
“We also continued our track record of strong sustainability performance, ranking in the 91st percentile among mining and metals companies in the 2023 S&P Global Corporate Sustainability Assessment for the third consecutive year.”
