Dundee Precious Metals Reported a Record Year at Bulgarian Mine Chelopech
Dundee Precious Metals reported another record year for the Chelopech mine, show the financial results for 2018. At the same time, the construction of the project in Krumovgrad is almost ready and is below the preliminary budget. Yield is expected to begin in the first quarter of this year. In 2018, the company reported earnings before interest, taxes, depreciation and amortization from its operations in Chelopech of $ 116.8 million. In the previous year, it was $ 107.9 million. Revenues increased from $ 206.2 million to $ 213.6 million from this mine alone. Gold found in copper concentrate increased to 141,840 ounces from 141,235 ounces in 2017.
Gold in pyrite concentrate increased to 59,255 ounces from 56,449 ounces in 2017. Chelopech exceeded the original gold mining target in 2018, which was changed twice, mainly because of the higher-than-expected sample. The good financial result is also contributed by the low level of ounce gold spending, which is at the bottom of the 2018 mark. For the past year, for all of its operations, the company reported a profit of $ 29 million, compared to $ 16.7 million in 2017.
In 2019 the company predicted between 155 and 187,000 ounces of gold from Chelopech. Dundee Precious Metals also announced that it has begun commissioning the Krumovgrad mine, and the first mining is expected in the first quarter of this year. The projected yield for 2019 is between 55 and 75,000 ounces. By the end of 2018, 92% of the activities had been completed and the total capital investment reached $ 139 million. The total project costs are expected to be between $ 164 and $ 168 million, slightly below the projected $ 178 million.
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