Fall In Net Profits In Chelopech Gold Mine

Canada’s Dundee Precious Metals said the adjusted net earnings from the operation of its Chelopech gold-copper mine in Bulgaria fell to $13.8 million (12.3 million euro) in the first quarter of 2019 from $16.2 million in the same period of 2018.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) from the Chelopech mine declined to $22.9 million in the first three months of the year from $26.5 million in the comparable period of 2018, DPM said in an interim financial statement last week.

Gold-copper concentrate produced at Chelopech during the first quarter of 2019 decreased by an annual 13% to 23,370 tonnes, primarily due to lower copper grades. Pyrite concentrate produced during the review period was similar to the prior-year period, at 58,077 t.

The Chelopech mine produced 43,000 ounces of gold and 8.0 million pounds of copper during January-March, down from 57,300 ounces of gold and 9.3 million pounds of copper in the like period of last year.

DPM’s 2019 budget envisages major drilling programs at Chelopech, consisting of 10,000 meters of underground drilling on the Southeast Breccia Pipe Zone and 7,000 metres of surface drilling at the Krasta prospect and other near-mine targets around Chelopech.

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