Krumovgrad Gold Mine Finally Begins Production

Canada’s Dundee Precious Metals (DPM) said on Monday that it has achieved first commercial gold production from its Krumovgrad open pit gold mine, located at the Ada Tepe property in southern Bulgaria.

“DPM announced first concentrate production on March 14, 2019 and achieved commercial production on June 8, 2019 by exceeding an average of 60% of design throughput capacity and recovery over a period of 30 consecutive days,” the company said in a statement.

During the 30-day period, the plant demonstrated it can achieve close to 100% of throughput design capacity. In June, recoveries continued to rise beyond the commercial production threshold level, DPM announced.

Ramp-up to full design capacity is expected to occur in the third quarter of 2019.

Gold contained in concentrate at Ada Tepe is expected to be between 55,000 and 75,000 ounces in 2019. 

The mine is expected to produce on average 100,000 ounces of gold contained in concentrate per year for the first five years of production, with a life of mine average of approximately 85,000 ounces.

At the end of May, when 99.9% of the mine’s construction was completed, the capital cost amounted to $152 million (135 million euro). The total forecast capital cost is $164-166 million, down from the original estimate of $178 million.

DPM received the main construction permit for the project in August 2016 and commenced earthworks later that year.

DPM also operates the Chelopech gold and copper mine in central Bulgaria.

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