2018 financial and operating highlights
- Metal production totalled 201 095 oz. of gold, outperforming 2018 guidance, and 36.7 million lb. of copper.
- Revenue totalled US$377.1 million and adjusted net earnings were US$29.0 million.
- The company’s smelter at the Chelopech project, Bulgaria, achieved a record throughput of 232 043 t, generating a positive cash flow in 2018.
- The construction of the Krumovgrad project, Bulgaria, was 92% complete at the end of the year, with the first gold concentrate expected in 1Q19.
- The company reported an updated Mineral Resource estimate for the Timok gold project, Serbia, and commenced scoping study.
"2018 was another strong year with Chelopech achieving record gold production and outperforming guidance. Tsumeb also achieved record production, met its production guidance and is well positioned to continue increasing production in 2019” said Rick Howes, President and CEO. “Our Krumovgrad project remains below budget and first gold concentrate production is expected in the first quarter of 2019. With Krumovgrad commencing production, we expect a significant increase in gold production and cash flows going forward."
The company has provided the following guidance for 2019:
- Ore mined: 2.54 -2.79 million t.
- Payable metals in concentrates sold: 191 000 – 237 000 oz. of gold, and 32 – 37 million lb. of copper.
- AISC per ounce of gold: US$675 – 820.
- Exploration expenses: US$12 – 14 million.
- Sustaining capital expenditures: US$38 – 46 million.
- Growth CAPEX: US$29 – 34 million.
Read the article online at: https://www.globalminingreview.com/finance-business/14022019/dundee-precious-metals-announces-2018-financial-and-operating-results/