Canada-based Dundee Precious Metals (DPM) said on Wednesday that it has extended the life of its Chelopech mine in Bulgaria to 2032, based on updated mineral reserve estimates.
The extension is backed by proven and probable mineral reserves of 1.6 million ounces (Moz) of gold and 305 million pounds (Mlbs) of copper, DPM said in a press release. The company recorded a 1% increase in contained gold ounces, while copper pounds declined by 2% compared to its previous mineral reserve estimate.
The updated life of mine plan forecasts an additional 128,000 ounces of gold and 9 Mlbs of copper production between 2024 and 2032, with the average gold and copper grades increasing by 5% and 3%, respectively, DPM said.
Total measured and indicated mineral resources of 1.2 Moz of gold and 265 Mlbs of copper contribute to the potential extension of the mine life. An inferred mineral resource of 274,000 ounces of gold and 67 Mlbs of copper further improves the outlook.
"Chelopech today has a mine life that extends to 2032 based on mineral reserves, a strong mineral resource base, compelling exploration prospects and significant opportunities to continue our strong track record of mine life extensions," DPM president and CEO David Rae said.
DPM's focus remains on extending Chelopech’s mine life through its in-mine exploration and an aggressive brownfield exploration programme, the company said. Positive drilling results at the Sharlo Dere West and Sharlo Dere prospects within the mine concession and near existing Chelopech underground development underline the potential for additional mine life extensions.
Gold production at the Chelopech mine is forecast to total between 150,000 and 170,000 ounces in 2023, with production of copper projected at between 30 and 35 Mlbs, in line with the company’s previously issued 2023 guidance.
Last month, DPM said the mine yielded some 120,000 ounces of gold and 22.3 Mlbs of copper in the first nine months of this year.
(SeeNews, November 29, 2023)
