Canada’s Dundee Precious Metals said it produced 31,600 ounces of gold from its Chelopech mine in Bulgaria in the fourth quarter of 2016, up from the 23,900 ounces produced in the third quarter.
“Chelopech gold production increased in the fourth quarter compared to the third quarter due to better gold grade zones from which higher gold recoveries to copper concentrate were achieved,” DPM said in a statement posted on its website on Wednesday.
The Q4 volume takes the total 2016 gold output to 118,400 ounces, in line with the increased guidance issued on November 8, 2016, DPM said. Initial 2016 guidance ranged between 95,000 and 108,000 ounces.
Copper production in the fourth quarter alone fell to 8.8 million pounds, from 9.4 million pounds in the preceding quarter, taking the yearly total to 38.5 million pounds, in line with the guidance ranging between 35.7 and 39.7 million pounds.
Silver output from the Chelopech mine amounted to 51,000 ounces in the fourth quarter. The total yearly output amounted to 227,700 ounces, well below the 2016 guidance range of 315,000 to 345,000 ounces.
A total of 547,000 tonnes of ore were processed in the fourth quarter, taking the yearly total to 2.21 million tonnes, DPM said.
Last month, the European Bank for Reconstruction and Development announced a $32.7 million investment in DPM, that is still subject to regulatory approval, to back up the development of the company’s Krumovgrad gold and silver mining project in south-eastern Bulgaria.
“Initial earthworks and site preparation activities commenced at the project site in the fourth quarter, as planned, consistent with the project schedule to commence operations in late 2018,” DPM said.