Dundee Precious Metals Inc. (TSE:DPM) is building a new gold project in Krumovgrad, Bulgaria, as a key to its goal of becoming a premier, low-cost gold producer. That’s according to President/CEO Rick Howes, who spoke at the Denver Gold Forum in Denver, Colorado.
A Canadian company, Dundee Precious Metals Inc. owns mines in Bulgaria and Armenia, as well as a smelter in Namibia that it hopes will increase margins through higher throughput and cost improvements. It is also in advanced exploration for new assets in Serbia, and is also investigating brownfield and greenfield exploration opportunities, Howes said.
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While gold is the company’s primary focus, Dundee is also generating revenue with mining of copper, silver and zinc. This year, the company has produced one million tons of ore at its Chelopech mine in Bulgaria, Howes said.
Its smelter operation in Namibia is generating significant revenue, Howes said, noting that it is one of the few smelters with the ability to process large volumes of complex concentrate.
The company has $225 million Canadian in available liquidity, including cash and an undrawn amount of $200 million Canadian. It also has $132 million Canadian in total debt, representing 13% of its total capitalization as of June, 2014. Major shareholders include GMT Capital Corp., Van Eck, USAA Asset Management, and Norges Bank.
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