Chinese group to buy Dundee's Namibia smelter
Canadian miner Dundee Precious Metals (DPM) will sell its Tsumeb smelter, in Namibia, to Sinomine Resources for $49-million in cash.
Tsumeb is one of the few smelters globally that can treat complex polymetallic concentrates, including those with higher arsenic content. It produces blister copper (98.5% copper), which is refined in Europe and Asia, and sulphuric acid as a by-product.
DPM bought the smelter in 2010 to secure a processing outlet for the concentrate produced by its Chelopech mine, in Bulgaria. However, with developments in the global smelting market and changes in the quality of Chelopech concentrate, DPM can now place its concentrate at several other third-party facilities.
CEO David Rae said on Thursday that the sale was consistent with DPM’s strategic objective of focusing on its gold mining assets and simplifying its portfolio going forward.
“We are extremely proud of the investments that we have made to transform Tsumeb’s operational and environmental performance into a specialised custom smelter with a highly skilled workforce,” he said.
The transaction is subject to customary closing conditions, including approval under the Namibia Competition Act and approvals required from Chinese regulatory authorities for overseas investments, and is expected to close in the third quarter.
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