TSX-listed Dundee Precious Metals continued to deliver strong operating performances at both its mines, as well as improving its smelter performance, for the three and nine months ended September 30, president and CEO David Rae says.

“We are also encouraged by the progress being made at our Loma Larga project and the government support we are seeing in Ecuador, following the closing of the acquisition in the quarter,” he added.

The Ada Tepe mine, in Bulgaria, continued its record of strong performance during the third quarter, producing about 33 300 oz of gold, which was better than planned as a result of higher-than-expected gold grades.

Chelopech, in Bulgaria, also performed well during the third quarter, producing about 38 400 oz of gold and 8.4-million pounds of copper, reflecting the mining of lower copper and gold grade zones.

Both Chelopech and Ada Tepe are on track to achieve full-year guidance.

The Tsumeb smelter, in Namibia, meanwhile, processed about 55 100 t of complex concentrate during the third quarter, in line with recent quarterly performances but below expectation.

As a result of a water leak in the offgas system, which has the potential to result in additional unplanned maintenance downtime, Tsumeb is expected to be at or below the low end of the guidance range of 200 000 t to 220 000 t for the full-year.

LOMA LARGA UPDATE
In the third quarter, the company completed the acquisition of the high-quality, advanced-stage Loma Larga gold project, in Ecuador.

Following closing, the company has been focused on integration activities, stakeholder engagement and a review of the technical studies and permitting schedule.

It is also progressing discussions in respect of an investor protection agreement with the government of Ecuador. Key milestones and progress against these milestones will be further communicated alongside quarterly reporting, the company says.

A drill programme focused on geotechnical drilling, condemnation drilling at the planned location of facilities, and extensional exploration drilling is expected to start in the fourth quarter of this year.