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Dundee Precious Metals (TSX: DPM) has sold its Tsumeb specialty smelter in Namibia to a subsidiary of Sinomine Resource Group. Dundee will receive C$65.6 million ($49 million) in cash for the issued and outstanding shares it holds in Dundee Precious Metals Tsumeb.
Dundee acquired the smelter in 2010 to secure a processing plant for the complex concentrate from the company’s Chelopech mine in Bulgaria. With developments in the global smelting market and changes in the quality of the Chelopech concentrate, the company says it can now place the concentrate at several other third-party facilities.
“We are pleased to announce the sale of the Tsumeb smelter, which is consistent with our strategic objective of focusing on our gold mining assets and simplifying our portfolio going forward. We are extremely proud of the investments that we have made to transform Tsumeb’s operational and environmental performance into a specialized custom smelter with a highly skilled workforce,” CEO David Rae said in a news release.
“We would like to thank the government of Namibia, the community of Tsumeb and our employees for their support over the past 13 years. We will work closely with Sinomine to ensure a smooth transition to support a successful future for the operation and all of its stakeholders,” he added.
Dundee made significant upgrades at Tsumeb in the past years. Sulphur dioxide emissions were reduced 95% from 2014 to 2021. There has also been a 72% decrease in average arsenic exposure since 2012 with the oversite of the arsenic advisory council.
The smelter produces 95% blister copper which is then refined in Europe and Asia as well as sulphuric acid which is sold to third-party clients for use in uranium and copper mining.
The Chelopech underground copper-gold mine is 100%-owned by Dundee. It has proven and probable reserves of 305 million lb. of copper and 1.6 million oz. of gold. Production guidance for 2024 is 29 million to 34 million lb. of copper and 155,000 to 175,000 oz. of gold. The all-in sustaining cost will be between $650 and $790 per oz. of gold sold.
