Canada-based Dundee Precious Metals (DPM) announced that its Bulgarian mine, Ada Tepe, produced approximately 16,200 ounces of gold in the third quarter, falling short of projections due to temporary operational challenges. Factors contributing to the shortfall included lower-than-expected grades, recoveries, and fleet availability, as well as low rainfall in the region during the review period, according to a press release on Monday detailing preliminary production results.
From January to September, Ada Tepe yielded about 65,300 ounces of gold.
DPM anticipates higher production at Ada Tepe in the fourth quarter as mining shifts to higher-grade areas and resolves fleet availability issues.
In contrast, DPM’s other Bulgarian mine, Chelopech, produced 43,900 ounces of gold and 7.3 million pounds of copper in the third quarter. While gold production met expectations, copper output was slightly below target.
For the nine months through September, Chelopech delivered 125,100 ounces of gold and 21.9 million pounds of copper.
For the full year, DPM projects combined gold production from both mines to be between 245,000 and 285,000 ounces, while copper production is forecast to range from 29 million to 34 million pounds. Both the Chelopech and Ada Tepe mines remain on track to meet their production guidance for the year, the company reported.
