Canadian-based gold miner Dundee Precious Metals Inc. has announced a profit for the fourth quarter of C$3.7 million. This compares with a fourth quarter 2008 net loss of C$80.0 million.
For the year ended 31 December 2009, the Company had net earnings of C$5.0 million compared with a net loss of C$79.2 million in 2008.
Commenting on the unaudited results, President and CEO Jonathan Goldman said "A combination of strong metal prices and improved operating performance and efficiencies at Chelopech and Deno Gold contributed to solid earnings for 2009, which, when adjusted for a $6.4 million non-cash, tax-related valuation allowance, was $11.4 million. Construction of the mine/mill expansion at Chelopech is underway and on schedule for completion in the second half of 2011. In addition, underground exploration at the mine has identified two new ore zones and 1.43 million tonnes of Measured and Indicated Resource, more than offsetting the amount of ore mined during 2009."
DPM owns the Chelopech Mine, a gold/copper concentrate producer and the Krumovgrad gold project, a mining development project, both located in Bulgaria, and has a 95% stake in the Kapan Mine, a gold / copper / zinc concentrate producer in southern Armenia. In addition, DPM holds significant exploration and exploitation concessions in some of the larger gold-copper-silver mining regions in Serbia.
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