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.
Showing posts with label serbia. Show all posts
Showing posts with label serbia. Show all posts
Thursday, February 18, 2010
Tuesday, February 3, 2009
Serbia To Merge RTB Bor Operations
The Serbian government has announced that it will not seek to privatise the country's state-owned copper company, RTB Bor. Instead the smelter and the mining department will merge into a single entity with the Serbian state turning debt into assets, and the state will become the majority owner.
The government said it was ready to invest 130 million euros in a new copper smelter to help it boost production and minimise environmental damage.
RTB Bor is situated in the eastern town of Bor and it is estimated to have debts of around $500 million in debts, largely as a result of mismanagement under the rule of former President Slobosan Milosevic and international isolation during the Balkan War of the early-nineties.
Until recently the government had been trying to sell its 67 percent stake in the company, however a fall in world copper prices led to a failure to attract investors. Two previous attempts to sell the company also failed after Romanian buyers, first Cuprom, then A-Tec pulled out of the sale.
The government said it was ready to invest 130 million euros in a new copper smelter to help it boost production and minimise environmental damage.
RTB Bor is situated in the eastern town of Bor and it is estimated to have debts of around $500 million in debts, largely as a result of mismanagement under the rule of former President Slobosan Milosevic and international isolation during the Balkan War of the early-nineties.
Until recently the government had been trying to sell its 67 percent stake in the company, however a fall in world copper prices led to a failure to attract investors. Two previous attempts to sell the company also failed after Romanian buyers, first Cuprom, then A-Tec pulled out of the sale.
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