Krumovgrad gold mine
The Krumovgrad open pit in southern Bulgaria. Source: DPM
Canadian mining company Dundee Precious Metals (DPM) has announced a major milestone with the first gold production at the Krumovgrad open pit gold mine in south-eastern Bulgaria.
“After many years of hard work and cooperation with local stakeholders, we are extremely excited to announce that we have reached this pivotal milestone for our Company, with first gold concentrate production at the Krumovgrad gold mine in southern Bulgaria,” said Rick Howes, President and CEO of DPM. “With commercial production expected in the second quarter of this year, this is the beginning of a new chapter for DPM, which will deliver significant growth in gold production and free cash flow. We would also like to acknowledge the hard work and congratulate the team on the achievement of this key milestone.”
650 tonnes of ore was processed following cold commissioning at the Krumovgrad mine through the crushing, grinding and rougher flotation circuits at an approximate rate of 100 tonnes per hour. The next few weeks will see the DPM mine focus on ramping up and optimising the processing plant to achieve a desired throughput of 105 tonnes per hour and a gold recovery of 85%.
The forecast for gold contained in concentrate at the Bulgarian site is expected to be between 55,000 and 75,000 ounces. It is expected that the Krumovgrad mine will produce an average of 100,000 ounces of gold in concentrate per year for the first five years of production, and an average of 85,000 ounces per year throughout its lifespan.
The construction of the mine at Krumovgrad was 97% completed at the end of February 2019 at a cost of €130-million. Total capital costs are now forecast at €146-million, down from the €157-million originally forecasted. The permit for construction was awarded in August 2016.
DPM also runs the Chelopech gold and copper mine in central Bulgaria.
Back to Homepage
Back to Metals & Mining