Dundee Lists 2Q Profit, Hikes 2017 Gold-Output Guidance
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Dundee Precious Metals Inc. (TSX: DPM) reports a profitable second quarter and upped its full-year gold-production guidance. The company lists earnings of $11 million, or 6 cents per share, compared to a net loss of $8.9 million, or 6 cents, for the same period in 2016. After special items, adjusted net earnings in the second quarter were $11.9 million, or 7 cents, compared to a net loss of $7.4 million, or a nickel, in the corresponding period of 2016. In the second quarter, gold contained in concentrate produced increased year-on-year by 40% to 53,474 ounces, copper production decreased by 10% to 8.6 million pounds, and silver production decreased by 12% to 44,278 ounces. The higher gold production was due primarily to higher grades and recoveries, the company says. Consolidated 2017 gold production is now projected at 173,000 to 187,000 ounces, compared to a range of 157,000 to 174,000 previously. "The Chelopech mine continued to perform better than expected, with strong production in the first two quarters resulting in an increase in our 2017 guidance," says Rick Howes, president and chief executive officer. "Tsumeb also delivered improved operating performance….At Krumovgrad, construction of our gold project is proceeding well and remains on track for first production in the fourth quarter of 2018.”