Dundee Precious Metals’ Bulgarian Operations Unaffected by Reduced Natural Gas Supply to Bulgaria
27 April 2022 - 11:00PM
Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) today confirmed that its Chelopech and Ada Tepe
mines, located in Bulgaria, continue to have a secure supply of
power, and the Company does not anticipate an impact to the
operations as a result of the recent announcement that Russia is
suspending natural gas deliveries to Bulgaria.
“It is business as usual for our operations in
Bulgaria, and we continue to operate with a steady supply of energy
from Bulgaria’s national power grid,” said David Rae, President and
Chief Executive Officer. “Bulgaria is a net exporter of power and
is not reliant on imported natural gas from Russia for its electric
power needs.”
The main sources of Bulgaria’s electric energy
are nuclear and coal facilities, which together comprise
approximately 80% of Bulgaria’s total energy generation. Although
Russia has recently announced that it is halting natural gas
deliveries to Bulgaria, approximately 5% of Bulgaria’s total energy
supply is generated from natural gas1 and DPM does not
anticipate any disruption of power supply to its mines as a
result.
Furthermore, the Company does not source any
supplies from Russia or Russian companies. As a result, the impact
of the conflict in Ukraine on the Company has been limited to
increased costs for energy, fuel and other direct materials. DPM
continues to closely monitor and proactively manage the potential
impacts stemming from this evolving situation.
About Dundee Precious Metals
Inc.
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s
purpose is to unlock resources and generate value to thrive and
growth together. This overall purpose is supported by a foundation
of core values, which guides how the Company conducts its business
and informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders. DPM’s shares are traded on the Toronto Stock Exchange
(symbol: DPM).
For further information please contact:
David RaePresident and Chief
Executive OfficerTel: (416) 365-5092drae@dundeeprecious.com
Jennifer CameronDirector,
Investor RelationsTel: (416)
219-6177jcameron@dundeeprecious.com
Cautionary Note Regarding Forward-Looking
Statements
This news release contains “forward looking
statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and
uncertainties. Forward Looking Statements are statements that are
not historical facts and are generally, but not always, identified
by the use of forward looking terminology such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or
variations of such words and phrases or that state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved, or the negative of any of
these terms or similar expressions. The Forward Looking Statements
in this news release relate to, among other things: the expected
impact to the Company’s operations as a result of the suspension of
natural gas deliveries to Bulgaria by Russia, including disruption
to the Company’s power supply to its mines. Forward Looking
Statements are based on certain key assumptions and the opinions
and estimates of management and the QPs, as of the date such
statements are made, and they involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any other future results, performance or
achievements expressed or implied by the Forward Looking
Statements. In addition to factors already discussed in this news
release, such factors include, among others, the impact of the
conflict in Ukraine, including resulting changes to the Company’s
power supply to its operations, supply chain and costs of supplies;
product shortages; delivery and shipping issues; closures and/or
failure of plant, equipment or processes to operate as anticipated;
employees and contractors being affected by the conflict; lost work
hours; labour force shortages; fluctuations in metal and acid
prices, toll rates and foreign exchange rates; limitation on
insurance coverage; accidents, labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals;
cyber attacks and other cybersecurity risks; as well as those risk
factors discussed or referred to in the Company’s annual MD&A
and AIF for the year ended December 31, 2021, and other documents
filed from time to time with the securities regulatory authorities
in all provinces and territories of Canada and available on SEDAR
at www.sedar.com. The reader has been cautioned that the foregoing
list is not exhaustive of all factors which may have been used.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in Forward Looking Statements,
there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no
assurance that Forward Looking Statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company’s
Forward Looking Statements reflect current expectations regarding
future events and speak only as of the date hereof. Unless required
by securities laws, the Company undertakes no obligation to update
Forward Looking Statements if circumstances or management’s
estimates or opinions should change. Accordingly, readers are
cautioned not to place undue reliance on Forward Looking
Statements.
________________________________________1
Source: Eurostat, “Energy data | 2020 edition”. Available:
https://ec.europa.eu/eurostat/documents/3217494/11099022/KS-HB-20-001-EN-N.pdf/bf891880-1e3e-b4ba-0061-19810ebf2c64?t=1594715608000
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
Von Apr 2023 bis Apr 2024