Africa-Press – Namibia. DUNDEE Precious Metals reported a throughput of 63 990 tonnes of complex concentrate smelted copper at Tsumeb during the third quarter of 2022 and generated N$513 million (US$30 million) in all its operations worldwide.
The Canadian-based company, which operates in Bulgaria, Serbia and Namibia, also declared a fourth-quarter dividend of N$0,68 (US$0,04) per common share payable on 16 January 2023.
The report says Dundee’s financials are strong, with US$419,6 million of cash, supplemented by a new US$150 million revolving credit facility that generally includes more favourable terms and provides added financial flexibility.
Due to the solid financial position, Dundee returned US$36,5 million year-to-date to shareholders, consisting of a quarterly dividend and share repurchases.
Shareholders may choose to receive their dividend in US or Canadian dollars by contacting their broker or, where applicable, Computershare Investor Services Inc., the company’s registrar and transfer agent.
Dividends paid to shareholders that are non-residents of Canada are generally subject to withholding tax unless reduced in accordance with the provisions of an applicable tax treaty.
Dundee president and chief executive officer David Rae said their mining operations continued to perform well, delivering gold and copper production in line with the plan while effectively managing cost pressures.
“As a result, we generated over US$133 million of free cash flow year-to-date and remain on track to achieve our 2022 consolidated guidance,” Rae said.
He added that their Bulgarian operations achieved five million hours without a lost-time incident, a further testament to the strong operating performance and culture of prioritising the safety and well-being of our employees.
The quarterly report released last week says Dundee Precious Metals produced 63 870 ounces of gold and 6,9 million pounds of copper from all the operations.
Dundee says they are on track to achieve their 2022 production guidance of 250 000 to 290 000 ounces of gold and 32 to 37 million pounds of copper.
The company sold an ounce of gold for US$1 209, and an all-in-sustaining cost per ounce of gold was US$991.
According to the report, the company generated a net loss attributable to common shareholders from continuing operations of US$57,7 million or US$0,30 per share as a result of a US$85 million non-cash impairment charge in respect of Tsumeb and adjusted net earnings of US$25,3 million or US$0,13 per share.
The impairment was due to Tsumeb’s carrying value exceeding its estimated recoverable amount. Of the US$85 million, US$84,3 million related to property, plant, and equipment, and US$0,7 million is related to intangible assets.
Businesses use the term impairment charge to describe assets whose value drops or is lost completely, rendering them worthless.
For the nine months ended 30 September 2022, cash increased by US$85,2 million to US$419,6 million, due primarily to earnings generated in the period and a favourable change in working capital, partially offset by cash outlays for capital expenditures, dividend payments and share repurchases.
In July 2022, Dundee entered a new four-year revolving credit facility with a consortium of four banks. The facility matures in July 2026 and provides more flexibility and generally more favourable terms and conditions than Dundee’s previous revolving credit facility.
Under the new facility, Dundee will borrow up to US$150 million, which can be increased up to US$250 million, subject to certain conditions.
During the third quarter, Dundee repurchased 872 700 common shares at an average price of US$4,76 (C$6.13) per share. In aggregate, the company repurchased 2 471 500 common shares during the first nine months of the year at an average price of US$5,51 (C$7,05) per share for a total value of approximately US$13,6 million (C$17,4 million).
The company paid US$22,9 million in dividends during the first nine months.
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The Canadian-based company, which operates in Bulgaria, Serbia and Namibia, also declared a fourth-quarter dividend of N$0,68 (US$0,04) per common share payable on 16 January 2023.
The report says Dundee’s financials are strong, with US$419,6 million of cash, supplemented by a new US$150 million revolving credit facility that generally includes more favourable terms and provides added financial flexibility.
Due to the solid financial position, Dundee returned US$36,5 million year-to-date to shareholders, consisting of a quarterly dividend and share repurchases.
Shareholders may choose to receive their dividend in US or Canadian dollars by contacting their broker or, where applicable, Computershare Investor Services Inc., the company’s registrar and transfer agent.
Dividends paid to shareholders that are non-residents of Canada are generally subject to withholding tax unless reduced in accordance with the provisions of an applicable tax treaty.
Dundee president and chief executive officer David Rae said their mining operations continued to perform well, delivering gold and copper production in line with the plan while effectively managing cost pressures.
“As a result, we generated over US$133 million of free cash flow year-to-date and remain on track to achieve our 2022 consolidated guidance,” Rae said.
He added that their Bulgarian operations achieved five million hours without a lost-time incident, a further testament to the strong operating performance and culture of prioritising the safety and well-being of our employees.
The quarterly report released last week says Dundee Precious Metals produced 63 870 ounces of gold and 6,9 million pounds of copper from all the operations.
Dundee says they are on track to achieve their 2022 production guidance of 250 000 to 290 000 ounces of gold and 32 to 37 million pounds of copper.
The company sold an ounce of gold for US$1 209, and an all-in-sustaining cost per ounce of gold was US$991.
According to the report, the company generated a net loss attributable to common shareholders from continuing operations of US$57,7 million or US$0,30 per share as a result of a US$85 million non-cash impairment charge in respect of Tsumeb and adjusted net earnings of US$25,3 million or US$0,13 per share.
The impairment was due to Tsumeb’s carrying value exceeding its estimated recoverable amount. Of the US$85 million, US$84,3 million related to property, plant, and equipment, and US$0,7 million is related to intangible assets.
Businesses use the term impairment charge to describe assets whose value drops or is lost completely, rendering them worthless.
For the nine months ended 30 September 2022, cash increased by US$85,2 million to US$419,6 million, due primarily to earnings generated in the period and a favourable change in working capital, partially offset by cash outlays for capital expenditures, dividend payments and share repurchases.
In July 2022, Dundee entered a new four-year revolving credit facility with a consortium of four banks. The facility matures in July 2026 and provides more flexibility and generally more favourable terms and conditions than Dundee’s previous revolving credit facility.
Under the new facility, Dundee will borrow up to US$150 million, which can be increased up to US$250 million, subject to certain conditions.
During the third quarter, Dundee repurchased 872 700 common shares at an average price of US$4,76 (C$6.13) per share. In aggregate, the company repurchased 2 471 500 common shares during the first nine months of the year at an average price of US$5,51 (C$7,05) per share for a total value of approximately US$13,6 million (C$17,4 million).
The company paid US$22,9 million in dividends during the first nine months.
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