Sinomine Resource Group to Acquire Dundee Precious Metals’ Tsumeb Smelter for $49 Million
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Dundee Precious Metals (DPM) has entered into a definitive share purchase agreement (SPA) with a subsidiary of Sinomine Resource Group for the sale of its interest in the Tsumeb smelter located in Namibia, including all associated assets and liabilities for $49 million.
“We are pleased to announce the sale of the Tsumeb smelter, which is consistent with our strategic objective of focusing on our gold mining assets and simplifying our portfolio going forward. We are extremely proud of the investments that we have made to transform Tsumeb’s operational and environmental performance into a specialized custom smelter with a highly skilled workforce,” said David Rae, president and chief executive officer.
“We would like to thank the government of Namibia, the community of Tsumeb and our employees for their support over the past 13 years. We will work closely with Sinomine to ensure a smooth transition to support a successful future for the operation and all of its stakeholders,” added Rae.
DPM acquired the smelter in 2010 to secure a processing outlet for the complex concentrate produced by the company’s Chelopech mine in Bulgaria. With developments in the global smelting market and changes in the quality of the Chelopech concentrate, DPM is able to place its Chelopech concentrate at several other third-party facilities, providing secure and reliable processing alternatives at favorable terms.
Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Serbia, and Ecuador. The company’s purpose is to unlock resources and generate value to thrive and grow 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 their existing portfolio, and growth.
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