Dundee Announces Q4 and Full Year Results for 2014

Dundee Precious Metals Inc. (TSX:DPM) announced its 2014 fourth quarter and full year results. The report shows fourth quarter net earnings of US$21.5 million ($0.15 per share) compared to US$19.2 million ($0.14 per share) for the same period in 2013 and an annual  net loss of US$58.9 million ($0.42 per share) compared to net earnings of US$22.5 million ($0.17 per share) in 2013.

As quoted in the press release, some of the financial and operating highlights include:

• Metals production – Achieved gold and copper production in the fourth quarter of 49,123 ounces and 14.9 million pounds, respectively, with record production from Chelopech. 2014 gold and copper production was 145,306 ounces and 46.5 million pounds, respectively, down 7% and 3% from 2013 as a result of lower ore mined at Kapan and lower recoveries at Chelopech;
• All-in sustaining cost per ounce of gold – Well below the industry average at $690;
• Smelter – 2014 production increased by 30% to 198,346 tonnes. Physical construction of acid plant on track for first quarter of 2015 completion with saleable acid expected to commence in the third quarter of 2015;
• Near term growth opportunities progressing – Krumovgrad local permitting and approval process is on track to support commencement of construction later this year;
• Financial position – Exited 2014 with approximately $200 million of cash resources, including the undrawn portion of the Company’s long-term revolving credit facility.

Click here to read the full Dundee Precious Metals Inc. (TSX:DPM)  press release.