MINEX Forum

Tag: Dundee Precious Metals

  • DPM Metals to Relocate Ada Tepe Processing Plant to Serbia’s Čoka Rakita Gold Project

    DPM Metals to Relocate Ada Tepe Processing Plant to Serbia’s Čoka Rakita Gold Project

    DPM Metals Inc. (Dundee Precious Metals) has announced that processing equipment from its Ada Tepe gold mine in Bulgaria will be dismantled and relocated for use at the company’s Čoka Rakita gold project in eastern Serbia.

    According to the company’s latest quarterly report, ore processing at Ada Tepe will cease on 15 July 2026, following the final blasting activities completed in mid-April. After operations end, selected processing equipment will be dismantled, refurbished and prepared for installation at the Serbian project.

    DPM expects construction of the Čoka Rakita mine to begin in early 2027. Reusing proven processing infrastructure from Ada Tepe is intended to reduce capital costs, shorten development timelines and lower execution risks as the project advances toward production.

    Alongside the closure of the Bulgarian operation, the company said it will carry out mine rehabilitation in line with European environmental standards. Following reclamation, approximately 95% of the Ada Tepe site is expected to be returned to the Natura 2000 protected area network.

    In its second-quarter update, DPM also reported stable financial performance supported by higher gold-equivalent production from its operating Chelopech mine in Bulgaria and the Vareš operation in Bosnia and Herzegovina.

    The company noted that its strong financial position, supported by a share buyback programme that exceeded US$49 million during the quarter, provides a solid foundation for continued investment and project development across the Balkans.

    DPM Metals plans to publish its full operating and financial results for the second quarter after the close of trading on 30 July 2026.

  • Criminal Charges Filed Against Canadian Miner Dundee Precious Metals as Lead Contamination Hits Over 300 Residents Near Bosnia’s Vares Mine

    Criminal Charges Filed Against Canadian Miner Dundee Precious Metals as Lead Contamination Hits Over 300 Residents Near Bosnia’s Vares Mine

    Four Bosnian environmental organisations have filed criminal charges against Canadian mining company Dundee Precious Metals following the discovery of elevated lead levels in the blood of more than 300 residents living near the Vares silver, lead and barite mine in central Bosnia — a development that has thrown the future of a community that had only recently begun to recover from decades of economic decline into serious doubt.

    The charges were filed on Wednesday with the Zenica-Doboj cantonal prosecutors’ office. Environmental group Opstanak (Survival) Vares was among those bringing the case. “We think that the situation is ripe to declare an emergency situation,” the group’s president Miroslav Pejcinovic told Reuters. “Somebody needs to take responsibility.” Charges were also filed against cantonal and regional government ministers accused of failing to act adequately to protect residents.

    The Vares mine opened in 2024 under the ownership of UK-based Adriatic Metals, which was subsequently acquired by Toronto-listed Dundee Precious Metals in September. The mine’s opening had initially brought genuine revival to the small mountain town — new roads, new houses, filled cafes and a growing population of workers and new residents. Blood testing, which DPM agreed to finance in December following an offer by the previous owner, initially covered 44 people living near the processing plant and waste depot, finding elevated lead levels in 17 of them. Subsequent testing by health institutes in Zenica and Sarajevo extended the picture substantially: more than 300 people, including some living further from the mine, were found to have lead in their blood.

    Of 238 blood tests conducted by the Zenica-based Institute for Health and Food Safety, 23% exceeded a danger threshold of 2.8 micrograms per decilitre and 13% surpassed 5 micrograms per decilitre. The Vares health centre said in March that results did not indicate acute lead poisoning but suggested long-term low-intensity exposure to environmental factors. Elevated lead levels can damage the nervous system and brain and cause learning difficulties in children, and doctors note that any level carries risk.

    A complicating factor acknowledged by local officials is that the area has a long history of mining activity, making it difficult to determine whether lead exposure stems from the current operation or from legacy contamination. DPM has joined a working group of town officials and physicians and initiated environmental testing of land, water, agricultural produce and dust around the processing plant and waste depot. The company said it took health and environmental matters seriously and believed issues should be “assessed on the basis of expert analysis, verified data and through the appropriate institutional procedures, without prejudging responsibility.”

    Among those affected is the Ahmedovic family, who live near the processing plant and have invested in cattle and crops through the town’s economic difficulties. After the family — including two children — tested positive for lead and the metal was detected in their cropland, they halted the planting of wheat, vegetables and fruit and are now considering leaving. “Life with lead is not easy,” the mother, Enisa Ahmedovic, said.

    Bosnia’s Federation Prime Minister Nermin Niksic said a government expert group was being formed. “The peoples’ health cannot be endangered because of someone’s negligence, or someone’s investment or someone’s interest,” he said.

  • Krumovgrad’s Ada Tepe Gold Mine Seen as Model for Sustainable Mining in Protected Areas

    Krumovgrad’s Ada Tepe Gold Mine Seen as Model for Sustainable Mining in Protected Areas

    In southeastern Bulgaria, near the borders with Turkey and Greece, the Ada Tepe gold mine in Krumovgrad has become a showcase for how modern technology and strict environmental standards can align mining with community development. Operated by Canada’s Dundee Precious Metals, the mine is located within the Natura 2000 Protected Area — an unusual setting for industrial activity — but is widely recognized in Europe as one of the region’s most environmentally responsible mining projects.

    Local officials say the mine has revitalized the Krumovgrad area, creating jobs, supporting small businesses, and financing local infrastructure. “At first we faced protests from green activists,” explained Mayor Sebihan Mehmed. “But we clarified the question: do we not want a mine at all, or do we want one with the most advanced technology? Instead of cyanide, which would have meant 95% ore recovery, the company uses flotation with 75%, reducing environmental risk.” The mine also applies parallel reclamation methods for tailings and provides real-time water quality data online from multiple monitoring points.

    Beyond mining, Dundee has established a development fund for small businesses, offering a mix of grants and soft loans. More than 70 projects have been approved, including a local canning factory to process the region’s abundant peppers. Investments have also been directed toward healthcare, education, and municipal infrastructure.

    The Ada Tepe mine is expected to close in 2026, after which Dundee plans to hand over the land to Krumovgrad for transformation into a tourist zone by 2032. Plans include camping facilities, eco-trails, sports grounds, and educational areas.

    For Bulgaria’s neighbors, including North Macedonia, the project is an important case study. A Macedonian delegation of officials, engineers, and journalists recently visited the site to learn best practices for sustainable mining. “This mine is recognized in Europe as one of the most environmentally friendly,” said Filip Petrovski, Macedonia’s State Secretary for Mining. “We want to learn how responsible cooperation with local communities and clear regulations can build a sustainable sector.”

    Debates over mining remain heated in Macedonia, particularly regarding cyanide use, which will soon be prohibited under new regulations. Activists in Strumica have long opposed concessions for gold mines in fertile farmland, citing environmental and health concerns.

    The example of Ada Tepe suggests that with strong regulation, advanced technology, and community engagement, mining can deliver economic and social benefits while laying the groundwork for sustainable post-mining development.

  • Dundee Precious Metals Wins Court Approval for $1.25B Acquisition of Adriatic Metals

    Dundee Precious Metals Wins Court Approval for $1.25B Acquisition of Adriatic Metals

    Dundee Precious Metals (TSX: DPM) has received final UK court approval for its $1.25 billion cash-and-stock acquisition of Adriatic Metals (LON: ADT1), clearing the way for the deal to close this week. The High Court of Justice in England and Wales sanctioned the merger on Friday, with completion expected on Wednesday.

    Following the transaction, Dundee and Adriatic shareholders will hold 75.3% and 24.7% of the combined company respectively. Global headquarters will remain in Toronto, while Adriatic’s UK office will shut down. Dundee has also secured approval for a listing on the Australian exchange, with quotation details to follow.

    The acquisition expands Dundee’s Balkan footprint by adding Adriatic’s flagship Vareš silver-zinc mine in Bosnia and the Raška project in Serbia. The Vareš operation, which produced its first concentrate in early 2024, is Europe’s first new mine in over a decade. It has a projected 15-year life, supported by an ore reserve of 12.3 million tonnes grading 192 g/t silver and 5.7% zinc, with annual output capacity of 90,000 tonnes of zinc concentrates and 65,000 tonnes of silver-lead concentrates.

    “The Vareš is a logical fit with our portfolio, and adds near-term production growth and mine life, a highly prospective land package, and cash flow diversification,” Dundee CEO David Rae said at the time of the acquisition announcement in June.

    Adriatic acquired Vareš in 2017 with the aim of reviving a historic silver mine abandoned during the 1990s Balkan conflict. Its integration into Dundee’s portfolio positions the Canadian miner for stronger production growth and broader commodity exposure.

  • Dundee Precious Metals Shareholders Approve Adriatic Metals Acquisition and Corporate Rebranding

    Dundee Precious Metals Shareholders Approve Adriatic Metals Acquisition and Corporate Rebranding

    August 13, 2025

    Toronto, Canada – Dundee Precious Metals Inc. (TSX: DPM) has announced the results of its special meeting held on August 13, 2025, where shareholders overwhelmingly approved two key resolutions: the issuance of common shares in connection with the acquisition of Adriatic Metals plc and a name change for the company.

    Shareholder Approval for Acquisition and Name Change

    Shareholders voted to approve the issuance of DPM common shares as part of its proposed acquisition of Adriatic Metals plc, to be effected by a scheme of arrangement under Part 26 of the Companies Act. Additionally, shareholders approved an amendment to the company’s articles to change its name to “DPM Metals Inc.” or another name as approved by the board of directors, subject to regulatory approval.

    The voting results were as follows:

    Share Issuance: 121,852,918 votes in favor (99.73% of votes cast), 329,765 votes against (0.27%).
    Name Change: 125,346,665 votes in favor (99.81% of votes cast), 236,902 votes against (0.19%).
    A total of 122,182,683 shares were voted for the share issuance, representing approximately 73.19% of the issued and outstanding DPM shares. For the name change, 125,583,567 shares were voted, representing approximately 75.23% of the issued and outstanding DPM shares.

    Adriatic Shareholder Approval

    DPM also confirmed that Adriatic Metals plc has received the requisite shareholder approvals for the scheme of arrangement at its Court Meeting and General Meeting, both held earlier today.

    Next Steps and Completion of Acquisition

    The completion of the acquisition remains subject to the sanctioning of the scheme by the High Court of Justice in England and Wales, the delivery of a copy of the Court’s order to the Registrar of Companies in England and Wales, and the satisfaction or waiver of other conditions set out in the scheme document. The hearing for the Court’s sanction is currently scheduled for August 29, 2025. As announced by Adriatic, the scheme is expected to become effective on September 3, 2025.

  • Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals (ASX, LON: ADT) reported notable gains in silver and gold production for the second quarter of 2025, while trimming its full-year production outlook ahead of its acquisition by Canada’s Dundee Precious Metals (TSX: DPM).

    The company, which operates the Vareš silver-zinc-lead project in Bosnia and Herzegovina, said silver equivalent output reached 1.7 million ounces in Q2—up 23% from the previous quarter. This included 720,449 ounces of silver and 4,840 ounces of gold, reflecting strong performance gains compared to Q1.

    Zinc and lead output also increased, and Adriatic confirmed that commercial production officially began at the Vareš operation on July 1. The Veovača tailings facility, completed in March, started receiving tailings in April, with a newly constructed connecting road going operational in June.

    Despite the operational momentum, Adriatic revised its full-year silver equivalent production forecast downward to 9.5–10.5 million ounces, compared to the earlier estimate of 12–13 million ounces. The company attributed the revision to operational and logistical ramp-up adjustments, while noting that the new range still reflects year-on-year growth.

    Adriatic ended the quarter with a cash balance of $59 million, down from $76 million at the end of March.

    The quarterly update follows Adriatic’s acceptance of a $1.25 billion acquisition offer from Dundee Precious Metals. The merger will see the combined entity headquartered in Toronto, with Adriatic’s UK office set to close.

    “Following the board’s recommendation to accept the proposed acquisition of Adriatic by Dundee Precious Metals, we remain committed to maintaining positive operational momentum throughout this transactional period,” said CEO Laura Tyler.

    Dundee’s acquisition of Adriatic is expected to strengthen its asset base in Eastern Europe and support long-term growth in gold and silver output across the region.

  • Dundee Precious Metals to Acquire Adriatic Metals in $1.25 Billion Deal

    Dundee Precious Metals to Acquire Adriatic Metals in $1.25 Billion Deal

    Toronto-listed Dundee Precious Metals (DPM) is set to acquire London- and Sydney-listed Adriatic Metals in a $1.25 billion cash-and-stock transaction, expanding its portfolio with the addition of the Vareš silver project in Bosnia and Herzegovina. The deal strengthens DPM’s position in the Balkans and adds near-term production growth and cash flow diversification.

    Adriatic shareholders will receive 0.1590 new DPM shares and 93 pence in cash for each Adriatic share, valuing each share at 268 pence—a 50.5% premium to Adriatic’s LSE closing price on May 19. DPM has already secured support from Adriatic directors and shareholders holding 37.23% of shares.

    The Vareš project, Adriatic’s flagship operation, completed construction last year and began producing silver/lead and zinc concentrates. The mine is ramping up to nameplate capacity of 0.8 million tonnes per year by the second half of 2025, with expansion studies under way to increase output to 1.3 million tonnes.

    “This transaction brings together complementary strengths to create a dynamic and diversified mining company with meaningful scale,” said Adriatic CEO Laura Tyler. DPM CEO David Rae highlighted the strategic fit, citing DPM’s expertise in underground mining and financial strength to maximise Vareš’ potential.

    Analysts from SP Angel endorsed the deal, viewing it as beneficial for Adriatic shareholders and noting that the combined entity could become a key player in the Balkan mining sector. They also noted possible but unlikely interference from Zijin, which already operates in the region.

  • Adriatic Metals Confirms Takeover Talks with Dundee Precious Metals

    Adriatic Metals Confirms Takeover Talks with Dundee Precious Metals

    Adriatic Metals confirmed on Wednesday that it is in discussions with Toronto-listed Dundee Precious Metals regarding a potential takeover bid. The confirmation comes after growing media speculation and reports suggesting a possible £700-million valuation of the UK-based miner.

    To advance the talks, Adriatic has granted Dundee limited access to conduct due diligence. Despite the progress, both companies emphasized that there is no certainty a formal offer will materialize or what its terms might be. “Discussions remain ongoing and there can be no certainty that any firm offer will be made,” Adriatic stated, advising shareholders to take no action at this stage.

    Dundee echoed the sentiment, stressing that the discussions do not constitute a firm offer under the UK Takeover Code, nor do they obligate the company to proceed.

    Adriatic Metals’ main asset is the Vareš silver project in Bosnia and Herzegovina. The mine, which produces silver/lead and zinc concentrates, has gained attention due to its high-grade polymetallic resources and strategic European location.

  • Canadian Gold Miner Files Technical Report for Serbian Project

    Canadian Gold Miner Files Technical Report for Serbian Project

    TORONTO, 31 January 2025 – Dundee Precious Metals Inc. (TSX: DPM), a leading Canadian-based international gold mining company, has announced the filing of a technical report for its Čoka Rakita gold project in Serbia. The report supports the Mineral Resource and Mineral Reserve estimate and pre-feasibility study for Čoka Rakita, as outlined in the company’s news release dated 18 December 2024.

    The technical report has been prepared in accordance with the Canadian Securities Administrator’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Both the report and the December 2024 news release are accessible on SEDAR+ (www.sedarplus.ca) and the company’s website (www.dundeeprecious.com).

  • Dundee Precious Metals (DPM) Preliminary Production Results for 2024

    Dundee Precious Metals (DPM) Preliminary Production Results for 2024

    Dundee Precious Metals Inc. (TSX: DPM) reported its preliminary gold and copper production for Q4 and FY 2024. Both Chelopech and Ada Tepe mines achieved their annual production guidance, marking DPM’s tenth consecutive year meeting gold production targets.

    Chelopech processed 2,143.7 Kt of ore, producing 167,000 ounces of gold and 29.7 million pounds of copper for the year, while Ada Tepe processed 772.4 Kt, yielding 94,300 ounces of gold. Consolidated annual production totaled 261,300 ounces of gold and 29.7 million pounds of copper. The Q4 results were highlighted by Ada Tepe’s strongest quarter with 29,000 ounces of gold produced.

    Additionally, DPM concluded a tolling agreement, receiving $162M from Sinomine Resource Group, and maintained capital returns through share repurchases ($50M in 2024) and dividends ($0.04/share payable January 15, 2025).