DPM sells Tsumeb smelter to Sinomine for N.dollars 908 million

Dundee Precious Metals (DPM) has sold the Tsumeb smelter to a Chinese mining company, Sinomine Resource Group, for N.dollars 908 million in cash on Thursday. DPM announced the sale in a press statement availed to Nampa on Friday, saying that it has entered into a definite share purchase agreement with a subsidiary of Sinomine Resource Group for the sale of its interest in the Tsumeb smelter. 'The sale includes all associated assets and liabilities through the disposition of all the issued and outstanding shares it indirectly holds in Dundee Precious Metals Tsumeb Holdings,' read the statement. DPM president and Chief Executive Officer, David Rae said they were pleased to announce the sale of the Tsumeb smelter, which is consistent with their strategic objectives of focusing on their gold mining assets and simplifying their portfolio going forward. 'We are extremely proud of the investment that we have made to transform Tsumeb's operational and environmental performances into a specialised custom smelter with a highly skilled workforce,' said Rae. The company expressed thanks to the Government of Namibia, the community of Tsumeb, and their employees for their support over the past 13 years, saying they will work closely with Sinomine to ensure a smooth transition to support a successful future for the operation and all its stakeholders. 'DPM acquired the smelter in 2010 to secure a processing outlet for the complex concentrate produced by the company's Chelopech mine in Bulgaria and with the development in the global smelting market and changes in the quality of the Chelopech concentrate, DPM can place its Chelopech concentrate at several other third-party facilities, providing secure and reliable processing alternatives at favourable terms,' read the statement. DPM 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. Source: Namibia Press Agency