Dundee Precious Metals Finalizes Sale of Tsumeb Smelter
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Dundee Precious Metals Completes Sale of Tsumeb Smelter
In a significant move for Dundee Precious Metals Inc. (TSX: DPM), the company has officially closed the sale of its Tsumeb smelter to a subsidiary of Sinomine Resource Group Co. Ltd. This transaction exemplifies the company’s strategic vision to strengthen shareholder value and enhance operational efficiency.
Details of the Sale
According to the announcement, the smelter was sold for a total consideration of US$20 million, structured on a debt-free and cash-free basis. However, a US$5 million holdback will be held in escrow for six months to cover the company’s indemnity obligations as stipulated in the share purchase agreement with Sinomine. Following the completion of this sale, Dundee received a cash amount of US$15.9 million, which is subject to standard post-closing adjustments.
Leadership Insights
David Rae, the President and CEO of Dundee Precious Metals, stated, "This divestiture aligns with our strategic goals and reinforces our commitment to creating value for our shareholders. We appreciate the support from the government of Namibia, Sinomine, and our employees during this transition." His remarks highlight the collaborative spirit that facilitated this significant change for the company.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian-based international gold mining company, with its operations spanning across Bulgaria, Serbia, and Ecuador. The company focuses on unlocking valuable resources while generating growth and sustainability. This mission is firmly rooted in a set of core values that shape its business conduct and strategic objectives, which include Environmental, Social, and Governance (ESG) practices, innovation, and optimizing their current portfolio. The strategic planning of Dundee is aimed at ensuring that they continuously provide value for all stakeholders involved.
Commitment to Growth
Dundee Precious Metals ensures that its resources are allocated effectively in accordance with its overarching strategy, allowing the firm to maintain a competitive edge and foster growth prospects. The systematic approach of the company underlines its dedication to operational excellence and sustainable practices.
Contact Information
For additional details or inquiries, interested parties are encouraged to reach out directly:
David Rae
President and Chief Executive Officer
Tel: (416) 365-5191
Email: investor.info@dundeeprecious.com
Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
Email: jcameron@dundeeprecious.com
Frequently Asked Questions
What does the sale of the Tsumeb smelter mean for Dundee Precious Metals?
The sale is a part of Dundee's strategy to enhance shareholder value and streamline operations, allowing for focused resource allocation.
Who is the buyer of the Tsumeb smelter?
Sinomine Resource Group Co. Ltd. is the subsidiary purchaser of the Tsumeb smelter from Dundee Precious Metals.
What was the sale price for the Tsumeb smelter?
The smelter was sold for US$20 million, with cash consideration of approximately US$15.9 million, adjusted for the escrow holdback.
How will the proceeds from the sale be used?
The proceeds will help enhance the company's financial stability and provide opportunities for investment in growth and sustainability initiatives.
What is the strategic vision of Dundee Precious Metals?
Dundee's vision involves enhancing operational efficiency, promoting sustainability, and delivering long-term value to its stakeholders.
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