DUNDEE PRECIOUS METALS REPORTS OPERATIONS CONTINUE AND OUTLINES PROACTIVE COVID-19 RESPONSE MEASURES
TORONTO, March 25, 2020 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (the “Company” or “DPM”) reports that it continues to operate fully in line with previously issued guidance at all sites and has not experienced any disruptions to its production as a result of COVID-19 or any travel restrictions implemented by local governments.
“We are monitoring the situation closely and our highest priority is ensuring the health and well-being of our workforce and the communities in which we operate. We are also focused on minimising any potential disruption to our business and are well prepared with comprehensive contingency plans in place,” said Rick Howes, President and CEO. “Given our financial and operating strength, we are confident that we can navigate and respond to this rapidly evolving global pandemic.”
While there have been reported cases of COVID-19 in Bulgaria, Namibia, and Serbia, production from the Company’s mining and smelting operations has not been negatively impacted. The Company is taking proactive measures to safeguard the health of its workforce and local communities, manage supply chains and address the risks posed by the pandemic.
Workforce and Local Communities
DPM has been closely following national safety instructions provided by authorities and has proactively introduced protocols to protect the health of our employees, including site access controls and work from home measures.
As the situation evolves, DPM is considering ways that the Company can contribute to government and societal efforts to confine the spread of the virus and sustain economic activities. The Company has engaged with local communities and authorities to identify their needs and is assisting health care providers with financial support and materials, with a specific focus on the vulnerable groups within the communities in which DPM operates.
Supply Chain
DPM is proactively managing inventories, reviewing alternative supply options and developing contingency plans for inbound and outbound supply of materials. Most key supplies and consumables for DPM’s operations in Bulgaria are sourced locally, and to date the Company has not experienced any disruption to its inbound supply chain. In Namibia, Tsumeb currently has a sufficient supply of complex concentrate at site and at the local port facility, with additional supply scheduled to be shipped between now and the end of April. DPM is also focused on managing its outbound supply chains, including concentrate shipments from Bulgaria and sulfuric acid shipments from Namibia, by engaging with multiple sale and transportation outlets.
Management and Planning
With COVID-19 classified as a worldwide pandemic by the World Health Organization and governments around the world enacting measures to combat the spread of the virus, DPM has established procedures and contingency plans to address potential business interruptions across our portfolio. These efforts are being overseen by a cross-functional team that includes members of senior management and leaders at our operations with expertise in health and safety, operations, supply chain, legal, human resources and communications. The Board of Directors is being regularly updated on these measures.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's operating assets include the Chelopech operation, which produces a gold-copper concentrate containing gold, copper and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; the Ada Tepe operations, which produces a gold concentrate containing gold and silver, located in southern Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold and exploration properties located in Canada, Serbia and Ecuador, including its 10.4% interest in Sabina Gold & Silver Corp. and its 19.5% interest in INV Metals Inc.
For further information please contact:
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836
rhowes@dundeeprecious.com
| David Rae Executive Vice President and Chief Operating Officer Tel: (416) 365-5092 drae@dundeeprecious.com |
Jennifer Cameron
Director, Investor Relations
Tel: (416) 365-2549
jcameron@dundeeprecious.com
Cautionary Note Regarding Forward Looking Statements
This press release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this press release relate to, among other things: measures the Company is undertaking in response to the COVID-19 (coronavirus) outbreak, including its impacts across the Company on demand, operations and its global supply chains. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management, as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this press release, such factors include, among others, risks relating to the Company’s business generally and as magnified by the impact of COVID-19, including, changes to the Company’s supply chain; product shortages; delivery and shipping issues; closures and/or failure of plant, equipment or processes to operate as anticipated; employees and contractors becoming infected with COVID-19; lost work hours; labour force shortages; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; social and non-government organizations opposition to mining projects and smelting operations; fluctuations in metal and acid prices, toll rates and foreign exchange rates; claims or litigation; limitation on insurance coverage; cyber attacks; as well as those risk factors discussed or referred to in any other documents (including without limitation the Company’s most recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. The reader has been cautioned that the foregoing list is not exhaustive of all factors which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Unless required by securities laws, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.
