Business
Dundee Precious Metals Completes Sale of Tsumeb Smelter
TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) today announced the closing of the sale of the Tsumeb
About this update from Dpm Metals Inc.
[{"type":"text","content":" TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) today announced the closing of the sale of the Tsumeb smelter to a subsidiary of Sinomine Resource Group Co. Ltd. (“Sinomine”). “In line with our strategy, the Tsumeb divestiture is another step in our continued track record of creating shareholder value. I’d like to extend our thanks to the government of Namibia, Sinomine and our former employees and stakeholders for its safe transition and continued success,” said David Rae, President and CEO. The purchase price for the sale of the Tsumeb smelter was US$20 million, on a debt-free and cash-free basis, less a US$5 million holdback to be held in escrow for a period of six months to secure the Company’s indemnity obligations under the share purchase agreement with Sinomine. Total cash consideration paid on closing was US$15.9 million, as adjusted, less the escrow holdback amount. The cash consideration is subject to normal post-closing adjustments. About Dundee Precious Metals Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. This overall purpose is supported by a foundation of core values, which guides how the Company conducts its business and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. The Company’s resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders. DPM’s shares are traded on the Toronto Stock Exchange (symbol: DPM). For further information please contact: David RaePresident and Chief Executive OfficerTel: (416) [email protected] Jennifer CameronDirector, Investor RelationsTel: (416) [email protected] Cautionary Note Regarding Forward Looking Statements This news 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 terminol...