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- Dundee Precious Metals just reported Q3 earnings which reflect weak production figures at the company's Kapan Mine.
- Production will be below expectations for 2014.
- Shares have fallen to reflect this weakness although there are better options out there in the space.
- Dundee Precious Metals’ results were in line with my expectations and the Tsumeb capex will decrease from next year on.
- Nothing unexpected at all, and Dundee is still delivering on its promises.
- The investment thesis remains unchanged and after the company’s share price doubled, it’s now at the point again where it all started.
Update: Dundee Precious Metals Releases Its Kapan Expansion PEA ResultsBen Kramer-Miller • Sun, Oct. 12
- Dundee Precious Metals intends to expand to underground production at its Kapan Project, and it has released a PEA showing this project's feasibility.
- I had anticipated expansion at Kapan in my initial article.
- While this appears to be bullish the assumptions in the PEA are relatively optimistic.
- Nevertheless the shares remain undervalued.
Update: Dundee's Expansion Plans At The Kapan Gold Mine Seem Viable
- DPM has released the results of a PEA to determine the viability of the expansion plans at Kapan.
- As expected, the expansion would definitely be viable, as the cash cost per ounce of gold would be lower than $350/oz, and even the AISC would be lower than $800/oz.
- The investment thesis could be updated and I intend to write an in-depth article sooner rather than later.
- Dundee Precious Metals reported adjusted earnings of $9.3 million and operating cash flow of $24 million on production of 38,000 ounces of gold.
- Annualized, this data is better than my conservative figures put forth last July.
- With the stock price up 24% and the company's heightened debt position investors should be cautious, although the stock isn't expensive.
Dundee Precious Metals Appears To Be Highly Undervalued
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DPM is a Canadian-based, international mining company engaged in the acquisition, exploration, development and mining and processing of precious metal properties. DPMs business objectives are to identify, acquire, finance, develop and operate low-cost, long-life mining properties.
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