High Quality, Low Cost Flagship Asset
Our Chelopech underground gold-copper mine has a strong track record of delivering strong, consistent operational performance. Chelopech is a center of excellence for innovation as we continue to optimize performance through our focus on opportunities with the potential to enhance revenue and reduce costs.
Proven and probable Mineral Reserves at Chelopech are currently 1.6 million gold ounces and 336 million pounds of copper, supporting an eight-year mine life.
The Chelopech mine is located in central-western Bulgaria approximately 70 kilometres east of Sofia, the national capital, on the southern flank of the Balkan Ranges. The deposit lies in the northern part of the Panagyurishte mining district where a number of copper-bearing massive sulphide and porphyry copper deposits exist. The mining license covers an area of 266 hectares, including the Chelopech mining operation and the immediate surrounds. Dundee Precious Metals owns the land where the facilities are located and operates under a concession agreement that was granted by the Republic of Bulgaria in 1999 for a period of 30 years.
The mine is accessible via major roads from Sofia. The principal rail and road links between Sofia and the country’s largest port, Bourgas, which is located on the Black Sea, pass through the village of Chelopech. Chelopech has good infrastructure due to its proximity to major roads, power lines, communication facilities, water sources and the town of Pirdop.
The mine is recognized as a leader in digital innovation with 100% reliable wi-fi coverage at 600 metres below ground and real-time data transfer systems. The commissioning of the first deep learning autonomous drone in an underground environment in 2019 established the Chelopech mine as a technological leader in the global mining industry.
History
The mine began operations in 1954, then part of several state-owned enterprises.
Prior to 1990, the Pirdop smelter, located east of Chelopech, accepted the concentrates from Chelopech. The Bulgarian government announced in 1990 that Chelopech concentrate could no longer be treated at the Pirdop smelter. In 1992, the mine was placed on care and maintenance.
In 1993, Navan gained ownership and operated the mine until 2002, when it went into receivership.
Dundee Precious Metals acquired the Chelopech mining operations in 2003. Since then, we have reinvested in the operation to transform it into a high quality, optimized mine that generates strong operating results while meeting international standards for worker safety, environmental protection and sustainable development.
Today the Chelopech mine is an industry-leader in Bulgaria, as the resources invested in environmental protection have lead to significant improvements. As well, community investments have largely contributed to the development of the region where mining has been a traditional livelihood for more than a century.