Martin Endjala
The Namibia Competition Commission (NaCC) has approved the sale of Dundee Precious Metals’s (DPM) copper smelter in Tsumeb.
Sinomine Resource Group Co. Ltd., a Chinese-owned company purchased the company’s interest in the smelter.
“The sale is on track to close as planned in the third quarter of 2024, subject to completing the documentation regarding the revised purchase price and proposed tolling arrangement as disclosed in the company’s management’s discussion and analysis and news release published on August 1, 2024,” said the company in a statement last week.
In March this year, the company announced that it had entered into a definitive share purchase agreement (the “SPA”) with a subsidiary of Sinomine to sell its interest in the Tsumeb smelter.
These include all associated assets and liabilities, through the disposition of all of the issued and outstanding shares it indirectly holds in Dundee for US$49 million in cash.
David Rae, president and CEO, expressed satisfaction with the sale of the Tsumeb smelter, highlighting that it aligns with their strategic goal of concentrating on gold mining and streamlining their portfolio.
“We are extremely proud of the investments that we have made to transform Tsumeb’s operational and environmental performance into a specialised customs smelter with a highly skilled workforce,” said Rae,
DPM purchased the smelter in 2010 to provide a processing outlet for the complex concentrate it produced at its Chelopech mine in Bulgaria.
NaCC spokesperson Dina //Gowases confirmed the sale of Dundee.
