Dundee Precious Metals Inc. Adopts Updated By-Laws
Feb 28 14
Dundee Precious Metals Inc. announced that its board of directors has approved amendments to the company's by-laws to increase the quorum requirement for shareholder meetings and include an advance notice provision which requires advance notice to the company in circumstances where nominations of persons for election to the Board are made by shareholders of the company other than pursuant to: (i) the requisition of a meeting, or (ii) a shareholder proposal, both made pursuant to the provisions of the Canada Business Corporations Act. In line with good governance practices, the Board has amended the company's by-laws so that the quorum for each shareholder meeting shall be at least two shareholders, each of whom is entitled to vote at such meeting, holding or representing not less than 25% of the total number of shares carrying the right to vote at such meeting. With respect to the Provision, among other things, it fixes a deadline by which holders of record of common shares of the company must submit director nominations to the company prior to any annual or special meeting of shareholders and in the information that a shareholder must include in the notice to the company. In the case of an annual meeting of shareholders, notice to the company must be provided not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is called, for a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the company must be provided no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made. The company believes that adopting the Provision is considered to be good corporate governance. The Provision provides a clear process for shareholders to follow for director nominations and sets out a reasonable time frame for nominee submissions and the provision of accompanying information. The purpose of the Provision is to treat all shareholders fairly by ensuring that all shareholders receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Provision should assist in facilitating an orderly and efficient meeting process. The amended by-laws are now effective. In accordance with the Act, the amendments to the company's by-laws are subject to confirmation by shareholders at its next annual meeting of shareholders currently scheduled for May 7, 2014.
Dundee Precious Metals Inc. Reports Audited Consolidated Earnings Results and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Production Guidance for the Year 2014
Feb 13 14
Dundee Precious Metals Inc. reported audited consolidated earnings results and operating results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenue of USD 84.4 million compared to USD 103.1 million a year ago. Earnings before income taxes were USD 19.7 million compared to USD 16.2 million a year ago. Net earnings attributable to common shareholders were USD 19.2 million compared to USD 14.7 million a year ago. Basic earnings per share were USD 0.14 compared to USD 0.12 a year ago. Adjusted EBITDA was USD 29.0 million compared to USD 37.7 million a year ago. Adjusted net earnings were USD 10.5 million compared to USD 21.5 million a year ago. Adjusted basic earnings per share were USD 0.08 compared to USD 0.17 a year ago. Cash provided from operating activities were USD 40.3 million compared to USD 27.0 million a year ago. Capital expenditures during the fourth quarter totaled USD 47.5 million.
For the quarter, the company reported concentrate produced of 39,233 mt compared to 32,428 mt a year ago. Gold concentrate produced was 38,798 ounces compared to 32,667 ounces a year ago. Copper concentrate produced was 13,056,000 pounds compared to 10,884,000 pounds a year ago. Zinc concentrate produced was 3,673,000 pounds compared to 2,880,000 pounds a year ago. Silver concentrate produced was 174,046 ounces compared to 143,501 ounces a year ago. Tsumeb - concentrate smelted was 38,481 mt compared to 45,823 mt a year ago. Deliveries of concentrates were 38,353 mt compared to 35,261 mt a year ago.
For the year, the company reported revenue of USD 344.6 million compared to USD 384.7 million a year ago. Earnings before income taxes were USD 26.9 million compared to USD 49.7 million a year ago. Net earnings attributable to common shareholders were USD 22.5 million compared to USD 54.4 million a year ago. Basic earnings per share were USD 0.17 compared to USD 0.43 a year ago. Adjusted EBITDA was USD 102.8 million compared to USD 124.6 million a year ago. Adjusted net earnings were USD 30.8 million compared to USD 80.9 million a year ago. Adjusted basic earnings per share were USD 0.23 compared to USD 0.65 a year ago. Cash provided from operating activities were USD 99.5 million compared to USD 78.3 million a year ago. Capital expenditures during the fourth quarter totaled USD 213.0 million.
For the year, the company reported concentrate produced of 144,278 mt compared to 135,809 mt a year ago. Gold concentrate produced was 156,185 ounces compared to 142,474 ounces a year ago. Copper concentrate produced was 47,939,000 pounds compared to 45,171,000 pounds a year ago. Zinc concentrate produced was 15,294,000 pounds compared to 15,425,000 pounds a year ago. Silver concentrate produced was 671,639 ounces compared to 665,857 ounces a year ago. Tsumeb - concentrate smelted was 152,457 mt compared to 159,356 mt a year ago. Deliveries of concentrates were 148,716 mt compared to 136,948 mt a year ago.
The company provided production guidance for the year 2014. For the year, the company expects ore mined 2,375,000 tones to 2,575,000 tones, concentrate smelted of 190,000 tones to 220,000 tones, Gold concentrate is expected to be 155,000 ounces to 174,000 ounces, Copper concentrate is expected 45.5 million pounds to 50.0 million pounds, Zinc concentrate is expected 11.6 million pounds to 15.9 million pounds, Silver concentrate is expected 678,000 ounces to 870,000 ounces.
Dundee Precious Metals Inc. Presents at 2014 BMO Capital Markets Global Metals & Mining Conference, Feb-23-2014
Feb 7 14
Dundee Precious Metals Inc. Presents at 2014 BMO Capital Markets Global Metals & Mining Conference, Feb-23-2014 . Venue: The Westin Diplomat, 3555 South Ocean Drive, Hollywood, Florida, United States.