Dundee Precious Metals, Inc.

as many profits as possible back into operations and expansion. “It’s a capital intensive business,” he states. “The mines tend not to be renewable. So in order to either grow or sustain our oper- ations, we need large capital investments. Our capital comes from capital and private equity markets and our operating cash flows. Efficient operations generate margins that provide cash to reinvest to sustain the business or to grow it.” When asked about competition in the min- ing sector, Howes explains: “Competition in our business is a little different than many other businesses because we’re price-takers in terms of the global commodities world.We produce commodities in the form of gold, silver, and copper, and those are driven by the market - by global supply and demand. So, we don’t really, formally, compete with any one special group. Where we compete is in being cost effective. We do the best in terms of surviving through the cyclical commodity price environment that the mining industry faces. So, there’s really not a competitor, per se; the competition, really, is to be the lowest cost producer and most effective in the use of capital.” Howes then envisions DPM’s plans for the future: “We’ll be a leading, mid-tier gold pro- ducer; probably one of the lowest cost gold producers using innovation and our strategy of leveraging the technologies that are coming on-stream to run more efficient operations and drive our business margins up.We’re currently looking at doubling our production with the addition of the Krumovgrad project in southern Bulgaria, and beyond that, we want to double again within a five-year period. And we want to maintain leadership in a sustainable mining approach that gets the support of governments and local communities; to be the employer of choice in building new mines in regions all over the world.” of another major, transformational shift in the mining industry because the advancements of digital technologies – automation, robotics, and a whole slew of opportunities - now present themselves.We intend to be leaders and fast movers in that area.” DPM’s sustainability practices also raise the industry bar. “The mining industry in general has to be a responsible citizen in terms of the carbon footprint and its contributions to a sus- tainable world,” Howes claims. “So, we are very focused on that in terms of energy efficiency, greenhouse gas reduction, and water manage- ment – reducing the use of water resources in our operations and minimizing the carbon footprint of our operations, globally.” Indeed, the company’s Environment and Sus- tainable Development Policy states it clearly: “DPM and its subsidiary businesses will operate in such a way as to maximize the environmen- tal management opportunity existing in min- eral development projects and operations and minimize the environmental risks and effects.” And “Outstanding environmental management will be regarded as a core business activity alongside outstanding minerals development and production operations.” Over the next several years, Howes says that the company’s goal is to continue its drive to- wards low-cost growth in the business, plowing Dundee Precious Metals, Inc. Preferred vendors n Eltrak Bulgaria www.eltrakbulgaria.com n Makalani Irrigation & Pumps www.facebook.com/Makalani- Irrigation-Pumps-164694260646274 n Submersible & Booster Pumps n Galvanized Pipes & Fittings n Stainless Steel Pipes & Fittings n Cascade Repair Clamps n Microphos & Dispensers n Camping Equipment n Plastic Pipes & Fittings n Irrigation Material n Franklin Motors n Hose Clamps n Nuts & Bolts n Hardware n Poly Bags n Valves Tel: +264 67 222 015 / 14 Fax: +264 67 222 594 mip@africaonline.com P.O. Box 1389, Tsumeb, Namibia Pendukeni Iivula - Ithana Street