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Chelopech Mining EAD ( "Chelopech"), its principal asset being the Chelopech mine, a gold, copper, silver concentrates producer, located approximately 70 kilometres east of Sofia,
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( "Chelopech"), a gold, copper, silver concentrates producer, owner of the Chelopech mine located approximately 70 kilometres east of Sofia, Bulgaria, 100% ownership of Namibia Custom
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Chelopech operations reported net revenue of $14.8 million on concentrate deliveries of 11,831 tonnes.
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Chelopech recorded a gross loss from mining operations of $1.9 million in the first quarter of 2010 compared to a gross profit from mining operations of $5.8 million in the first quarter of 2009.
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This decision does not impact on the Chelopech mine and mill expansion project.
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LDC will continue to have exclusive rights to purchase the Chelopech concentrate for toll processing through NCS (including return of blister copper to LDC) and to source the balance of the concentrate for the Smelter through to and including 2020.
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We are looking forward to an exciting year which will see significant advances in the Chelopech expansion, completion of the commissioning of the Tsumeb oxygen plant, an expansion of our
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Cost of sales of $21.9 million in the first quarter of 2010 was $3.1 million or 16% higher than the corresponding prior year period due primarily to higher production costs at Chelopech and Deno Gold.
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Capital expenditures at Chelopech in the first quarter of 2010 of $8.3 million were 72% higher than the corresponding prior year period due to the ramp-up of the mine and mill expansion project.
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Deliveries of concentrates produced at Chelopech of 11,831 tonnes in the first quarter of
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