Nevsun Reports FY12 Output Data - Analyst Blog
January 10 2013 - 12:37PM
Zacks
Canadian gold miner Nevsun Resources Ltd. (NSU)
has released its production results for the fourth quarter and
full-year 2012. The company produced 46,000 ounces of gold in the
fourth quarter and processed 447,000 tonnes of ore at 3.85 g/t
(grams per ton) gold.
For the full-year 2012, the company produced 313,000 ounces of
gold, which was above the higher end of its guidance range.
The company also stated that gold production at its Bisha mine was
further extended and is expected to continue till the end of
second-quarter 2013. This is in sync with the planned commissioning
of the copper expansion project.
In an effort to further expand resources, reserves and mine life,
the company executed a number of drill programs and continued with
drilling. The Harena deposit, which lies 9.5 km from Bisha obtained
the license in 2012 and became operational.
Nevsun is a high grade, low cost gold producer and has an operating
mine in Eritrea. The company has a 60% interest in Bisha mine,
which ranks as one of the highest grade open pit mines in the
world. The mine is expected to shift to copper/gold production in
2013.
The company’s significant development projects include the
construction of the Bisha Mine copper flotation circuit, the
licensing of the Harena deposit and exploration of the Northwest
Zone, which is also a satellite deposit to Bisha.
Nevsun will report its full-year 2012 results on March 21. It will
announce its production guidance for 2013 in January.
Nevsun currently retains a Zacks Rank #3 (Hold). Gold
Fields Ltd. (GFI), also in the gold industry, also holds a
Zacks Rank #3 (Hold).
GOLD FIELDS-ADR (GFI): Free Stock Analysis Report
NEVSUN RESOURCS (NSU): Free Stock Analysis Report
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