Nevsun Hikes Semi-Annual Dividend - Analyst Blog
May 20 2013 - 2:20PM
Zacks
Nevsun Resources
Ltd. (NSU) has increased its semi-annual cash dividend by
40% to 7 cents per share from the prior payout of 5 cents a share.
The raised dividend will be paid on Jul 15, 2013, to stockholders
of record as of Jun 28, 2013.
This marks the company’s 5th
dividend payment and qualifies as an ‘eligible dividend' for
Canadian income tax purposes. The hike brings the annual dividend
to 14 cents per share.
Vancouver-based gold and base metal
mining and exploration company, Nevsun, is engaged in acquisition,
exploration, development, and production of mineral properties in
Africa. Nevsun primarily operates through Bisha Mine in Eritrea,
East Africa. Bisha is a large precious and base metal volcanogenic
massive sulphide deposit of gold, silver, copper, and zinc and is
under commercial production. The company also owns one exploration
license at Mogoraib and another mining license for the Harena
deposit.
Nevsun, which is among the
prominent Canadian gold mining companies along with Barrick
Gold Corporation (ABX), Goldcorp Inc.
(GG) and Agnico-Eagle Mines Ltd. (AEM), came out
with its first-quarter 2013 results on May 9. The company reported
earnings of 5 cents a share in the quarter compared with 21 a share
earned in the year-ago quarter, matching the Zacks Consensus
Estimate.
Profit attributable to shareholders
was $10.6 million. This represents a roughly 74% decline from $41.3
million posted in the prior-year quarter.
Revenues decreased 52.4% to $71.1
million in the quarter from $149.4 million in the year-ago quarter.
Gold ounces sold in the quarter reduced due to lower level of gold
produced resulting from lower grades and mill recoveries.
Nevsun currently holds a Zacks Rank
#3 (Hold).
BARRICK GOLD CP (ABX): Free Stock Analysis Report
AGNICO EAGLE (AEM): Free Stock Analysis Report
GOLDCORP INC (GG): Free Stock Analysis Report
NEVSUN RESOURCS (NSU): Free Stock Analysis Report
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