Africa > East Africa > Eritrea > Nevsun Exceeds Production Guidance and Extends Gold Production

Eritrea: Nevsun Exceeds Production Guidance and Extends Gold Production

2013/01/13

Nevsun Resources Ltd. (TSX:NSU / NYSE MKT:NSU) is pleased to announce strong production results of 313,000 ounces [8,873 kg] of gold for 2012 with 46,000 ounces in the quarter ended December 31, 2012. Gold production for 2012 exceeded the top end of the latest guidance.

Bisha gold production is again extended and is now anticipated to continue to the end of Q2 2013, aligning well with the planned commissioning of the copper expansion project. 

 

2012 HIGHLIGHTS

  • Produced 313,000 ounces of gold in 2012, exceeding the top end of guidance
  • Gold production forecast extended to the end of Q2 2013
  • Copper expansion managed on schedule and budget for mid-2013 commissioning
  • Continued peer leading semi-annual dividend of $0.05 per share
  • Increased resource and reserve estimates from 2011/2012 drilling
  • Obtained the Harena deposit mining license and commenced mining
  • Strong exploration drill results extended drilling program at Northwest Zone
  • Acquired the Mogoraib exploration license including the Hambok historical resources

Q4 2012 HIGHLIGHTS

  • Produced 46,000 ounces of gold in Q4 2012
  • Processed 447,000 tonnes of ore at 3.85 g/t gold
  • Overall metallurgical recoveries at 84% of contained gold
 

Q4 20123 months ending

 

December 31

Q3 20123 months ending

 

September 30

Q2 20123 months ending

 

June 30

Q1 20123 months ending

 

March 31

201212 months ending

 

December 31
Mining          
Ore mined, tonnes 426,000 316,000 500,000 349,000 1,591,000
Waste mined, tonnes 2,602,000 2,590,000 1,659,000 1,826,000 8,677,000
Strip ratio, (calc in BCM’s) 7.1 10.3 4.0 6.2 7.4
Cu phase prestrip, tonnes - - 481,000 739,000 1,220,000
Milling          
Ore milled, tonnes 447,000 465,000 465,000 430,000 1,807,000
Feed grade, g/t 3.85 7.40 6.93 6.58 6.21
Processing          
Recovery % of gold 84% 87% 85% 86% 86%
Gold in doré, ounces poured 46,000 98,000 87,000 82,000 313,000

The mine performed well in the fourth quarter. The majority of fresh ore was mined from the low grade areas of the Harena satellite pit and Bisha Main pit. Clean up and selective mining of the Bisha Main acid and transition ores continues. Waste mining to expose copper supergene and push-back the northeast (NE) hill remained on plan. The NE push-back has exposed additional gold bearing oxide ores on the periphery of the pit that will be accessed in H1 2013 while opening the pit for additional supergene ores later in the mine plan.

The mill was on plan for recovery despite blending ultra-high grade Bisha Main transition ores with lower and sub-grade Harena and other stockpiled ores. The ore remains highly variable and is carefully managed to avoid losses to tailings.

The continued metallurgical performance and additional ore have allowed Bisha to extend gold production to the end of Q2 2013, aligning well with the commissioning of the copper expansion.

Nevsun will announce its 2013 production guidance later in January 2013, with a conference call to follow.

COPPER EXPANSION UPDATE:

The copper plant expansion continues to progress on schedule and budget with concentrate production expected in mid-2013.

Rabobank
Related Articles

  • UNWTO: International tourism – strongest half-year results since 2010

    2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.

  • H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity

    2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.

  • International Arrivals To Africa Reach More Than 18 Million In 2017

    2017/09/09 Market Research Company Euromonitor International revealed before this week the key trends shaping travel and tourism in Africa at the 41st Annual World Tourism Conference in Kigali, Rwanda. According to Euromonitor International’s new data, international arrivals to Africa grew by 6.5 % in 2017, to reach 18,550 million, up from 16,351 million in 2012. Key markets such as South Africa, Kenya, Nigeria, Mozambique, Cameroon, Mauritius and Tanzania accounted for 70 % of international trips to the Sub-Saharan African region.

  • Africa: USA-Africa - No Policy? Bad Policy? or Both?

    2017/08/30 "Africa is terra incognita for the Trump Government: a continent it cares little - and understands even less - about. With no dyed-in-the-wool Trumpian Africa hands available, the government appears ready to cede Africa policy making to career civil servants and a few mainstream Republican appointees." - Matthew T. Page The headline to Page's article in Quartz Africa states that "Donald Trump could be getting his US-Africa policy right by simply not having one." His view is actually additional nuanced, in judging that no policy would likely be only "less bad" than explicitly "bad policy" that may result from better White Home interest in Africa.

  • Veteran Diplomat Named 'Acting' State Department Africa Chief

    2017/08/30 Donald Yamamoto, who has extensive diplomatic experience in Africa inclunding two tours as a U.S. ambassador, will take office as Acting Assistant Secretary of National for Africa on 5 September. He is the second career official tapped for a senior policy position on Africa in the Trump government.Donald Yamamoto, who has extensive diplomatic experience in Africa including two tours as a U.S. ambassador, will take office as Acting Assistant Secretary of State for Africa on 5 September. He is the second career official tapped for a senior policy position on Africa in the Trump administration. Senior CIA analyst Cyril Sartor was hired as senior director for Africa at the National Security Council earier this month Key Africa jobs at the Defense Department (DOD) and the U.S. Agency for International Development remain vacant. "Having someone with Don Yamamoto's experience in that post is very significant," Mel Foote, Constituency for Africa president, told AllAfrica. "As Africa confronts a lot of challenges, we want to see responsible U.S. engagement in partnership with African governments and civil society organizations."
Eritrea News
More >
UCLGA en
Trending Articles
Business Park of Mauritius Ltd, Mauritius
Deutsche Bank AG, Frankfurt am Main