Nevsun Resources Ltd
) 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
Agnico-Eagle Mines Ltd.
), 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
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).
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NEVSUN RESOURCS (NSU): Free Stock Analysis
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