Canadian gold miner
Nevsun Resources Ltd.
) 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.
GOLD FIELDS-ADR (GFI): Free Stock Analysis
NEVSUN RESOURCS (NSU): Free Stock Analysis
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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.
), also in the gold industry, also holds a Zacks Rank #3