Nevsun Up on Reaching FY13 Output Goal - Analyst Blog

By Zacks Equity Research,

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Canadian gold miner Nevsun Resources Ltd. ( NSU ) said that it has produced 48 million pounds of copper in concentrate last year, reaching the top end of its forecast of 30 million to 50 million pounds. Its shares moved up as much as roughly 4% following the announcement.  

Nevsun produced 92,000 ounces of gold in dore and 20,000 equivalent ounces in precious metals concentrate in 2013. It also exceeded 15 million hours without a lost time injury during the year.

For fourth-quarter 2013, Nevsun produced 36 million pounds of copper in copper concentrate and shipped 32 million pounds of copper during the quarter. Moreover, it processed 401,000 tons of ore at 5.1% copper feed grade.

Nevsun also noted that it has completed the copper expansion project on time and budget. The company attained commercial production from the copper plant on schedule and mill ramp up is currently underway. It has achieved annualized production of 190 million pounds of copper at concentrate grade of 32% in Dec 2013. The newly commissioned plant has showed the capability to meet production targets for 2014.

Nevsun has a 60% interest in the Bisha mine, which ranks as one of the highest grade open pit mines in the world. The company, which currently retains a Zacks Rank #3 (Hold), will report its full-year 2013 results on Mar 13.

Other companies in the mining industry worth considering include Tahoe Resources Inc. ( TAHO ), Timmins Gold Corp. ( TGD ) and Denison Mines Corp. ( DNN ). While Tahoe Resources holds a Zacks Rank #1 (Strong Buy), both Timmins Gold and Denison Mines retain a Zacks Rank #2 (Buy).

DENISON MINES (DNN): Free Stock Analysis Report

NEVSUN RESOURCS (NSU): Free Stock Analysis Report

TAHOE RESOURCES (TAHO): Free Stock Analysis Report

TIMMINS GOLD (TGD): Free Stock Analysis Report

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Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Business , Stocks
Referenced Stocks: DNN , NSU , TAHO , TGD

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