Canadian gold miner
Nevsun Resources Ltd.
) has shipped its maiden ocean pre-commercial copper concentrate
(of 11,000 tons) from the new Bisha copper plant in Eritrea, East
The maiden copper shipment was shipped from the Massawa docks.
The shipment was completed with the help of Nevsun's partner --
Eritrean National Mining Corporation and the port authorities in
Eritrea. Commissioning and ramp up of the copper expansion
continues and the commercial production is expected in late 2013
or in first-quarter of 2014.
Separately, Nevsun recently unveiled its third-quarter 2013
production results from the Bisha mine. The mine produced 12
million pounds of copper concentrate for the first time. It also
produced 13,300 ounces of gold in the quarter primarily from the
decommissioning process of the gold CIL circuit.
Nevsun mined 559,000 tons of ore during the third quarter. Waste
mined was 2,802,000 tons. Moreover, Nevsun milled 366,000 tons of
ore during the quarter. The results include transitional pyrite
sand processed through mid-Jul, 2013.
Nevsun has implemented strategies to make use of lower grade and
sub-grade copper feeds. Thus, the company is preserving reserve
grade material that resulted in copper recovery of 60% since
copper commissioning started in mid-July.
The company will also continue gold production from
decommissioning of the CIL gold circuit with the fourthquarter
being the final quarter of doré shipping.
Nevsun is a high-grade, low-cost gold producer. The company has a
60% interest in the Bisha mine, which ranks as one of the highest
grade open pit mines in the world.
Bisha produced 313,000 ounces of gold last year, exceeding the
company's expectations. Nevsun invested $64 million in the copper
phase expansion during 2012.
Nevsun, which currently retains a Zacks Rank #3 (Hold), will
report its full third-quarter results on Nov 7.
Some companies in the gold mining industry worth considering
Claude Resources, Inc.
Gold Fields Ltd.
). All of them hold a Zacks Rank #2 (Buy).
CLAUDE RSRCS (CGR): Free Stock Analysis
FRANCO NV CP (FNV): Free Stock Analysis
GOLD FIELDS-ADR (GFI): Free Stock Analysis
NEVSUN RESOURCS (NSU): Free Stock Analysis
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