Canadian gold miner Nevsun Resources Ltd. ( NSU ) 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.
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. ( GFI ), also in the gold industry, also holds a Zacks Rank #3 (Hold).