Mon, Mar. 23, 8:19 AM
- Nevsun Resources' (NYSEMKT:NSU) Bisha gold mine in Eritrea reportedly was hit by Ethiopian fighter jets over the weekend, but the company reports only "an act of vandalism."
- Eritrea won independence from Ethiopia in 1993 but is now considered a state sponsor of terrorism.
- The Bisha mine is 60% owned by NSU and 40% by the government of Eritrea.
Fri, Mar. 13, 8:44 AM
- Nevsun Resources (NYSEMKT:NSU) says the processing plant at the Bisha Mine in Eritrea has been temporarily shut down due to a mechanical issue with the ball mill.
- NSU says the shutdown will not hurt its 2015 annual production guidance but may take two weeks to resolve.
- YTD, the mill has processed more than 365K metric tons of ore with copper feed grades at 4.6%, which NSU says adds confidence that annual guidance will not be impacted.
Mon, Mar. 9, 1:17 PM
Thu, Feb. 26, 5:14 PM| Comment!
Wed, Jan. 14, 12:49 PM
- As TD Securities analysts test free cash flow for Canadian copper producers at US$2.50/lb. for copper, every company in their coverage area except Copper Mountain Mining (OTCPK:CPPMF -13.5%) is found to have negative free cash flow.
- First Quantum Minerals (OTCPK:FQVLF -11.4%) might have the biggest problem, the TD analysts say, calculating that its free cash flow is negative US$1.2B at $2.50 copper due to a royalty hike in Zambia and major spending commitments at the Cobre Panama project.
- The favorite names in a low price environment are Lundin Mining (OTCPK:LUNMF -12.7%), HudBay Minerals (HBM -13.7%) and Nevsun Resources (NSU -4.7%), thanks to their solid balance sheets and low capital spending requirements in 2015.
Dec. 15, 2014, 1:56 PM
Nov. 21, 2014, 11:26 AM
- Nevsun Resources (NSU +0.2%) says it will defend itself against a lawsuit filed in a British Columbia court, calling the human rights allegations against it and an African subcontractor “unfounded."
- Three former workers allege forced labor was used at NSU's 60%-owned Bisha copper mine in Eritrea.
- The filing of the suit emerged yesterday, the same day the company said it had held preliminary talks with various parties about a potential transaction.
Nov. 20, 2014, 6:28 PM
- Nevsun Resouces (NYSEMKT:NSU) has emerged as a potential takeover target, and Financial Post's Peter Koven sees many positive factors to explain the interest and one big negative: Eritrea.
- NSU’s Bisha mine is extremely rich, with high-grade copper output that will transition into high-grade zinc output in coming years when many analysts expect shortages in the zinc market.
- But the downside is that Bisha is in Eritrea, which is ruled by one of the world’s most repressive governments and has caused major problems for the company.
- If a contested takeover battle is going to happen, analysts say offers would have to come from companies - perhaps Glencore (OTCPK:GLCNF, OTCPK:GLNCY) or Lundin Mining (OTCPK:LUNMF, LUNCF]]) - that are very comfortable in high-risk jurisdictions.
Nov. 20, 2014, 12:58 PM
- Nevsun Resources (NSU +8%) says it has held preliminary talks with “various parties" about a potential transaction, but that is unaware of any bid for the company.
- NSU rose as much as 25% earlier this morning, leading to a trading halt, after Bloomberg reported that mining fund QKR Corp. was talking to the company about a potential takeover.
Nov. 20, 2014, 10:14 AM
- Nevsun Resources (NSU +13.3%) spikes higher after a Bloomberg report says Qatar-backed QKR Corp. is close to making a ~$1B bid for the Canadian miner, which owns 60% of the Bisha gold, copper and zinc mine in Eritrea in east Africa.
- NSU would be the second acquisition by QKR, funded by Qatar’s sovereign wealth fund and Poland’s richest man Jan Kulczyk, after its July purchase of AngloGold Ashanti's Navachab mine in Namibia.
Oct. 30, 2014, 5:08 PM| Comment!
Sep. 9, 2014, 4:30 PM
Jul. 31, 2014, 5:27 PM
May. 23, 2014, 12:53 PM
Feb. 24, 2014, 8:14 AM
Dec. 2, 2013, 11:00 AM
- Nevsun Resources (NSU +1.1%) says its Bisha mine in Eritrea has reached commercial production for the copper expansion with the successful commissioning of its flotation plant.
- Since commissioning began in Q3, the operation has produced ~60K metric tons of copper concentrate and is on track to meet guidance of 30M-50M lbs. of copper production in 2013.
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