Nevsun hikes FY14 earnings
JOHANNESBURG (miningweekly.com) – TSX- and NYSE-listed Nevsun Resources posted earnings a share of $0.47 for the 2014 financial year, a rise on the $0.06 reported in the prior period.
As the Vancouver-based mining company reported a substantial rise in revenue from $155-million in the 2013 financial year to $555-million in the year under review, a 14% rise in dividend to $0.16 a share was announced by CEO Cliff Davis on Friday.
Nevsun’s cash from operating activities during the 2014 financial year increased to $217-million, from $15.6-million in 2013, while working capital for the year reached $520-million.
“With $442-million, or $2.24 a share, in the bank at December 31, 2014, we are well positioned to fund external growth opportunities,” he noted.
The group was also pleased with the operating performance of its 60%-owned Bisha mine, in Eritrea, during the year, as it produced – at a cash cost of $1.05/lb – 196-million pounds of copper, reaching the upper end of its 180-million- to 200-million-pound guidance for the year.
In the year under review, Nevsun also executed a successful 27 300 m exploration programme, while progressing its zinc plant expansion.
“With a solid year of operating experience in copper under our belts, we are poised for a strong 2015. We were very pleased to see higher mining and milling rates during the fourth quarter of 2014, which give assurance that throughput rates can increase when feed grades gradually decline,” Davis commented.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation