GOLD 1235.12 $/ozChange: 2.20
PLATINUM 1371.50 $/ozChange: 1.00
R/$ exchange 11.07Change: -0.10
R/€ exchange 14.30Change: -0.13
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Sector News
Base Metals
Nevsun Resources’ 2012 profit shrinks, on track to switch to copper
Embed Code Close
21st March 2013
Text Smaller Disabled Text Bigger

TORONTO ( – Eritrea-focused gold miner Nevsun Resources on Wednesday reported 2012 full-year profit of $246.7-million, down 1.6% from $250.03-million in 2011.

Net income attributable to Nevsun shareholders dropped by just more than a per cent to $145.26-million or 73c a share, from $147.07-million or 74c a share a year earlier.

On average, analysts had expected the company to earn 76c a share for the year.

Revenues totalled $566.04-million, up 3.33% from $547.77-million last year. Analysts had expected revenues of $513.88-million.

Gold cash costs for 2012 were up slightly at $312/oz on 320 700 oz gold sold, placing the company among the lowest-cost gold producers in the world.

The company said the transition from gold production by mid-year, to a low-cost copper-concentrate producer would be critical for its flagship Bisha mine. The copper production ramp-up would continue through the second half of the year, after which the company was expecting copper production in 2014 of about 200-million pounds.

Edited by: Creamer Media Reporter


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login
Topics in this article
Picture by: Nevsun Resources