TORONTO (miningweekly.com) – 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.

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