JOHANNESBURG (miningweekly.com) – Delivering at the top end of its 2014 production guidance, Toronto- and New York-listed Nevsun Resources has declared output of 88 900 t of copper-in-concentrate for the year ended December 31, benefiting from solid output in the third and fourth quarters of the year.
The Vancouver-based mining company reported this week that its 60%-owned Bisha mine, in Eritrea, delivered 25 600 t of copper-in-concentrate in the third quarter and 23 800 t in the last three months of the year – improving on the 18 000 t and 21 500 t produced in the first and second quarters respectively.
Nevsun CEO Cliff Davis said in a statement that the Bisha team had delivered an “incredible” first year of commercial copper production.
“It was critical to ensure we maximised the high-grade phase of the supergene ore in 2014. With a solid year of operating experience in the copper phase 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, which provides confidence that throughput rates [will] increase when feed grades gradually decline,” he commented.
Nevsun had previously announced drilling results from Bisha’s largely underexplored volcanogenic massive sulphide district and a key element of the company's growth strategy was to leverage opportunities in the immediate mine area to optimise and extend the mine’s life.
“Our track record of operation and exploration success has given us the confidence to raise our dividend once again as a reward for our shareholders.
“With $442-million in the bank at the end of the year, or around $2.21 a share, we are well positioned to fund external growth opportunities that arise that fit our external growth criteria: diversification, asset quality and return for our shareholders,” Davis noted.