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Investors dump Nevsun after ’12 gold guidance slashed

TORONTO ( – Shares in Canada’s Nevsun Resources shed over one-quarter on their value in early Tuesday trade, after the company slashed its 2012 gold output guidance by half, saying it over-estimated parts of its

TORONTO ( – Shares in Canada’s Nevsun Resources shed over one-quarter on their value in early Tuesday trade, after the company slashed its 2012 gold output guidance by half, saying it over-estimated parts of its Eritrean mine’s resources.

The company said it would announce a revised reserve estimate for the entire Bisha and Harena deposits around mid-year.

Bisha produced 379 000 oz of gold in 2011, and Nevsun expects 2012 output to be between 190 000 oz to 210 000 oz , it said.

The company said it had “concluded that the resource estimate used for mine planning over-estimated gold in portions of the Bisha Main oxide mineralization”.

“The time delay from previous guidance is due to the rigorous review process that has commenced using new independent engineers, incorporating actual mine data and data from the extensive 2011 drilling program,” TSX-listed Nevsun said.

The company’s stock plunged 27.4% to trade at C$4.60 by 9:58 in Toronto.

Nevsun is currently building a plant that will produce copper at Bisha, which it said remains on track for commissioning mid-2013. Cash flows from the lower gold production would be “more than sufficient” to fund the completion of this project, the firm said.

Review overview
  • Zeray February 7, 2012

    Port of Assab is a goldmine. Why don’t the Eritrean leaders sit with the Ethiopian leaders and make peace for the sake of the people and open Assab port for trade. Billions of dollars is going to Djibouti simply because the PFDJ is stubborn and stuck up in the Badime desert arguments. Why can’t the PFDJ forge some peace and have the people trade with each other and open tourism both ways. The fact is we can benefit from each other. If they can do both then Bisha mine will end up to be a bonus.

    I know, I am just dreaming. You know GOE will not do anything to benefit the people.

    • concerned Eeritreawi February 7, 2012

      You have the right mind they do not! That is how it goes; it is unfortunate for the Eritrean People at the moment. However there will be a peace time when all these dust is settled.

      • Kaddis February 8, 2012

        Zeray – the issue of the port is noy just port – I personaly think – if Eritrea opens its door to Ethiopia, even in the form of tourist, this Eritrea Ethiopia would disapear. That is what even the pragmatic Eritrean oppositions, not only Shabia, is afraid of.
        I even doubt this arrangment will go away post shabia.

    • Diana Gual Gejeret February 8, 2012

      You have to ask your boss the minotity tigrayan leader LEGESE ZENAWI to accept
      the Algers aggrement. The government and people of Eritrea want to make normal the relation of the two people, not because of port of assab, but we beleave we need each other. Acording to the leaders of weyane, the case of the to country is not Badme or Bure. Ask your boss and you can find the answer. Dont blame the right government OK?

    • Dr Habte February 8, 2012

      You are really an Eritrean! but mind you! Those individuals who are in power do not care about Eritrea as a whole let alone how Eritrea would benefit from the ports of Eritrea. If they really think about Eritrea and its people the should not have ignited the war in the first place for the barren land called Badme. It is a shame for Eritreans as people of the book. God bless my beloved country.

      • simon haile February 10, 2012

        Dr Habte

        My simple question for you is.

        1. Did we ignited the war?
        2. Why Ethiopia dose not accept the Algers final and binding agreement?

        Thank you

    • simon haile February 10, 2012


      You said

      ” Why can’t the PFDJ forge some peace and have the people trade with each other and open tourism both ways.”

      My question to you is… Why can’t the ETHIOPIAN forge some peace and have the people trade with each other and open tourism both ways? HAVE YOU THOUGHT OF THAT?

      THANK YOU.

      • Zeray February 10, 2012

        Please read my comment again. One is not going to sit alone, it is both who will be sitting. Moreover, I hope it is not a surprise to you the GOE leader style have always been “my way or go to jail” type of leadership. His is a dictator who needs to learn from the world leaders.

        If Issayas wins the battle he thinks he won the war. You can win an argument but if you loose your lunch you have lost. get it?

  • concerned Eeritreawi February 7, 2012

    You have the right mind set they(PFDJ) do not! That is how it goes; it is unfortunate for the Eritrean People at the moment. However there will be a peace time when all these dust is settled.

    • hagerawi February 10, 2012

      Eritrea is a country with distinct borders. Why then negotiate within a sovereign country’s territory ? For what is then the Algers final and binding agreement? It is meant as a solution for the conflict, independent who began/ignited the war.

      I want to note that I am not the best friend of the Eritrean regime, but when it comes to the quetion of sovereignity, then it concerns everybody who claims to be an Eritrean.

      • Zeray February 10, 2012

        You are right. However, have you ever thought why one dispute should freeze both peoples from doing anything. Having an issue that you do not agree does not mean you should continue to hurt each other on all aspects of life. As far as the disagreements, let the diplomats of both countries negotiate and go through conflict resolution. However, the rest of the people should be left alone to trade with each other, work together etc.. The world is full of such conflicts but while they are working their differences, other things go on businesses as usual. Why do we have to be like North Korea and South Korea?

  • bus-Zone February 7, 2012


    what u said is Logic but PFDJ they are not concern about the People welfare their only concern is to run the nation like their own shop without the People except their Ignorant SERVANT and the mouthpiece , simply they are no Different to Mengesto or Haliy SelASY whom used to burn

    • senait2012 February 7, 2012

      Why not you do something then? Why you are bitching behind your PC Bus-zone keep bitching you will be a busy driver very soon.

      • Haqqi Nezareb February 7, 2012

        Hi Senait 2012,

        What is the matter with you. You seemed very angry these days. Please take your pill prescribed by the the lunatic leader of yours (Issais) and shake it off.

      • bus-Zone February 8, 2012


        Your hitting on the wrong man am not the one who left you with the 7 kids u better take care of ur kids rather than chasing that bad man

  • SINGAPO-ERITREAN February 7, 2012

    I DO NOT BELIEVE THIS SAD NEWS . I KNOW THOSE WHO COUNTED THE AMOUNT OF GOLD MUST HAVE BEEN WOYANE¨S AGENTS.You know ,if a child fails his grades in Eritrea,it is because woyane sabotaged it. And now ,it could be woyanes underminning our gold .I want Mesfin Hagos & Weldeyesus Amar to count our gold.Did they count the gold on PFDJ bitches abroad. WE SHALL NOT BE FOOLED ,ERITREA IS FULL/FOOL OF GOLD !!!!

    • HGDF February 8, 2012

      Isn’t it big enough that we have transferred ourselves from bred counting to gold counting, or from how much rain did Canada receive to how many gold companies from canada are investing in Eritrea. If a company adjusts its estimation figures, it is a scientific procedure. Nothing lie or politics. Or if it is a politics it is business politics. So we aslo adjust our statements according to that. My previous comment that Bisha could buy the entire Teff fields in Ethiopia has now being adjusted accordingly, meaning it could only buy half of the Teff fields. The remaining half part are waiting for Zara.
      Woldesus Amar and Mesfin Hogos can only count how much money the Awassa guys received.

      • SINGAPO-ERITREAN February 8, 2012

        HGDF ,
        You are intelligent & soon you will be on Eritrean mothers´side.You will realize love of people nis greater than the land ,and we could love both I see hope for you ,you have intelligence .I mean it .

        • HGDF February 8, 2012

          I am not here for IQ test. But I am at least wise enough to know from you comments and your reactions to others where it huts you most.

    • HGDF February 8, 2012

      You are happy that the gold production of Bisha is down to about 200 000 oz. Do you know how much money it means. At current price it is about $ 350 million. This is what Ethiopia gets from coffee export annually to support 25% of its population(source you are far away from celebrating.

      • SINGAPO-ERITREAN February 8, 2012

        Trust me ,my only concern is that the money would definetelly be used to promote the slave trade at Sinai & sponsoring the 72 virgins of Alshebab. By ratio, our country Eritrea has the potential to grow more than Ethiopia,how ever the money is invested in Sinai & bank of China.

        • HGDF February 9, 2012

          I hope you have better photoshop skills than A. Iyasu to edit bank cheque for Isaias. By the way our Eritrean Jihadists didn’t get enough virgins in the Sudan and now they have shifted to Ethiopia.Is that only quantity what counts? Or Are they there for quality virgins? Or better heaven? I don’t think the is one heaven only. If that is the case the jihadists who died in Moqadisho and in Gash Barka will meet there and start a fight again. Then we will need AMISOM there also.
          Since it started exporting virgins to our jihadists Ethiopia has grown by 11% annoualy. poverty and drought have become history. It only occured long back in 2011 and Ethiopia asked for urgent food help for 16 million people. Ethiopia will needs food aid until its growth rate hits 100%. I wonder why while they put their money very near in mekele (not in China like us) couldn’t use it to help their people in need of food?

  • Solomon February 7, 2012

    I don’t understand why a company like Nevsun is complicit with the mafia HGDEF to hide the output inorder to sell the gold in black market. This news is very tactical to hide the revenue from gold and use it in destablizing activities and controlling the masses. We must be vigilant. Nevsun is willing to lose a little bit of its stock by releasing this news but might have gotten a better deal as long as it helps HGDEF hide gold. There are some of us who thought HGDEF will lose some revenue due to the revision in the output. Instead HGDEF will reap millions from unrecorded gold.

    • Alphafil February 10, 2012

      Solomon, indeed you are right on the money.

      The likelihood or probability of Nevsun getting the gold estimation that wrong is 1 in billion for me. Nevsun the mafia company & HGDEF the mafia regime are robbing the nation in a broad day light.

  • hggum brhan February 8, 2012


    • SINGAPO-ERITREAN February 8, 2012


      ሎሚ ዝልምን ዘሎ ህዝብና ኤርትራዊ እዩ .ግን ከምቶም ኢትዮጵያውያን ብትግርኛን በምሓርኛን ኣይልምንንዩ.ስልጡን ስለ ዝኾነ ብጣልያንኛ እዩ ዝልምን…”per favore ,no he manggiato per tre giorni”per san francisco,San Antonio ኢሉ እዩ ዝልምን.ከምዞም ኢትዮጵያውያን ስለ ኣምነ ኣረጋዊ ኣይብልን´ዩ. ኣምነ ኣረጋዊ ወያናይ ኮይኑ ጸኒሑ ኢሎሞ. መሳኪን ደቂ ዓደይ ሓሻካ !!!

      • HGDF February 8, 2012

        Don’t you think that you are offending some religions by joking with their saints. If the Catholics pray in the name of S.Francisco or S. Antoniyo what is wrong with that? And if the Orthodox pray in the name of S.Aregawi or S. philipos no matter where they come from. By the way is S.Aregawi “Abesha”?. Some people told me he is Syrian. When the moslims pray in Arabic does it mean they are telling us how civilized they are? Let’s leave religion for those who believe in it and don’t make joke about it.

      • Diana Gual Gejeret February 8, 2012

        singapor eritrea!
        Per favore smetti di scrivere o parlare in italiano. Sei un bastardo weyane. sei contento per il male di popolo eritreo? chi poui essere se non sei uno dei quelli mangia sapone weyane.

        • SINGAPO-ERITREAN February 8, 2012

          DIANA ,
          Yo no intiendo italiano mucho ,porque mi papa no era puta de los italianos como otros, sin verguenza Eritreanos.
          Pero los Woyane son ,abissinyanos , es nosotros los Eritreanos ,que tenemos sangre de Arabes ,Singapor y morenos, entonces bastardos . En toda manera te deseo buen lavar trastes .Disculpa yo no soy lama culo de los italianos como otros esclavos Eritreanos .Pero entiendo un poco de español ,Swahili ,Tigriña ,Amariña .
          Yo tambien soy de gejiret ,pero mucho mas intelligente.

          Dios te bendiga y a tus amos los italianos .

      • HGDF February 8, 2012

        Lat time Aboy Sebhat Nega (the champion of Tigrians and Tigrianism) had interview with VOA. The last words of Aboy Sebhat were “ba bene ciao”. Well! was he also missing the 5 years of colonialism Ethiopia “enjoyed”? Who could deny the impacts of colonialism? Many countries in Africa still have the language of their colony masters as national language. Even some have lost their native languages. Are Eritrean to be blaimed for having some colonial legacy? This is nothng to make joke or politics out of it.

        • SINGAPO-ERITREAN February 8, 2012

          You know ,the Tigreans always want to imitate Eritreans.Thanks for all the corrections, I hope ,I will not put Abunes & gennuine priests under ground or under house arrest.But making a slight humor is offending . ገመል እናውሓጥና ድኣ፣ መርፍእ ነስተማቕር ከይንህሉ ።

  • Semhar February 8, 2012

    The dictator, the mad dog, the tyrant, the psychopath must go!
    – His boss (Mubarak of Egypt) is thrown out of power.
    – His adored brother (Gaddafi) died like a rat.
    – The international community’s talking peace and carrying big stick [sanctions] is having an effect.
    – The Eritrean people are beginning to realize that there is no point in waiting for the regime to reform itself – that it needs to be overthrown.
    We must apply LIBYA style!
    The dictator, the mad dog, the tyrant, the psychopath must go!
    This is the moment we must come together to save our land and our people.


    • HGDF February 8, 2012

      To Apply the Libya style you must go to Eritrea and start the revolution first. Then you will get the help of NATO.

      • concerned Eeritreawi February 8, 2012

        Your name and your heart are in different place, I know you are on the side of your people not the regime. It is never too late

        • SINGAPO-ERITREAN February 8, 2012

          That is what I believe about HGDF . I know , he will be on Eritrean mothers, eventually.

    • simon haile February 10, 2012


      If want to apply Libya Style!!

      Go to Eritrean and you start first. Actions speak louder than words. IF NOT JUST KEEP QUITE.

      THANK U