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MT Newswires Stocks To Watch: Nevsun Gained 10% After Hours on 2016 Outlook Guidance (TSE:NSU)

Nevsun Resources Ltd. (NSU.TO, NSU) gained 10% in after hours trade in the States yesterday after it announced its 2016 outlook guidance which includes revenues from copper, zinc and monetization of precious metal stockpiles from

Nevsun Resources Ltd. (NSU.TO, NSU) gained 10% in after hours trade in the States yesterday after it announced its 2016 outlook guidance which includes revenues from copper, zinc and monetization of precious metal stockpiles from the Bisha Mine in Eritrea. In a statement it said the Bisha Mine, operated by Nevsun’s 60% owned subsidiary Bisha Mining Share Company, remains an “exceptional” base metal mine with a track record of resource growth.

It added that 2016 is a transitional year as the operation moves into the primary ore body at Bisha, adding zinc concentrate production to revenues. CEO Cliff Davis said: “Bisha continues to provide positive surprises. The latest example is the unusually high-grade precious metal in already mined stockpiles that will be direct shipped to customers. We have 90,000 tonnes of 25 g/t gold material that could provide $40 million of additional cash flow for the mine in 2016, which gives additional financial comfort for 2016.”

The stock increased 0.75% or $0.03 on February 11, hitting $4.02. About 572,496 shares traded hands. Nevsun Resources (TSE:NSU) has declined 10.07% since July 8, 2015 and is downtrending. It has outperformed by 0.77% the S&P500.

Nevsun Resources Ltd. is engaged in the acquisition, exploration, development and operation of mineral property interests. The company has a market cap of $815.38 million. The Company’s principal mining operation is the Bisha Mine and the Company’s principal mineral property is the Bisha property, which is owned by Bisha Mining Share Company (BMSC). It has 12.81 P/E ratio. The Company’s wholly owned subsidiaries include Nevsun (Barbados) Holdings Ltd., Nevsun Africa (Barbados) Ltd. and Nevsun Resources (Eritrea) Ltd.

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5 COMMENTS
  • amanuel February 13, 2016

    It(Nevsun) has been positive achieved,because there is no control of Eritrean finance or Ministry of mining.that´s why they have been long waited, until we left our country.there is very cheap Labour.Foreigners do not care about us.we will suffer until some Eriteans support this regime and no more solution.

  • abe February 13, 2016

    Blood diamond, who cares it is in africa. I wish this was used for development.

  • mike February 13, 2016

    This government is corrupt and crime ? we will fight for owner people because owner brother they are sliver in their own country I can’t believe.
    Eritrean people please be united because united is power and the dictionary won’t split Eritrean people by traps and religion we do not give them any apportioned.

  • AHMED SALEH !!! February 14, 2016

    It is obvious Nevsun will gain high profit from forced labor with
    cheap cost . Western companies had been exploiting the wealth of
    African resources in collaboration with corrupted rank and file
    government officials .
    In Eritrea beside Issayas who else has position to speak publicly
    in regard national economic developments , non questionable case .
    We don’t have government that will hold accountability except the single handed iron fist leader who told us to shut – up or …… suicidal choice . The country become property of the few .
    (Nedekhi may wuredla kibluna khelewu shelel ilna baelna yehlifnayom

  • Berhe Tensea February 16, 2016

    Yes Nevsun stocks will rise. That mafia company’s cost over run covered partly by slave labour.
    The Eritrean people in general and the people who live around the mine in particular are not the beneficiary this project.
    The greedy Wedi Bicha is enriching himself and few friends using Eritrean resources.
    It is beyond any one’s imagination that people who have zero interest are trying to protect their worst enemy because of ignorance.
    Wedi Bicha , is wedi Bashi Lema , and remember what Bashi Lema did in Eritrea Specially around Tselema.
    Bashi Lema = Iseyas.

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