From: hiruye tekle (htekle@hotmail.com)
Date: Fri Sep 18 2009 - 21:08:45 EDT
News
:
National News
Last Updated: Sep 18th, 2009 - 10:37:12
Bisha Mining Share company Signs Production Sales Contracts Metal Sales Contracts Secured for Copper Concentrates and Gold ore
By Staff
Sep 18, 2009, 10:34
Bisha Mining Share Company is very pleased to announce that it has
entered into metal sales contracts for its future gold ore and copper
concentrate production at the Bisha Mine in Eritrea. Pricing for all
metals will be fixed at spot rates at the time of delivery.
The gold will be refined in Switzerland and Canada by two major
international companies while the copper concentrate will be shipped to
major smelters in Europe and India.
Production is currently scheduled to commence during autumn of 2010.
Gold production within the first two years is estimated at
approximately 900,000 ounces of payable metal, followed by over
500,000,000 pounds of payable copper in years 3-5, plus an additional 1
billion pounds of payable zinc and 200,000,000 pounds of copper in
years 5-10.
As a result of high grade gold ore, the expected $200 per ounce cash
operating costs are expected to be much lower than industry averages
and should generate sufficient cash flow to quickly pay off project
debt, allow for expansion capital and provide significant returns to
the Government and shareholders ENAMCO and NEVSUN BMSC considers this
milestone as another vote of confidence in the Project and in the
country of Eritrea.
BECOME A SHARE HOLDER!!!!!!!!!!!
_________________________________________________________________
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<td align="right"><span class="general_text">Last Updated: </span><span class="global_updated">Sep 18th, 2009 - 10:37:12</span></td>
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<span class="article_title">Bisha Mining Share company Signs Production Sales Contracts Metal Sales Contracts Secured for Copper Concentrates and Gold ore</span><br>
By Staff<br>
Sep 18, 2009, 10:34<br><br>
</span>
</td>
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<span class="article_text">
Bisha Mining Share Company is very pleased to announce that it has
entered into metal sales contracts for its future gold ore and copper
concentrate production at the Bisha Mine in Eritrea. Pricing for all
metals will be fixed at spot rates at the time of delivery.<br>
The gold will be refined in Switzerland and Canada by two major
international companies while the copper concentrate will be shipped to
major smelters in Europe and India. <br>
Production is currently scheduled to commence during autumn of 2010.
Gold production within the first two years is estimated at
approximately 900,000 ounces of payable metal, followed by over
500,000,000 pounds of payable copper in years 3-5, plus an additional 1
billion pounds of payable zinc and 200,000,000 pounds of copper in
years 5-10.<br>
As a result of high grade gold ore, the expected $200 per ounce cash
operating costs are expected to be much lower than industry averages
and should generate sufficient cash flow to quickly pay off project
debt, allow for expansion capital and provide significant returns to
the Government and shareholders ENAMCO and NEVSUN BMSC considers this
milestone as another vote of confidence in the Project and in the
country of Eritrea. <br>
<br>
</span> <br>BECOME A SHARE HOLDER!!!!!!!!!!!<br><hr id="stopSpelling"><br><BR> <br /><hr />Microsoft brings you a new way to search the web. <a href='http://www.bing.com?form=MFEHPG&publ=WLHMTAG&crea=TEXT_MFEHPG_Core_tagline_try bing_1x1' target='_new'>Try Bing™ now</a></body>
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