http://nysepost.com/nevsun-resources-usa-nysemktnsu-decids-to-process-pyrite-sands-enriched-with-precious-metal-2584
Nevsun Resources (USA) (NYSEMKT:NSU) decids to process pyrite sands enriched with precious metal
By Mike Simonson
Boston, MA, 07/01/2013 (nysepost) - Nevsun Resources (USA) (NYSEMKT:NSU) traded at $2.95 in the previous trading session going up by $0.23 (or 8.46%). The stock hit its day’s high at $2.98 and day’s low at $2.65. About 1.15 million shares traded during the day and the market capitalization of the company is $587.07 million.
After the company revised its copper production for the 2nd half of the year lower, the shares of Nevsun Resources have declined lately. The sixty percent owned Bisha mine of the miner in Eritrea began the commercial production of gold in February 2011 and is transitioning to the production of copper and gold this year. The company now anticipates 30 to 50 million pounds of copper in the year, 2013. However, it forecasted a production between 60 to 80 million pounds of copper in January.
The company has also decided to process pyrite sands enriched with precious metal by floatation process prior to copper supergene ore floatation. Although, the project of copper expansion completed under budget and on time, still the company took this decision.
The company made a statement that a slight delay in the start of production of copper concentrate is justified by the economics of processing the additional ore through a new floatation plant. This additional sand pyrites material is anticipated to bring additional revenue of $100 million.
There is also news about the company with the immediate effect to gain other business opportunities, the chief financial officer, Fausto Taddei has resigned. Until the replacement, the company been hired, the chief executive officer and President of Nevsun Resources, Chartered Accountant and the former CFO will take on the role of acting chief financial officer.
The company, Nevsun Resources, is a base metal and gold mining and exploration Company. It, through its subsidiaries is involved in the exploration, development, production and acquisition of mineral properties.
Received on Mon Jul 01 2013 - 22:01:42 EDT