Nevsun Resources climbs on first copper shipment
11:50 am by Deborah Bacal
Nevsun Resources (TSE:NSU) (NYSE MKT:NSU) climbed higher on Tuesday after the company announced the first ocean shipment of 11,000 tonnes of copper concentrate from its new Bisha copper plant in Eritrea.
The pre-commercial copper production shipment has been completed, the company said, with commercial production for the metal remaining on track for later this year or early next.
"We are very pleased to see our first copper shipment from the docks at Massawa. We are especially thankful for the full support of our partner, the Eritrean National Mining Corporation, and the port authorities in Eritrea who have helped tremendously in making this happen," said CEO Cliff Davis in the release.
"The modern facilities, including the environmentally friendly Rotainer loading system worked very well indeed and we are ready for the next shipment later this month."
In early August, Nevsun reported that its second quarter profit and revenues declined sharply on lower gold volumes and prices, as the company was transitioning to a majority copper producer, managing to keep costs in line with expectations despite the weaker metals environment and the capital-intensive project underway. It also announced an increase in its dividend.
Shares of the company were rising more than 3.4 per cent on Tuesday, at $3.3 in Toronto.
http://www.proactiveinvestors.com/companies/news/48928/nevsun-resources-climbs-on-first-copper-shipment-48928.html
Received on Tue Oct 15 2013 - 16:14:41 EDT