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From: Biniam Tekle (biniamt@dehai.org)
Date: Thu Jul 22 2010 - 22:15:15 EDT
http://www.miningweekly.com/article/good-progress-2010-07-23
*Eritrea gold mine to start commercial production early next year* By:
Megan Wait
Published: 23rd July 2010
------------------------------
Canadian miner Nevsun Resources’ large precious-metals- and
base-metals-rich volcanogenic massive sulphide (VMS) deposit, located 150 km
west of Asmara, Eritrea, is expected to reach commercial production during
the first quarter of 2011. Deposit mineralisation consists of gold and
silver oxides, besides copper and zinc massive sulphides.
The Bisha project, where construction started in September 2008, is expected
to go into production in late 2010 and to be a low-cost gold producer for
the first two years and a high-grade copper concentrate and zinc producer
for the remainder of its mine life.
The mine is expected to produce 1,06-million ounces of gold, 9,4-million
ounces of silver, 734-million pounds of copper and over one-billion pounds
of zinc over the life-of-mine.
Bisha is advancing well towards the plant commissioning phase later this
year. Following a relatively short commissioning process and reaching
commercial production during 2011, the company further expects to produce
more than 100 000 oz of gold a quarter at a cost of less than $250/oz.
With over 95% of procurement completed, it is believed that the capital cost
will be within the budget of $260-million.
With such low operating costs, Bisha is expected to achieve
higher-than-average indus- try profitability and cash flow. Nevsun says
that, with its current cash position of about $83-million, as well as the
normal contributions by the State-owned Eritrean National Mining
Corporation, there will be enough funds to satisfy all construction cash
requirements.
*Eritrea gold mine to start commercial production early next year* By:
Megan Wait
Published: 23rd July 2010
------------------------------
Canadian miner Nevsun Resources’ large precious-metals- and
base-metals-rich volcanogenic massive sulphide (VMS) deposit, located 150 km
west of Asmara, Eritrea, is expected to reach commercial production during
the first quarter of 2011. Deposit mineralisation consists of gold and
silver oxides, besides copper and zinc massive sulphides.
The Bisha project, where construction started in September 2008, is expected
to go into production in late 2010 and to be a low-cost gold producer for
the first two years and a high-grade copper concentrate and zinc producer
for the remainder of its mine life.
The mine is expected to produce 1,06-million ounces of gold, 9,4-million
ounces of silver, 734-million pounds of copper and over one-billion pounds
of zinc over the life-of-mine.
Bisha is advancing well towards the plant commissioning phase later this
year. Following a relatively short commissioning process and reaching
commercial production during 2011, the company further expects to produce
more than 100 000 oz of gold a quarter at a cost of less than $250/oz.
With over 95% of procurement completed, it is believed that the capital cost
will be within the budget of $260-million.
With such low operating costs, Bisha is expected to achieve
higher-than-average indus- try profitability and cash flow. Nevsun says
that, with its current cash position of about $83-million, as well as the
normal contributions by the State-owned Eritrean National Mining
Corporation, there will be enough funds to satisfy all construction cash
requirements.
Eritrea gold mine to start commercial production early next year
By: Megan Wait
Published: 23rd July 2010
--------------------------------------------------------------------------------
Canadian miner Nevsun Resources’ large precious-metals- and base-metals-rich
volcanogenic massive sulphide (VMS) deposit, located 150 km west of Asmara,
Eritrea, is expected to reach commercial production during the first quarter
of 2011. Deposit mineralisation consists of gold and silver oxides, besides
copper and zinc massive sulphides.
The Bisha project, where construction started in September 2008, is expected
to go into production in late 2010 and to be a low-cost gold producer for
the first two years and a high-grade copper concentrate and zinc producer
for the remainder of its mine life.
The mine is expected to produce 1,06-million ounces of gold, 9,4-million
ounces of silver, 734-million pounds of copper and over one-billion pounds
of zinc over the life-of-mine.
Bisha is advancing well towards the plant commissioning phase later this
year. Following a relatively short commissioning process and reaching
commercial production during 2011, the company further expects to produce
more than 100 000 oz of gold a quarter at a cost of less than $250/oz.
With over 95% of procurement completed, it is believed that the capital cost
will be within the budget of $260-million.
With such low operating costs, Bisha is expected to achieve
higher-than-average indus- try profitability and cash flow. Nevsun says
that, with its current cash position of about $83-million, as well as the
normal contributions by the State-owned Eritrean National Mining
Corporation, there will be enough funds to satisfy all construction cash
requirements.
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