Tag Archives: Nevsun Start to start mining Copper in Eritrea

Nevsun Produced 10,700 Kg of Gold and $347-million cash in 2011

Nevsun pumped out over 100,000 ounces of gold in the fourth quarter of 2011, bringing the year’s production to 379,000 ounces gold which is around 10,763 Kg of gold.

Nevsun closes the year 2011 by producing 379,000 oz of gold and $347-million in cash

By TesfaNews,

Nevsun Resources (TSX: NSU) produced 101,000 ounces of gold for the quarter (Q4) ending December 31, 2011, at its Bisha mine in Eritrea. Year-to-date, Bisha Mine produced 379,000 ounce of gold, including 35,000 ounces during the commissioning. Cash increased to US $347 million at December 31, 2011, which is a 52% increase from the end of the September quarter (Q3).

It is believed that the State of Eritrea has also cashed in more than $170-million in revenue from its 10% free carried interest, 5% royalty and 38% corporate tax alone. Any cash that would otherwise be paid to the state for its 30% stake will keep going to Nevsun’s coffer until the purchase price of $253.5-million been paid in full through after-tax cash flows. Continue reading Nevsun Produced 10,700 Kg of Gold and $347-million cash in 2011