Tag Archives: nevsun

Canada Court Rules Nevsun Can be Sued in Canada for Alleged Abuses Abroad

The Supreme court did not settle the merits of the plaintiff’s claims. But it gave the green light for a case against Nevsun to be tried in a B.C. court.

Supreme Court of Canada dismisses Nevsun’s appeal. It means, the human-rights lawsuit against it can be heard in the future in British Columbia court to see if Nevsun is in violation. (Photo by Andrew Meade)

BY TESFANEWS *

The Supreme Court of Canada has ruled that Canadian mining company Nevsun Resources Ltd. can be sued in a Canadian court for alleged human rights abuses abroad.

A number of years ago, three Eritreans launched a civil suit against Vancouver-based Nevsun in the Supreme Court of British Columbia, alleging they were subject to forced labour, slavery and torture during the construction of Nevsun’s Bisha mine in the east African country of Eritrea. Continue reading Canada Court Rules Nevsun Can be Sued in Canada for Alleged Abuses Abroad

Bisha Mine: In Eritrea, the Clocks Tick Differently

A visit to the Bisha Mine, 150 kilometers west of the capital Asmara

In the hunt for coveted raw materials, it is not only the environment that is often destroyed, especially in developing countries. Human rights are also falling by the wayside. Child labor in contaminated and insecure pits is just as much a part of this as the compulsory expropriation of peasants expelled from their land. International investors are using cunning – and often corruption – to find a way to circumvent taxation in order to get as much profit out of the country as possible. In Eritrea, the clocks tick differently.

BY MARTIN ZIMMERMANN | SPREEZEITUNG *

The journey from Asmara to Bisha in the western lowlands of Eritrea takes just under 5 hours. Immediately after arrival, you will be taken to the safety briefing. In the mine and the processing plant apply to all strict safety rules: safety goggles, safety vest, sturdy shoes are as much a must as hard hat and earplugs. Continue reading Bisha Mine: In Eritrea, the Clocks Tick Differently

China’s Zijin Mining Group to Acquire Nevsun Resources for C$1.86 Billion

Friendly all-cash agreement for Nevsun to be acquired by Zijin Mining for C$1.86 billion (US$ 1.41b) or C$6 per share. (Photo: Bisha Mine, Eritrea)

BY TESFANEWS *

China’s Zijin Mining Group Co is set to acquire Canadian gold and copper miner Nevsun Resources Ltd for about C$1.86 billion ($1.41 billion), trumping multiple bids from rival Lundin Mining Corp.

In a statement on Wednesday, Nevsun said it has cut a friendly deal with Zijin Mining for C$6 a share in cash, 26 percent above Lundin’s C$4.75 tender offer. Continue reading China’s Zijin Mining Group to Acquire Nevsun Resources for C$1.86 Billion

Nevsun Rejects Lundin Takeover, Seeks Alternative Buyer

Nevsun recommends shareholders reject hostile $1.4-billion takeover attempt by Lundin Mining. Nevsun CEO Peter Kukielski says companies in China, Japan and elsewhere are among “several” potential white knights interested in buying the miner. (Photo: Taylor Weidman/Bloomberg)

BY DANIELLE BOCHOVE | BLOOMBERG NEWS

Nevsun Resources Ltd. says companies in China, Japan, and Western countries are among potential white knights that have expressed interest in buying the miner as it seeks to ward off a hostile takeover by Lundin Mining Corp. Continue reading Nevsun Rejects Lundin Takeover, Seeks Alternative Buyer

Deutsche Bank AG Raised Stakes in Nevsun Resources by 39.6pct

The German investment bank and financial services company, Deutsche Bank AG, raised its stake in Nevsun Resources from 0.45 pct to 39.6 pct following the release of Nevsun’s Q1 2018 financial results.

BY DANTE GARDENER

Deutsche Bank AG lifted its position in Nevsun Resources (NYSE:NSU) by 39.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). Continue reading Deutsche Bank AG Raised Stakes in Nevsun Resources by 39.6pct

Nevsun Announces Q1 2018 Financial Results – With Strong Operational Performance at Bisha

Nevsun finally announces some good news from Eritrea

“We are off to an excellent start in 2018 as we benefit from the strong foundations that were laid at both Bisha and Timok in 2017. Bisha had its best quarter since the beginning of the zinc phase” – Peter Kukielski, Chief Executive Officer.

BY PETER ARENDAS | SEEKING ALPHA

Nevsun Resources (NSU) released its Q1 2018 financial results. After several quarters of underperformance, Nevsun’s only producing mine finally delivered a positive surprise. In Q1, Nevsun produced 71.6 million lb zinc and 8.9 million lb copper at its Eritrean Bisha mine. Continue reading Nevsun Announces Q1 2018 Financial Results – With Strong Operational Performance at Bisha

Nevsun Resources’ (NSU) CEO Peter Kukielski on Q4 2017 Results – Earnings Call Transcript

Nevsun Resources Ltd. (NYSEMKT:NSU) Q4 2017 Earnings Conference Call March 2, 2018

Highlights : Updated Timok Project Upper Zone Preliminary Economic Assessment (“PEA”) results released in Q4 2017 demonstrate outstanding project economics with a $1.5 billion NPV and 50% IRR at a discount rate of 8% and a $3.00 per pound copper price • Improved mining and metallurgical processes at Bisha in 2017 • Produced 210.4 million pounds of zinc in zinc concentrate, at the top end of revised guidance of 190-210 million pounds• Produced 17.5 million pounds of copper in copper concentrate, below revised guidance of 20-30 million pounds.

BY SEEKING ALPHA

Our presenters today are Peter Kukielski, Nevsun’s President and Chief Executive Officer, and Ryan MacWilliam, our Chief Financial Officer. Following the conclusion of formal remarks by Peter and Ryan, we will host a question-and-answer session. Continue reading Nevsun Resources’ (NSU) CEO Peter Kukielski on Q4 2017 Results – Earnings Call Transcript

Nevsun Appeals to Canada Supreme Court for Forced Labor Lawsuit

‘It was inappropriate for a British Columbia judge to determine the legality of a sovereign state’s conduct’ – Nevsun Resources

Nevsun, a leading diversified mid-tier miner, takes next step to try to get Eritrean forced labor court case thrown out

BY SUSAN TAYLOR | REUTERS

Nevsun Resources Ltd is appealing to Canada’s Supreme Court to throw out a lower court ruling which allowed Eritrean workers, who say they were forced to work at its mine, to have their lawsuit heard in Canada.

Canada’s top court said on Friday that Nevsun filed an application on Jan. 19, seeking permission to appeal a British Columbia court ruling in November, which confirmed the case could proceed in the western Canadian province. Continue reading Nevsun Appeals to Canada Supreme Court for Forced Labor Lawsuit