|By PR Newswire||
|January 9, 2014 07:00 AM EST||
VANCOUVER, Jan. 9, 2014 /PRNewswire/ -
- Exceeded 15 million hours without a lost time injury
- Completed the copper expansion project on-time and under budget
- Achieved commercial production of copper plant on schedule
- Produced 48 million pounds of copper in concentrate against guidance of 30 to 50 million pounds
- Produced 92,000 ounces of gold in dore plus 20,000 equivalent ounces in precious metals concentrate
Q4 2013 HIGHLIGHTS
- Processed 401,000 tonnes of ore at a grade of 5.1% copper
- Produced 36 million pounds of copper in copper concentrate
- Shipped 32 million pounds of copper in copper concentrate
- Achieved 80% metallurgical recovery of contained copper, with 84% in December
- Annualised December production of 190 million pounds of copper at 32% copper in concentrate
Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (Nevsun or the Company) is pleased to announce strong production results of 48 million pounds of copper in the second half of 2013 with 36 million pounds produced in the fourth quarter ended December 31. Total gold production for 2013 was 92,000 ounces in dore and 20,000 equivalent ounces in precious metals concentrate. The copper plant continues to ramp up with December annualised production of 190 million pounds of copper, recovery of 84% and copper concentrate grade of 32%.
A summary of the Company's quarterly and full year operating results follow:
|Q4 2013||Q3 2013||Q2 2013||Q1 2013||2013 Year|
|Ore mined, tonnes 1||533,000||559,000||425,000||475,000||1,992,000|
|Waste mined, tonnes||2,664,000||2,802,000||1,647,000||1,925,000||9,038,000|
|Strip ratio (calculated in BCM's)||10.2||8.5||4.5||5.1||6.7|
|Ore milled, tonnes 2||401,000||366,000||455,000||432,000||1,654,000|
|Copper feed grade, % 3||5.1||2.5||-||-||3.9|
|Gold feed grade, g/t 4||-||-||2.75||4.14||3.43|
|Recovery % of copper 3||79.7||59.5||-||-||73.5|
|Copper in concentrate, mlbs||36.0||12.0||-||-||48.0|
|Recovery % of gold 4||-||-||79.8||79.0||79.4|
|Gold poured in doré, ounces 5||1,500||13,300||34,900||42,300||92,000|
|1||Q4 mining tonnage, all from Bisha Main pit, includes oxide ore (15,000 tonnes), pyrite sand ore (63,000 tonnes), and supergene ore (455,000 tonnes)|
|2||Q4 milling tonnage was all supergene ore unlike Q3 which included mix of pyrite sand mixed and oxide ore followed by supergene ore|
|3||Q4 copper feed grade and recovery for supergene ore only unlike Q3 which included pyrite sands from mid-June to mid-July|
|4||Gold feed grade and recovery for oxide ore only|
|5||Q4 gold poured during final decommissioning of the CIL plant|
Cliff Davis, Nevsun CEO commented, "December demonstrated the capability of the newly commissioned copper plant to meet production expectations in 2014. We look forward to realising significant cash flow in 2014 as we continue to process ultra-high grade supergene ore and look to monetize the various stockpiled precious metal materials."
The mine performed well in the fourth quarter with 3,197,000 tonnes of material moved, close to Q3 rates and significantly higher than Q1 and Q2 where the mine fell behind on waste stripping. Improvements in primary excavator and haul truck availabilities and new equipment have allowed the operation to begin to catch up on waste stripping.
Copper ore feed grades exceeding 6 percent and copper metallurgical recoveries exceeding 80 percent towards the end of the quarter helped underline the continual improvements in the new copper flotation plant. Commercial production has been achieved and mill ramp up and improvements continue.
Nearly 100,000 tonnes of copper concentrate have been produced with over 65,000 tonnes shipped in the fourth quarter. The main focus remains on ensuring land transport keeps up with the copper concentrate production.
Nevsun plans to announce its full year 2013 financial results on March 13, 2014, with a conference call to follow.
Forward Looking Statements
The above contains forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and applicable Canadian securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimated," "potential," "possible" and similar expressions, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved. Forward-looking statements are statements concerning the Company's current beliefs, plans and expectations about the future regarding the Company's continuing operations in Eritrea including but not limited to future gold and copper production, all of which are inherently uncertain. The actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, the risks that: (i) any of the assumptions in the historical resource estimates turn out to be incorrect, incomplete, or flawed in any respect; (ii) the methodologies and models used to prepare the resource and reserve estimates either underestimate or overestimate the resources or reserves due to hidden or unknown conditions, (iii) exploration activities or the mine operations are disrupted or suspended due to acts of god, internal conflicts in the country of Eritrea, unforeseen government actions or other events; (iv) the Company experiences the loss of key personnel; (v) the Company's operations are adversely affected by other political or military, or terrorist activities; (vi) the Company becomes involved in any material disputes with any of its key business partners, lenders, suppliers or customers; (vii) the Company is subjected to any hostile takeover or other unsolicited attempts to acquire control of the Company; (viii) the Company is subject to any adverse ruling in any of the pending litigation to which it is a party; (ix) the Company incurs unanticipated costs as a result of the transition from the oxide phase of the Bisha mining operations to the copper phase in 2013; * the Company is unable to effectively manage the sulphide rich reactive ground as it affects blasting and continuous ore supply, or (xi) the Company experiences a failure of drilling, processing and mining equipment and other risks are more fully described in the Company's Management Discussion and Analysis for the fiscal year ended December 31, 2012, which is incorporated herein by reference. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future, except as required by law. For the reasons set forth above, investors should not place undue reliance on the Company's forward-looking statements.
Please see the Company's Annual Information Form for the fiscal year ended December 31, 2012, and the Company's Management Discussion and Analysis for the year ended December 31, 2012, for a more complete discussion of the risk factors associated with our business.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is a Vancouver-based mining company with an operating mine in Eritrea. Nevsun's 60%-owned Bisha Mine commenced commercial production in February 2011 and ranks as one of the highest grade open pit copper mines in the world.
NEVSUN RESOURCES LTD.
"Cliff T. Davis"
Cliff T. Davis
President & Chief Executive Officer
SOURCE Nevsun Resources Ltd.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 25, 2016 10:45 PM EDT Reads: 2,585
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 25, 2016 10:30 PM EDT Reads: 1,878
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 25, 2016 10:00 PM EDT Reads: 1,065
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 25, 2016 10:00 PM EDT Reads: 885
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 25, 2016 09:00 PM EDT Reads: 1,770
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 25, 2016 08:30 PM EDT Reads: 1,214
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 25, 2016 08:00 PM EDT Reads: 1,829
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 25, 2016 07:00 PM EDT Reads: 1,056
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 25, 2016 06:00 PM EDT Reads: 1,888
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 25, 2016 05:45 PM EDT Reads: 488
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 25, 2016 05:00 PM EDT Reads: 1,723
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 25, 2016 04:45 PM EDT Reads: 951
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 25, 2016 04:00 PM EDT Reads: 1,194
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 25, 2016 03:45 PM EDT Reads: 2,125
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 25, 2016 02:45 PM EDT Reads: 1,443