Welcome!

News Feed Item

Nevsun Achieves Top End of 2013 Production Guidance

VANCOUVER, Jan. 9, 2014 /PRNewswire/ -

2013 HIGHLIGHTS

  • 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
Mining          
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
Milling          
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
Processing          
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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.