JOHANNESBURG (miningweekly.com) – Dual-listed Nevsun Resources has posted a 19% quarter-on quarter increase in copper production, delivering 56.4-million pounds of the yellow metal in the quarter ended September 30.
Cash costs at the group’s Bisha mine, in Eritrea, remained relatively flat, at $1.05/lb, while the company realised an average copper price over the period of
$298/lb.
Revenue slumped somewhat to $147.9-million in the three months ended September 30, from $169.2-million in the prior quarter, while net income also narrowed, from $53.7-million in the second quarter, to $44.6-million in the period under review.
Operating income decreased, from $94.9-million in the prior quarter, to $78.1-million in the period under review.
“The team has delivered another highly profitable quarter, earning shareholders $0.13 per share. These results leave the company in an even stronger position to execute its growth objectives,” commented president and CEO Cliff Davis.
He added that expansion of the zinc plant at Bisha was on track for the planned 2016 start-up.