- Eritrea Nevsun Bisha Mine
VANCOUVER, BC - Nevsun Resources Ltd. (TSX:NSU / NYSE Amex:NSU) is pleased to report its financial and operating results for 2011. All figures are in United States dollars, unless otherwise indicated.
In 2011 the Company recorded $548 million in revenues for the year on sales of 369,900 ounces of gold for an average realized price $1,620 per ounce.
With 379,000 ounces produced, gold production averaged approximately 1,000 ounces per day with an average cash cost per ounce sold of $295. Since the Bisha Mine commenced operations in 2011, there are no comparative operating results for 2010.
The Company had after-tax income of $250 million for the year (2010 - loss $17 million), which translated to $0.74 earnings per share (2010 - $(0.07)).
The Company increased its cash and cash equivalents by $297 million to $347 million (2010 - $50 million). Cash from operating activities for the year was $366 million (2010 - used $6 million).
Nevsun’s Bisha gold mine in Eritrea, made $78.3-million in net after-tax earnings in the last three months of 2011, about 12% lower than the previous quarter’s profit, as output and prices shrunk.
Nevsun said it will continue with its $100-million copper phase expansion at Bisha, set to start producing in mid-2013.
