Home » News » Nevsun Eritrea posts 12% profit rise; raises output forecast to 300,000 gold ounces for the year
Nevsun Eritrea posts 12% profit rise; raises output forecast to 300,000 gold ounces for the year
Contributor: Daniel H /
August 8, 2012
Vancouver-based Nevsun expects to produce 280,000 to 300,000 gold ounces for the year as it mines higher grades of ore at its flagship Bisha mine in Eritrea.
(REUTERS) -
Canadian miner Nevsun Resources Ltd's quarterly profit rose 12 percent as it realized higher prices for gold sold, and the company raised its gold production forecast for the year.
Nevsun's second-quarter net income attributable to shareholders rose to $39.6 million, or 19 cents per share, from $35.3 million, or 18 cents per share, a year earlier.
Revenue increased nearly 9 percent to $147.7 million.
Nevsun said it expects to produce 280,000 to 300,000 ounces of gold for the year, up from its previous forecast of 240,000 to 260,000 ounces, as it mined higher grades of ore at its flagship Bisha mine in Eritrea.
The company sold 87,500 ounces of gold at $1,599 per ounce.
The Vancouver-based company's shares closed at C$3.66 on Tuesday on the Toronto Stock Exchange.
State of Eritrea ሃገረ ኤርትራ Hagere Ertra دولة إرتريا
Dawlat Iritrīya
Anthem: Ertra, Ertra, Ertra Eritrea, Eritrea, Eritrea
Capital (and largest city) Asmara
15°20′N 38°55′E / 15.333°N 38.917°E / 15.333; 38.917
Official language(s) Tigrinya, Arabic, English Other languages Tigre, Saho, Bilen, Afar, Kunama, Nara, Hedareb,.
Ethnic groups 60% Tigrinya, 30% Tigre, 4% Afar, 3% Saho, 3% Kunama
Demonym Eritrean Government Provisional government
- President Isaias Afewerki
Independence
- From Italy November 1941
- From United Kingdom under UN Mandate 1951
- from Ethiopia de facto 24 May 1991
- From Ethiopia de jure 24 May 1993
Area
- Total 117,600 km2 (100th)
45,405 sq mi - Water (%) 0.14%
Population
- 2009 estimate 5,224,000[4] (109th)
- 2008 census 5,291,370
- Density 43.1/km2 (165th)
111.7/sq mi
GDP (PPP) 2010 estimate
- Total $3.625 billion[5]
- Per capita $681[5]
GDP (nominal) 2010 estimate
- Total $2.117 billion[5]
- Per capita $397[5]
HDI (2007) steady 0.472 (low) (165th)
Currency Nakfa (ERN)
Time zone EAT (UTC+3)
- Summer (DST) not observed (UTC+3)
Drives on the right
ISO 3166 code ER
Internet TLD .er
Calling code 291
1 ,. National TV: Eritrea Television (ERI-TV)
Eritrea (play /ˌɛrɨˈtreɪ.ə/ or /ˌɛrɨˈtriːə/;[6] Ge'ez: ኤርትራ ʾErtrā, Arabic: إرتريا Iritrīyā), officially the State of Eritrea, is a country in the Horn of Africa. The capital is Asmara. It is bordered by Sudan in the west, Ethiopia in the south, and Djibouti in the southeast. The northeast and east of the country has an extensive coastline on the Red Sea, directly across from Saudi Arabia and Yemen. The Dahlak Archipelago and several of the Hanish Islands are part of Eritrea. Eritrea's size is approximately 117,600 km2 (45,406 sq mi) with an estimated population of 6 million...
Source: Wikipedia
