Friday, February 24, 2017

Nevsun Resources Ltd. - NSU.t

Nevsun Resources Ltd. - NSU.t operates the flagship Bisha Mine in Eritrea, East Africa. The Bisha deposit is a large, high-grade volcanogenic massive sulphide (VMS) producing Gold, Silver, Copper and Zinc.

Total reserves are about 22mt giving an expected mine life into 2025.

On February 23, 2017 the company released News
Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (Nevsun or the Company) today reported its financial and operating results for the year ended December 31, 2016 and its outlook for 2017. Nevsun also announced that its Board of Directors is redeploying approximately $120 million over a four-year period from its corporate dividend toward development of the Timok high-grade copper-gold project in Serbia. Nevsun has determined that the development of the Timok Upper Zone represents by far the Company’s best allocation of capital.

Effective with the first quarter of 2017, the quarterly dividend rate will be $0.01 per share. On an annualized basis, the cash cost of the dividend at the new rate will be approximately $10 million (based on the number of outstanding common shares and recent dividend re-investment participation rate) compared with $40 million previously.