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Nevsun Continues to Rapidly Advance Timok and Produces Copper at Bisha in Q1 2017
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PR Newswire
VANCOUVER, April 27, 2017
VANCOUVER, April 27, 2017 /PRNewswire/ - Nevsun Resources Ltd. (TSX:NSU)(NYSE MKT:NSU) (Nevsun or the Company) is pleased to report its financial and operating results for the three months ended March 31, 2017. Unless otherwise noted, with the exception of earnings per share and realized price and cost per pound figures, all financial results are in millions of US dollars.
First quarter 2017 highlights
- Sold 66.5 million pounds of contained zinc in concentrate at C1 cash costs(1) of $0.89 per payable pound sold
- Produced 3.3 million pounds of copper in concentrate and 51.9 million pounds of zinc in concentrate
- Zinc recovery improved to 71.0% during Q1 2017 from 63.6% during Q4 2016
- Announced a significant increase in resources at the Bisha Mine
- Completed the geophysics survey at Bisha, generating promising new targets
- Completed the planned infill drilling program for the Timok Upper Zone
- Approved a new exploration program targeting additional high-grade mineralization at Timok
- Ended period with working capital of $190 million, including $167 million of cash and cash equivalents
- Declared quarterly dividend of $0.01 per share
Timok Project Review
| | Q1 2017 | Q4 2016 | Q3 2016 | Q1 2016 | ||||
| Spending – Upper Zone | $ | 7,668 | $ | 5,924 | $ | 2,785 | $ | - |
| Spending – Lower Zone | | 2,914 | | 2,022 | | 1,013 | | - |
"Timok remains the Company's number one priority to add shareholder value. We continue to achieve our key milestones including completion of infill drilling and progressing technical studies in support of the Timok project pre-feasibility study. We are on-track to commence decline development during 2017 and remain on-track to deliver the pre-feasibility study," stated Chief Executive Officer, Cliff Davis.
"We are making continued improvements at Bisha which is translating into improvements to our operating income quarter over quarter," stated Cliff Davis, "With copper sales expected during Q2 2017 and less bulk concentrate, we expect even further improvements for the remainder of 2017. We are also pleased with higher than planned quarterly zinc and copper production, which means the Company is on track to meet annual production guidance. We continue to make incremental progress on all key performance indicators."
Financial Review
| | | Q1 2017 | | Q4 2016 | | Q3 2016 | | Q1 2016 |
| Revenue (millions) | $ | 71.6 | $ | 36.2 | $ | 22.9 | $ | 92.4 |
| Operating income (loss) (millions) | | 11.7 | | (4.9) | | 17.5 | | 32.9 |
| Net income (loss) (millions) | | 2.9 | | (8.5) | | 6.0 | | 15.6 |
| Working capital (millions) | | 190.3 | | 201.1 | | 206.9 | | 483.3 |
| | | | | | | | | |
| Copper price realized, per payable pound sold | $ | - | $ | - | $ | 2.10 | $ | 2.20 |
| Zinc price realized, per payable pound sold | | 1.28 | | 1.17 | | - | | |
| C1 cash cost per payable copper pound sold(1) | | - | | - | | 0.72 | | 1.12 |
| C1 cash cost per payable zinc pound sold(1) | | 0.89 | | 1.06 | | - | | |
| | | | | | ||||
| (1)C1 cash cost per payable pound sold is a non-GAAP measure – see page 14 of the Q1 2017 MD&A for a discussion of non-GAAP measure. | ||||||||
Operations Review
| | Q1 2017 | Q4 2016 | Q3 2016 | Q1 2016 |
| Mining | | | | |
| Ore mined, tonnes(1) | 651,000 | 670,000 | 672,000 | 1,337,000 |
| Waste mined, tonnes | 3,114,000 | 2,445,000 | 2,446,000 | 2,028,000 |
| Strip ratio, (using tonnes) | 4.8 | 3.6 | 3.6 | 1.5 Werbung Mehr Nachrichten zur Nevsun Resources Aktie kostenlos abonnieren
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