NEVSUN Resources Ltd. (TSX:NSU / NYSE MKT:NSU) (Nevsun or the Company) is pleased to report its financial and operating results for the three and nine months ended September 30, 2014. Unless otherwise noted, with the exception of earnings per share and realized copper price and cost per pound figures, all financial results are in millions of US dollars.
Third Quarter 2014 Highlights:
– Earnings per share of $0.13
– Cash generated from operating activities of $84 million
– Working capital of $519 million, including $380 million of cash and $113 million in current receivables
– Produced 56.4 million pounds of copper in the quarter (19% increase over Q2)
– Achieved industry lowest quartile C1 cash costs of $1.07 per pound
– Announced successful drilling results confirming a VMS district in and around Bisha
– Zinc plant expansion on track for 2016 start-up
– Achieved a safety milestone of over three years without a lost time injury
– Paid peer leading annualized dividend of $0.14 per share (approximately 29% of earnings)
“The team has delivered another highly profitable quarter.” stated Cliff Davis, President and CEO of Nevsun. “Nevsun earned $44.6 million during Q3 2014 ($25.5 million attributable to Nevsun shareholders) or $0.13 per share. These results leave the Company in an even stronger position to execute its growth objectives.”
Cliff Davis commented,
“We are pleased to report strong performance by the Bisha plant and in the trucking logistics as the Bisha ore body continues to deliver continued high grade copper feed. Monetizing our working capital including accounts receivable from our customers, the amount due from our partner and the copper concentrate in finished goods will be our short term objective so as to have a strong finish to the year. In the longer term, another major focus is to ensure our zinc plant is commissioned on time and on budget so as to capitalize on expected strong zinc prices.”
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is a Vancouver-based mining company with an operating mine in Eritrea. Nevsun’s 60%- owned Bisha Mine commenced commercial copper concentrate production in December 2013 and ranks as one of the highest grade open pit copper mines in the world. Nevsun has a strong balance sheet and future cash flows to grow shareholder value through exploration at Bisha and acquisition of additional mining assets.