The Equities.com research team looked into Nevsun Resources (NSU) with its most recent research report. The Canadian resource company, which is active in Eritrea, presented an intriguing challenge in terms of valuation, so we talked with Nicholas Bhandari, Head of Quantitative Research at Equities.com, about the approach they took in digging into this mining company.
NEVSUN Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (Nevsun or the Company) is pleased to announce assay results from a new massive sulphide discovery at the grassroots Asheli prospect on the Mogoraib River Exploration License located 20 kilometers southwest of the Bisha processing plant.
ERITREA has become an increasingly attractive address for mining investment since its independence 24 years ago with its attractive investment regime attracting 17 companies from China, Russia, UK and Australia.
These include South Boulder Mines (ASX:STB), Nevsun Resources (AMEX:NSU), Sunridge Gold Corporation (TSX: SGC) and China’s SFECO.
Eritrea has a long history of mining starting with colonisation period when Italy had established mining industry at Karora, Debarewa, and Augaro.
NEVSUN Resources Ltd. (TSX:NSU / NYSE MKT:NSU) (the “Company” or “Nevsun”) is pleased to announce the results of voting at its annual general and special meeting of shareholders which was held on May 4, 2015, in Vancouver, British Columbia (the “Meeting”).
A total of 76.15% of outstanding shares were voted at the Meeting which showed a high participation of shareholders and evidenced strong support for the election of its nominees as directors, for Nevsun’s approach to executive compensation, for continuation of its stock option plan and approval of unallocated options issuable pursuant to the stock option plan.
Election of Directors
The six nominees for director listed in Nevsun’s management proxy circular were elected as set out in the following table:
R. Stuart Angus
Ian R. Ashby
Clifford T. Davis
Robert J. Gayton
Gary E. German
Gerard E. Munera
Say on Pay Advisory Vote
Nevsun’s approach to executive compensation (say on pay) was accepted by a 95.43% majority of the votes cast at the Meeting and shows its shareholders are confident in Nevsun’s approach to executive compensation. The Company also received valuable input from shareholders as part of the process. The primary objective of the Company’s compensation program, including the executive compensation program, is to attract and retain qualified employees that fit in with the Nevsun corporate culture in order to achieve its corporate objectives and increase shareholder value and to promote greater alignment of interests between its executive officers and shareholders.
Stock Option Plan
The stock option plan of the Company (the “Plan”) was ratified and approved and all unallocated options issuable pursuant to the Plan were approved for granting pursuant to the Plan until May 4, 2018 by a 95.29% majority of the votes cast.
Appointment of Auditors
KPMG LLP was appointed as auditors of the Company and the directors of the Company were authorized to fix the remuneration of the auditors by a 96.49% majority of the votes cast.
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 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.
NEVSUN Resources Ltd. (TSX: NSU) (NYSE MKT: NSU) is pleased to provide an update on the Bisha zinc expansion project which will average over 100,000 tonnes (225 million pounds) of zinc and 24,000 tonnes (55 million pounds) of copper per year for 10 years after start up in mid-2016.