Shares of Nevsun Resources Ltd (NYSE: NSU) saw unusually high trading volume on Monday. Approximately 1,289,741 shares changed hands during mid-day trading, an increase of 50.78% from the previous session. The stock last traded at $5.55.
Nevsun Resources Ltd. and its subsidiaries are in the mineral property exploration and development business in Africa. The principal business of the Company is the development of the Bisha Project in Eritrea, located in northeast Africa. The Company conducted drill test in the southwest strike extension of Harena, which displays similar gravity and EM signatures to Harena. Continue reading Nevsun Resources Ltd (NYSE: NSU) Posts Large Volume Increase, Hits $5.55→
Nevsun Resources Ltd. is gold and base metal developer focused on the rapid completion and production of the Bisha Mine in Eritrea, Africa. The Bisha Project is a fully financed and permitted high-grade gold, copper and zinc deposit with operations to commence in late 2010.
The legal framework governing the conduct of all mining and related operations within the territory of Eritrea is embodied in the mining law, which comprises the Minerals Proclamation (No68/1995), the Mining Income Tax Proclamation (No69/1995) and Regulations on Mining Operations (Legal Notice No19/1995), all of which were promulgated in March 1995.
The mining law was prepared to satisfy the key policy which is that all mineral resources in Eritrea are public property, and hence the State has a duty to ensure the conservation and sustainable development of these resources for the benefit of the people. It also provides a favourable environment for foreign direct investment into the mining sector.
Due recognition is made of the significant role that foreign investment and skills can play in the development of this sector, and of the capital intensive, long-term, and risky nature of mining investments. The law also recognises the importance of regulations to ensure the proper protection of the natural environment, and strongly urges operators to comply with sound principles of resource management and land use. Continue reading Eritrea: Mining law and the Licensing procedure→