Canadian base metals producer Nevsun Resources this week announced a strategic update on its capital allocation plans, allotting extra capital to its Eritrea-based Bisha zinc/copper/gold operation and delaying the timetable to deliver the Serbia-based Timok prefeasibility study (PFS) to the first quarter of 2018.
Nevsun Resources Ltd. advises that the British Columbia Supreme Court has refused to permit a claim against Nevsun to proceed as a common law class action. The court did permit the lawsuit by the three named plaintiffs to continue.
Today’s court decision addresses only preliminary legal challenges to the action raised by Nevsun. The judgment makes no findings with respect to the plaintiffs’ allegations, including whether any of them were in fact at the Bisha Mine. The judge also emphasized that the case raises novel and complex legal questions, including on international law, which have never before been considered in Canada. Continue reading B.C. Supreme Court Permit Nevsun Claim to be Heard in Canada→
Lawyers for the Canadian firm Nevsun Resources Ltd., Sutts, Strosberg LLP, Groia Groia & Company LLP and Andrew Morganti, are preparing the final case they will present to British Columbia’s Supreme Court. The court will soon rule on a complaint filed in November, 2014 by three former Eritrean national service conscripts.
Some multi-national companies say isn’t always easy to do business in Eritrea but the Bisha mines, a joint Eritrean-Canadian operation, are an exception. They are also a bright spot for Eritrea’s economy and have contributed more than 800 million dollars to the state’s coffers.
To the astonishment of many, CBC’s The Fifth Estate recently released a so-called documentary, titled ‘Nevsun in Eritrea: Dealing with a Dictator,” that was biased, shoddily put together, and highly unprofessional. The Fifth Estate used questionable interviews, the manipulative sequencing of stock footage, and innuendo to make the case that Eritrea is a state sponsor of terrorism and “the North Korea of Africa.”
TSX-V- and ASX– quoted Sunridge Gold’s Asmara project in Eritrea has the potential to produce 25,900 t of copper and 61,800 t of zinc yearly, in addition to silver and gold, the company said on Wednesday, announcing the results of a prefeasibility study.