Tag Archives: eritrea mine

Nevsun Delays Timok Schedule, Provides More Capital for Bisha Operations

Nevsun add more capital on its flagship Bisha mine in Eritrea
Nevsun’s short-term challenge. Nevsun announced a strategic update on its capital allocation plans, allotting an additional $24-million to its Eritrea-based Bisha zinc/copper/gold operation by delaying the Serbia-based Timok prefeasibility study (PFS) by two quarters to Q1 2018. It’s shares fell as much as 24.4% after the announcement.

BY HENRY LAZENBY | MINING WEEKLY

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.

Previously scheduled for delivery in September, the PFS will now be preceded by an updated preliminary economic assessment in October this year, which will help with risk mitigation, the company advised. Continue reading Nevsun Delays Timok Schedule, Provides More Capital for Bisha Operations

B.C. Supreme Court Permit Nevsun Claim to be Heard in Canada

The Court still failed to show somehow that Nevsun’s case has a real and substantial ties to Canada that warrants a hearing in Canada since the the alleged acts happened in Eritrea, the plaintiffs are Eritreans and the subsidiary company is established under the laws of Eritrea.

By Nevsun,

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

Canadian Court to Rule in Nevsun Resources Case

A British Columbia court will soon rule on a complaint filed in November, 2014 by three former Eritrean national servicemen against Vancouver-based mining company Nevsun Resources.

By TesfaNews,

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.

However, the Judge will have to first decide whether it is competent to handle the case that involves a Vancouver-based mining company and African employees. Continue reading Canadian Court to Rule in Nevsun Resources Case

France 24 : Inside Eritrea’s Bisha Mine (Video)

By Nicolas German | for France 24,

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.

The mines, a five-hour drive from the capital Asmara towards the Sudanese border, are Eritrea’s first mines in full production and the authorities hope they can boost the economy in a country where people earn an average of just three US dollars a day. Continue reading France 24 : Inside Eritrea’s Bisha Mine (Video)

Exposing CBC and The Fifth Estate’s Biased Portrayal of Nevsun and the Eritrean State

Shoot in the foot. CBC through its Fifth Estate made a thrillingly scandalous documentary on Eritrea, Nevsun and Al-Shabaab that lacks fairness, credibility, proportionality and responsibility. Why it matters to expose the biased portrayal.

By Elizabeth Haile,

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.”

This smoke and mirrors approach was adopted in lieu of a single shred of hard evidence. Maybe The Fifth Estate believes that the average viewer with little or no knowledge of Eritrea will be unable to detect the glaring flaws that characterized this narrative. Continue reading Exposing CBC and The Fifth Estate’s Biased Portrayal of Nevsun and the Eritrean State

Prefeasibility Gives Sunridge’s Eritrea project $555m Net Present Value

Sunridge will enter production by 2016 after building a central mill for the four deposits at a cost of $489m

By Matthew Hill,

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.

At a 10% discount rate, the project has a $555-million pretax net present value, will cost $489-million to build, and will achieve capital payback in 3.5 years, the Vancouver-based miner said. Continue reading Prefeasibility Gives Sunridge’s Eritrea project $555m Net Present Value