Tag Archives: Eritrea Mineral Resource

Nevsun Resources and its Heaps of Cash

Nevsun Reports Strong Third Quarter 2012 Financial Results
Nevsun’s $400m in cash and zero debt balance sheet is the envy of many companies in the industry

By The Northern Miner,

Last year marked the second year of production at Nevsun Resources (NSU-T, NSU-N) 60%-owned Bisha mine in Eritrea and already its balance sheet is the envy of many companies in the industry.

Nevsun ended 2012 with US$396 million in cash and no debt after posting record revenues of  US$566 million and cash costs of US$312 per oz. gold sold, inclusive of royalties. Cash flow from operations at Bisha reached US$194 million and the company handed out US$20 million in dividendsContinue reading Nevsun Resources and its Heaps of Cash