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Nevsun Announces 2016 Results; Provides 2017 Outlook and Redeploys $120 Million to Fund Timok
Feb. 24, 2017 10:07AM PST
Base Metals Investing Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (Nevsun or the Company) today reported its financial and operating results for the year ended December 31, 2016 and its outlook for 2017. Nevsun also announced that its Board of Directors is redeploying approximately $120 million over a four-year period from its corporate dividend toward development of the Timok …
Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (Nevsun or the Company) today reported its financial and operating results for the year ended December 31, 2016 and its outlook for 2017. Nevsun also announced that its Board of Directors is redeploying approximately $120 million over a four-year period from its corporate dividend toward development of the Timok high-grade copper-gold project in Serbia. Nevsun has determined that the development of the Timok Upper Zone represents by far the Company’s best allocation of capital.
As quoted in the press release:
Cliff Davis, Nevsun CEO commented, “The transformation of Nevsun to a geographically diversified base metals producer is well underway. The Bisha Mine in Eritrea remains an important cash flow generator and the high-grade Timok Upper Zone development, which gives Nevsun market leading growth, is rapidly advancing. We have made significant progress toward the next key Timok Upper Zone milestones. We expect to deliver a Pre-Feasibility Study on Timok in September and to break ground on the decline in the fourth quarter.
