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Nevsun Resources (TSX:NSU) reported earnings of US$0.01 per share for the third quarter of 2015 despite a continued decline in copper prices.
Nevsun Resources (TSX:NSU) reported earnings of US$0.01 per share for the third quarter of 2015 despite a continued decline in copper prices.
As quoted in the press release, highlights from the quarter included:
- Earned $0.01 per share despite significant decline in copper prices
- Generated $127 million in cash year-to-date from operating activities
- Maintained strong working capital of $489 million, including $434 million of cash
- Produced 32.5 million pounds of copper
- Continued low C1 cash costs() of $1.56 per payable pound sold
- Paid quarterly dividend of $0.04 per share
- Continued zinc expansion project – on-time and on-budget
- Progressed significantly on the Bisha life of mine optimization study
- Announced additional positive drilling results confirming confidence in emerging Bisha VMS district
Nevsun CEO, Cliff Davis, stated:
Nevsun’s balance sheet remains strong and poised for growth despite weaker metal prices and lower production at Bisha. On a year-to-date basis, we have generated earnings and free cash flow to fund our zinc capital expansion and comfortably maintain our dividend.