Nevsun Resources Reports US$45.9 Million in Net Income For 2015

Nevsun Resources (TSX:NSU,NYSE MKT:NSU) reported net income of US$45.9 million in net income for 2015, compared with US$166.6 million for 2014. The company also reported a copper price realized per payable pound sold of $2.32 per pound vs $3.02 per pound for 2014.
As quoted in the press release, highlights included:

• Earnings per share of $0.11
• Maintained strong working capital of $462 million, including $434 million in cash
• Produced 135.9 million pounds of copper
• Continued low C1 cash costs⁽¹⁾ of $1.31 per payable pound sold
• Monetized stockpiled precious metals concentrate and pyrite sands gold ore
• Advanced zinc expansion project on time and under budget
• Discovered new regional VMS deposit at Asheli
• Expanded mineral resources at Bisha and Harena
• Paid annualized dividend of $0.16 per share

Nevsun CEO, Cliff Davis, said:

We are pleased to report another year of earnings and cash flow generation, despite the current commodities price environment, which funded our zinc plant expansion and our peer leading dividend.  Nevsun’s balance sheet remains strong with $434 million in cash and no debt.  Our cash represents US$2.17 per share which represents 69% of the most recent total share price of US$3.15.
2015 was another year where the Company outperformed its peers.  When challenged operationally, our team delivered earnings and cash flow while also executing on both the zinc capital project and exploration program.  We are proud to have our third significant capital project progress on-time and under budget.  The zinc plant has already commenced commissioning. The timing coincides with a predicted tightening of the zinc market which could lead to lower treatment charges for zinc in the short term and higher zinc metal prices in the medium term.

Click here for the full press release.