Nevsun Resources in for promising 2015, says Dundee Capital
Nevsun Resources (TSE:NSU) had its top pick rating and C$6.00 price target reiterated by Dundee Capital Markets, which said the base metals producer is in for a “very promising” year.
The company announced an updated mineral resource estimate for its Bisha and Harena deposits at its Bisha mine in Eritrea, based on results from its 2014 drilling program.
Measured and indicated resources now stand at 1.2 billion pounds of copper, 3.4 billion pounds of zinc, 750,000 ounces of gold and 42 million ounces of silver. Inferred resources contain an additional 237 million pounds of copper, 757 million pounds of zinc, 311,000 ounces of gold and 11 million ounces of silver.
Dundee said the major increase comes from the Harena deposit, where indicated resources roughly doubled in size. The Harena open pit indicated resource grew by 1.4 million tonnes, adding some 113 million pounds of zinc and 32 million pounds of copper. Primary inferred resources increased by 6.1 million tonnes for an addition of 498 million pounds of zinc and 156 million pounds of copper.
Both the Bisha and Harena deposits remain open at depth, while Harena also remains open along strike. Drilling is underway at both sites, with an accelerated exploration plan for 2015, Nevsun said.
The Harena deposit is planned to be developed as an underground mine, with the latest results to form the basis of a future preliminary economic study at the deposit. Ore from Harena will be blended with Bisha ore, with Harena located about 10 km from the main Bisha plant.
“Nevsun’s Bisha Mine in Eritrea is among the highest-grade and lowest-cost base metal mines in the world,” said analyst Joseph Gallucci in a research note released to investors earlier Tuesday.
“Although Nevsun released conservative production guidance, the planned Bisha LOM extension and potential monetization of stockpiled high grade gold ore indicate that 2015 could be a very promising year for Nevsun.”
As a result of the successful 2014 regional exploration program, the Bisha mine plans to announce a revised mineral resource estimate in the coming weeks, Dundee said. Nevsun is preparing a revised life-of-mine plan for the third quarter, which will include underground mining scenarios for the future.
Dundee stood by its buy, top pick rating and $6.00 per share price target on Nevsun, based on the fact that Nevsun is a “low cost copper producer with a peer leading dividend yield” that is levered to zinc in 2016 and boasts a strong balance sheet.
Nevsun’s zinc expansion project remains on schedule for commissioning in mid-2016.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/59640/nevsun-resources-in-for-promising-2015-says-dundee-capital-59640.html
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