Nevsun Resources Ltd. (NSU), the operator
of a mine in Eritrea, fell the most in eight months after
reports of a coup in the East African nation.
Nevsun dropped 8.7 percent to C$4.22 at 11:47 a.m. in
Toronto. The Vancouver-based company earlier dropped 11 percent,
the most intraday since May 15.
Nevsun has been informed that its Bisha mine is operating
normally, Arlen Hansen, an external consultant to the company,
said today by e-mail. About 200 Eritrean soldiers mutinied and
stormed a Ministry of Information building in the capital,
Asmara, according to Agence France-Presse. The report cited an
unidentified diplomat in Nairobi.
Nevsun produced 313,000 ounces of gold last year, it said
Jan. 9. That compared with an Aug. 8 forecast of 280,000 to
300,000 ounces.
The company is building a copper plant and expects to start
concentrate production about mid-year, while gold output at
Bisha will stop at the end of the second quarter, Nevsun said .
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