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Nevsun heeft koper, zink en veel cash

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DeZwarteRidder 13 juli 2017 18:19

De productiedoelen voor 2017 zijn 200-230 MM pond zink en 10-20 MM pond koper.

smith&jones 13 juli 2017 18:58

quote:
DeZwarteRidder schreef op 13 juli 2017 13:43:
[...]
Jij bent nooit in Bisha geweest en hebt nooit contact gehad met het management.
Dus als jij beweert dat de ertsscheiding nooit gaat lukken dan zit je te zwammen.

In het komende halfjaarbericht zullen we in ieder geval meer duidelijkheid krijgen.

Heel feasible, een heap leach voor 0,3 gram goud (een korrel dus)per ton gesteente
èn een processing plant voor Cu. We nemen er nog maar eentje op met het management in Bisha.

S&J

DeZwarteRidder 13 juli 2017 19:02

2017 Press Releases February 23, 2017

Outlook: Bisha Zinc-Copper Mine

Nevsun expects Bisha to process 2.4 million tonnes of primary ore with zinc and copper feed grades of 6.0% and 1.0% respectively. As previously disclosed, in Q4 2016 Bisha was able to produce a bulk concentrate in the copper circuit but was unable to consistently produce a saleable copper concentrate. However there has been more recent success in producing a saleable concentrate in early 2017 after various plant modifications and procedural changes, and progressive learnings from the recent geo-metallurgy program over the past 4 to 5 months. While no definitive sustainable solution has been achieved as yet, the ongoing test work by Bisha management and two separate external specialist companies continues to facilitate improvements in the overall approach to processing the variable ore that has been encountered thus far during the primary phase. Progressive improvements in copper concentrate production are expected throughout the year which allows for some upside, and Bisha will plan in future years to produce the feasibility levels of copper and zinc concentrates. Our objective remains to achieve 40 to 50 million pounds of annual copper in concentrate production during 2018 and beyond.

During 2017, Nevsun expects zinc and copper recoveries in both circuits to average 70% and 60% respectively during months where bulk concentrate is being produced in the copper circuit and about 75% each during months when saleable copper concentrate is produced in the copper circuit. The above production guidance assumes a minimum of three months and a maximum of six months of saleable copper concentrate production.

The Company estimates C1 cash cost of $0.70 to $0.90 per payable pound of zinc and $0.90 to $1.10 per payable pound of copper on a co-product basis. C1 cash costs determined on a co-product basis require common costs to be allocated to each concentrate. The method to allocate common costs is based on the ratio of payable production volume, multiplied by budgeted metals prices. Until a saleable copper concentrate is consistently produced, the zinc co-product costs will remain high, due to a greater share of the cost allocation.

The updated geo-metallurgy drilling results from 2016 continue to be analyzed and will be reflected in an updated Mineral Reserves estimate for Bisha which is expected to be released in late Q2 2017. The new associated 43-101 technical report is expected to include an updated scoping study for potential underground mining at Bisha.

Sustaining capital at Bisha is estimated at $26 million for 2017 including $11 million for a tailings dam lift, $10 million for exploration and continued work on the underground feasibility study.

DeZwarteRidder 13 juli 2017 19:04

quote:
smith&jones schreef op 13 juli 2017 18:58:
[...]Heel feasible, een heap leach voor 0,3 gram goud (een korrel dus)per ton gesteente
èn een processing plant voor Cu. We nemen er nog maar eentje op met het management in Bisha. S&J

Blijkbaar weet je niet het verschil tussen Timok en Bisha.

seadoc 13 juli 2017 21:07

Wat commentaar van de stockhouse collega's :
Somewhat disappointing results for Q2. Higher strip ratio and lower zince head grade, resulting in 18.6m lbs less zinc sold vs Q1. The positive was 7.7lbs of sold CU. Using today's prices, that means $24.2m less zinc revenues offset partially by $20m in CU revenues. Hence, expect revenues slightly less than Q1. If you look at Q1's cash flow, cash declined $32m in Q1, with $17m spent on investing activities (presumably mostly in Timok) and almost $19m in tax payments (vs $0 in 1Q16). Hence, 2Q17 results will likely slightly positive or negative net income, with cash declining as a result of Timok investing and tax payments (and I'd like to understand the tax situation better). Big questions going forward are whether strip ratios will continue to be high and whether they can improve both the zinc and copper recoveries.
Read more at www.stockhouse.com/companies/bullboar...

DeZwarteRidder 14 juli 2017 09:21

Als Smith en/of Jones meer willen weten over Bisha:

www.nevsun.com/pdf/Nevsun_TechReport-...

DeZwarteRidder 14 juli 2017 09:40

quote:
smith&jones schreef op 12 juli 2017 16:02:
... en dan nog wat:
neem nu deze passage in een bericht:
New porphyry copper intersections include:
0.80% Cu and 0.22g/t Au over 798.1m in TC170131A (1.11% Cu equivalent)
1.01% Cu and 0.18g/t Au over 336.1m in TC160118 (1.27% Cu equivalent)
1.02% Cu and 0.25g/t Au over 327.0m in TC160125D (1.38% Cu equivalent)
1.18% Cu and 0.29g/t Au over 238.7m in TC160125B (1.59% Cu equivalent)
Alle genoemde Au percentages liggen mijlenver onder wat als een redelijke cutoff kan worden beschouwd.
Dat weet men bij NSU maar al te goed. Toch gaat men het optellen bij het koper equivalent terwijl de scheiding/winning van dat korreltje goud per ton naast het koper alleen maar verlies zou opleveren waarschijnlijk.
Het is dit soort BS in hun berichtgeving dat zorgelijk blijft.
S&J.

www.nevsun.com/projects/timok-project...

seadoc 14 juli 2017 13:56

Tijd voor wat ontspanning :-) :
www.youtube.com/watch?v=wGUSFCVyXJU

DeZwarteRidder 14 juli 2017 14:03

quote:
seadoc schreef op 14 juli 2017 13:56:
Tijd voor wat ontspanning :-) :
www.youtube.com/watch?v=wGUSFCVyXJU

Het einde van Smith&Jones was tragisch.

smith&jones 14 juli 2017 22:11

Tja, en al die projecties van recovery worden vooralsnog niet gehaald in het copper circuit, de cashburn in Timok blijft hoog, en men keert nog een restje dividend uit uit liggende gelden.
Hopelijk houdt de zinkprijs het en kan er een emissie gedaan worden op een redelijk prijsniveau, anders komt de bodem van de schatkist ver voor 2021 in zicht ... partnership met major oid

Gaat vanzelf allemaal, tijd voor bakje koffie met het management

Ciao,
S&J

seadoc 14 juli 2017 22:49

quote:
DeZwarteRidder schreef op 14 juli 2017 14:03:
[...]
Het einde van Smith&Jones was tragisch.

Op zich waardeer ik de kwantiteit en meestal de kwaliteit van uw posts wel hoor, ridder. Maar de stijl uwer schrijven valt me toch vaak weer tegen. Het zal mijn tere zieltje wel zijn :-(.

DeZwarteRidder 15 juli 2017 13:21

World Class Consultants

"We have a strong team of world-class consultants supporting Bisha. (see attached). Management remains focused on moving toward the original plant design by further enhancing recoveries and concentrate quality as quickly as possible," stated Peter Kukielski.

A full strategic update, quarterly financial results, Bisha mineral reserve update and Timok project update will be reported Wednesday, August 9, 2017 per the news release dated June 27, 2017.

Read more at www.stockhouse.com/companies/bullboar...

DeZwarteRidder 15 juli 2017 13:27

quote:
smith&jones schreef op 14 juli 2017 22:11:
Tja, en al die projecties van recovery worden vooralsnog niet gehaald in het copper circuit, de cashburn in Timok blijft hoog, en men keert nog een restje dividend uit uit liggende gelden.
Hopelijk houdt de zinkprijs het en kan er een emissie gedaan worden op een redelijk prijsniveau, anders komt de bodem van de schatkist ver voor 2021 in zicht ... partnership met major oid
Gaat vanzelf allemaal, tijd voor bakje koffie met het management
Ciao,S&J

Ik verwacht een cashflow uit Bisha van minstens 100 miljoen per jaar vanaf 2018 en dat is ruim voldoende voor de ontwikkeling van Timok UZ. Een emissie is dus niet nodig, temeer daar men nog ca 175 miljoen in kas heeft en ook nog een bankkrediet kan aanvragen.

seadoc 18 juli 2017 10:11

seekingalpha.com/article/4088045-nevs...

DeZwarteRidder 18 juli 2017 10:38

quote:
seadoc schreef op 18 juli 2017 10:11:
seekingalpha.com/article/4088045-nevs...

Nevsun's Bisha Mine Back On Track?
Jul. 17, 2017 8:35 AM ET|
14 comments|
About: Nevsun Resources Ltd. (NSU)

Peter Arendas
Long only, commodities, research analyst
(1,287 followers)
Summary

The good news is that the efficiency of the copper circuit at the Bisha mine has improved notably in Q2 2017.

The bad news is that zinc production declined significantly, due to the lower feed grades and recoveries.

Despite some positive developments, there is still a lot of space for further improvements at the Bisha mine.

Things seem to be much better in Serbia. The Timok Upper Zone PFS is still expected in September, and the Lower Zone keeps on delivering extremely long intervals of copper-gold mineralisation.

Shares of Nevsun Resources still provide significant upside potential.

Nevsun Resources (NYSEMKT:NSU) announced Q2 production results from its Bisha mine. Although zinc production declined compared to Q1, due to lower feed grade and recoveries, copper production increased notably. The most important news, according to Peter Kukielski, Nevsun's CEO, is that:

We continue to see gradual improvements in the plant performance. We are now producing copper concentrate consistently in the copper circuit versus the prior three quarters where bulk concentrate was being produced.

Although there is still a lot of room for more improvements, the main issue of the Bisha mine seems to have been resolved. Nevsun is finally able to produce not only zinc but also copper concentrate. However, the whole process still needs a lot of fine-tuning in order to get to the projected production volumes.

In Q2, zinc feed grade declined from 5.9% to 5.3%, or by slightly more than 10%. Copper feed grade declined from 0.9% to 0.8%, or by slightly more than 11%. However, the grades should improve in the future, as the primary ore included in the reserves contains 5.57% zinc and 1.1% copper.

(Source: Nevsun Resources)
NSU.

DeZwarteRidder 18 juli 2017 10:39

Also, zinc recoveries experienced a decline. In Q1, recoveries of 66.6% were achieved at the Bisha mine. In Q2, recoveries declined to 62.22%. According to the company, the decline in zinc recoveries was caused by the efforts to improve copper recoveries. Copper recoveries increased rapidly, from 34% in Q1 to 51.6% in Q2. Zinc and copper concentrate grades remained almost unchanged.

(Source: Nevsun Resources)

Lower feed grades and recoveries had a negative impact on Q2 zinc production. While Nevsun was able to produce 51.9 million lb zinc in Q1, it produced only 43 million lb zinc in Q2. This represents a more than 17% decline. Copper production increased almost by 36% to 5.7 million lb. The loss of 8.9 million lb zinc can be hardly compensated by 1.5 million lb copper. It means that while the improvement of copper recoveries and growth of copper production is positive news, Q2 operating results as a whole are negative compared to Q1.

(Source: Nevsun Resources)

During H1 2017, Nevsun produced 94.9 million lb zinc and 9.9 million lb copper. According to 2017 production guidance released in February, 200-230 million lb zinc and 10-20 million lb copper should be produced this year. Based on H1 production results, the company should be able to exceed the upper limit of copper production guidance. The lower limit has almost been reached already. However, due to poor Q2 performance, zinc production lags slightly behind the plan. Zinc production will have to increase in Q3 and Q4 if the lower limit of 2017 zinc production guidance is reached. More information about what to expect in the second half of 2017 should be known on August 10, when the Q2 earnings call is scheduled.

(Source: Author's own calculations, using data from Nevsun Resources)

Although the Bisha mine is Nevsun's only producing asset right now, the company's future depends especially on the Timok Project. The Timok Upper Zone PFS is still expected in September. And the Timok Lower Zone keeps on growing. On June 29, further drill results from the Lower Zone were reported. The most exciting results were provided by drill holes TC170131A that intersected 798.1 meters grading 0.8% copper and 0.22 g/t gold, TC170125D (1.02% copper and 0.25 g/t gold over 327 meters) and TC160118 (1.01% copper and 0.18 g/t gold over 336.1 meters).

Conclusion

Although the performance of the copper circuit has improved notably, the situation at the Bisha mine is still far from optimal. There are still some improvements needed in order to reach the designed production metrics. More information about what to expect from Bisha in the coming months should be known on August 10. On the other hand, the developments in Serbia seem to be very positive. The Timok Upper Zone PFS is still expected in September, and the Timok Lower Zone keeps on providing very good exploration results. When talking about exploration, in H2 2017 too some news related to the exploration program in Eritrea can be expected. Despite the recent issues, shares of Nevsun Resources still provide significant upside potential.

Disclosure: I am/we are long

seadoc 18 juli 2017 22:28

Eens even afwachten op de Q2 resultaten. Hoe hoog de cash burn rate dan is. In de tussentijd zal de koers wel niet al te veel doen.

DeZwarteRidder 19 juli 2017 08:18

quote:
seadoc schreef op 18 juli 2017 22:28:
Eens even afwachten op de Q2 resultaten. Hoe hoog de cash burn rate dan is. In de tussentijd zal de koers wel niet al te veel doen.

De cashburn op dit moment is niet van belang, wel het goed op gang komen van Bisha.

[verwijderd] 19 juli 2017 11:24

quote:
DeZwarteRidder schreef op 19 juli 2017 08:18:
[...]
De cashburn op dit moment is niet van belang, wel het goed op gang komen van Bisha.

OK Ridder, doe net of ik deze niet heb gelezen. NSU zit duidelijk in de fase van 'kosten gaan voor de baat'. En dat zijn platte kosten.
Even naar de menselijke maat: tot aan Q2 legt NSU wekelijks 1.5OM toe op operations. Om Timok begin 2021 producerend te krijgen zonder eerst bij derden (bank / aandeelhouders) aan te kloppen zou dat hooguit 0.75M per week mogen zijn. Snijden in kosten gaat niet, want dan komt Timok niet of pas veel later van de grond en kan Bisha niet uitbreiden. Vraag is dan of de operations van Bisha die 0,75M extra per week kunnen opleveren? En dat dus tegen 0,0 extra kost! (kijk daarbij vooral ook even hoeveel ton grond ze nu al in Bisha verplaatsen ......)
So much about the importance of cashburn! Just my twopence.
Bernard

DeZwarteRidder 19 juli 2017 12:39

quote:
Bernard + schreef op 19 juli 2017 11:24:
[...]

OK Ridder, doe net of ik deze niet heb gelezen. NSU zit duidelijk in de fase van 'kosten gaan voor de baat'. En dat zijn platte kosten.
Even naar de menselijke maat: tot aan Q2 legt NSU wekelijks 1.5OM toe op operations. Om Timok begin 2021 producerend te krijgen zonder eerst bij derden (bank / aandeelhouders) aan te kloppen zou dat hooguit 0.75M per week mogen zijn. Snijden in kosten gaat niet, want dan komt Timok niet of pas veel later van de grond en kan Bisha niet uitbreiden. Vraag is dan of de operations van Bisha die 0,75M extra per week kunnen opleveren? En dat dus tegen 0,0 extra kost! (kijk daarbij vooral ook even hoeveel ton grond ze nu al in Bisha verplaatsen ......)
So much about the importance of cashburn! Just my twopence.
Bernard

Bisha gaat vanaf 2018 minstens 100 miljoen cashflow per jaar opleveren, dus ik begrijp niet waarom je je zo druk maakt.

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