Wednesday
Nov 19th
| Nevsun secures accord to mine Eritrea deposit |
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| Written by Administrator | |
| Saturday, 15 December 2007 | |
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After years of political suspense, Nevsun Resources Ltd. appears to have cleared the final obstacle to developing the Bisha mine in Eritrea, said to be one of the largest unexploited gold and base-metal deposits in Africa.
Nevsun said yesterday its Eritrean venture, Bisha Share Mining Co., has concluded a mining agreement with the government that "contains all of the normal provisions governing the future development and operations for the Bisha project." The government has told the company a mine licence "will be issued soon." Nevsun shares gained 8.1 per cent, rising 16 cents to $2.14 on the Toronto Stock Exchange, up from a low of 80 cents in August but down from $9 in late 2003 before Eritrea blocked work by Nevsun and other international companies while the government conducted a broad review of resource extraction policy.
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| Last Updated ( Saturday, 15 December 2007 ) |
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