Nevsun delays Timok schedule, provides more capital for flagship Bisha ops

Canadian base metals producer Nevsun Resources this week announced a strategic update on its capital allocation plans, allotting extra capital to its Eritrea-based Bisha zinc/copper/gold operation and delaying the timetable for delivery of the Serbia-based Timok prefeasibility study (PFS) to the first quarter of 2018. Previously scheduled for delivery in September, the PFS will now be preceded by an updated preliminary economic assessment in October this year, which will help with risk mitigation, the company advised. Under newly installed president and CEO Peter Kukielski, Nevsun outlined key challenges it is grappling with, including capital allocation, capital project execution, ensuring the company maintains its social licence to operate in Serbia and Eritrea, and continued diversification of the company’s asset base.