(Ecofin Agency) - Nevsun Resources announced yesterday June 14, it will extend the life of its Bisha zinc-copper mine (in Eritrea) until 2022. Jointly with its national partner ENAMCO, the company will expand the open-pit mine to process an additional 3.3 million tons of ore.
The expansion project, which will be financed from existing cash flows at Bisha, is expected to produce 470 million pounds of zinc and 52 million pounds of copper. In addition, it will give Nevsun time to advance assessment of its underground Asheli and Harena deposits and consider further open pit extensions.
"This open pit extension is supported by the now fully implemented metallurgical improvements at Bisha, combined with continued strength in zinc and copper prices,” CEO Peter Kukielski said.
Let’s note that Nevsun Resources Ltd owns a 60% interest in the Bisha project, a mine located 150 km west of Asmara and one of the world's largest open-pit, high-grade copper mines with a 121 km² license.