Canadian Junior Miners See Production Surge
Canada’s Nevsun Resources on Tuesday said higher grades of gold ore from a mine in East Africa lifted its third-quarter gold production, while two other Canadian-based miners, Avion Gold and Timmins Gold, recorded robust production numbers.
Vancouver-based Nevsun expects to meet or exceed the top end of its full-year production outlook of 280 000 oz to 300 000 oz of gold at its Bisha mine in Eritrea, but warned the mill will start processing lower grade ore in the fourth quarter.
The company, which started up its Eritrea gold mine in 2011, produced 98 000 oz of gold in the quarter ended September 30.
For the same three months, Toronto-based Avion said it produced a record 32 137 oz of gold at its Tabakoto project in Mali in Northern Africa. It said it expects to exceed its production forecast of 95 000 oz to 102 000 oz of gold in 2012.
Vancouver-based Timmins, which operates the San Francisco mine in Sonora, Mexico, said it produced 25 153 oz of gold in the third quarter, or nearly 49% more than a year earlier.
Nevsun shares were down 2% at C$4.62 on the Toronto Stock Exchange on Tuesday. Shares of Avion and Timmins were unchanged.