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Nevsun Declines After Reports of Possible Eritrea Coup

Nevsun Resources Ltd., the operator of a mine in Eritrea, fell the most in six months after reports of a possible coup in the East African nation.

Nevsun dropped 8.7 percent to C$4.22 at the close in Toronto, the most since July 10.

Nevsun’s Bisha mine is operating normally, the Vancouver-based company said today in a statement. About 200 Eritrean soldiers mutinied and stormed a Ministry of Information building in the capital Asmara, according to Agence France-Presse. The report cited an unidentified diplomat in Nairobi.

“We have received confirmation that the city is calm,” Nevsun said in the statement.

Nevsun produced 313,000 ounces of gold last year, the company said Jan. 9. That compared with an Aug. 8 forecast of 280,000 to 300,000 ounces.

The company is building a copper plant and expects to start concentrate production about mid-year, while gold output at Bisha will stop at the end of the second quarter, Nevsun said Jan. 9.

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