Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Nevsun Declines After Reports of Possible Eritrea Coup

Jan. 21 (Bloomberg) -- 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.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Steven Frank at sfrank9@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.