I said it's all about Bisha. Today we learn it's a mess. What a disaster. I was always skeptical on why Nevsun appeared to downplay problems with Bisha in 2016 after the top layer was gone. IMO they hid the problems for for an additional 1-2 quarters by focused on the processing of the gold from the remains of the top layer. Then they promised progress in zinc recovery than always came up short.
Today Bisha's remaining mine life was cut in half. Reserves were cut. And $24 million in additional capital is needed to keep Bisha going.
And now Timok is being delayed. What a mess. I wouldn't be surprised to see some class action lawsuits pop up in the coming days or weeks.
In one of my first posts, if not my first, I stated to buy the company that eventually buys Nevsun. That will probably be great advice.