Sunridge will be the next Nevsun. According to highly respected Eritrean source that If Sunridge is not sold in the near future it will be the next Nevsun. Nevsun had very difficulty to finance it's project back in 2009 after it was rejected by Germany Bank due to illegal and unfair UN sanction against Eritrea. However the reliable partner the government of Eritrea (ENAMCO) borrowed $235 million from China to help Nevsun to finance to Bisha project. Nevsun transformed from explorer that was trading .32 cent at that time to mid tier miner that traded to above $7 with short period of time. Now Nevsun is a mid tier miner DEBT FREE company with close to $500 million cash who is looking for acquisition of small gold or copper mining companies. I remember when Nevsun was trading under .38 cent in Dec 2008 there was more noise and complain about the management from shareholders who wants Nevsun to be sold by Chinese than shareholders of Sunridge now. History is repeating itself. See below the press release of Nevsun in the mid year of 2009.
(BTW: as above mentioned Nevsun traded .
38cent in Dec 2008 but within 11 months on Nov 30th 2009 it went up to
$3.13. And again after exactly 1 year on Dec 27, 2010 it went up to
$7.53).
2009 Press Releases
July 29, 2009
Bisha Project Financing-Major Condition Satisfied
Nevsun Resources Ltd. ("Nevsun") (TSX:NSU)(NYSE Amex:NSU) is very pleased to announce that its Bisha Project in Eritrea has satisfied a significant condition of the recently announced $235 million debt financing.
The Government of Eritrea has provided its strong written support for Bisha and the financing, fulfilling a major condition precedent.
Nevsun thanks the Eritrea Government for its assistance, clearly demonstrating timely, direct and unequivocal support for this world class project. Various branches of government continue to provide their cooperation with the construction phase of the Bisha Project.
In addition, after receiving its Board approval at the end of June, the Export Credit Insurance Corporation of South Africa is finalizing a policy of insurance tied to South African supply of goods and services. Similarly Nevsun appreciates the unwavering support from Government of South Africa since the first financial commitment in October 2008, during a very difficult time for major international financial institutions.