Dundee research note.... For his part, Joseph Gallucci of Dundee Securities views the move as a positive for Nevsun, stating in a note to clients stating that the company has “put [its] cash balance to work (finally) to acquire a world class development project.”
More specifically, Dundee believes that the Timok project is a good fit for Nevsun. “Although it’s not in production, it’s only 5 years away from cash flow and is arguably similar to Bisha in terms of grade profile,” Gallucci added. Overall, Dundee reiterated its “buy, top pick” rating and $6.25 price target for Nevsun.