Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
The stock for Vancouver miner Nevsun Resources Limited (TSX:NSU) could be in for a rollercoaster ride.
On the same day that trading was halted on the speculation that Nevsun could be acquired for a rumoured $1 billion, a Canadian human rights group representing three Eritrean miners filed a civil suit in BC Supreme Court alleging Nevsun’s contractor in Eritrea used “slave labour” at its copper mine.
The jump in Nevsun’s stock prices appears to fueled by speculation that QKK Corp. is planning to buy Nevsun for $1 billion – a number that has not been confirmed by any named sources.
“Nevsun has recently received from various parties expressions of interest on a potential corporate transaction. We take these enquiries seriously however any discussions are at a preliminary stage and there is no certainty that any transaction will be completed. Management is not aware of a bid for the company.”
Nevsun owns 60% of the Bisha copper mine in Eritrea; the Eritrean government owns 40%.
The same day that the speculation broke about the acquisition, lawyers working on the behalf of three Eritrean refugees who claim they worked at the mine filed a civil suit against Nevsun in B.C. Supreme Court.
Gize Yebeyo, Kesete Tekle Fshazion and Mihretab Yemane Tekle – who are refugees now living in Canada – allege in their claim: “The mine was built using forced labour, a form of slavery, obtained from the plaintiffs and others coercively and under threat of torture by the Eritrean government and its contracting arms.”
The claimants say they were subjected to “harsh working conditions, including long hours, malnutrition and forced confinement for little pay.”
By entering a commercial venture with the Eritrean government, the claim states that Nevsun “became an accomplice” in the alleged acts. The three men are asking for restitution and equitable relief, but the claim does not specify an amount.
The allegations have not been proven in court.
“We are confident that the allegations are unfounded,” Nevsun CEO Cliff Davis said in a press release. “Based on various company-led and third party audits, the Bisha Mine has adhered at all times to international standards of governance, workplace conditions, and health and safety. We are committed to ensuring that the Bisha Mine is managed in a safe and responsible manner that respects the interests of the local communities, workers, national governance, stakeholders, and the natural environment.”
Comments
tonesti
Bisha mine, a success story for investors who hung in there during several episodes with the Eritrean government and the UN. There are other great opportunities in the region. Similar type of VMS deposits in the arabian nubian shield include Barrick’s Jabal Sayid in Saudi Arabia, La Mancha’s Hassai mine in north sudan, Sunridge’s Embo derho and Alexander nubia’s Hamama deposit in egypt. If not a rumour, then as this acquisition starts to develop the focus will start shifting to those operators who are advancing like deposits.