- Nevsun Resources (NSU -8.2%) plunges after reporting lower than expected FY 2016 earnings and cuts its quarterly dividend rate to $0.01/share from $0.04.
- NSU says it will redeploy $120M over four years from its dividend toward development of the Timok high-grade copper-gold project in Serbia, believing the development of the Timok Upper Zone represents the company's best allocation of capital.
- NSU expects to invest $45M in the Timok Upper Zone project during 2017, and says the pre-feasibility study remains on budget and on time for delivery in September 2017.