MANAGEMENT’S DISCUSSION & ANALYSIS – 2010 SECOND QUARTER
This MD&A has been prepared by management and reviewed and approved by the Audit Committee. The following
discussion of performance, financial condition and future prospects should be read in conjunction with the condensed
consolidated financial statements of the Company and notes thereto for the quarter ended June 30, 2010. The
information provided herein supplements but does not form part of the financial statements. This discussion covers the
quarter and the subsequent period up to the date of issue of this MD&A. All dollar amounts are stated in United
Business of the Company
The principal business of Nevsun Resources Ltd. (the Company) is the development of the Bisha Project in Eritrea,
located in northeast Africa. The Bisha Mine construction is now over 70% complete and is currently forecast to be
completed on budget. See further details below.
Nevsun is listed for trading on both the TSX and NYSE Amex LLC stock exchanges under the symbol NSU.
Construction progress and outlook
Mine construction continues as scheduled. During the course of Q2 2010, the following was achieved:
l Completion of the majority of structural steel, plate work and mechanical elements of the project;
Installation of the Ball and SAG mills;
Installation of the liner in the tailings management facility commenced; and
l Pre-strip mining continued per plan.
Cost expenditures over the quarter were incurred as planned and the project remains on track to come within the
targeted $260 million cost. As at June 30, 2010, approximately $168 million had been spent and a further $32 million
was ordered or arranged.
Pictures of the construction progress are updated regularly and can be found on the Company web site –
The Company is working effectively towards the following targets for the remainder of 2010:
l Completion of plant electrical and piping installat