The purpose of this report is to provide a concise account of Nevsun Resources Ltd.’s corporate social responsibility practices for the year ended December 31, 2011, the first full year of operations for our 60%-owned Bisha Mine in Eritrea. This corporate social responsibility report, our first, identifies and discusses issues that are important to our stakeholders, including our Board of Directors, management, shareholders, employees and the people of Eritrea. We welcome comments from its stakeholders with regard to this report. Going forward, we expect to update its corporate social responsibility performance at least annually. The data in this report has been prepared by management and has not been independently verified.
We operate the Bisha Mine as a sustainable development and therefore one of our objectives is to provide tangible benefits to the people of Eritrea. Because the Bisha Mine is the only modern mine in Eritrea, it has a significant impact on the Eritrean economy. Beyond employment, the Bisha Mine provides opportunities for training, community support, supply chain enhancements and improved infrastructure. Financially, the Bisha Mine provides revenue to the State of Eritrea by way of income taxes, royalties,employment taxes and distributions to owners.
We developed the Bisha Mine in conformance with the 2006 International Finance Corporation (IFC) Performance Standards for Social and Environmental Sustainability as applied to non-IFC financed projects in accordance with the Equator Principles. The social and environmental policies adopted for the Bisha Mine reflect global standards.