High-grade reserves underpin low costs, but reserve depletion is a significant challenge.
We raise our fair value estimate for Western Areas to AUD 1.90 per share from AUD 1.80 due primarily to the time value of money. Second quarter fiscal 2017 production was relatively strong with nickel in concentrate output rising 1% to 5,840 tonnes versus the previous quarter. Cash costs declined 7% to AUD 2.35 per pound of nickel in concentrate thanks to higher grades, better recoveries, and lower mining costs. First-half cash costs of AUD 2.44 per pound of nickel in concentrate are tracking to...Western Areas Limited is an Australia-based mining company. The Company's principal activities include mining, processing and sale of nickel sulfide concentrate, the continued assessment of development feasibility of the high-grade nickel mines, and the exploration for nickel sulfides, other base metals and platinum group metals. The Company has nickel production assets in Australia and base metals development projects across Australia, Canada and Finland. The Company's Forrestania project includes two nickel mines, Flying Fox and Spotted Quoll; the Cosmic Boy Concentrator, which treats the ore and produces nickel concentrate for sale; a regional tenement package, and site infrastructure, including a 450-bed accommodation village, grid connected power, water management network, airstrip and nickel concentrate export facilities.
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