Plans to Cease Coverage on Western Areas
We advise we will cease coverage of Western Areas in July 2017 to focus on higher-quality names. We reiterate our no-moat, high fair value uncertainty, and Standard stewardship ratings. Our unchanged AUD 1.90 per share fair value estimate reflects a midcycle USD 4.50 per pound nickel price assumption.Our no-moat rating acknowledges the relatively low operating cost position, in the bottom quartile of the industry cost curve. However, we don’t expect returns to consistently beat the cost of capi...
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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