Sound First Half, Western Areas Fair Value Estimate Remains AUD 1.90 Per Share
We maintain our AUD 1.90 per share fair value estimate for Western Areas. First-half fiscal 2017 net profit after tax of AUD 0.5 million was slightly weaker than expected. Revenue fell short of our forecast due to the decline in nickel price in January, which impacted the company’s estimate for the price to be realised on nickel sold the December quarter. Typically, there is a three-month delay between the time of the sale and the finalisation of price. However, with the nickel price higher in F...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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