Western Areas Moves Odysseus a Step Closer to Development
We maintain our AUD 1.90 per share fair value estimate for Western Areas. With the share price trading around AUD 2.30, the shares are moderately overvalued. The market expects meaningful gains in the nickel price but our USD 4.50 per pound assumption, in line with the spot price, is more circumspect. New ore exports from Indonesia and New Caledonia will be a longer-term headwind if they persist and increase. Indonesia has slightly loosened its ban on ore exports but to date the impact in the ph...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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