Western Areas Production Declines With Forecast Lower Grades; Fair Value Estimate Maintained
We retain our AUD 1.80 per share fair value estimate. September quarter production was largely as expected. Production volumes beat our forecast and are on track to beat guidance, but cash costs were slightly higher than we expected. Our fiscal 2017 earnings forecast is unchanged at AUD 0.03 per share, equivalent to net profit after tax of AUD 8 million. This is a meaningful turnaround from fiscal 2016’s adjusted net loss of AUD 16 million, a function of a forecast 7% higher nickel price.Despit...
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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