For thousands of other reports visit RSC's Mineral Intellingence Map
Western Areas Ltd.
Summary
| Project: | Cosmos Nickel Complex | |
|---|---|---|
| Deposit: | Cosmos Nickel Complex | |
| Location: | Australia | |
| Commodities: | Nickel | |
| Date: | 10/23/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 23-10-2019: Western Areas Ltd. announces an Exploration/Drilling Update report for its Cosmos Nickel Complex deposit at the Cosmos Nickel Complex project. Drilling results incl. 12.7m @ 1.43% Ni from 1231.3m. Western Areas (“WSA” or the “Company”) (ASX: W | |
| Resources: | ||
| CP/QP: | [Overall Report]: Andre Wulfse, Marco Orunesu Preiata, Graeme Gribbin (Internal) | |
| ABSTRACT: | Western Areas (“WSA” or the “Company”) (ASX: WSA) is pleased to report a strong quarter of cashflow generation, where the operations have performed in line with expectations, meeting all production and cost guidance metrics. The construction programme for the Odysseus mine is making excellent progress and remains on schedule, with this long-life project expected to underpin Western Areas’ long term future of profitable nickel production. The Forrestania operation continued to operate in line with plan, producing 5,259ktn of nickel in concentrate for the quarter, generating nickel sales of 5,051 nickel tonnes in concentrate and an underlying strong free cashflow of A$21.6m. Cash plus nickel sales receivables increased to A$207.3m (June quarter A$157.1m) confirming the robust underlying business. The higher debtors balance, driven by the stronger nickel price, is expected to be released into cash during the December quarter. Ongoing underground and surface infrastructure construction continued at the Odysseus mine with significant works being completed on the life of mine pump stations and de-watering reticulation systems. Further, the dismantling of the shaft headgear and winder in South Africa has been completed, with all components removed from site safely. The anticipated delivery date for the shaft hoisting components into Perth will be during the third quarter of FY2020. The Company also successfully recruited experienced project construction personnel. | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report