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Western Areas Ltd.
Summary
| Project: | Cosmos Nickel Complex | |
|---|---|---|
| Deposit: | Cosmos Nickel Complex | |
| Location: | Australia | |
| Commodities: | Nickel | |
| Date: | 1/28/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 28-1-2020: Western Areas Ltd. announces an Exploration/Drilling Update report for its Cosmos Nickel Complex deposit at the Cosmos Nickel Complex project. Drilling results incl. 138m @ 0.73% Ni from 999m. Western Areas (“WSA” or the “Company”) (ASX: WSA) i | |
| 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 present the quarterly report for the second quarter FY2020. The Forrestania operation produced 5,399tn of nickel in concentrate for the quarter, generating operating cashflow of A$56.7m. This allowed the Company to record strong net free cashflow of A$19.0m after all capital expenditure, exploration and payment of the FY19 full year dividend. As foreshadowed, cash flow this quarter included high nickel sales receivables being converted into cash. Conversely, nickel concentrate stockpiles awaiting shipment built up in December, as Kambalda deliveries were delayed due to bushfire related road closures and timing of an export shipment missing quarter end and leaving port on 1 January 2020. These timing differences will reverse in the March quarter. At Odysseus, the construction programme is making excellent progress, hitting the key development milestones required to continue advancing this new, long life mining operation. Underground mine development and surface infrastructure construction accelerated with the life of mine pump station and de-watering reticulation systems commissioned, and underground decline rehabilitation recommencing in newly dewatered areas of the mine. Solid progress has been made toward the refurbishment of the shaft headgear and winder in South Africa with opportunistic and cost effective structural and painting works now to be completed before shipment to site for erection. Mining studies for the AM5/6 deposits at Odysseus are continuing, which will provide upside and optionality within the mining production sequences. | |
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