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Western Areas Ltd.
Summary
| Project: | Cosmos Nickel Complex | |
|---|---|---|
| Deposit: | Cosmos Nickel Complex | |
| Location: | Australia | |
| Commodities: | Nickel | |
| Date: | 4/29/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 29-4-2019: Western Areas Ltd. announces a Resource Estimation report for its Cosmos Nickel Complex deposit at the Cosmos Nickel Complex project. Updated mineral resources and reserves + new drill results. Western Areas (“WSA” or the “Company”) (ASX: WSA) | |
| Resources: | ||
| CP/QP: | [Resources]: Andre Wulfse, Marco Orunesu Preiata, Graeme Gribbin (Internal) | |
| ABSTRACT: | Western Areas (“WSA” or the “Company”) (ASX: WSA) is pleased to report significant improvements in both the grade of ore mined and cost of production for the March quarter. Production metrics remain on track to meet full year guidance and the improved nickel price should result in stronger second half earnings and operating cashflow. The Forrestania operation continued to operate consistently and reliably. Pleasingly average mined grade across the operation improved during the quarter resulting in nickel production of 6,066 nickel tonnes in ore. The Cosmic Boy Concentrator throughput was in line with forecast producing 5,448 nickel tonnes in concentrate, noting that a major planned maintenance shut down occurred during the quarter. Both nickel mined and concentrate production were the highest quarterly production results for the financial year to date. Nickel in concentrate sales totalled 5,189 tonnes. Timing of export shipping services resulted in an increase of nickel in concentrate awaiting shipment at quarter end, with the concentrate expected to ship and the resultant sales revenue to be recognised during April. Cash at bank plus nickel sales receivables increased to A$149.9m (December A$147.4m) at the end of the quarter, supported by the higher nickel price and including the timing variance mentioned above, with A$10.3m received on 1 April for the shipment which occurred at the end of March. | |
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