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Western Areas Ltd.
Summary
| Project: | Cosmos Nickel Complex | |
|---|---|---|
| Deposit: | Odysseus | |
| Location: | Australia | |
| Commodities: | Nickel | |
| Date: | 3/30/2017 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 30-3-2017: Western Areas Ltd. announces a Pre-Feasibility Study report for its Odysseus deposit at the Cosmos Nickel Complex project. Pre-Feasibility Study results incl. pre-tax NPV of US$292M, IRR of 28%, LOM 7.5yrs. Western Areas Ltd (ASX: WSA, “Western | |
| Resources: | (Resource, Total): 7.32Mt @ 2.4% Ni for 174kt Ni contained at Odysseus | |
| CP/QP: | [Overall Report]: Daniel Lougher (Internal) | |
| ABSTRACT: | Western Areas Ltd (ASX: WSA, “Western Areas” or the “Company”) is pleased to announce the results from the Cosmos Odysseus Pre‐feasibility Study (“PFS”), which demonstrates commercial viability of the Odysseus Project (“Project” or “Odysseus”) and the potential re‐start of nickel mining operations at Cosmos. With the successful completion of the PFS, the Western Areas Board has approved the Project to progress to the Definitive Feasibility Study (“DFS”) stage. The PFS base case findings indicate robust economic and nickel production metrics together with further significant upside opportunities, as well as a very low all‐in sustaining cash cost of operations. The decision by the Board to commence a DFS underpins Western Areas’ strategy to develop a second operating region and thereby consolidate its position as a leading Australian nickel producer. Western Areas Managing Director Dan Lougher said that the PFS results demonstrate the healthy operational and financial characteristics of the Project. “The positive results from the PFS, combined with the recent drilling success achieved within 18 months of acquisition, demonstrate Western Areas’ ability to accelerate and deliver value from the Cosmos acquisition,” Mr Lougher said. “Odysseus represents Western Areas’ next mining operation and the results presented today show that a significant nickel operation can be established for substantially less capital outlay than a stand‐alone greenfields development.” | |
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