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Western Areas Ltd.
Summary
| Project: | Western Gawler | |
|---|---|---|
| Deposit: | Splendour, Southbound SW | |
| Location: | Australia | |
| Commodities: | Nickel-Copper-Platinum-Palladium | |
| Date: | 10/23/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 23-10-2019: Western Areas Ltd. announces an Exploration/Drilling Update report for its Splendour, Southbound SW deposit at the Western Gawler project. Drilling results incl. 15m @ 1.14% Ni, 34ppm Cu, 63ppb Pt+Pb from 66m. Western Areas (“WSA” or the “Comp | |
| Resources: | x | |
| 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. | |
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