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Australia-based nickel miner Western Areas Ltd. (ASX:WSA) released its activity report for the period ended June 30, 2015, noting that it beat its full-year guidance in all areas.
Australia-based nickel miner Western Areas Ltd. (ASX:WSA) released its activity report for the period ended June 30, 2015, noting that it beat its full-year guidance in all areas. The company believes its performance demonstrates its “resilience to the current low nickel price environment.”
Highlights for the quarter include:
- Flying Fox mine production was 62,976t of ore mined at 4.9% for 3,076 nickel tonnes (6.8M lbs).
- Spotted Quoll mine production was 68,569t of ore at 5.1% for 3,489 nickel tonnes (7.7M lbs).
- Mill throughput was 157,913t of ore at an average grade of 4.7% nickel with recovery of 89.2%.
- Pre-consolidated cash at bank (excluding FinnAust) increased by A$3.0m to A$193.7m which includes the interim dividend payment of A$6.7m and the impact of negative quotation period (QP) pricing.
- Agreement was reached to purchase the Cosmos Nickel Complex from Xstrata Australasia Operations Pty Ltd (Glencore subsidiary) for A$24.5m.
- The Mill Enhancement Recovery Project has been approved by the Board with recoveries to increase 3% to 5% over the life of mine
- Flying Fox Resources and Reserves upgraded (see Section 4).
- New Morning/Daybreak shallow drilling intersected nickel sulphides including 6.7m @ 3.1% nickel (NMD 205) and 17.5m @ 2.8% nickel (NMD207).
- Planning for the major drilling program at the Western Gawler project in South Australia was completed. Drilling commenced in July.
Click here to read the full Western Areas Ltd. (ASX:WSA) press release.