Western Areas up on solid quarterly
Shares in Western Areas were higher after the company announced it had generated free cashflow of $15.4 million during the March quarter and reiterated full-year production guidance reaching the upper end of a range between 24,500-25,500 tonnes of nickel.
The nickel miner said it expected full-year costs to be at the lower end of its previous guidance range of $2.40-$2.50 a pound.
March quarter mine production was 142,734 tonnes of ore at an average grade of 4.7 per cent for 6702 nickel tonnes.
Mill production was 6180 nickel tonnes in concentrate for the quarter.
Year to date production was 19,125 nickel tonnes in concentrate.
Consolidated cash at bank (which includes FinnAust Mining) was $193 million and net cash increased to $68 million.
The company said free cashflow of $15.4 million in the quarter was generated despite the nickel price retreating to below $US6 a pound by the end of the quarter.
Western Areas shares were up 10.5 cents, or 3.44 per cent, to $3.155 at 10.20am after touching an earlier peak of $3.24.
