UPDATE 2.20pm: Western Areas has reported free cashflow of $22.6 million for the fourth quarter which it attributed to strong nickel concentrate shipping tonnages and stringent cost controls.
The nickel miner said it held cash and receivables of $97.3 million at the end of the June quarter, up from $84.5 million in the March quarter.
The company reported record nickel sales during the June quarter of 46,053 tonnes of concentrate containing 7222 tonnes (15.9 million pounds) of nickel.
Average cash cost of nickel in concentrate produced was $2.46 a pound, 14 per cent below the previous quarter.
Full-year to date costs stands at $2.68 a pound, well below the company's guidance of $2.90 a pound.
Western Areas said nickel prices had remained subdued at cyclical lows, partially moderated by an improving Australian dollar exchange rate.
The company said in response, its executive directors and senior management team had forfeited a minimum of 50 per cent of their short term incentives and a salary freeze had been extended into 2014.
Western Areas shares closed flat at $3.07 after rising to an intraday peak of $3.07.