Western Areas beats full-year guidance
JOHANNESBURG (miningweekly.com) – ASX-listed Western Areas on Thursday said that unaudited nickel sales had exceeded the 2013 guidance provided at the end of May by nearly 1 000 t, with stronger-than-expected sales in June resulting in a record year of 27 819 t of nickel in concentrate being sold.
The previous record in the 2012 financial year was 26 271 t of nickel in concentrate.
Western Areas MD Dan Lougher said the record sales, combined with the company’s unrelenting focus on cost management, had also delivered a significantly higher unaudited cash position of A$80-million at financial year-end, compared with the guidance around A$70-million.
Accordingly Western Areas’ free cashflow generation for the quarter would be about A$22-million.
“The ability of the Western Areas workforce to deliver what will be 12 consecutive quarterlies without an operational downside is magnificent, and it would be remiss not to highlight that these results have been achieved with no lost time injury hours,” Lougher said in a statement.
The remaining items for which guidance was provided in May, including production, unit cash costs, capital expenditure and exploration, were still being finalised. However, the company confirmed that it would be either in line or better than the May guidance.
Western Areas’ quarterly report would be issued during the week beginning July 22.
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