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Western Areas (WSA) - Recovery Project Opens Up New Doors

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Western Areas (WSA) released September Q results with 5.3kt nickel in concentrate production at C1 cash costs of A$2.49/lb (before payability), down 7% and up 3% respectively. The Mill Recovery Enhancement Project (MREP) is well advanced and expected to commence commissioning in Q1 2018. This project will both enhance nickel in concentrate recoveries and produce a higher grade nickel product for the battery market. WSA retains a strong balance sheet with $146m cash and receivables (no debt). Downgrade to SELL based upon valuation grounds.

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