Western Areas delivered a steady December Q with production of 5.4kt Ni in concentrate at C1 cash costs of A$3.15/lb (before payability) in line with Argonaut’s forecast of 5.4kt at A$2.90/lb. An increase in cash costs QoQ, along with a 13% decline in the realised nickel price impacted operating cashflow. Cash and receivables declined $20.5m to $143.8m, after a $5.5m dividend payment and $18.7m capital for Odysseus development and studies. Argonaut maintains a BUY recommendation with a revised target price of $2.50.
To access our Western Areas report please log in under the Client Area Log In at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
