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Business Description: Western Areas Limited (WSA, formerly Western Areas NL) is an Australian-based nickel sulphide explorer and producer. The Company's core asset is the 100% owned Forrestania Nickel Project, 400km east of Perth, Western Australia. Flying Fox and Spotted are WSA's two operating mines, producing approx 25,000tpa nickel in ore. WSA also has interest in projects overseas through investments in Mustand Minerals (Canada) and FinnAust Mining (Finland), and 100% interest in Bioheap Ltd, a patented bacterial leaching technology.
Strategy Analysis: Western Areas is engaged in the acquisition, exploration and development of nickel sulphide deposits in established mineral provinces in Australia and Canada. The company´s main focus is exploring for and developing high grade massive nickel sulphide deposits at the Forrestania Project in Western Australia and exploring for nickel, copper and platinum group element deposits elsewhere.
Western Areas reported NPAT down 91% to $2.13m for the half-year ended 31 December 2012. The decrease was primarily due to a fall in commodity prices and a non-cash impairment of $6m. Revenues from ordinary activities were $158.96m, up 7% from the same period last year. Diluted EPS was 1.1 cents compared to 13.4 cents last year. Net operating cash flow was $48.08m compared to $64.41m last year. The interim dividend declared was 2 cents compared with 4 cents last year.
The Age 21/05/2013 |
Optus says its 4G mobile network will reach 70 per cent of the Australian population by mid-2014. The carrier revealed it has upgraded 4000 3G sites to 4G in five capital cities and in Coffs Harbour, the Gold Coast and Byron Bay. It also plans to make its 4G network suitable for customers with dual-band 4G mobile devices.
The Age 21/05/2013 |
Hong Kong private equity firm Quantum Pacific Capital says it is best placed to resolve a dispute over the ownership of a troubled $5 billion copper and gold project in Java and is negotiating to grab back as much as 80 per cent of the project on behalf of former owner Intrepid Mines.
The Age 21/05/2013 |
Shareholders in Transfield Services were bracing themselves on Monday for an earnings downgrade following downgrades by other mine services operators such as UGL, WorleyParsons and the smaller Coffey International last week.
The Age 21/05/2013 |
The whole retail recovery story has wandered perilously off script over the past quarter. The start of the year held the promise of green shoots at the discretionary spending end. But as we near the close of the financial year, the fragile recovery appears to have been nipped in the bud.
The Age 21/05/2013 |
New Leighton Holdings chairman Bob Humphris has moved to dispel fears that its directors remain at war with its German parent Hochtief, insisting the relationship was "collegiate" despite the abrupt resignation of three fellow directors two months ago.
The Age 21/05/2013 |
Australian shares flirted with five-year highs on Monday, returning to levels not seen since the onset of the global financial crisis, as investors were spurred on by signs of strength in the US economy.
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