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Western Areas Ltd share price climbs higher on production update

The Western Areas Ltd (ASX: WSA) share price has been amongst the worst performers on the local share market this year, falling approximately 23%.

But thankfully for its long-suffering shareholders the nickel producer’s shares have climbed 2% higher to $2.35 today.

Why are its shares higher?

This morning Western Areas released its latest quarterly update which revealed that the company had achieved all of its FY 2017 guidance metrics.

According to the release, FY 2017 mine production reached 25,996 nickel tonnes, compared to guidance of between 25,000 to 26,000 nickel tonnes.

Unit cash cost of nickel in concentrate were reduced to A$2.38/lb. Management had targeted unit cash costs of between A$2.35/lb to A$2.50/lb for the year.

All in all, this led to the nickel producer reporting full-year cash flow of $64.6 million after all capital and exploration expenditure and corporate costs.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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