The Western Areas Ltd (ASX: WSA) share price is down 3.3% to $2.10 this morning after the WA-based nickel miner reported that it’s on track to meet full year production guidance.
For the quarter it produced 5,851 tonnes of nickel to take the half-year total to 11,719 tonnes, with a unit cash cost of $3.15/lb for the quarter.
The miner also produced positive operating cash flow of $18.2 million for the quarter and is well funded for further exploration with $134.3 million cash in hand. It will pay out $5.5 million in dividends to shareholders over the most recent half year, which translates to a fully franked 2 cents per share.
Western Areas claims to own Australia’s highest grade nickel mines and to be strongly focused on shareholder returns, although its share price is down around 15% over the past 5 years before dividends.
It has strong production capacity but remains a play on the nickel price which is hard for forecast.
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Motley Fool contributor Tom Richardson has no position in any of the 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 Scott Phillips.