The Western Areas Ltd (ASX: WSA) share price closed 12 cents or 5.3% higher today to $2.37 and is the best-performing share on the S&P/ ASX200 (ASX: XJO) for the day.
This morning the nickel and copper miner reported free cash flow of $27.6 million on operating cashflow of $49.3 million for the quarter ending June 30, 2019. The company flagged it has cash at the bank of $144 million at the period end.
The group pinned the strong result on higher nickel production and prices received over the period. Nickel sales for the quarter were the highest all year.
It also flagged that it spent $27.3 million developing its Odysseus mine over the period, with the company expecting it to become a second major nickel production hub in Western Australia, alongside the three other individual mining sites it now has operating. Its main asset is the Forrestainia nickel project that is 400 kilometres inland east of Perth.
